- Internet of things investor Tern swung to a full-year profit amid a rise in investment income.

Investment income increased to £2.14 million, up from £0.42 million year-on-year, and net assets per share rose to 7.3p, up from 7.0p.

Despite a challenging environment due to the pandemic, Tern said there were notable commercial successes in each of its portfolio companies, particularly during the last quarter of the year.

'We believe the Tern portfolio today is appropriately diversified across sectors and geographies, using technologies in novel and ground-breaking ways that are relevant and will be attractive to much larger enterprises who need new sources of revenue from state-of-the-art products and services,' chief executive Al Sisto said.

'We are working hard to ensure that the value created is unlocked in time through third-party investments and ultimately the exit from our holdings.'

At 8:58am: [LON:TERN] Tern Plc share price was 0p at 7.75p

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