11th Jun 2019 11:54
(Alliance News) - Augmentum Fintech PLC on Tuesday reported a rise in net asset value per share in its first year in business.
In the period from incorporation in December 2017 last year to March 31, the fintech venture capital investor had a net asset value total return of 10.7%.
At March 31, the fintech investor reported a NAV per share of 109.6 pence, 11% higher than the 99.0p at the company's float on March 13 last year.
The company's portfolio was valued at GBP77.6 million at March 31, down from GBP94 million at the company's launch. During the period, Augmentum Fintech saw valuation gains of GBP12.2 million and made new investments totalling GBP32.1 million.
"As stated in our half year report our portfolio manager was working towards our objective of being substantially fully deployed by mid-2019. I am pleased to say that our rate of capital deployment is as anticipated and we have substantially fully committed the net cash proceeds of the IPO. The performance of the portfolio during this initial period has been pleasing and has been led by increases in valuations of Zopa and Interactive Investor," said Chair Neil England.
Augmentum Fintech did not declare a dividend in the period and said it "does not anticipate" recommending a dividend payout in the "foreseeable future". The company's policy remains to pay out 50% of net capital gains from any capital realisation in the future.
England added: "Our portfolio manager will continue to focus on selecting businesses with strong prospects in both the UK and continental Europe. We have developed a significant pipeline of potential investment opportunities which is showing no sign of slowing."
Shares in Augmentum Fintech were up 1.8% in London at 112.00 pence each.
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