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Seraphim Space Investment Trust PLC announced on Thursday that its net asset value per share increased despite the wider macroeconomic climate.
In the quarter ended September 30, the London-based space technology investment company recorded a 4.6% increase of its NAV per share, jumping to £1.05 from £1.00 at June 30.
Its portfolio valuation increased by 11% to £207 million from £186 million, arguing this was driven by £8.9 million in additional investment and a foreign exchange gain of £13.8 million.
Seraphim's market capitalisation fell by 45% to £145 million at September 30 from £266 million a year ago, but increased from £127 million at June 30.
"We are delighted to report that the NAV of the portfolio has been robust, increasing 5% since last quarter and remaining flat in the year to date to September 30, despite the broader economic slowdown. Deal flow and investment activity has remained strong, reflective of the current trends within the broader space sector," said Seraphim Space Manager LLP Chief Executive Officer Mark Boggett.
"It is the core elements of this [social and political] 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," added Seraphim chair Will Whitehorn.
Boggett added Seraphim's portfolio is well capitalised with 18% of NAV in cash, positioning it to support its portfolio's needs when necessary.
Shares in Seraphim increased by 3.4% to 52.07 pence in London on Thursday midday.
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