Forward Partners warns of 'significant decline' in NAV
By Iain Gilbert
Date: Monday 27 Feb 2023
(Sharecast News) - Venture capital firm Forward Partners said on Monday that it had experienced "a significant decline" in net asset value in 2022, largely due to valuation headwinds stemming from public market and macroeconomic pressures.
Forward Partners stated its unaudited portfolio fair value was expected to be "slightly ahead of expectations" at no less than £79.0m, a year-on-year decrease of 39.9% exclusive of new and follow-on investments, while net asset value per share was projected to be no less than 71.0p per share.
The AIM-listed group said its portfolio showed strong portfolio revenue growth, with companies continuing to raise, albeit at a slower rate than 2021, and added that its top 15 holdings generated weighted average revenue growth of 77% for the full year, ahead of 40-60% growth expectations outlined at the half-year.
Chief executive Nic Brisbourne said: "2022 has been a year of challenge and change for tech firms and their investors across the globe and the companies within our portfolio faced significant headwinds. Despite the pressure on valuations many of them still grew rapidly.
"The recovery remains fragile, but we are encouraged by the signs of improvement in the market, with investors becoming more active and increased optimism amongst our CEOs. We remain confident in our portfolio and the potential for value creation within the UK's technology sector."
As of 1110 GMT, Forward Partners shares were down 6.49% at 36.0p.
Reporting by Iain Gilbert at Sharecast.com
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