Allied Minds losses widen as group ramps up invesment

Science and technology development company Allied Minds reported a wider loss in 2015 in its annual report on Monday, which it blamed on an increase in its investment in research and development and the creation of four new businesses during the year.

The FTSE 250 firm posted a net loss of $97.9m (£67.8m) to 31 December, up 69% from $57.9m in 2014. Its net cash and investments decreased to $194.8m, from $261.5m, while revenues at the group gell to $3.3m from $7.7m.

Its group subsidiary ownership adjusted value was reported at $535.8m as at 31 December, an increase of 9.8% on the $488m a year earlier.

The group attributed this to increases in value at certain subsidiaries, including Precision Biopsy and Federated Wireless, but offset by decreases at RF Biocidics and CryoXtract and the closing of SiEnergy.

Allied Minds opted to focus on its operational highlights instead of the loss, with chief executive Chris Silva commenting saying the group made important strides in advancing its subsidiaries towards commercialisation.

“We invested in existing subsidiaries to accelerate their development, strengthened industry partnerships and also established new strategic relationships, and recruited highly talented individuals to the company,” he said.

“Since our inception, we have made meaningful progress in securing potentially transformative technology and developing businesses based on novel intellectual property, resulting in a total group portfolio of 23 subsidiary businesses at the end of 2015.

“We are confident that we will continue to execute on our strategy to drive early-stage technology towards profitable commercial success,” Silva added.