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Internet of things investor Tern swung to a first-half profit, driven by an exchange rate gain on an investment.
Pre-tax profit for the six months through June amounted to £0.14m, compared to a loss of £0.62m on-year.
Tern's net asset value per share rose to 7.0p, up from 6.9p.
Profit was supported by an exchange rate gain on a revaluation of an investment in Device Authority, which led to a £0.7m increase in fair value.
'The period-on-period increase in turnover of principal portfolio companies was 62%, a particularly pleasing result given the impact Covid-19 had on the economy during this time,' Tern added.
At 8:41am: (LON:TERN) Tern Plc share price was -0.45p at 7.55p