AdvancedAdvT Ltd on Tuesday reported an increase in its net asset value in the first two months of the second half of the financial year.
The London-based acquisition vehicle said NAV at February 28 was 95.6 pence, up from 91.4 pence at the end of December 2022.
In the same period total net assets rose to £127.3 million from £121.7 million while interest bearing cash was £103.4 million, slightly higher than £103.0 million at the end of 2022.
The update came alongside half-year results for the six months to December 31 which showed pretax loss narrowed to £113,010 from £218,548 in the same period in 2021.
AdvancedAdvT highlighted cash reserves of over £100 million and said ‘this financial strength provides flexibility and the resources to capitalise on opportunities,’ as well ‘as being an attractive proposition to potential target businesses.’
Chair Vin Murria commented: ‘We remain optimistic about the future, and we look forward to continuing to work together to navigate the opportunities ahead.’
Shares in AdvancedAdvT rose 1.0% to 76.25 pence each in London on Tuesday.
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