5th Nov 2018 09:44
LONDON (Alliance News) - Draper Esprit PLC reported a rise in its interim net asset value per share Monday as the venture capital firm continued to "successfully execute its strategy", as it remains "mindful" of Brexit.
For the six months to the end of September, the tech-focused investment company's net asset value per share increased 27% to 454 pence from 357p a year ago and increased 8.1% from 420p at the end of March.
Draper Esprit's net assets increased 75% to GBP449.9 million from GBP256.0 million the year before and increased 50% from GBP300.5 million at the end of March.
The increase in net assets reflects the firm's "positive portfolio performance", particularly its core portfolio, and the GBP115.0 million equity raise in June.
"The company continued to successfully execute the strategy of providing early and growth-stage technology companies with the capital, network, and support they need to pursue their global growth plans. We remain on course to exceed our stated objective of a portfolio return of 20% per annum for the full year, with a 20% fair value increase delivered in the six months period," said Simon Cook, chief executive officer.
The venture capitalist firm's gross primary portfolio value increased to GBP354.0 million from GBP243.5 million a year ago on GBP65.0 million of investments and a fair value growth of GBP47.7 million.
Draper Esprit's core portfolio saw valuation increases from Trustpilot, Graphcore, Lyst and Ravenpack. Positive currency movements contributed GBP10.1 million in the period to fair value gains.
Draper Esprit said the "rapid advances" in blockchain, digital healthcare, artificial intelligence and fintech continue to shape its strategy.
Cook added: "We have entered the second half of the current financial year with a healthy pipeline of both potential investments and realisations.
"Longer term, the strategically significant developments of the first half mean that we are well placed to continue to find and back the most exciting private European technology companies with the potential to become global leaders, while simultaneously providing our investors with access to these high-growth opportunities through a well-constructed portfolio."
Draper Esprit said it is "mindful" of the prevailing market backdrop and is committed to maintaining a "prudent approach" to investing.
The venture capitalist is also "mindful" of Brexit and the ability of UK-based companies to access the "best and brightest" talent from around the world "remains critical".
Draper Esprit noted its Irish Stock Exchange listing as giving it "continued flexibility" to access Europe in a post-Brexit environment.
Shares in Draper Esprit were up 2.8% Monday at 545.00 pence each.
Related Shares:
Molten Ventures