REG - Seraphim Space I.T. - Q1 Results

Seraphim Space Investment TrustAnnouncement

20/11/2023 07:00

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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
(https://protect.mimecast-offshore.com/s/_P7wCYvmELIglYjlI0bsea?domain=investors.seraphim.vc)
. 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 (mailto: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
(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 (http://www.seraphim.vc) .

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