Q1 Results

RNS Number : 6875G

Seraphim Space Investment Trust PLC

17 November 2022

 

SERAPHIM SPACE INVESTMENT TRUST PLC

("SSIT" or "the Company")

Q1 Results

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first SpaceTech investment company, announces its first quarter results for the three-month period ended 30 September 2022.

The full Q1 report can be found at https://investors.seraphim.vc/results/ , summary below: 

Financial Summary

		30 Sep 2022	30 Jun 2022	Change	30 Sep 2021	Change
NAV		£250m	£239m	4.6%	£221m	13.5%
NAV per share		£1.05	£1.00	4.6%	£1.04	0.6%
P ortfolio valuation		£207m	£186m	11.3%	£99m	108.4%
Portfolio fair value vs. cost		111%	104%		117%
Market capitalisation		£145m	£127m	14.1%	£266m	-45.6%
Share price		£0.60	£0.53	14.1%	£1.25	-51.8%
-Discount/+premium		-42%	-47%		21%
Liquid resources		£44m	£58m	-23.9%	£124m	-64.6%

Q1 Highlights

· Further £8.9m deployed across three new investments and four follow-on investments

· Portfolio valuation has increased 11% from 30 June 2022, driven by £8.9m in additional investment and £13.8m in FX gain, partially offset by £1.7m in underlying valuation reduction

· Fair value increase has led to a 4.6% NAV increase

·     SSIT's investment manager, Seraphim Space Manager LLP ("Seraphim Space"), launched proprietary ESG Monitoring Tool for the Space  sector

· Generation Space, the US arm of Seraphim Space, commenced its Space Accelerator programme in the US

Transactions Completed during the Quarter

Company	Segment	Sub-sector	HQ	Type	Cost (£m)
Voyager Space Holding	Platforms	Infrastructure	US	New Investment	2.1
Taranis	Product	Earth Observation	US	New Investment	2.1
PlanetWatchers	Product	Earth Observation	UK	Follow-on	2.5
Seed portfolio*				New Investment	0.3
Seed portfolio*				Follow-ons	1.9
				Total	8.9
Note: * These are very early stage companies in which small (typically less than £1m) initial investments are made and provide early access to companies which could become candidates for substantial growth investment in subsequent rounds should they progress strongly.

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented : " Recent social and political upheaval, and its resultant effects upon the economy, have negatively impacted the valuations of technology stocks and SSIT has been no exception.  Ironically, however, it is the core elements of this upheaval, including compromised global security, reduced availability of food and energy and exacerbated climate change, that SSIT's portfolio companies specifically address.

Governments are increasingly recognising this and allocating ever greater proportions of their budgets to the SpaceTech industry in which we exclusively invest. This is already having a beneficial effect on our portfolio companies which are the leaders in their respective fields. We therefore remain confident that over the long-term SSIT will deliver on its objective of generating capital growth."

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said:  "We continue to expand and support our portfolio , having invested over £8.9 million during the period under review. These investments are in companies that are helping to tackle some of the world's most pressing, and increasingly relevant, issues.

We are delighted to report that the NAV of the portfolio has been robust, increasing 5% since last quarter and remaining flat YTD to 30 September 2022, despite the broader economic slowdown. Deal flow and investment activity has remained strong, reflective of the current trends within the broader Space sector.

Whilst macro-economic turbulence may make accessing capital more challenging, the vast majority of SSIT's portfolio holdings benefit from a range of downside protections which should preserve their value.

Our US subsidiary, Generation Space LLC, and its affiliated accelerator, have enjoyed substantial activity since launch. Located in San Francisco, a city synonymous with technological innovation, the accelerator is further driving origination and we are greatly encouraged by the many opportunities being created.

The Company's portfolio is well capitalised and with 18% NAV in cash we are well positioned to support the needs of the portfolio. Political unrest and economic turbulence are only accelerating secular trends relating to global security, climate change and food and energy security, and we remain confident that our portfolio companies will deliver strong growth over the longer term."

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  [e-mail]   .

Both webinars will be hosted by the Trust manager'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)                                        [e-mail]  
Emma Kane / Clotilde Gros / George Esmond                                                      [phone]
 

Deutsche Bank 
Mark Hankinson / Gavin Deane / Neil Coleman                                         [phone]
 

J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge   [phone]
 

Ocorian Administration (UK) Limited    [e-mail]  

Lorna Zimny                                                                        [phone]

Notes to Editors:

Seraphim Space Investment Trust plc is the world's first listed fund focused on SpaceTech. The Company seeks exposure predominantly to early and growth stage privately financed SpaceTech businesses that have the potential to dominate globally and that are category leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £150.0m of fresh capital.  As at 30 September 2022, the Company had net assets of £250m and exposure to more than 25 SpaceTech companies.

Seraphim Space Investment Trust plc is managed by Seraphim Space Manager LLP.

Further information is available at:  https://investors.seraphim.vc

 

END

 

 

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