Artificial Intelligence
Correction: Half-year report and dividend declaration
The dividend record date has been corrected to say 3 December 2021. All other information provided is correct.
Octopus Titan VCT plc (“Titan” and “the Company”)
Unaudited half-yearly report for the six months ended 30 June 2021
Company number: 06397765
Today the Company announces the half-yearly results for the six month period to 30 June 2021 as below.
These results were approved by the Board of Directors on 28 September 2021.
You may view the Half-yearly Report in full at octopustitanvct.com shortly. All other statutory information will also be found there.
Octopus Titan VCT plc is a venture capital trust (‘VCT’) which aims to provide shareholders with attractive tax-free dividends and long-term capital growth by investing in a diverse portfolio of predominantly unquoted companies. The Company is managed by Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) and Octopus AIF Management Limited (the ‘Manager’).
Financial Summary
Six months to
30 June 2021 |
Six months to
30 June 2020 |
Year to 31 December 2020 |
|
Net assets (£’000s) | 1,275,105 | 906,218 | 1,043,235 |
(Loss)/profit after tax (£’000s) | 218,580 | (26,016) | 75,323 |
NAV | 113.9p | 89.5 p | 97.0p |
Cumulative dividends paid since launch | 84.0p | 79.0p | 81.0p |
Total Value | 197.9p | 168.5p | 178.0p |
Total Return* | 19.9p | (2.7)p | 6.8p |
Total Return %** | 20.5% | (2.8)% | 7.1% |
Dividends paid in the period | 3.0p | 3.0p | 5.0p |
Dividends declared in respect of the period*** | 8.0p | 2.0p | 3.0p |
*Calculated as the change in NAV in the period plus dividends paid in the period.
**Calculated as total return/opening NAV.
***This includes an interim dividend of 2.0p per share supplemented by a special dividend of 6.0p per share, and will be paid on 20 December 2021 to shareholders on the register as at 3 December 2021.
Chairman’s Statement
I am pleased to present the unaudited half-yearly report for Octopus Titan VCT (‘Titan’) for the six months ended 30 June 2021.
The Net Asset Value (‘NAV’) at 30 June 2021 was 113.9p which, adjusting for dividends paid, represents a 19.9p (20.5%) increase from 31 December 2020 and a 8.4p (8.0%) increase since the last released NAV on 23 April 2021. The Total Value (NAV plus cumulative dividends paid per share since launch) at the end of the period was 197.9p (31 December 2020: 178.0p). The tax-free annual compound return for the original shareholders since Titan’s launch in October 2007 is now 5.8%.
Despite the challenges in the macro environment, we were pleased to raise £120 million in our most recent fundraise which closed on 3 March 2021, and, on 18 June 2021, we announced our intention to launch a new offer in the near future. As of 30 June 2021, we have uninvested cash reserves of £220 million to allow us to support our existing portfolio of more than 90 companies, as well as make new investments into early-stage, high growth businesses which we believe embody the objectives of the VCT scheme.
In the six months to 30 June 2021, we have utilised £125 million of our cash resources, comprising £52 million in new and follow-on investments, £25 million in dividends, £16 million in share buybacks and £32 million in investment management fees and other running costs (of which £18 million was the 2020 performance incentive fee). Together, this utilised 53% of our cash and cash equivalents at 31 December 2020.
Investment Portfolio Review
I am pleased to report a net uplift in the value of the portfolio of £286 million since 31 December 2020, excluding additions and disposals, representing a 35% return on the value of the portfolio at the start of the year. Octopus and the Board engaged our auditors, BDO, to undertake a review of the valuations of the largest 25 holdings by value, similar to the review process conducted across the entire portfolio at the previous year end, and we have considered their comments in determining the NAV at 30 June 2021. We set out below the cost and valuation of the top ten holdings which account for over 55% of the value of the portfolio.
Investments | Investment cost at 30 June 2021* (£’000) |
Valuation at 30 June 2021 (£’000) |
Bought By Many Limited | 9,978 | 126,960 |
Cazoo Limited | 5,000 | 121,991 |
DePop Limited | 8,766 | 97,361 |
Amplience Limited | 13,634 | 59,956 |
Permutive Inc. | 11,839 | 43,152 |
Chronext AG | 7,708 | 32,157 |
Digital Therapeutics | 6,494 | 22,754 |
Chiaro Technology Limited | 6,417 | 22,062 |
Big Health Limited | 10,571 | 20,775 |
Elliptic Enterprises Limited | 4,913 | 19,710 |
Total | 85,320 | 566,878 |
* In the case of Amplience, it reflects the amount invested from Titan’s 1-5 before the 2014 merger and from Titan after the merger. This is different to the book cost which includes the holding gains and losses on assets which transferred from Titans 1, 3, 4 and 5 to Titan 2 (now Titan) during the merger, as Titan received these assets at fair value.
During the six months, the uplift in valuation has been driven by the strength of performance of a number of companies in the portfolio, including in particular, Bought By Many, Cazoo, Chronext, Depop, Permutive and WaveOptics. Collectively, 40 investee companies drove an uplift of £323 million, including valuation uplifts on companies disposed of in the period. Many of our portfolio companies have made great progress over this period and hit exciting milestones, including launching new partnerships, entering new markets and rolling out new products. For example, Bought By Many raised $350 million of additional funding at a valuation of $2 billion in June, and (post period end) Cazoo listed on the New York Stock Exchange in August, valuing the group at $8 billion, both incredible achievements. Titan first invested in Cazoo in November 2018 and the value of our holding has increased by more than 24 times based on the value of the business upon its listing in August.
