Unaudited Interim Results for Agronomics Limited
Agronomics Limited (AIM:ANIC), a prominent company in the clean food sector, has released its unaudited interim results for the half-year period ending 31 December 2024.
Key financial highlights from this period include:
- The Company’s Net Asset Value (NAV) per Share as of 31 December 2024 was 14.93 pence, down from 15.58 pence on 30 June 2024, marking a 4.1% decrease. The share price of 3.88 pence on 31 December 2024 represented a 74% discount to the NAV per share.
- The net investment loss, including loan and cash interest income, net unrealised investment losses, and net unrealised foreign exchange losses, totaled £5,872,621 during the period. Operating expenses were recorded at £682,580.
- A net loss of £6,555,201 was reported during these six months.
- The value of invested assets was £140,591,025 by the mid-year point, with cash and cash equivalents at £10,190,488.
- Net assets were reduced to £150,715,583 from £157,269,070 at the start of the period. This decline was attributed to various factors including unrealised fair value losses on specific investments and foreign exchange impacts.
The Agronomics portfolio demonstrates significant growth with technological advancements and strategic financial activities:
- Onego Bio Ltd secured €14 million in funding from the European Innovation Council Accelerator Program.
- Galy Co concluded an oversubscribed US$33 million Series B financing.
- Formo achieved US$61 million in its Series B funding round, securing additional €35 million from the European Investment Bank for scaling production of Koji protein cheeses.
- Meatable received €7.6 million under the Netherlands Enterprise Agency’s Innovation Credit programme.
- All G received regulatory approval in China for the sale of recombinant bovine lactoferrin.
- Liberation Labs completed a US$50.5 million fundraise, progressing its biomanufacturing capabilities.
- Solar Foods Oyj was granted €10 million in funding by Business Finland.
During this period, our portfolio companies have made substantial commercial advances, reflecting our strong strategic positioning within the industry. Looking forward, Agronomics aims to capitalize on emerging market opportunities to accelerate revenue generation, especially as several portfolio companies move toward obtaining regulatory clearances and commercializing their innovations.
Our investment strategy emphasizes supporting companies with viable business models eager to evolve within the clean food sector. Precision fermentation remains a noteworthy component of our investment, comprising 55% of our portfolio, highlighting its potential to transform traditional food systems. This method, already employed for mass production in various foodstuffs, offers sustainable and cost-stable alternatives.
The progress of Liberation Labs is particularly vital. Its purpose-built facilities are integral to accelerating clean food production, helping meet growing demands globally. These venues are poised to efficiently produce diversified products, mitigating risks associated with conventional supply chains impacted by recent global crises.
Many leading entities within our portfolio are working towards commercializing food products that address price volatility, security, and health issues while emphasizing ethical and environmental sustainability.
The clean food sector is expanding as alternative food production offers solutions against the inefficiencies and vulnerabilities within our current food systems. As evidenced by the achievements of companies like California Cultured, we are building a resilient framework to navigate challenges like climate change, geopolitical tensions, and global supply concerns that threaten traditional markets.
Record high cocoa prices and constrained agricultural outputs underscore the pressing need for alternative food production methods. Our portfolio companies represent a new frontier, revolutionizing food production mechanisms to meet both present and future demands.
Our commitment is to support these emerging technologies and continue to provide sustainable food production solutions, with the potential to remedy pressing global crises through innovative bio-manufacturing strategies.
As we anticipate the outcomes of significant infrastructure developments and regulatory pursuits by our portfolio companies, we foresee a transformative year ahead promising substantial commercial and strategic milestones across our investments.
