Allied Minds, the FTSE 250-listed innovation group backed by Neil Woodford that backs early-stage technology companies, has seen losses increase. That's sent shares down more than six per cent as the market opened to 150 pence per share at pixel time.
Losses for the first half of the year to the end of June grew to $58.2m, up from $52.2m in the same period last year. But revenues were up from $1.3m to $2m during the same time.
Why it's interesting
The company is undergoing a restructure, taking a writedown of $146.6m in April, and a new chief executive, Jill Smith, was appointed.
What Allied Minds said
"We have set out clear goals for the group with the aim of sharpening capital allocation discipline, including: transitioning to thematic investing; securing earlier and broader syndication of investment partnerships for our portfolio companies where we see scope to validate and accelerate the path to commercialisation; and strengthening the governance and leadership of our portfolio companies," said Smith.