Titan has also benefitted from an impressive number of exits during the period including: Skew being sold to Coinbase Global Inc. in April; the acquisition of WaveOptics by Snap Inc. for over $500 million in May; and in June Depop announced its acquisition by Etsy for $1.625 billion (which completed in July) and Semafone was majority acquired by Livingbridge enabling Titan to realise its investment, also completing in July. Collectively, these companies received investment of £31 million from Titan and the combined realised consideration totalled £207 million (in cash, shares and/or deferred amounts), with some further details on each below:
- WaveOptics: Titan first invested in WaveOptics in December 2015 and then further in 2017 and 2018 to support the company’s design and development of a set of components for use in Augmented Reality (AR) glasses that allow for the creation of AR displays. Its acquisition by Snap Inc, best known for its mobile application Snapchat, represented one of the UK’s largest ever deep tech acquisitions in history;
- Depop: Etsy, the e-commerce company focussing on handmade and vintage items, acquired Depop, a mobile-first marketplace connecting those looking to buy and sell streetwear, for $1.625 billion to enhance its offering as the resale home for Gen Z consumers. Titan first invested in Depop in January 2018 and further invested in 2019;
- Skew: Titan invested in Skew, which has built a data and trading platform to help financial institutions participate in the crypto market, in 2020 and it was acquired by Coinbase Global Inc., an early client; and
- Semafone: The leading provider of Payment Card Industry Data Security Standard compliance solutions for payment and data security for call and contact centres, first received investment from Titan in 2010 and undertook a number of further funding rounds. Titan’s investment was realised through the company’s transaction with Livingbridge at a valuation equal to 8.5x our initial investment price. Post period end, we also saw the exit of Conversocial to Verint Systems Inc. for $50 million in August.
Conversely, as is to be expected when investing in early-stage companies, 31 companies saw a collective decrease in valuation of £37 million. The significant contributors were Trouva, Dead Happy, Property Partner, Stackin and Streetbees where trading performance has been more challenging for various reasons, including, in some cases, the sector being affected by the Coronavirus pandemic and/or adapting to Brexit legislation changes. 12 of these 31 companies saw a reduction in value of 5% or less, typically due to fluctuations in the FX rates or net cash levels in the companies. Octopus believes that a number of these businesses have the potential to overcome the issues they face and return to their ambitious growth plans and continues to work with these companies to help them achieve their ambitions. Where appropriate, this will include providing further funding to ensure the business has sufficient capital to execute on its strategy.
Unfortunately, having been unsuccessful in securing further funding and having explored and exhausted all other options, Systum Inc. was placed into liquidation in the period. Slightly out of the reporting period, Titan also realised its investments in Mush, through a sale to Mumsnet, and Property Partner was acquired by Better HoldCo Inc. both at a loss, but these transactions will allow the businesses to continue and potentially thrive under new corporate ownership. The disposal value of these holdings was reflected in the period end valuations. While it is disappointing to see unprofitable realisations in the portfolio, we continue to expect some such losses when making investments into early stage, high risk, but potentially high growth businesses and remain confident that the high performers in the portfolio should outweigh the failures.
Turning to investments made during the six months to 30 June 2021, £46.5 million was invested into 10 new companies and £5.9 million was invested in seven follow-on investments into existing portfolio companies. At the year end, the portfolio comprised 91 technology or tech-enabled companies, across the five investment focussed pods.
We have been pleased to welcome the following companies to the portfolio during the period:
- Avione, which aims to help retail investors create wealth by giving them the ability to invest into a leveraged long-term portfolio of public equities;
- CoMind, which is building the next generation non-invasive Brain Computer Interface;
- Ibex, which has developed a clinical-grade, artificial intelligence-based solution for rapid, accurate, and objective cancer diagnostics and analysis in histopathology (the microscopic study of tissue with the aim of informing a medical diagnosis);
- iSize, a software platform to optimise video quality while substantially reducing the video size and therefore bandwidth making it cheaper and quicker to transmit;
- Legl, a cloud platform offering an operating system for legal businesses;
- Overture, which is developing a suite of products to improve and automate key parts of assisted reproductive technology, which refers to medical procedures used primarily to address infertility;
- Raylo, a subscription-based business for new and refurbished electronic devices, offering insurance and upgrades through the same subscription;
- Sprout.ai, which offers insurers a claims automation and fraud filtering software system;
- Taster, a family of delivery-only restaurant brands bringing unique street foods to European consumers; and
- XYZ Reality, a cloud-based engineering-grade augmented reality software platform and hardware for the construction industry.
Furthermore, since 30 June 2021, eleven new and six follow-on investments have been completed, amounting to £29.5 million. The new investments were into:
- Anansi, delivers automated insurance products for ecommerce businesses;
- Collectv, a fresh food end-to-end supply chain business connecting food-service operators directly with produce suppliers;
- Nanosyrinx, which has used synthetic biology principles to develop a targeted biologic therapeutic delivery platform, opening a new range of targets for drug development;
- Walking on Earth, which is building a holistic health platform for the workforce;
- Integrated Finance, which helps fintech companies connect various parts of their financial services stack through a single integration;
- Mojo Men, a sexual wellbeing platform for men;
- Commazero, an open banking bulk payment system;
- Pngme, which is aiming to be the source of data to build a complete consumer financial profile for banks, fintechs, and credit bureaus;
- Troglo, a digital clinic to address some of the most important and underserved areas for health and wellbeing in the LGBTQIA+ community;
- Hapi, which is aiming to empower every family to build financial freedom for their children and transfer wealth to the next generation in the most seamless, tax efficient manner possible; and
- Imophoron is building a novel vaccine development platform to make vaccines that are stable at temperatures of up to 50°C, tackling the cold-chain problem in the vaccines industry.
Dividends
As shareholders will know, our ambition is to pay an annual dividend of 5.0p per share, supplemented by special dividends when justified through particularly profitable realisations. Following careful consideration, I am pleased to confirm that your Board has now decided to declare an interim dividend of 2.0p (2020 2.0p) per share supplemented by a special dividend of 6.0p per share in respect of the current financial year, which will be paid on 20 December 2021 to shareholders on the register as at 3 December 2021. This represents a tax-free yield of 8% on the opening NAV. The announcement of the payment of a special dividend is a demonstration of the extraordinary performance of some of the portfolio companies and the successful exits which have completed over the period.
