This afternoon the Thorney Technologies Ltd (ASX: TEK) share price has pushed higher following the release of its chairman's update for September.
At the time of writing the technology-focused investment company's shares are up 4% to a 52-week high of 26.5 cents.
What was in the update?
The company's chairman, Alex Waislitz, revealed that Thorney Technologies' performance has remained strong since the end of August.
Mr Waislitz said: "Further strong gains in some of TEK's key portfolio holdings since August 31 mean that – in the absence of any major negative event – we are currently on track to report a further improvement in NTA for September. In monetary terms, the current value of TEK's holdings is now in excess of $90 million."
This means Thorney Technologies is currently on course to build on FY 2019's strong performance. During the last financial year the company's net tangible assets per share before tax rose by 23% to 30.7 cents, which was among the best of any listed investment company.
What has been the driver of this strong form?
In the update Mr Waislitz shared a few of the biggest contributors to the company's strong performance.
These include two of its largest holdings – buy now pay later companies Afterpay Touch Group Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).
He said: "TEK's investment in both APT and Z1P underscores a key aspect of TEK's investment philosophy. If we like a particular thematic or sector, we do not have to "pick one". We are happy to hold more than one company in a sector and we can have good relationships and dialogue with the management of multiple companies without compromising our relationship with any of them. In the fintech space this approach has produced outstanding results for TEK and whilst we have taken some profits off the table in order to recycle cash for other investments, we have not lost our belief in the management of APT and Z1P nor in the business models that they are implementing. We believe they both have got much further to go."
Another highlight has been Dubber Corp Ltd (ASX: DUB) which is aiming to become the world's leading cloud-based call recording platform for telecommunications service providers.
Mr Waislitz said: "In its early years we were critical of some of Dubber's board and management moves and its cost management but in 2019 the company has made excellent progress. Active users jumped by more than 220% to just under 95,000. Revenue was up almost 270% to $5.54m with Q4 Revenue making up more than $2m of that figure. This leads us to expect DUB to produce significant revenue gains on a quarterly basis from now on."
