Leading investors in a British company developing the engine for a futuristic space vehicle dubbed the new Concorde have significantly written down the value of their stakes in the business.
Artemis has cut the value of its 2.3 per cent holding in Reaction Engines by 75 per cent, a move that comes after a 25 per cent writedown made in July. Artemis Alpha Trust, the fund that manages the London-based fund manager’s stake, now values it at £1.2 million, compared with £6.4 million in April.
“Although the company has achieved significant progress in commercialising its innovative technology, recent revenue growth has been slower than anticipated,” the fund told its shareholders. “The company is currently pursuing an internally led fundraising that is likely to be at