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Augmentum Fintech net asset value rises investments perform well

4th Jul 2023 12:18

(Alliance News) - Augmentum Fintech PLC on Tuesday said net asset value grew during its recently-ended financial year, despite a challenging macroeconomic and fundraising environment.

The London-headquartered investor focused on European private fintech companies said its NAV per share after performance fee at March 31 was 158.9p, up 2.4% from 155.2p at the same time a year prior.

Augmentum Fintech's stock price was up 1.2% at 98.78p on Tuesday afternoon in London.

The company said the acquisition by abrdn PLC of interactive investor in May 2022 earned Augmentum GBP42.8 million. After the year just gone, it also earned GBP22.8 million through the sale of its stake in Cushon to NatWest Group PLC.

Augmentum's top 10 holdings, which comprise 78% of its portfolio's value, on average more than doubled their revenue year-on-year. It said all 10 were cash generative or had an average 29-month runway. Furthermore, Augmentum said there have been five exits from the portfolio since its inception, which have realised a total of GBP79.5 million.

During the financial 2023, the company invested GBP19.9 million in two new companies and eight existing portfolio companies, up from GBP60.8 million invested the prior year in 14 companies.

"Your company has now successfully exited five portfolio investments, all of which have been at or above the last reported holding value," Chair Neil England told shareholders. "We maintained our investment discipline over the last year and, with our strong cash reserves...we are well placed both to take advantage of new opportunities and to reinforce our appeal as a supportive investor.

"Your board believes that the company will see a closing of the discount at which its shares trade over time and, with the underlying growth of the portfolio generally being very strong, expects that patient shareholders will be well rewarded."

By Emma Curzon, Alliance News reporter

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