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Syncona Ltd on Thursday reported a slight increase in net asset value, but a lower total return, as the value of its holdings fell due to market volatility, as the firm skipped its dividend again.
The life sciences investor reported a net asset value of £1.31 billion as at March 31, reflecting a 0.8% increase from £1.30 billion on the same date a year before.
Accordingly, net asset value per share rose 0.3% to 194.4 pence from 193.9p per share.
Syncona delivered a NAV total return of 0.3% in financial 2022, down from 4.4% the year before.
The FTSE 250 company explained that the sale of Gyroscope Therapeutics to Novartis AG in December and valuation write-ups from the series B financings of Quell Therapeutics, Anaveon and OMass Therapeutics drove a £274.8 million valuation uplift.
However, these positive developments were offset by a decline in share prices of some of its listed portfolio companies.
It blamed this on a period of ‘significant market volatility’, which reduced the value of these holdings by £278.5 million.
Syncona did not pay a dividend in financial 2022, unchanged from last year.
Looking ahead, it cautioned on challenging market conditions.
Nonetheless, it plans to pursue new investment opportunities, while supporting its existing portfolio companies as they scale.
‘The future for the life science industry in the UK and across Europe is exciting and our platform is well-placed to capture the significant opportunity ahead,’ Chief Executive Martin Murphy said.
Syncona shares were trading 0.4% higher at 189.20 pence each in London on Thursday morning.
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