TIDMSSIT
RNS Number : 9025T
Seraphim Space Investment Trust PLC
20 November 2023
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 GBP228.9m GBP222.4m 2.9% GBP250.3m -8.5%
NAV per share 96.51p 92.90p 3.9% 104.57p -7.7%
Portfolio valuation GBP199.9m GBP187.4m 6.6% GBP207.0m -3.5%
Portfolio fair value
vs. cost 102.8% 98.5% - 110.9% -
Market capitalisation GBP102.6m GBP64.6m 58.7% GBP144.7m -29.1%
Share price 43.3p 27.0p 60.2% 60.5p -28.5%
-Discount/+premium -55.2% -70.9% - -42.2% -
Liquid resources GBP29.7m GBP35.3m -15.8% GBP43.8m -32.2%
---------------------- ---------- --------- ------ --------- ------
Q1 Highlights
-- Further GBP4.1m deployed, across two new investments and three follow-on investments.
-- Portfolio valuation up GBP12.4m to GBP199.9m, 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 GBP29.7m at 30 September 2023.
Transactions C ompleted D uring Q1
Cost
Company Segment Sub-sector HQ Type (GBPm)
-------------------------- --------- ----------------- --- --------------- -------
ALL.SPACE Downlink Ground terminals UK Follow-on 2.8
New
2 early stage investments 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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END
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(END) Dow Jones Newswires
November 20, 2023 02:00 ET (07:00 GMT)
Seraphim Space Investment (LSE:SSIT)
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Seraphim Space Investment (LSE:SSIT)
Gráfica de Acción Histórica
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