Vela Technologies PLC on Thursday reported an increase to its portfolio value but said the markets ‘stubbornly fail to reflect the excellent results’ of some of its investee companies.

The Yorkshire, England-based investing company’s Executive Director James Normand said it ‘can no longer simply wait for the long-expected upturn in markets’ and plans to realise a proportion of its existing portfolio and recycle the proceeds into ‘investment opportunities that offer the prospect of more favourable returns’.

Shares in Vela Technologies were down 14% to 0.0060 pence in London on Thursday afternoon.

The company said its total assets, including cash, increased by 9.0% in the quarter to the end of September to £3.1 million from £2.8 million at the end of June.

The fair value of the investment portfolio increased by 7.5% to £2.9 million from £2.7 million.

The company said a profit of £28,000 was realised on sales of investments, with a net unrealised gain of £20,000 on remaining listed investments.

Vela’s cash balance was up 80% at £103,000 at the end of September, from £57,000 at the end of the previous quarter.

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