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Forward Partners announces interim results covering six months to 30 June 2021

Forward Partners, the London-based venture capital firm specialising in supporting high growth, early-stage technology businesses, today announces its interim results for the period from 1 January 2021 to 30 June 2021.

The Company was incorporated on 4 March 2021 and the Group was admitted to trading on AIM on 19 July 2021 (“Admission”). At 30 June 2021 the gross value of the Group’s venture capital investment holdings before deductions for carry (the Ventures Portfolio Value) was £108.0m.

Financial highlights:

  • Ventures Portfolio Value increase of £22.0m to £108.0m, including £3.5m of new investments
    during the period.
  • Growth in portfolio value – excluding new investments – of 21.5% of which 15.5% came in Q1
    and 6.0% in Q2, exclusive of Forward Advances.
  • Operating profit before tax for the period of £13.9m.
  • NAV per share at 30 June was 104.1 pence (NAV per share of 83.3 pence as at 31
    December 2020 on a pro forma basis).
  • Forward Advances gross IRR 39.6% on fully repaid Advances. H1 originations of £3.6m, up
    177% Q1 to Q2.
  • Admitted to AIM on 19 July 2021 (post period end), raising £36.5m.

Investment highlights:

  • 10 investments made by Forward Ventures totalling £3.5m.
    – One new investment of £0.7m into Clustermarket.
    – Nine follow on investments totalling £2.8m.
  • 45 Advances totalling £3.6m were made by Forward Advances.

Post Admission highlights (19 July – 28 September 2021):

  • Three exits post period end totalling £11.7m.
    – Trade sales of Heights and Wonderbly with total cash realisations of £5m.
    – Cazoo SPAC merger resulting in holding valued at £6.7m (a £3.7m portfolio valuation
    uplift).
  • Investment of £1m into new portfolio company Ryde. Two further new deals have been
    completed.
  • Forward Advances made 18 Advances with a value of £1.7m.

Nic Brisbourne, CEO at Forward Partners, commented: “We have seen some excellent portfolio growth in the first half, both before and after the easing of the UK’s pandemic related restrictions. That momentum has continued since our IPO in mid-July. We are particularly pleased with the strong growth our Advances business is achieving, as the appeal of revenue based financing accelerates for fast growing British SMEs.

“We are now focused on putting in place all the elements required to increase shareholder value, by strengthening our team and pipeline, whilst continuing to support our tech-enabled portfolio companies with the same level of care and attention. We have always favoured diversity of leadership within the firms we invest in, but we will be placing extra emphasis on this dynamic going forward. Not only is this the right thing to do, but we believe diversity delivers more resilient and creative companies, and ultimately superior long term returns for the Group and its shareholders.”

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