REG - Seraphim Space I.T. - Q3 Results

Seraphim Space Investment TrustAnnouncement

23/05/2023 07:00

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RNS Number : 2613A  Seraphim Space Investment Trust PLC  23 May 2023

23 May 2023

 

 

SERAPHIM SPACE INVESTMENT TRUST PLC

("SSIT" or "the Company)

 

Q3 Results

 

Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed
SpaceTech investment company, announces its third-quarter results for the
period ended 31 March 2023.

 

The full Q3 report can be found at
https://investors.seraphim.vc/results/seraphim-space-investment-trust-q1-report-presentation-manager-powerpoint-presentation/
(https://investors.seraphim.vc/results/seraphim-space-investment-trust-q1-report-presentation-manager-powerpoint-presentation/)
, summary below:

 

 Financial Summary
                               31 March 2023  31 December 2022  Change
 NAV                           £219.7m        £222.0m           -1.0%
 NAV per share                 91.77p         92.74p            -1.0%
 Portfolio  valuation          £180.8m        £181.2m           -0.2%
 Portfolio fair value vs cost  96.5%          97.2%
 Market capitalisation         £89.9m         £108.2m           -16.9%
 Share price                   37.6p          45.2p             -16.9%
 -Discount/+premium            -59.1%         -51.3%
 Ongoing charges               1.86%          1.88%
 Number of shares in issue     239.4m         239.4m
 Liquid resources              £39.1m         £40.9m            -4.4%

 

Q3 Highlights

 

·    Overall portfolio valuation slightly decreased by £0.5m to £180.8m
during the quarter, driven by an unrealised fair value reduction of £1.3m,
partially offset by investment of £0.9m

·      Portfolio fair value slightly down to 96.5% of the overall cost

·      One follow-on transaction was completed during the period,
totalling £0.9m

·      Net assets of £220m and market capitalisation of £90m as at 31
March 2023

·      At 31 March 2023, the Company had investments in 29 SpaceTech
companies

·     Portfolio remains well-capitalised and the Company had cash
reserves of £39m (18% of NAV) at 31 March 2023

·     Underlying portfolio commercial progress is strong but remains
lumpy, with the top 10 companies (70% of NAV) growing revenues by 34% in the 6
months to 31 March 2023 on a fair value weighted average basis

 

Top 10 Holdings

 

 Company             Fair Value (£m)   NAV
 ICEYE               42.5              19.4%
 ALL.SPACE           21.8              9.9%
 HawkEye 360         20.2              9.2%
 D-Orbit             18.1              8.2%
 Satellite Vu        11.9              5.4%
 Astroscale          10.1              4.6%
 Altitude Angel      9.9               4.5%
 LeoLabs             9.1               4.2%
 PlanetWatchers      5.9               2.7%
 Xona Space Systems  5.0               2.3%
 Total               154.4             70.3%

 

 Transactions Completed During the Period

 Company  Segment   Sub-sector      HQ       Type       Cost (£m)
 QuadSAT  Downlink  Communications  Denmark  Follow-on  0.9

 

Post Period Highlights

 

·    £2.1m follow-on investment in Satellite Vu completed

·    New investment of $0.6m completed into a new early stage company that
aims to bring transparency to carbon project ratings by leveraging satellite
data

 

Will Whitehorn, Chair of Seraphim Space Investment Trust plc, commented:

 

"According to the Seraphim Space Index of global space private investment
activity, the first quarter of 2023 saw a bounce from lows in Q4 22, with
private investment increasing by over 60%. European transactions were
particularly strong relative to North America. Importantly, the quarter
witnessed a strong pick-up in growth-stage investment activity globally, with
a record number of growth transactions financed, and with later-stage
investments rebounding after the lows of Q3 and Q4 2022.

 

These broader industry private investment trends were aligned with SSIT's
experience in the period. We continue to believe that the space opportunity
remains significant and that SSIT remains well equipped, with the vast
majority of its portfolio companies currently maintaining over 12 months of
cash runway and SSIT itself having a cash position of £39m to capitalise on
the continued strength of new investment opportunities."

 

Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said:

 

"The quarter saw the team focused on portfolio activities whilst continuing to
build a pipeline offering exposure to the highest calibre SpaceTech companies.
Over the quarter, we supported an important emerging portfolio company,
QuadSAT, and closed an additional follow-on investment and a new early-stage
investment after the period end.

 

In aggregate, the SSIT portfolio continued to weather the macro-economic
headwinds, with NAV largely stable whilst underlying commercial performance
remains robust with the top 10 private companies (70% of NAV) growing revenues
by 34% in the 6 months to 31 March 2023 on a fair value-weighted average
basis.

 

We are seeing continued signs of investor recovery in SpaceTech and, while
still early, the initial signs show larger growth rounds potentially coming
back as highlighted by portfolio company Astroscale's recent $76m Series E
round. Sizeable terms sheets in hand for multiple companies in the core
portfolio after the period end illustrate continued and heightened interest
from growth investors. Despite this, our focus remains on runway extension at
the portfolio company level and cash preservation at the SSIT level to
optimise SSIT's risk-return profile."

 

The Company will be hosting a virtual presentation for analysts at 9.30 am
today. Please email seraphim@secnewgate.co.uk
(mailto:seraphim@secnewgate.co.uk) to register. An online presentation for
retail investors will also take place at 11.00am Click here
(https://communications.primarybid.com/ssit-results-edison?utm_source=secnewgate&utm_medium=email&utm_id=results)
to register.

 

 

 

 

-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 / George Esmond  / Harry Handyside             +44 (0) 20 3757 6767

 Deutsche Bank
 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 (mailto:seraphimteam@ocorian.com)
 Lorna Zimny                                                   +44 (0) 28 9693 0222

 

 

Notes to Editors:

 

Seraphim Space Investment Trust plc (the "Company" or "SSIT) 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 the Company

 

Seraphim Space Investment Trust PLC (the "Company" or "SSIT") is the world's
first listed SpaceTech fund.  It is an externally managed closed-ended
investment company that was launched in July 2021.  SSIT seeks to generate
capital growth over the long term through investment in a diversified,
international portfolio of predominantly early and growth stage privately
financed SpaceTech businesses that have the potential to dominate globally and
are category leaders with first mover advantages in areas such as global
security, food security, climate change and sustainability. The Company's
shares are traded on the London Stock Exchange's main market.

 

Find us online: https://investors.seraphim.vc/

 

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