If you are one of the 27% of shareholders who take advantage of the Dividend Reinvestment Scheme (DRIS), your dividend will be receivable in Titan shares. This is an excellent way for those of you who prefer the capital value of your investment to grow to achieve your investment objectives.
As shareholders will be aware, since inception, we have paid 84p in dividends per share, excluding the interim and special dividends mentioned above. After undertaking a review of outstanding dividends, it has shown that there is a significant sum of unclaimed dividends. As such, if shareholders are in any doubt whether they have received all dividends due to them, they should visit the Computershare Investor Centre at: www.investorcentre.co.uk. Here you will also be able to view your full dividend history, download dividend confirmations for each dividend paid after 2017, download any income tax certificates (from both dividends and allotments after 2017), view your current dividend preferences and add your bank mandate details if you have not done so already. Alternatively, you can contact Computershare by calling 0370 703 6324.
Principal Risks and Uncertainties
The Board continues to regularly review the risk environment in which Titan operates. There have been no significant changes to the key risks which are fully described on pages 22 to 24 of the Annual Report for the year ended 31 December 2020. The Board does not anticipate there will be significant changes to these risks.
VCT Qualifying Status
PricewaterhouseCoopers LLP (PwC) provides both the Board and Octopus with advice concerning ongoing compliance with HMRC rules and regulations concerning VCTs and have advised that Titan continues to be in compliance with the conditions laid down by HMRC for maintaining approval as a VCT.
As at 30 June 2021, over 92% of the portfolio (as measured by HMRC rules) was invested in VCT-qualifying investments, significantly above the 80% current VCT-qualifying threshold.
Outlook
I am pleased to be able to announce such an impressive uplift in NAV over the last six months, as well as the payment of a special dividend. This is a credit to both the investment team’s experience and the portfolio’s resilience and ability to adapt in rapidly changing circumstances. The Coronavirus pandemic has created an extremely challenging environment, especially in certain sectors such as travel, retail and leisure; however, it has also offered opportunities. This can be seen with the number and range of exciting new investments made, as well as the remarkable array of realisations successfully completed over the past six months, as companies look to enhance their technology offerings, enter new markets or seek better ways to work and do business. As already announced, we intend to issue a prospectus to raise further funds and details are expected to be announced later in the Autumn.
Our most recent fundraising offer, and the completion of the aforementioned successful exits, mean that we have £220 million in cash and cash equivalents as at 30 June 2021. This will allow us to move towards our target for all cash outlays, excluding investments, to be funded by realisations, as well as to continue to support the most promising companies in our portfolio and back the people, ideas and industries that will change the world. To support this ambitious goal, Octopus has increased the investment and operational support team to ensure it continues to be able to make new investments and manage the expanding portfolio appropriately.
As described in the annual report to December 2020, when investing into new companies and some of those already in the portfolio, it was to be expected that Titan would invest along with funds from Octopus’ new Enterprise Investment Scheme (EIS) service, Octopus Ventures EIS, launched in Autumn 2020. In March 2021, the first such co-investment was completed, and as at 30 June 2021, 6 of these co-investments have been made in total, all of which have been into new companies to the portfolio. As a reminder, Titan will retain its pre-emption rights, including rights of first refusal, on all existing holdings. We are pleased with how Octopus is managing this process in accordance with the allocation policy which has been agreed with the Board.
One of the challenges the team faces is the competitive nature of the investment market, as more Venture Capital firms look to enter the early-stage space. New businesses with exceptional management teams and leading technologies regularly receive multiple offers of investment. The pod structure that Octopus has in place, allowing team members to be experts in their specific area of focus, as well as the additional value the Portfolio Talent team can offer to entrepreneurs, puts Octopus in a strong position to be able to stand out in such a competitive market. The diversity and volume of exciting new deals completed in the last six months and the upcoming pipeline of investment opportunities is testament to the work the investment team continues to put into sourcing, securing and working with such business successfully. VCTs have long provided a compelling opportunity for UK investors to provide funding for such businesses in a tax-efficient way, and we look forward to Titan continuing to do so in the coming year.
I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work, without which our fund would not continue to achieve such performance.
