(Alliance News) - Seraphim Space Investment Trust PLC on Tuesday said net asset value decreased in its latest financial year, but that its portfolio is well-positioned to benefit from defence and climate-related spending.
The London-based space technology investment firm said its NAV at June 30 was 92.90 pence per share at June 30, down 7.1% from 99.97p at the same time one year prior. It does not currently pay any dividends.
Seraphim Space shares were flat at 38.00 pence in London on Tuesday afternoon.
The company swung to a pretax loss of GBP16.9 million for the year ended June 30, compared with a GBP3.4 million profit the year before. This was partially due to a GBP12.4 million investment loss, following a GBP7.7 million gain.
Seraphim Space's portfolio valuation increased 0.7% during the year, to GBP187.4 million at June 30 from GBP186.1 million. It invested GBP4.9 million into six new portfolio companies.
The company's market capitalisation fell 49% to GBP64.6 million from GBP126.9 million, while liquid resources fell 39% to GBP35.3 million from GBP57.7 million.
However Seraphim said investment activity remained "robust" with 11 companies closing successful funding rounds.
Going forward, Seraphim said it was confident in its outlook for the space sector on a global level. Chair Will Whitehorn said the portfolio "is well-positioned given the strong global tailwinds of increased defence spending and the continued investment into solutions to address the climate and sustainability agenda."
He added: "Furthermore, with significant amounts of dry powder (capital which has been committed to but not yet invested by investment vehicles) sat in impact and climate funds from across the globe, we remain confident that there is a large and growing pool of motivated capital to support the needs of companies in the SSIT portfolio in the years ahead."
By Emma Curzon, Alliance News reporter
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