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(Sharecast News) - Primorus Investments reported a lower full-year profit for 2025, although net assets rose as the investment company said it had made progress in simplifying its portfolio and recycling capital.
The AIM-traded company posted a profit before tax of 0.9m for the year ended 31 December, down from 2.7m in 2024. Net profit after tax was also 0.9m, compared with 2.7m a year earlier.
Total assets, including cash, increased to 6.3m from 5.9m, while net assets rose to 6.1m from 5.8m.
Cash at year-end stood at 19,000, compared with 42,000 at the end of 2024, although Primorus said it also held 976,000 of listed financial investments classified as current assets.
The company said realised losses on financial investments totalled 0.24m, compared with realised gains of 3.17m in 2024, while unrealised gains rose to 1.26m from 0.23m.
Administrative expenses fell to 0.39m from 0.72m.
During the year, Primorus sold its holding in Pri0r1ty Intelligence Group for gross proceeds of 977,000, while Virtualstock Holdings was acquired by US-based Logicbroker.
Under that deal, Primorus said it expected to receive consideration of up to about 720,000, including cash on completion, deferred and earn-out payments, and an equity interest in Logicbroker.
The company also invested a further 275,000 in Interpac as part of a 3.6m funding round, increasing its fully diluted holding to about 4.3%.
It said Fresho continued to report strong growth and had expanded into the US, while WeShop, in which Primorus has an indirect holding through Community Social Investment Limited, listed on Nasdaq in November.
Primorus said it continued to hold legacy investments including Sport80, Stream TV and MEVIE, which the board intends to realise when liquidity events or fair value offers become available.
Chairman Rupert Labrum said the year had seen Primorus "begin to gain meaningful traction" despite market headwinds, adding that the board believed the company was well positioned to take advantage of opportunities.
"The company did not need to raise capital during 2025, and the board sees no immediate requirement to do so given the company's holdings of liquid instruments and cash," he said.
Labrum said the board remained focused on cost control, improving transparency around valuations and pursuing investments where Primorus could take a meaningful stake, identify a realistic exit route and play an active role in development.
After the year end, Primorus said the fall in WeShop's Nasdaq share price from $95.00 to $6.85 by 28 May 2026 had reduced the calculated value of its investment in Community Social Investment Limited by 1.96m.
It also noted that Clean Power Hydrogen, in which Primorus held shares valued at 120,000 at the end of 2025, had requested a suspension of trading on AIM following an incident during testing of its MFE220 1MW unit.
At 1553 BST, shares in Primorus Investments were down 4.23% at 3.4p.
Reporting by Josh White for Sharecast.com.
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