John Hustler
Chairman
28 September 2021
Investment Portfolio
Investments | Pod | Investment cost at 30 June 2021* (£’000) |
Amount invested in the six months ending 30 June 2021 (£’000) |
Amplience Limited | B2B Software | 13,634 | – |
LHE Holdings Limited (trading as Property Partner) |
Fintech | 13,600 | – |
Permutive Inc. | B2B Software | 11,839 | – |
Sofar Sounds Limited | Consumer | 11,400 | 482 |
Smartkem Limited | Deep tech | 10,753 | – |
Big Health Limited | Health | 10,571 | – |
PLU&M limited | Consumer | 10,500 | – |
Streethub Limited (trading as Trouva) | Consumer | 10,363 | – |
Bought By Many Limited | Fintech | 9,978 | – |
Digital Shadows Ltd | B2B Software | 9,702 | – |
Uniplaces Limited | Consumer | 9,491 | 188 |
Zenith Holding Company Limited** | Consumer | 8,963 | – |
Ometria Limited | B2B Software | 8,800 | – |
DePop Limited | Consumer | 8,766 | – |
Appear Here Limited | Consumer | 8,509 | – |
XYZ Reality Limited | Consumer | 8,500 | 8,500 |
Token.IO Ltd | Fintech | 8,422 | – |
CurrencyFair Limited | Fintech | 8,381 | – |
Antidote Technologies Ltd | Health | 8,251 | – |
Seatfrog UK Holdings Limited | Consumer | 7,800 | – |
Chronext AG | Consumer | 7,708 | – |
Iovox Limited | B2B Software | 7,206 | – |
Ibex Medical Analytics | Health | 7,148 | 7,148 |
Surrey NanoSystems Limited | Deep tech | 6,918 | – |
Stackin Inc | Fintech | 6,840 | – |
By Miles Limited | Fintech | 6,732 | – |
Allplants Limited | Consumer | 6,650 | – |
Digital Therapeutics (trading as Quit Genius) | Health | 6,494 | – |
Chiaro Technology Limited (trading as Elvie) | Health | 6,417 | – |
Context-Based 4Casting (C-B4) Ltd | B2B Software | 6,096 | – |
Casual Speakers Limited (trading as Jolt) | Consumer | 6,069 | 1,300 |
Conversocial Limited | B2B Software | 6,064 | – |
Phoelex Ltd | Deep tech | 6,025 | – |
Sprout.ai Limited | Fintech | 6,000 | 6,000 |
Origami Energy Limited | Deep tech | 5,947 | 414 |
Overture Life, Inc | Health | 5,813 | 5,813 |
Picsoneye Segmentation Innovation Limited (trading as Pixoneye) | Deep tech | 5,808 | – |
Artesian Solutions Limited | B2B Software | 5,481 | – |
Memrise Inc | Consumer | 5,144 | – |
Cazoo Limited | Consumer | 5,000 | – |
Vitesse PSP Ltd | Fintech | 5,000 | 2,321 |
Elliptic Enterprises Limited | Fintech | 4,913 | – |
OpenSignal Inc | B2B Software | 4,862 | – |
Michelson Diagnostics Limited | Health | 4,795 | – |
Impatients N.V. (trading as MyTomorrows) | Health | 4,705 | – |
Orbital Express Launch Limited | Deep tech | 4,550 | – |
Olio Exchange Limited | Consumer | 4,500 | – |
ThoughtRiver Limited | Deep tech | 4,500 | – |
Raylo Group Limited | Fintech | 4,500 | 4,500 |
The Faction Collective SA | Consumer | 4,461 | – |
We Farm | Consumer | 4,350 | – |
Secret Escapes Limited | Consumer | 4,256 | – |
Behaviometrics AB | Deep tech | 4,229 | – |
Patch Gardens Limited | Consumer | 4,172 | – |
Eve Sleep Plc | Consumer | 4,151 | – |
Mr & Mrs Oliver Ltd (trading as Skin+Me) | Health | 4,000 | – |
The Justice Platform Inc (trading as Legl) | B2B Software | 4,000 | 4,000 |
AudioTelligence Limited | Deep tech | 4,000 | – |
Positron Technologies Limited | Fintech | 4,000 | – |
vHive Tech Ltd | Deep tech | 3,996 | – |
Glofox | B2B Software | 3,812 | – |
Altitude Angel Ltd | Deep tech | 3,800 | – |
Dead Happy Limited | Fintech | 3,700 | – |
AllTaster Limited t/a Taster | Consumer | 3,684 | 3,684 |
Medisafe Project Limited | Health | 3,664 | – |
CoMind Technologies Limited | Deep tech | 3,375 | 3,375 |
Dogtooth Technologies Limited | Deep tech | 3,278 | – |
Anikin Ltd | Consumer | 3,000 | – |
Whirli Limited | Consumer | 3,000 | – |
Unmade Ltd | Deep tech | 3,000 | – |
Trafi Limited | Deep tech | 2,965 | – |
Ecrebo Limited | B2B Software | 2,857 | – |
Metrasens Limited | Deep tech | 2,819 | – |
Mosaic Smart Data Limited | Fintech | 2,780 | – |
iSize Limited | Deep tech | 2,625 | 2,625 |
Slamcore Limited | Deep tech | 2,550 | – |
CRED Investment Holdings Limited | Fintech | 2,500 | 500 |
Inrupt Inc. | Fintech | 2,372 | – |
Fluidly Limited | B2B Software | 2,299 | – |
Streetbees.com Limited | B2B Software | 2,086 | – |
Uniq Health Limited | Health | 1,900 | – |
Ori Biotech | Health | 1,548 | – |
Thirdeye Labs Limited | Deep tech | 1,500 | – |
Quantum Motion Technologies Limited | Deep tech | 1,498 | – |
Segura Systems Limited | B2B Software | 1,470 | – |
Aire Labs Limited | Fintech | 1,332 | – |
Intrepid Owls Limited (trading as Rest-Less) | Fintech | 1,285 | 735 |
Multiply AI Limited | Fintech | 1,283 | – |
Avione Saving & Investment Ltd | Fintech | 850 | 850 |
Minimum Corporation | Fintech | 759 | – |
M10 | Fintech | 626 | – |
Excession Technologies Limited | Deep tech | 298 | – |
Total | 486,238 | 52,435 |
*Investment cost reflects the amount invested into each investee company from Titan’s 1 – 5 before the 2014 merger and from Titan after the merger. This is different to the book cost which includes the holding gains and losses on assets which transferred from Titan’s 1, 3, 4 & 5 to Titan 2 (now Titan) during the merger, as Titan purchased these assets at fair value.
