RNS Good Results25 Jun 2024 08:13
Neil England, Chairman of Augmentum Fintech plc commented:
“The Company’s NAV per share after performance fee at 31 March 2024 was 167.4p, up 5.4% from 31 March 2023. This continued our history of increases for every reporting period since the Company’s IPO in 2018.”
“The UK equity market has been largely out of favour and investment company discounts are running at historic highs in many cases. However, UK inflation numbers are improving, and history suggests that growth companies such as Augmentum will be early beneficiaries of any rally inspired by declining rates.”
“We maintained our investment discipline over the last year and, with our strong cash reserves (£44.8 million as at 31 May 2024), we are well placed both to take advantage of new opportunities and to reinforce our appeal as a supportive investor. We have a healthy pipeline of opportunities under consideration.”
Tim Levene, CEO of Augmentum Fintech Management Limited commented:
“Several portfolio companies have posted meaningful profits this year and have attracted substantial growth capital of over £150 million during the period. The operational performance of the vast majority of the companies in the portfolio has continued to be strong, with an average revenue growth of 65% across the top 10 holdings in the last 12 months. There have been some standout results, in some cases ahead of expectations, and the majority of our companies have over two years of cash runway.”
"Fintech’s market share of global financial services revenue remains below 5% but is set to more than double during the next decade as fintech companies both disrupt incumbent firms and become their partners for delivering digital transformation and harnessing the potential of new technologies. Hundreds of valuable companies will be built in Europe to support this change. In our view, the European early stage fintech ecosystem has reached an exciting point of maturity.”
“This year, we have crossed several important milestones; six years since IPO, six exits delivered to the Company and the first portfolio position rising above a fair value of £50 million.”