30th Jun 2021 10:21
(Alliance News) - Chrysalis Investments Ltd on Wednesday reported a jump in net asset value in the first half as its portfolio companies enjoyed higher valuations in funding rounds.
The company, which invests in technology and finance startups, made a pretax profit of GBP197.4 million in the six months ended March 31, after a GBP15.8 million loss in the same period last year. Net asset value per share at March 31 grew 28% year-on-year to 206.15 pence from 160.97p.
Shares were down 0.6% to 260.34p in London on Wednesday morning.
The gain in net asset value was driven by funding rounds for the company's top holdings. Chrysalis's stake in Klarna Holding AB is now worth GBP241.3 million, after the Swedish bank achieved a valuation of USD31 billion in March.
Meanwhile, the company's second-biggest holding, Starling Bank Ltd, achieved unicorn status in March with a GBP1.1 billion valuation.
"Chrysalis has achieved another period of strong growth and in March completed a further successful fund raise, once again demonstrating the attractiveness of its investment proposition to investors, based on its proven ability to identify and deliver on exciting late-stage disruptive opportunities," Chair Andrew Haining said.
By Ivan Edwards; [email protected]
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