Tern plc (GB:TERN) has released an update.
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Tern Plc, an investment company specializing in early-stage Internet of Things (IoT) businesses, reported a challenging year with a decrease in net assets from £24.9m to £12.3m. Despite this, the company saw a 50% increase in aggregated annual recurring revenue of its holdings and is focusing on driving value through organic growth and strategic exits. Tern also highlighted efficiency improvements, including a 40% reduction in operating costs and a focus on supporting the growth of its portfolio companies without imposing management fees.
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