Pires Investments (PIRI), an AI-focused tech investment company, announced its audited results for the year ended 31 December 2022. The company reported a £7.8 million net asset value at year-end, marking an 8.3% increase compared to the previous year.
However, the investor has prudently adjusted the value of certain investments in its portfolio to align with the current weak economic conditions, resulting in an overall loss of £0.37m for the year due to non-cash adjustments, in contrast to the previous year's profit of £1.49 million.
Despite an overall loss, 2022 was marked with a regular cadence of significant milestones, including Getvisibility raising €10 million in funding, leading to a substantial increase in valuation, along with Smarttech247 achieved a listing on AIM at a higher valuation. Additionally, Sure Valley Ventures Fund (SVV1) has entered the realisation phase of its investment cycle.
Pires' portfolio companies continue to attract international investors, such as Alpha Intelligence Capital, Fortino Capital Partners and Act Venture Capital.
View from Vox
Despite a challenging economic backdrop in 2022, particularly for companies with a tech focus, Pires is set up for long-term growth, with its portfolio companies hitting major milestones in the period, while a significant uplift in value was achieved from the company's investment in Getvisibility, and Smarttech247 achieving a listing on AIM in December.
After its AIM flotation, Smarttech247 raised £3.7 million through a placing at a price of 29.66 pence per new ordinary share. Smarttech247's share price as of 19 June 2023 was 34.5 pence per share, up approximately 16% since listing. The company also has significant growth prospects, positioned at the intersection of three major cyber security growth markets.
Getvisibility raised €10 million from new investors including Alpha Intelligence Capital, a global venture capital firm that invests in deep artificial intelligence and machine learning technology-based companies, and Fortino Capital Partners, a leading B2B software venture capital and growth equity firm.
Due to unfavourable macroeconomic and market conditions, Pires is significantly undervalued compared to its NAV, with its share price currently at a 57% discount to its NAV per share of 4.28 pence. That leaves significant potential for growth, with the wide discount to NAV offering an attractive entry point for investors.
Overall, Pires boasts an impressive portfolio of tech companies that are poised for substantial growth and should deliver good returns for shareholders.
Follow Pires Investments for more News and Updates: