29th Jun 2020 12:08
(Alliance News) - Draper Esprit PLC on Monday said its net asset value increased in its most recent financial year and said it was "in an excellent position" going forward.
The venture capital firm, which invests in and develops digital technology businesses, said its net asset value per share rose 5.9% to 555 pence as at March 31 from 524p the year before with total non-current assets up 17% at GP669.4 million from GBP572.7 million.
Gross portfolio value increased 18% to GBP702.9 million from GBP594.0 million thanks to GBP89.9 million invested in the year plus GBP58.5 million of fair value growth, net of realisations totalling GBP39.5 million.
Before the Covid-19, Draper Espirt's expectations aligned with its 20% growth target through the cycle. Its gross fair value ultimately, however, increased by GBP58.5 million or 10%.
Chief Executive Martin Davis said: "Our strong performance for the period reflects that our portfolio of investments includes some of the most exciting private technology companies in Europe and, while the Covid-19 pandemic has clearly impacted companies globally, we firmly believe in the role that technology will play in helping to support the wider recovery."
Davis added: "Our position as one of Europe's most active VCs, and our long and deep understanding of the needs of this community, as well as our experience of previous cycles, put us in an excellent position to play a leading role in helping innovative businesses of all sizes emerge stronger from this crisis and play an even more active role in the communities and markets where they operate."
Shares in Draper Esprit were up 0.9% at 449.83p in London shortly before midday.
By Anna Farley; [email protected]
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