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Tern losses narrow amid focus on cost control

Monday, 17th September 2018
Internet of Things company investor Tern said its first-half losses narrowed to £222k, reflecting a closer focus on cost management.

Pre-tax losses for the six months through June had narrowed from a £469k loss on-year.

Net assets rose to £13.9m, up from £10.8m, though the company's net asset value per share slipped to 6.2p due to equity raisings.

'At this point of our company's development, we believe we have the components in place for a scalable foundation that will drive sustainable growth for our shareholders,' chief executive Al Sisto said.

'Looking forward, over the next six months, we are planning to expand our team, by adding additional technology expertise to support the growing portfolio.'

At 8:30am: (LON:TERN) Tern Plc share price was -2.85p at 15.75p

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