Agronomics (ANIC) H2 2024 earnings summary

Executive summary

• Portfolio achieved significant technological and commercial progress, raising over $300m since August 2023 despite challenging macroeconomic conditions and negative industry headlines.

• Continued focus on building a comprehensive portfolio in cellular agriculture, with 20+ venture-stage companies spanning cultivated meat, precision fermentation, and enabling technologies.

• Major milestones include the first regulatory approval for cultivated pet food in Europe and significant government support for portfolio companies.

Financial highlights

• Net operating loss of £10.99m for the year ended 30 June 2024, compared to a net operating profit of £22.37m in 2023.

• Investment loss, including net unrealised losses on fair valuation, was £8.34m (2023: gain of £29.70m).

• Unrealised foreign exchange losses of £2.14m (2023: £3.36m).

• Total assets at £157.4m (2023: £170.2m); cash and equivalents at £12.2m (2023: £28.1m).

• Net asset value per share at 30 June 2024 was 15.58p, down 8% from 16.94p in 2023.

Outlook and guidance

• Strategy remains focused on supporting portfolio companies to expand and generate revenue as regulatory approvals increase.

• Continued investment in manufacturing capabilities and off-take agreements, especially in precision fermentation.

• Optimism about the sector's ability to address global food security and environmental challenges.