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20 Nov 2023 07:00
SERAPHIM SPACE INVESTMENT TRUST PLC (the "Company" or "SSIT")
Q1 Results
Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, announces its first quarter results for the three-month period ended 30 September 2023.
The full Q1 report can be found here. A summary is set out below.
Financial Summary
30-Sep-23 | 30Jun-23 | Change | 30-Sep-22 | Change | |
NAV | £228.9m | £222.4m | 2.9% | £250.3m | -8.5% |
NAV per share | 96.51p | 92.90p | 3.9% | 104.57p | -7.7% |
Portfolio valuation | £199.9m | £187.4m | 6.6% | £207.0m | -3.5% |
Portfolio fair value vs. cost | 102.8% | 98.5% | - | 110.9% | - |
Market capitalisation | £102.6m | £64.6m | 58.7% | £144.7m | -29.1% |
Share price | 43.3p | 27.0p | 60.2% | 60.5p | -28.5% |
-Discount/+premium | -55.2% | -70.9% | - | -42.2% | - |
Liquid resources | £29.7m | £35.3m | -15.8% | £43.8m | -32.2% |
Q1 Highlights
· Further £4.1m deployed, across two new investments and three follow-on investments.
· Portfolio valuation up £12.4m to £199.9m, driven by additional investments, unrealised fair value net gains and an unrealised FX gain.
· Main driver of underlying fair value increase was D-Orbit, reflective of a transaction that reached a conditional completion post period, pending regulatory approvals.
· Fair value weighted-average cash runway of private portfolio (98% of fair value) from 30 September 2023 is 18 months.
· 86% of fair value of private holdings has a cash runway to 30 September 2024 or beyond.
· Cash balance of £29.7m at 30 September 2023.
Transactions Completed During Q1
Company | Segment | Sub-sector | HQ | Type | Cost (£m) |
ALL.SPACE | Downlink | Ground terminals | UK | Follow-on | 2.8 |
2 early stage investments | New investment | 0.9 | |||
2 early stage investments | Follow-on | 0.5 | |||
Total |
| 4.1 |
Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented: "Despite the global geopolitical and macroeconomic environment, the space sector continues to grow at an unprecedented rate due to the critical nature of technology and insight it provides. The Company's portfolio addresses two of the biggest threats we will collectively face over this decade: firstly, geopolitical tensions and the ever-present potential for the escalation of war and, secondly, the growing symptoms of climate change. Our portfolio companies are delivering innovative ways to gather unique datasets about our planet in high resolution from space and then applying AI to create insightful solutions.
Over the period we have made two new and three follow-on investments and have adequate cash reserves to support portfolio fundraisings as required in the year ahead. The strength of our existing portfolio and our focused investment strategy, combined with the positive start to the new financial year, gives us confidence that SSIT is well positioned to deliver on its core objective of generating capital growth."
Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "During the first quarter of the year we have continued to focus on the highest calibre companies as part of our deployment strategy. We are confident the Company's cash reserves are sufficient to support this more selective approach through 2024.
Industry data for Q3 CY23 has shown further signs of recovery in the SpaceTech sector with an increase in total investment, both globally and in the US, and M&A at an all-time high. There has also been a return to growth investment, with more capital deployed in later-stage SpaceTech businesses and larger growth rounds. With the secular trends relating to global security, food security, climate change and sustainability expected to accelerate, we believe the Company is well-positioned to take advantage of the resultant opportunities. We anticipate that demand for the products and services of the Company's portfolio companies, particularly from governments, should result in the portfolio delivering strong growth metrics for the reminder of the year."
Analyst and Investor Presentations
There will be a webinar for equity analysts at 09:00 (UK time) today and an online presentation for retail investors at 10:00 (UK time) today. To register for either event, please contact SEC Newgate by email at seraphim@secnewgate.co.uk.
Both webinars will be hosted by the Seraphim Space Manager LLP's CEO, Mark Boggett, and CIO, James Bruegger.
- Ends -
Media Enquiries
Seraphim Space Manager LLP (via SEC Newgate) | |
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough |
|
SEC Newgate (Communications advisers) | seraphim@secnewgate.co.uk |
Clotilde Gros / Bob Huxford / George Esmond | +44 (0) 20 3757 6767 |
Deutsche Numis |
|
Mark Hankinson / Gavin Deane / Neil Coleman | +44 (0) 20 7545 8000 |
J.P. Morgan Cazenove |
|
William Simmonds / Jérémie Birnbaum / Rupert Budge | +44 (0) 20 7742 4000 |
Ocorian Administration (UK) Limited | seraphimteam@ocorian.com |
Lorna Zimny | +44 (0) 28 9078 5880 |
Notes to Editors
About Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (the "Company") is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage private financed SpaceTech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.
The Company is listed on the Premium Segment of the London Stock Exchange.
Further information is available at: https://investors.seraphim.vc.
About Seraphim Space Manager LLP
Seraphim Space Manager LLP ("Seraphim Space" or the "Manager") is based in the UK and manages Seraphim Space Investment Trust plc.
Further information is available at www.seraphim.vc.
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