**Owns stake in Secret Escapes Limited.
Income Statement
Unaudited Six months to 30 June 2021 |
Unaudited Six months to 30 June 2020 |
Audited Year to 31 December 2020 |
|||||||
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
Revenue £’000 |
Capital £’000 |
Total £’000 |
|
Gains/(losses) on disposal of fixed asset investments |
– | 34,475 | 34,475 | – | (672) | (672) | – | 3,783 | 3,783 |
Gains on disposal of current asset investments | – | – | – | – | – | – | – | – | – |
Gains/(losses) on valuation of fixed asset investments | – | 251,697 | 251,697 | – | (15,680) | (15,680) | – | 104,930 | 104,930 |
(Losses)/gains on valuation of current asset investments | – | (57) | (57) | – | (66) | (66) | – | 4,352 | 4,352 |
Investment income | 504 | – | 504 | 274 | – | 274 | 843 | – | 843 |
Investment management fees | (474) | (9,007) | (9,481) | (381) | (7,230) | (7,611) | (764) | (14,508) | (15,272) |
Performance fee | – | (55,632) | (55,632) | – | – | – | – | (18,402) | (18,402) |
Other expenses | (2,991) | – | (2,991) | (2,418) | – | (2,418) | (5,070) | – | (5,070) |
FX translation | – | 65 | 65 | – | 157 | 157 | – | 159 | 159 |
(Loss)/profit before tax | (2,961) | 221,541 | 218,580 | (2,525) | (23,491) | (26,016) | (4,991) | 80,314 | 75,323 |
Tax | – | – | – | – | – | – | – | – | – |
(Loss)/profit after tax | (2,961) | 221,541 | 218,580 | (2,525) | (23,491) | (26,016) | (4,991) | 80,314 | 75,323 |
(Loss)/earnings per share – basic and diluted | (0.3)p | 20.2p | 19.9p | (0.3)p | (2.4)p | (2.7)p | (0.5)p | 8.3p | 7.8p |
· The ‘Total’ column of this statement is the profit and loss account of the Company; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
· All revenue and capital items in the above statement derive from continuing operations.
· The Company has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.
Titan has no other comprehensive income for the period.
Balance Sheet
Unaudited As at 30 June 2021 |
Unaudited As at 30 June 2020 |
Audited As at 31 December 2020 |
||||
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Fixed asset investments | 1,024,358 | 663,587 | 820,699 | |||
Current assets: | ||||||
Corporate bonds | 91,385 | 86,456 | 89,882 | |||
Cash at bank | 40,822 | 4,105 | 9,348 | |||
Applications cash* | 363 | 26 | 3,613 | |||
Debtors | 87,129 | 5,839 | 6,178 | |||
Money market funds | 88,125 | 147,114 | 137,170 | |||
307,824 | 243,540 | 246,191 | ||||
Current liabilities | (57,077) | (909) | (23,655) | |||
Net current assets | 250,747 | 242,631 | 222,536 | |||
Net assets | 1,275,105 | 906,218 | 1,043,235 | |||
Share capital | 111,925 | 101,272 | 107,502 | |||
Share premium | 621,152 | 616,952 | 564,308 | |||
Special distributable reserve | 100,392 | 69,413 | 150,007 | |||
Capital redemption reserve | 8,015 | 4,879 | 6,377 | |||
Capital reserve realised | (44,689) | (47,811) | (66,167) | |||
Capital reserve unrealised | 509,704 | 187,547 | 309,706 | |||
Revenue reserve | (31,394) | (26,034) | (28,498) | |||
Total equity shareholders’ funds | 1,275,105 | 906,218 | 1,043,235 | |||
Net asset value per share | 113.9p | 89.5p | 97.0p |
*Cash held but not yet allotted.
The statements were approved by the Directors and authorised for issue on 28 September 2021 and are signed on their behalf by:
John Hustler
Chairman
Statement of Changes in Equity
Share capital £’000 |
Share premium £’000 |
Capital redemption reserve £’000 |
Special distributable reserve* £’000 |
Capital reserve realised* £’000 |
Capital reserve unrealised £’000 |
Revenue reserve* £’000 |
Total £’000 |
|
As at 1 January 2021 | 107,502 | 564,308 | 6,377 | 150,007 | (66,167) | 309,706 | (28,498) | 1,043,235 |
Comprehensive income for the period: | ||||||||
Management fees allocated as capital expenditure | – | – | – | – | (9,007) | – | – | (9,007) |
Current year gain on disposal of fixed asset investments | – | – | – | – | 34,475 | – | – | 34,475 |
Current year gains on disposal of current asset investments | – | – | – | – | – | – | – | – |
Gains on fair value of fixed asset investments | – | – | – | – | – | 251,697 | – | 251,697 |
Losses on fair value of current asset investments | – | – | – | – | – | (57) | – | (57) |
Loss after tax | – | – | – | – | – | – | (2,961) | (2,961) |
Performance fee | – | – | – | – | (55,632) | – | – | (55,632) |
Total comprehensive income for the period | – | – | – | – | (30,164) | 251,640 | (2,961) | 218,515 |
Contributions by and distributions to owners: | ||||||||
Share issue (includes DRIS)** | 6,061 | 56,844 | – | – | – | – | – | 62,905 |
Repurchase of own shares | (1,638) | – | 1,638 | (15,986) | – | – | – | (15,986) |
Dividends paid (includes DRIS) | – | – | – | (33,629) | – | – | – | (33,629) |
Total contributions by and distributions to owners |
4,423 | 56,844 | 1,638 | (49,615) | – | – | – | 13,290 |
Other movements: | ||||||||
Prior year fixed asset gains now realised | – | – | – | – | 51,642 | (51,642) | – | – |
FX translation | – | – | – | – | – | – | 65 | 65 |
Total other movements | – | – | – | – | 51,642 | (51,642) | 65 | 65 |
Balance as at 30 June 2021 | 111,925 | 621,152 | 8,015 | 100,392 | (44,689) | 509,704 | (31,394) | 1,275,105 |
*Reserves available for distribution.
