Albion Crown Vct Plc · LSE:CRWC
Albion Crown Vct — Albion Enterprise VCT — Shareholder Meeting (September 2024)
24 slides from Albion Crown Vct's shareholder meeting presentation, September 2024
Slide 1: Albion Enterprise VCT PLC Manager Presentation
Albion Enterprise VCT PLC Manager Presentation September 2024 Results for the year to 31 March 2024
Slide 2: Agenda
AGENDA Financial summary Background Performance data Highlights in the year Investment portfolio Realisations Sunset Clause Investment strategy ESG & responsible investing Prospects and Q1 results 2
Slide 3: Financial Summary to March 2024
FINANCIAL SUMMARY TO MARCH 2024 125.77p 200.92p 2.68% 6.28p Net asset value (NAV) Total shareholder value Shareholder return for Tax-free dividends per share as at as at 31 March 2024 the year ended 31 per share paid 31 March 2024 March 2024 during the year 3
Slide 4: Background
BACKGROUND • Continuing global macro and geo-political uncertainties • Falling inflation and elevated interest rates • Portfolio focus on mission critical products and services is designed to provide resilience • An encouraging return for the year despite challenging market conditions • Positive Q1
Slide 5: Performance Data
PERFORMANCE DATA 87.9% 26.2% 222% > “1 year return year return 3 year return 5 year return 10 year return (average 8.7% p.a.) (average 6.5% p.a.) (average 8.8% p.a.)
Slide 6: Highlights in the Year
HIGHLIGHTS IN THE YEAR 2023 2024 Notes Fundraising £16.4m £15.4m Including sale of Ophelos and part disposal of Exits £1.8m £6.0m Quantexa £3.6m in 6 new companies and £5.3m into the Investment rate £12.5m £8.9m existing portfolio Share buybacks £2.9m £2.5m Dividends £6.0m £6.3m 6
Slide 7: Key Value Drivers in the Year
KEY VALUE DRIVERS IN THE YEAR 2024 Notes Agreed sale at over 7x return on cost (completed, 1 Egress £8.0m July 2024) Proveca £0.9m Strong trading Threadneedle Software (£0.8m) Impacted by macroeconomic environment Holdings (T/A Solidatus) PeakData (£0.8m) Impacted by macroeconomic environment Other
Slide 8: Portfolio Analysis
PORTFOLIO ANALYSIS Sector breakdown Portfolio of 56 companies employing over 4,500 people predominantly in the UK 8 Comparatives for 31 March 2023 are in brackets.
Slide 9: Portfolio Analysis
PORTFOLIO ANALYSIS Stage of investment No. of employees 9 * Renewable energy investments have no employees. Comparatives for 31 March 2023 are in brackets.
Slide 10: Top 3 Account for 36.4% of the NAV at March 2024
TOP 3 ACCOUNT FOR 36.4% OF THE NAV AT MARCH 2024 Investmen Cost Book Revenue Employe t date £000 value growth e growth £000 Uses the latest advances in big data analytics and artificial intelligence to 30 to help its financial services and 2017 2,069 22,164 >50x c.600 government customers detect fin
Slide 11: New Investments
NEW INVESTMENTS £1.4m £0.9m £0.5m £0.5m £0.2m £0.2m AI enabled Distributed Supply chain platform AI powered Energy Quantum Software for emissions providing chatbots and Resources computer non-bank modelling insights on virtual modelling software lenders software nature-based assistants software asse
Slide 12: New Climate Tech Investment: Treefera
NEW CLIMATE TECH INVESTMENT: TREEFERA 1 • Treefera’s platform integrates satellite, drone and ground truth data at huge scale with cutting-edge AI algorithms, to provide continuous An AI-enabled data monitoring, assurance and risk management evaluation platform providing transparency and • Founding
Slide 13: New Deeptech Investment: Phasecraft
NEW DEEPTECH INVESTMENT: PHASECRAFT 12 • A quantum software company focused on quantum advantage, that has reduced the cost of modelling materials on a quantum computer – by +1,000,000x compared with the Phasecraft is a best previous algorithms. quantum algorithm company led by leading academics • W
Slide 14: Follow-ons
FOLLOW-ONS £1.0m £1.0m £1.0m £1.0m £0.7m £0.7m An API management platform Provider of cyber Provider of a reformulation that enables enterprises to security software of medicines for children manage their APIs through their lifecycle 14
Slide 15: Realisations: Ophelos
1 REALISATIONS: OPHELOS • Using machine learning to create a new standard for how organisations manage customer debt - ethically and efficiently • Acquired by Intrum AB (Swedish listed) £3.2m 2.1x £1.1m Invested by Albion VCTs Cash on cash multiple AAEV VCT proceeds 15
Slide 16: Realisations: Partial Sale of Quantexa
12 REALISATIONS: PARTIAL SALE OF QUANTEXA • Data and analytics company pioneering contextual decision intelligence • Partial sale reduces portfolio concentration risk • Sold to experienced private equity investors through their investment vehicle Albion Growth Opportunities II £0.9m 11.5x £2.2m Weig
Slide 17: Sunset Clause
SUNSET CLAUSE • The Government has confirmed the continuation of the “The VCT Association has VCT scheme by extending the current sunset clause to continuously sought to demonstrate April 2035 the positive impact made by our members throughout the UK, • The European Commission has now confirmed that
Slide 18: Investment Strategy
INVESTMENT STRATEGY Seed and Series A Backing Focus on Target (early stage) Long-term B2B software trends and healthcare 18
Slide 19: ESG at Albion
ESG AT ALBION ENVIRONMENTAL SOCIAL GOVERNANCE • Albion is transitioning to • Fair HQ score improvement • ESG principles integrated Net Zero (from 6.1 to 6.6 out of 10) in across the full investment 2023 cycle • Measuring carbon footprint and purchased • Albion’s Social Outreach • Completion of 2023
Slide 20: Board Changes
BOARD CHANGES • Maxwell Packe retires as Chairman of the company • Appointed in 2006 when Albion Enterprise VCT PLC was launched and initially raised £20m • Total shareholder value 31/03/2024 of 200.92p • Fund NAV now £141m • Christopher Burrows to become new Chairman
Slide 21: Prospects
PROSPECTS • Ongoing uncertainties but balanced by strong individual portfolio company growth • Well-balanced portfolio across target sectors and stage of maturity • Focus on mission critical products and services, designed to provide resilience • Limited exposure to discretionary consumer facing sec
Slide 22: Electronic Voting
ELECTRONIC VOTING • Online voting is quick and simple • Notification emails are sent before the AGM with full instructions • Two options: 1. Before the AGM via notification email or visit www.investorcentre.co.uk/eproxy 2. During the AGM via the Lumi platform • Any questions, contact us
Slide 23: Q1 Results
Q1 RESULTS • NAV at 30 June 2024 of 136.10p Increase of 8.2% to the 31 March 2024 NAV • Sale of Egress Software Technologies completed 1 July 2024 • First dividend of 3.14p per share paid on 30 August 2024 • Top three investments now account for 40.5% of NAV at 30 June 2024 and will reduce following
Slide 24: 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 Albion Enterprise VCT PLC. Any person considering an investment should seek advice from an authorised fin
Albion Enterprise VCT — Shareholder Meeting (September 2024) on 6ix