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Investment company Eight Capital reported a sharp jump in the value of its investment portfolio, though saw losses widen for the year on higher costs.
For the year to 31 December 2019, the value of its investment value jumped to £3.8m from £0.4m seen at the half-year through June, but pre-tax losses widened to £432K from £7k on-year.
The company, however, said the prior year's result was 'heavily influenced by a one-off non-cash credit in respect of expired options of £276K.'
'Although our own operations were not affected, the Board is very conscious of the havoc caused by the COVID-19 pandemic and expect that it will have a braking effect on the development of parts of our investment portfolio,' it added.
'We are also seeing some very strong performances despite the current crisis, particularly from Greencare and Epsion (the revaluation of which we are considering) and have a reasonable expectation of a positive return to shareholders across the portfolio once the pandemic recedes.'