**This is net of allotment fees of £1.7 million.
Share capital £’000 |
Share premium £’000 |
Capital redemption reserve £’000 |
Special distributable reserve* £’000 |
Capital reserve realised* £’000 |
Capital reserve unrealised £’000 |
Revenue reserve* £’000 |
Total £’000 |
|
As at 1 January 2020 | 95,161 | 559,972 | 4,074 | 106,915 | (45,705) | 209,089 | (23,666) | 905,840 |
Comprehensive income for the period: | ||||||||
Management fees allocated as capital expenditure | – | – | – | – | (7,230) | – | – | (7,230) |
Current year gain on disposal of fixed asset investments | – | – | – | – | (672) | – | – | (672) |
Losses on fair value of fixed asset investments | – | – | – | – | – | (15,680) | – | (15,680) |
Losses on fair value of current asset investments | – | – | – | – | – | (66) | – | (66) |
Loss after tax | – | – | – | – | – | – | (2,525) | (2,525) |
Total comprehensive loss for the period | – | – | – | – | (7,902) | (15,746) | (2,525) | (26,173) |
Contributions by and distributions to owners: | ||||||||
Share issue** | 6,916 | 56,980 | – | – | – | – | – | 63,896 |
Repurchase of own shares | (805) | – | 805 | (7,008) | – | – | – | (7,008) |
Dividends paid | – | – | – | (30,494) | – | – | – | (30,494) |
Total contributions by and distributions to owners |
6,111 | 56,980 | 805 | (37,502) | – | – | – | 26,394 |
Other movements: | ||||||||
Prior year fixed asset gains now realised | – | – | – | – | 5,796 | (5,796) | – | – |
FX translation | – | – | – | – | – | – | 157 | 157 |
Total other movements | – | – | – | – | 5,796 | (5,796) | 157 | 157 |
Balance as at 30 June 2020 | 101,272 | 616,952 | 4,879 | 69,413 | (47,811) | 187,547 | (26,034) | 906,218 |
*Reserves available for distribution.
**This is net of allotment fees of £9.9 million.
Share capital £’000 |
Share premium £’000 |
Capital redemption reserve £’000 |
Special distributable reserve* £’000 |
Capital reserve realised* £’000 |
Capital reserve unrealised £’000 |
Revenue reserve* £’000 |
Total £’000 |
|
As at 1 January 2020 | 95,161 | 559,972 | 4,074 | 106,915 | (45,705) | 209,089 | (23,666) | 905,840 |
Comprehensive income for the year: | ||||||||
Management fees allocated as capital expenditure | – | – | – | – | (14,508) | – | – | (14,508) |
Current year gain on disposal of fixed asset investments | – | – | – | – | 3,783 | – | – | 3,783 |
Current year losses on disposal of current asset investments | – | – | – | – | – | – | – | – |
Gains on fair value of fixed asset investments | – | – | – | – | – | 104,930 | – | 104,930 |
Gains on fair value of current asset investments | – | – | – | – | – | 4,352 | – | 4,352 |
Loss after tax | – | – | – | – | – | – | (4,991) | (4,991) |
Performance fee | – | – | – | – | (18,402) | – | – | (18,402) |
Total comprehensive income for the year | – | – | – | – | (29,127) | 109,282 | (4,991) | 75,164 |
Contributions by and distributions to owners: | ||||||||
Share issue (includes DRIS)** | 14,644 | 118,740 | – | – | – | – | – | 133,384 |
Repurchase of own shares | (2,303) | – | 2,303 | (19,994) | – | – | – | (19,994) |
Dividends paid (includes DRIS) | – | – | – | (51,318) | – | – | – | (51,318) |
Total contributions by and distributions to owners | 12,341 | 118,740 | 2,303 | (71,312) | – | – | – | 62,072 |
Other movements: | ||||||||
Share premium cancellation | – | (114,404) | – | 114,404 | – | – | – | – |
Transfer between reserves | – | – | – | – | 6,402 | (6,402) | – | – |
Prior year fixed asset gains now realised | – | – | – | – | 2,263 | (2,263) | – | – |
Prior year current asset losses now realised | – | – | – | – | – | – | – | – |
Foreign exchange translation | – | – | – | – | – | – | 159 | 159 |
Total other movements | – | (114,404) | – | 114,404 | 8,665 | (8,665) | 159 | 159 |
Balance as at 31 December 2020 |
107,502 | 564,308 | 6,377 | 150,007 | (66,167) | 309,706 | (28,498) | 1,043,235 |
*Reserves available for distribution.
**This is net of allotment fees of £3.5 million.
Cash Flow Statement
Unaudited Six months to 30 June 2021 £’000 |
Unaudited Six months to 30 June 2020 £’000 |
Audited Year to 31 December 2020 £’000 |
|
Reconciliation of profit to cash flows from operating activities | |||
Profit/(loss) before tax | 218,580 | (26,016) | 75,323 |
Increase in debtors | (786) | (2,854) | (3,193) |
Increase/(decrease) in creditors | 36,672 | (18,669) | 490 |
Gains on disposal of current asset investments | – | – | – |
Losses/(gains) on valuation of current asset investments | 57 | 66 | (4,352) |
(Gains)/losses on disposal of fixed asset investments | (34,475) | 672 | (3,783) |
(Gains)/losses on valuation of fixed asset investments | (251,697) | 15,680 | (104,930) |
Outflow from operating activities | (31,649) | (31,121) | (40,445) |
Cash flows from investing activities | |||
Purchase of current asset investments | (1,560) | (6,197) | (5,205) |
Sale of current asset investments | – | – | – |
Purchase of fixed asset investments | (52,434) | (52,827) | (95,792) |
Sale of fixed asset investments | 29,782 | 12,997 | 23,915 |
Zenith distribution | 25,000 | – | – |
Inflow/(outflow) from investing activities | 788 | (46,027) | (77,082) |
Cash flows from financing activities | |||
Applications Inflows allotted | (3,250) | (5,539) | (1,952) |
Purchase of own shares | (15,986) | (7,008) | (19,994) |
Net proceeds from share issues | 54,365 | 63,896 | 128,103 |
Dividends Paid (net of DRIS) | (25,089) | (30,494) | (46,037) |
Inflow from financing activities | 10,040 | 20,855 | 60,120 |
(Decrease)/Increase in cash and cash equivalents | (20,821) | (56,293) | (57,407) |
Opening cash and cash equivalents | 150,131 | 207,538 | 207,538 |
Closing cash and cash equivalents | 129,310 | 151,245 | 150,131 |
Cash and cash equivalents comprise | |||
Cash at Bank | 40,822 | 4,105 | 9,348 |
Applications cash | 363 | 26 | 3,613 |
Money Market Funds | 88,125 | 147,114 | 137,170 |
129,310 | 151,245 | 150,131 |
For further information please contact:
Katherine Fyfe
Octopus Company Secretarial Services Limited
+44 (0)20 7710 2800
Artificial Intelligence
US Air Force Awards ThroughPut.ai Direct-to-Phase-II Contract for Boeing, Lockheed Martin, and Sikorsky Mission Design Series to Accelerate Aircraft Readiness
Leveraging Data to Drive Maintenance-first actions that improve overall supply chain throughput across the DAF.
