- Shares fallen over 14% over the six months
- Made £13.4 million worth of investments
- Pre-tax loss for first half of £17.3 million
‘The market has overly discounted the share price’, the CEO and co-founder of Seraphim Space Investment Trust (SSIT) Mark Boggett tells Shares.
Over the six months ending 31 December 2022, Seraphim shares fell 14.7% from 53.0p to 45.2p, as the global financial markets and investors generally ‘fell out of love’ with technology stocks.
Seraphim shares are up more than 2% to 46.30p in morning trading. NAV (net asset value) per share fell 7.2% from 99.97p to 92.74p for the six months ending 31 December 2022.
The space technology investment trust reported a pre-tax loss of £17.3 million compared to a pre-tax profit of £14.8 million for the six months ending 31 December 2022.
The market capitalisation for the space tech investment trust also fell 14.7% from £126.9 million to £108.2 million in the six months ending 31 December 2022.
Boggett went out of his way to sympathise with shareholders: ‘Having operated as investors through three previous downturns over the last 20 years, members of the investment manager have first-hand experience of helping to guide companies through challenging funding environments. It is often during such periods that success is often forged.’
WHAT ARE THE FUTURE INVESTMENT PLANS
During the period, the company invested £13.4 million (£4.4 million in new investments and £9 million in follow-on investments).
Boggett (pictured) is upbeat about the future. He told Shares: ‘Existing and potential investors should take strength from the fact that the company remains well-capitalised with cash reserves of £40.9 million.’
As of 31 December 2022, the company had investments in 29 space tech companies with an aggregate value of £181.2 million and the commercial performance with the private portfolio of companies [in the top 10] increasing revenue by 56% in the six-month period.
Boggett identified several burgeoning areas the company is making investment in, he told Shares: ‘We invested in space station company [privately owned] Voyager Space Holdings - as part of our £13.4 million worth of investments which has just signed a £100 million with space agency NASA to build a private space station.
‘There is also AI-powered crop intelligence Israeli start-up Taranis which is using artificial intelligence and drone technology in its fight against pest control and finally we have invested in D-orbit - a space taxi business - which is helping to clean up space junk from the earth’s atmosphere, for example, non-functioning and expired satellites.’
Disclaimer: The author (Sabuhi Gard) owns shares in Seraphim Space Investment Trust.
