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Allied Minds, the intellectual property group backed by star manager Neil Woodford, announced an internal review of its investment strategy as it reported its full year results three weeks after pulling funding from seven of the start-ups it had backed.

The Boston-based company, which appointed Jill Smith as its new chief executive officer in March, reported pre-tax losses of $128.7m on revenues of $2.7m for the year ending December 2016.

Earlier this month, Ms Smith surprised shareholders by announcing a $146.6m writedown on the value of seven of its businesses, just months after it convinced investors to inject another $64m into the business.

While the results of its internal review are expected in the summer, Ms Smith said the company would aim for a “more intense interrogation and validation of assumptions” underpinning its investment decisions.

Copyright The Financial Times Limited 2017. All rights reserved.

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