Craven House Capital PLC said on Tuesday that its annual loss narrowed while the valuations of its four portfolio valuations remained unchanged.

The investment fund with minority shareholding in four Swedish-managed eCommerce and pharmaceutical businesses said its pretax annual loss for the financial year that ended May 31 was $236,000, narrowing by 90% from $2.4 million a year earlier.

This was because changes in fair value valuations had no impact during its financial 2022, while it had a negative impact of $1.6 million a year prior. No exceptional costs were accounted for in 2022, compared to $623,000 in its financial 2021.

All four of its portfolio holdings were valued at $1.6 million per company on May 31, unchanged from a year earlier. They are all held at fair value and remain at a ‘pre-revenue’ stage of business development, Craven House Capital said.

No dividends were declared for the year that ended May 31, unchanged from a year prior.

Shares in Craven House were up 16% to $0.10 each in London on Tuesday afternoon.

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