- Internet of things investor Tern swung to a first-half profit, driven by an exchange rate gain on an investment.

Pre-tax profit for the six months through June amounted to £0.14m, compared to a loss of £0.62m on-year.

Tern's net asset value per share rose to 7.0p, up from 6.9p.

Profit was supported by an exchange rate gain on a revaluation of an investment in Device Authority, which led to a £0.7m increase in fair value.

'The period-on-period increase in turnover of principal portfolio companies was 62%, a particularly pleasing result given the impact Covid-19 had on the economy during this time,' Tern added.

At 8:41am: [LON:TERN] Tern Plc share price was -0.45p at 7.55p

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