Aim tech stocks continue to rise.

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New research from Moore Stephens has revealed that the average enterprise value of technology companies on the Alternative Investment Market (AIM) has reached 88.9m [pounds sterling]-a 21.3% increase from 3 I December 2016 and a 51 % increase since the Brexit decision.

Moore Stephens' 'Tech AIM Barometer' revealed there was only one tech IPO on AIM over the six month period to 30 June 2017--Ethernity Networks--down from eight in 2016 and seven the year before. Moore Stephens believes was due to a combination of factors, including the political and economic uncertainty caused by Brexit negotiations and, to a lesser extent, the recent General Election.

Commenting on the research, Dougie Hunter, Associate Director at Moore Stephens, said: "The fewer number of IPOs can be explained by a combination of factors that of course includes Brexit and a General Election, but also the fact that many private equity firms are choosing outright sales through secondary buyouts rather than exiting through IPO."

Despite the lack of tech IPOs on AIM, Moore Stephens' Tech AIM Barometer has revealed that more than 275m [pounds sterling] was raised from secondary fundraisings in the six month period--a higher figure than for the whole of 2016 (224m [pounds sterling]) --and included the three largest individual company fundraises since 2015 (GBG, Learning Technologies Group and Telit).

By way of a sector-analysis, the dramatic growth shown in the past six months has been driven by:

* hardware companies--increasing by 35%;

* support services--increasing by 21 %;

* software by 20%.

By comparison, the FTSE AIM All-share index increased by 14% and the FTSE All-share index by just 3%.

Although the majority (over 90%) of the businesses analysed are based here in...

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