Seraphim Space Investment Trust PLC on Tuesday reported its net asset value and portfolio valuation were down in its quarterly results due to a foreign exchange loss.

The London-based space technology investor said that its net asset value fell 2.3% to £222.9 million in the first quarter to the end of September from £228.1 million quarter-on-quarter.

Portfolio valuation was also down 1.5% to £198.4 million from £201.5 million at the end of June. The company said that this was due to an unrealised £9.1 million foreign exchange loss, a realised fair value loss of £900,000 and £3.0 million in disposals.

The investor said 71% of the portfolio has a robust cash runway by fair value, with 58% fully funded and 13% funded for twelve months or more.

Chair Will Whitehorn said he expects the portfolio to benefit from a global surge in defence spending following the US election.

‘Particularly in Europe, we expect to witness a substantial increase in long-term government contracts reflecting the growing use of space-derived information and communications for defence applications,’ he said.

Mark Boggett, chief executive officer of Seraphim Space Manager LLP said: ‘We remain confident that SSIT will continue to have adequate resources to support the needs of the portfolio over the year ahead and the ability to make additional investments in new exciting and industry-leading companies that are helping to shape and transform nascent markets.’

Shares in Seraphim Space Investment Trust were up 1.0% to 59.60 pence in London on Tuesday afternoon.

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