- Intellectual property investment group Tekcaptial has reported an increase in profit after tax: up to $7.7 million (£5.3 million) from $5.5 million (£3.95 million) in 2019.

Net Assets increased 45% to US$32.7 million (£23.5 million), a record level, and the portfolio valuation increased 50% to US$30.5 million (£21.92 million).

Dr Clifford Gross, executive chairman said: "Through the collective efforts of our dedicated and capable team we have achieved record results in 2020. Our portfolio companies have demonstrated significant growth and we believe they are well positioned to further expand and achieve meaningful milestones in 2021."

Recently, the firm confirmed the appointments of Harald Braun as the company's CEO and Daniel Grossman as the company's chief revenue officer. The company also appointed Michael Trank as VP of software development and Dr Gabriel Castaneda as lead architect, artificial intelligence software.

At 8:43am: [LON:TEK] Tekcapital share price was 0p at 9.5p

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