Seraphim Space Investment Trust (SSIT) H2 2024 earnings summary

Executive summary

• NAV per share rose 3.5% to 96.18p; portfolio fair value increased 7.5% to £201.5m, reflecting valuation gains and investment activity.

• Portfolio companies raised ~$900m in additional funding; top 10 holdings recorded 71% average sterling revenue growth, with several mature holdings approaching EBITDA profitability.

• Demand for commercial space capabilities was supported by defense, climate applications and connectivity needs.

Financial highlights

• Net assets increased to £228.1m from £222.4m; NAV per share rose to 96.18p from 92.90p at 30 June 2023.

• Portfolio fair value rose £14.1m to £201.5m from £187.4m; £11.8m of unrealised gains and £0.1m of unrealised FX gains contributed to the increase.

• Share price rose 102%, from 27p to 54.6p at 30 June 2024; market capitalisation was £129.5m.

• Investments totalled £11m, comprising £6.3m in new investments and £4.7m in follow-ons; disposals generated £7.3m.

Outlook and guidance

• Six portfolio companies, including five of the top 10, were projected to reach EBITDA profitability during 2025.

• Management cited improving macro conditions, with inflation appearing under control and interest rates seeming to have peaked.

• Global growth was forecast at ~2.7% in 2024 and ~2.5% in 2025; a US slowdown was expected in 2025, and rate cuts may take time to support growth.