Agronomics losses rise but company hails portfolio progress
Cellular agriculture and biomanufacturing investor saw losses swell in its first half but reported significant technological and commercial progress for the year, with shares rising on Friday.
The company reported a net loss of £6.56m for the six months to 31 December, compared with a loss of £0.44m the year before, as net investment losses totalled £5.87m compared with net investment income of £0.39m previously.
The company's net asset value per share fell 4.1% over the period to 14.93p, though the share price at the half (3.88p) stood at a 74% discount to NAV.
Agronomics' portfolio companies have now raised nearly $400m in total since August 2023, with many of the more mature assets achieving some of the largest financing rounds in the sector, the company said.
"The progress we have achieved during a challenging period for much of the cultivated proteins industry pays testament to the quality of our portfolio and our ability to identify the future category leaders within the industry," said chair James Mellon.
Looking ahead, Mellon predicted a "transformative year" for the portfolio, with a number of companies up for regulatory approvals or reaching commercialisation.
Shares were up 1% at 6.87p by 1155.
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