4th Nov 2019 13:46
(Alliance News) - Draper Esprit PLC on Monday appointed Martin Davis as chief executive officer and said positive momentum has continued in the past six months with progress in all areas of the business.
The digital technology investment firm said its current Chief Executive and co-founder Simon Cook will assume chief investment officer role.
"In his role as chief investment officer, Simon Cook will lead the investment team, continuing to seek out fast growing, private digital technology businesses with global potential from across Europe, in line with the company's decade long track record of generating 20%+ net returns," the company said.
Davis, who most recently was chief executive officer of investment management business Kames Capital PLC, has more than 20 years experience in financial services and technology sector.
In the trading update, the company said it "continues to see on target growth within its portfolio through revenue increases, financial rounds and exits, alongside a healthy pipeline of investment opportunities."
As a result, trading remains in line with company's financial objective of 20% increase in the portfolio fair value per annum.
The company said it expects the gross portfolio value for the six months to September 30 to increase by 15% to GBP683 million from GBP594 million as at March 31 and by 93% from GBP354 million from September 30, 2018.
The increase in the value of the gross primary portfolio reflects further investments of GBP42 million, made during the period while a fair value increase of GBP70 million in the first half has been primarily driven by the continued positive performance across the portfolio combined with strong financing rounds, Draper Esprit said.
"Due to prevailing market headwinds and ongoing political uncertainty, we have maintained a prudent investment pace, investing GBP42 million in the period across new and existing portfolio companies," the company added.
Draper Esprit shares were down 0.7% in London at 446 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
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