Albion Crown Vct Plc · LSE:CRWC
Albion Crown Vct — Crown Place VCT — Shareholder Meeting (November 2023)
21 slides from Albion Crown Vct's shareholder meeting presentation, Nov 21, 2023
Slide 1: Crown Place VCT PLC AGM November 2023
Crown Place VCT PLC AGM November 2023 Results for the year to 30 June 2023
Slide 2: Agenda
AGENDA Financial summary Background Performance data Highlights in the year Investment portfolio Investment strategy ESG & responsible investing Prospects, Q1 results and shareholder events Board changes 2
Slide 3: Financial Summary – Year to 30 June 2023
FINANCIAL SUMMARY – YEAR TO 30 JUNE 2023 1.06p 3.15% 1.63p 33.13p Increase in total Total tax-free dividends Total return uplift on Net asset value shareholder value per share paid during opening net asset value per share as at per share for the year the year ended per share 30 June 2023 ended 30 Ju
Slide 4: Background to the Financial Results
BACKGROUND TO THE FINANCIAL RESULTS • Continued global macro and geo-political uncertainties • Inflationary environment and rapid interest rate rises • Tougher economic environment for our portfolio companies • Reduced M&A activity resulting in few exits • Portfolio focus on mission critical product
Slide 5: Performance Data
PERFORMANCE DATA Past performance is not a guide to future performance 5
Slide 6: Highlights in the Year
HIGHLIGHTS IN THE YEAR 2022 2023 Notes Fundraising £11.7m £11.2m Both years fully subscribed Exits £7.2m £0.7m 2022 included Phrasee and Credit Kudos £5.3m in 11 new companies and £2.6m into 11 Investment rate £7.7m £7.9m existing portfolio companies Share buybacks £2.2m £2.4m 2022 included 1.50 pen
Slide 7: Key Value Drivers in the Year
KEY VALUE DRIVERS IN THE YEAR 2023 Notes Quantexa £6.8m Series E fundraising – UK’s first “unicorn” of 2023 Convertr Media £0.6m Strong trading Black Swan Data (£1.5m) Cap table restructuring uMotif (£0.9m) Exited after the year end Including: Threadneedle Software Holding (t/a Solidatus), Other – w
Slide 8: Portfolio Analysis: Sector Breakdown
PORTFOLIO ANALYSIS Sector breakdown Portfolio of 62 companies employing c. 5,000 people predominantly in the UK Cash and net assets 28% (33%) FinTech 28% (19%) Software & other technology 13% (16%) Healthcare (including digital healthcare) 17% (18%) Renewable energy 8% (8%) Other (including educatio
Slide 9: Portfolio Analysis: Stage and Employees
PORTFOLIO ANALYSIS Stage of investment by revenue generation Number of employees Under 20 5% (4%) Early stage (revenue less than £1 million) 8% (9%) 21 – 50 13% (15%) Growth (revenue between £1 million and £5 million) 22% (20%) 51 – 100 19% (13%) Scale up (revenue over £5 million) 70% (71%) 101+ 52%
Slide 10: Top 3 Account for 26.4% of the NAV
TOP 3 ACCOUNT FOR 26.4% OF THE NAV AT 30 JUNE 2023 Investment Cost Book value Revenue Employee date £000 £000 growth growth Uses the latest advances in big data analytics and artificial intelligence to help 2017 1,797 16,936 >50x 30 to c.650 its financial services and government customers detect fin
Slide 11: Quantexa
QUANTEXA • Established in 2016 • Received £100m investment this year at a valuation of • Largest investment in the c.£1.4bn portfolio representing 18% of NAV at 30 June 2023 • The first British unicorn (a firm valued over $1bn) of 2023 • In just seven years, Quantexa went from 30 people in the UK to
Slide 12: New Investments
NEW INVESTMENTS £1.2m £1.0m £0.6m £0.5m £0.2m An employee digital GX Molecular (T/A A software platform healthcare platform Provider of CS Genetics) for measuring and An energy trading for underserved embedded FinTech develops single-cell managing human platform health and wellness solutions sequenc
Slide 13: Follow-ons
FOLLOW-ONS £0.9m £0.8m £0.2m Runa Network (previously WeGift) is a Healios is a provider of an online cloud platform and infrastructure that Proveca is a speciality platform delivering family centric enables corporates to issue digital pharmaceutical company focused on psychological care primarily t
Slide 14: Investment Strategy
INVESTMENT STRATEGY Seed to Series B Backing Focus on Target (early stage Long-term Business-to- software and to growth) trends business healthcare solutions 14
Slide 15: ESG and Responsible Investing
ESG AND RESPONSIBLE INVESTING Our commitment • Devise an appropriate risk-return profile for our investments • Deliver value to our investors • Develop sustainable long-term strategies for our portfolio companies Our process • Integrates ESG principles at all stages of investment • Measures the sust
Slide 16: ESG at Albion
ESG AT ALBION ENVIRONMENTAL SOCIAL GOVERNANCE • Fair HQ score for equity, • Net zero target by 2030 • ESG principles integrated diversity and inclusion up across the full investment from 3.8 to 6.1 out of 10 • Measuring carbon cycle footprint with Plan A • Completion of 2022 ESG BSC • Our Social Out
Slide 17: Prospects
PROSPECTS • Challenging macroeconomic and geopolitical environment resulting in slower portfolio revenue growth and portfolio volatility • Well-diversified portfolio across target sectors and stage of maturity • Focus on mission critical products and services, designed to provide a degree of resilie
Slide 18: Q1 Results & Events
Q1 RESULTS & EVENTS • NAV at 30 September 2023 of 32.47p • decrease of 2.0% compared to the 30 June 2023 NAV • reflects movements across many portfolio companies, with valuation declines outweighing increases • First dividend of 0.83p (2.5%) per share payable on 30 November 2023 • Annual shareholder
Slide 19: Board Changes
BOARD CHANGES • Penny Freer will retire as Chair at the end of this AGM • Penny has served on the Board for nine years, with three years as Chairman Proposal following this AGM: • James Agnew will become the Chairman of the Board and the Nomination Committee • Tony Ellingham (who joined the Board on
Slide 20: Board Achievements
BOARD ACHIEVEMENTS Change in Portfolio size and composition 66% Return 30 Sept 2014 30 Sept 2023 Increase in total shareholder value divided NAV: £30 million NAV: £92 million by opening NAV on 30 September 2014 (Average 7.4% p.a) 4% 3% 5% 6% 1% 12% 8% Cash and net assets Renewable Energy Pubs Hotels
Slide 21: Thank you
Thank you This presentation is issued by Albion Capital Group LLP for information purposes only and is not to be regarded as an offer to buy or sell, or the solicitation to buy or sell shares in Crown Place VCT PLC. Any person considering an investment should seek advice from an authorised financial
Crown Place VCT — Shareholder Meeting (November 2023) on 6ix