NEW YORK, May 28, 2024 /PRNewswire/ — ThroughPut.ai, the Supply Chain Decision Intelligence Pioneer, announces it has been selected by AFWERX for a (SBIR Direct-to-Phase II contract) in the amount of $1,248,627.00 focused on “AI-Powered Proactive Supply Chain Capabilities” to address the most pressing challenges in the Department of the Air Force (DAF). The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded and now on April 17th, 2024, ThroughPut.ai will start its journey to create and provide innovative capabilities that will strengthen the national defense of the United States of America.
“ThroughPut.ai looks forward to supporting efforts to accelerate inventory flow across the United States Air Force,” said Ali Raza, CEO & Founder of ThroughPut.ai. “By driving inventory/materiel management changes at the maintenance endpoint first, supply chain improvements can then be amplified across the greater industrial base to create aircraft capacity.”
“The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.”
About (ThroughPut.ai)
ThroughPut.ai is a Silicon Valley-based supply chain optimization & predictive replenishment company. The company’s software AI platform has the ability to identify location-, product-, and customer-based demand changes sooner in order to adjust order frequencies, vendor sources, and parts buffer levels at a global and local scale. ThroughPut’s platform was designed by Fortune 500 & technology executives with real-world experience managing demand & supply chain disruptions and war-zone logistics across the Middle East.
About AFRLThe Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit afresearchlab.com.
About AFWERXAs the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 370 military, civilian and contractor personnel at five hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed over 6,100 new contracts worth more than $4 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.
Company Press Contact:Ali RazaCEO/[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/us-air-force-awards-throughputai-direct-to-phase-ii-contract-for-boeing-lockheed-martin-and-sikorsky-mission-design-series-to-accelerate-aircraft-readiness-302156930.html
Artificial Intelligence
Data Center Investments Soar: 200% Rise Since 2016 and Projected 89% Increase by 2028
USA News Group CommentaryIssued on behalf of Avant Technologies Inc.
VANCOUVER, BC, May 28, 2024 /PRNewswire/ — Since 2016, investment in data centre infrastructure has risen 200%, with a further 89% increase expected by 2028 as more opportunities emerge with the rise of artificial intelligence (AI). According to Jones Lang LaSalle Inc.’s CEO Christian Ulbrich, data centers are “the hottest asset class at the moment.” Analysts at Technavio are projecting the global data center market to record an additional US$329.82 billion in growth at a CAGR of 12.73% through 2027. Capitalizing on the opportunity are several players recently announcing developments regarding their involvement in the data centers sector, including
Avant Technologies Inc. (OTCQB: AVAI), Amazon.com, Inc. (NASDAQ: AMZN), Applied Digital Corporation (NASDAQ: APLD), Digital Realty Trust, Inc. (NYSE: DLR), and Equinix, Inc. (NASDAQ: EQIX).
As an early pioneer in generative AI, Avant Technologies Inc. (OTCQB: AVAI) continues to enhance its flagship asset, Avant AITM, a sophisticated machine and deep learning AI system designed for versatility and customization across various industries and applications. Recently, Avant announced plans to equip its AI-managed data center, currently in development, with High-Performance Computing (HPC) systems. According to IBM, HPC technology utilizes clusters of powerful processors working in parallel to process massive multi-dimensional data sets and solve complex problems at exceptionally high speeds.
“The rise of AI is revolutionizing industries, and Avant Technologies is committed to being at the forefront of this transformation,” said William Hisey, CEO of Avant. “By building an AI-managed data center with HPC systems, we will gain the computational power and infrastructure required to train and deploy sophisticated AI models, which will ultimately provide even greater value to our customers.”
The new data center will leverage AI-driven management technology to optimize resource allocation and enhance efficiency in all aspects of data center operations. Avant will meticulously design its HPC infrastructure to meet the demands of AI workloads, selecting high-performance CPUs and GPUs (or TPUs) specifically suited for deep learning tasks. This cutting-edge facility will enable Avant to accelerate AI advancements, delivering innovative solutions to clients by improving data center efficiency and empowering them with exceptional AI capabilities.
Additionally, Avant will implement a high-speed network to ensure efficient data transfer and select a scalable storage solution to manage the large datasets necessary for training and utilizing AI models. The HPC systems will prioritize security, incorporating robust measures to protect sensitive data and create a secure environment for AI deployment. Furthermore, the data center will integrate energy-efficient technologies and sustainable design practices, reflecting Avant’s commitment to environmental responsibility.
Avant Technologies also recently announced plans to implement AI-empowered Zero Trust Architecture (ZTA) across its data center operations. Additionally, the company has expanded its AvantAI™ platform to include intelligent, proactive monitoring and management for data centers.
Over the past few weeks Amazon.com, Inc. (NASDAQ: AMZN) has collectively committed to investing $20 billion into new data centers for its subsidiary Amazon Web Services (AWS). The first to be announced was an $11-billion data center to be built in Indiana, with another $9 billion set to accelerate cloud-infrastructure in Singapore. The moves fall in line with Amazon CEO Andy Jassy’s projection that 85% of IT spending will remain on premises, in the race for Gen AI supremacy.
Amazon also recently announced an extension on its partnership between AWS and CrowdStrike to unify cybersecurity protection on its CrowdStrike Falcon platform. As per the agreement, Amazon is replacing a variety of cloud point products with Falcon Cloud Security, is using Falcon Next-Gen SIEM to secure big data logging and is deploying Identity Threat Detection and Response to prevent identity-based attacks.
