Interregnum, a provider of early stage financing to information technology companies, reported an increase in the value of portfolio investments to £14.7m, compared with £13.2m for 2000.
The firm made seven investments in 2001 with a total value of £1.2m, including investments in Belgium-based Link Software and Yospace, a UK IT investment advisory service. Interregnum said it has net cash of £5.2m for further investment and working capital. The firm also announced that it had not made any cash write-offs for the period.
Ken Olisa, chairman of Interregnum said he was optimistic that future investments would provide the company with good returns. 'We think we are well positioned to profit from the vacuum created as an increasing number of IT entrepreneurs seek support and funds at a time when most investors have abandoned the sector.'
The company made a pre-tax loss on ordinary activities £648,000 compared to a profit of £9,000 in 2000, which it attributed to increased staff costs and delayed venture capital raising.