Augmentum Fintech plc has announced its interim results for the six months ended 30 September 2023. The net asset value (NAV) per share after performance fee increased by 0.8% to 160.2p, and the internal rate of return (IRR) on invested capital since inception was 16.6%. The company had available cash of £51.8 million at the end of the period, with no debt. The top 10 holdings, which represent 82% of the portfolio value, saw an average revenue growth of 74% year-on-year and have an average cash runway of 29 months. Four of the top 10 positions are cash generative.

The top three holdings in Tide, Grover, and Zopa, along with current cash, have a value above the company's market capitalization. These positions have shown strong growth, with revenues increasing by an average of over 1,200% since the company's investment. Cushon, the workplace pensions and savings provider, completed its majority shareholding acquisition by NatWest Group, delivering a return of 2.1x multiple on invested capital. Tide, the SME business bank, now serves 1 in 10 UK small and mid-sized businesses and has expanded into India. Zopa Bank raised £75 million in Tier 2 capital to support its growth and expects to achieve full-year profitability for the first time this year.

Other portfolio highlights include Monese launching XYB, an end-to-end coreless banking platform provider, and Wematch.live surpassing $200 billion in ongoing notional volume of Total Return Swaps on equities. The company also made several acquisitions, including Onfido acquiring Airside and FullCircl acquiring W2 Global Data Solutions.

The company has remained selective in its investments and made three follow-on investments during the period, totaling £6.9 million. The chairman of Augmentum Fintech plc, Neil England, stated that the company's NAV per share has increased in every reporting period since its IPO in 2018, despite challenging market conditions. The company's manager has retained its investment discipline and held net free cash of £48 million at the end of the reporting period. CEO Tim Levene mentioned that despite a strong pipeline of opportunities, the company has maintained high standards for new investments and made no additions to its portfolio during the period.