LONDON: In a news release, Schroders Capital Global Innovation Trust plc (INOV) has announced its final results for the fiscal year ending December 31, 2023. The company, under the leadership of Chair Tim Edwards, has reported a notable increase in net asset value (NAV) during the last quarter, signaling a positive shift towards growth in its new investment ventures.
Despite a challenging start to the year, with the NAV per share falling by 11.2% from 28.52p to 25.32p, the company witnessed a 7.9% increase in NAV from the September valuation of 23.46p per share.
This rebound is attributed to the robust performance of holdings such as Autolus Therapeutics, which saw a staggering 239.5% increase in share price over the year. Additionally, the acquisition of Carmot Therapeutics by Roche and the milestone payment from the sale of Kymab to Sanofi contributed to the positive outcome.
The share price experienced a less pronounced decline of 5.3%, dropping from 15.47p to 14.65p. As of the year’s end, INOV had a healthy cash reserve of £12.6 million and £54.6 million in liquid public equity investments, positioning the company well for future share buybacks and new investment opportunities.
Throughout the year, INOV completed six new investments across various sectors, including venture, growth, and life sciences. The company also repurchased 45,124,212 shares, representing 5% of the issued share capital, at a significant discount.
Moving forward into 2024, the company has already initiated a share repurchase program, with 17,500,000 shares bought back for cancellation as of March 27, 2024. This proactive approach underscores INOV’s commitment to delivering value to its shareholders and investing in innovative growth opportunities.