Seraphim Space Investment Trust PLC said net asset value increased in its latest half year, and that ‘we remain positive’ about its portfolio’s near-term prospects.

The London-based space technology investment firm said its NAV per share was 94.57 pence at December 31, up 2.0% from 92.74p one year prior.

Seraphim shares traded 6.9% higher at 56.44p on Wednesday afternoon in London.

The company’s portfolio was valued at £198.0 million at December 31, up 9.2% from £181.2 million.

It said it deployed £5.7 million in total during the six months to December 31, across three new and three follow-on investments. By fair value, 82% of its portfolio ‘has a robust cash runway’.

Seraphim added that based on management teams’ projections, ‘a number of’ its portfolio companies have achieved profitability in earnings before interest, tax, depreciation and amortisation, or expect to achieve this during 2024.

One of the companies that reached Ebitda profitability was ICEYE, which makes up 20.2% of Seraphim’s NAV as of December 31.

Looking ahead, Seraphim believes its portfolio and the space sector have a ‘robust’ outlook, with geopolitical tensions and ‘urgent challenges posed by climate change’ likely to boost demand. It is ‘cautiously optimistic’ that the macroeconomic environment will improve.

Chief Executive Officer Mark Boggett said: ‘Although mindful of the difficulties some companies may face in accessing additional capital, overall, we remain positive about the prospects for the portfolio in 2024 and we are satisfied that SSIT continues to have the cash reserves required to meet the anticipated funding needs of the portfolio for the year ahead and beyond.

‘This has enabled us to deploy a modest amount of capital into a handful of new investments...capitalising on the current favourable investor conditions.’

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