“CrowdStrike and AWS have a deep history of working together to secure the most innovative companies in the world,” said CJ Moses, Chief Information Security Officer and Vice President of Security Engineering at Amazon. “Amazon uses CrowdStrike to provide visibility, detection, and response across our businesses in order to protect the cloud, infrastructure, and services for our customers. This is part of our shared mission to help all organizations build, operate, and secure their business.”
In a move to shore-up its market position as a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, Applied Digital Corporation (NASDAQ: APLD) recently announced the appointment of industry veteran Todd Gale as its new Chief Development Officer. The announcement came just one month after the company announced it had issued a $50 million unsecured convertible debenture to advance its HPC Data Center Project in Ellendale, North Dakota.
“We intend to use the net proceeds from the private financing, supplemented by the proceeds from our announced sale of the Garden City facility, to finance substantial advancements in our construction phase of the HPC data center in Ellendale, North Dakota,” said David Rench, CFO of Applied Digital. “Concurrently, we continue negotiating our project-level financing to ensure timely project completion and fulfillment of our contractual obligations.”
Applied Digital intends to utilize chipmaking giant NVIDIA’s new Blackwell platform into its cloud offerings. The company’s next-generation data center campuses are specifically designed to host HPC/AI applications, offering more cost-effective and efficient alternatives to traditional data centers.
In Japan, Digital Realty Trust, Inc. (NYSE: DLR) recently announced the expansion of its NRT Campus, by commencing construction of its third data center to support AI. Upon completion of the site in late 2025, the campus’s capacity will rise to 104MW, with the intention of meeting rising demand for next-generation infrastructure, and seamless access to Japan’s connected data communities.
“Japan’s rapidly increasing demand for AI deployments creates the need for scalable, flexible, and highly connected AI-ready data centers in the Tokyo metropolitan area,” said Serene Nah, Managing Director and Head of Asia Pacific, Digital Realty. “We believe NRT14’s next-generation data center infrastructure and Digital Realty’s connected global open data center platform provide the foundational pillars our customers need to drive innovation in the coming years.”
Equinix, Inc. (NASDAQ: EQIX), another digital infrastructure company, has recently launched a $600 million joint venture with PGIM Real Estate to develop and operate the first xScale data center in the US, situated in California’s Silicon Valley. This follows their successful collaboration on the first xScale data center in Australia in 2022, which was part of a similar $575 million joint venture announced in 2021.
Under the terms of the new agreement, PGIM Real Estate will hold an 80% equity interest in the joint venture, while Equinix will retain a 20% equity stake. xScale data centers by Equinix enable hyperscale companies to expand their core deployments within Equinix’s IBX data centers, facilitating growth in over 70 global metros through a platform that supports direct interconnections with more than 10,000 customers.
This joint venture complements Equinix’s existing hyperscale collaborations in Europe, Asia-Pacific, and the Americas, significantly enhancing the global xScale data center portfolio. Once completed, this global expansion is set to exceed $8 billion, encompassing more than 35 facilities and providing over 725 megawatts of power capacity.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
CONTACT:USA NEWS [email protected](604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
View original content:https://www.prnewswire.co.uk/news-releases/data-center-investments-soar-200-rise-since-2016-and-projected-89-increase-by-2028-302156928.html
Artificial Intelligence
Lucinity Wins the Microsoft Partner Awards for 2024 for Partner of the Year – Iceland and Sustainability and Social Impact
REYKJAVÍK, Iceland, May 28, 2024 /PRNewswire/ — Lucinity, a leading AI company for financial crime prevention, won two awards at the Microsoft Partner Awards for 2024, including Partner of the Year – Iceland and Sustainability and Social Impact, highlighting Lucinity’s innovations and contribution to positive societal change.
“Congratulations to Lucinity for being recognized as the Partner of the Year – Iceland 2024! Lucinity is leading digital transformation and delivering innovative products in their domain,” says Microsoft’s leadership.
“For the past year, they have played a key role with their offerings, skilled resources, and their ability to drive change and innovative solutions both locally in Iceland and across the globe. Lucinity has had significant social impact and growth while supporting our joint customers in their AI-transformation journeys.”
In June 2023, Lucinity launched the world’s first copilot for FinCrime prevention powered by Microsoft Azure OpenAI called Luci. Luci stands out in the financial services industry with specialized skills for FinCrime prevention such as adverse media checks, case analysis, and SAR writing.
Built on the robust and scalable Microsoft Azure platform, Lucinity offers customers a trusted SaaS product. Additionally, Lucinity’s presence on the Microsoft Azure Marketplace allows companies to leverage their Microsoft Azure credits to access the platform.
The seamless integration with Microsoft’s Azure stack has enabled Lucinity to implement advanced AI capabilities, fostering rapid innovation and enabling banks and fintech companies to utilize AI securely and audibly. Furthermore, Luci significantly reduces investigation times from 2.5 hours to just 25 minutes, saving Tier 1 banks an estimated $25 million annually.
Guðmundur Kristjánsson (GK), Lucinity’s Founder and CEO comments, “These awards are a testament to the strength and reliability of our solutions, made possible by our strategic partnership with Microsoft. Utilizing Microsoft Azure, we have been able to drive rapid innovation and create a robust, scalable platform that meets the rigorous requirements of compliance teams.”
On the Sustainability and Social Impact Partner Award, Microsoft says, “Lucinity, with their innovative AI solutions, has really tried to combat this huge global challenge. They use ‘Human AI’ to enhance financial crime prevention, combining AI with human expertise for efficient, user-friendly solutions. Additionally, Lucinity has developed a tool called Luci, an AI-powered copilot that helps transform financial crime prevention from a process that took hours to one that takes minutes.”
Logo: https://mma.prnewswire.com/media/2208676/4669079/Lucinity_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lucinity-wins-the-microsoft-partner-awards-for-2024-for-partner-of-the-year—iceland-and-sustainability-and-social-impact-302156888.html
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