Write down of Reaction Engines
29 August 2024
Schroders Capital Global Innovation Trust plc
Write down of Reaction Engines Limited ("Reaction Engines")
Schroders Capital Global Innovation Trust plc (the "Company") is announcing a downwards revaluation of its existing investment in Reaction Engines, an Oxfordshire-based firm developing innovative thermal management solutions for aerospace and other industries. Despite steps to commercialise its heat exchanger technology and recent contract awards, revenue growth at Reaction Engines has been slower than management anticipated, and the company will require further investment and time to become cash positive. Reaction Engines has appointed advisers to raise additional funds from new and existing investors.
The Company's holding in Reaction Engines will be revalued from £10.6 million as at 31 December 2023 to £1.4 million as at 30 June 2024. The impact on the overall net asset value ("NAV") of the Company will be approximately 4.81% (based on the latest published NAV as at 31 March 2024).
Enquiries:
Schroder Investment Management Limited
Katherine Fyfe 020 7658 6000
Andy Pearce (PR) 020 7658 6000
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