26th Apr 2021 13:50
Draper Esprit PLC - investor in digital technology firms - Increases gross portfolio value by more than 36% in the last year, the company says. Gross portfolio is expected to rise to at least GBP955m for the year ended March 31 compared to GBP703 million in prior year.
The expected net asset value per share will rise to at least 728p, up 31% from 555p last year, Draper says. A healthy cash position at year-end of GBP161 million was boosted by realisations in the year of GBP206 million, up from GBP40 million in 2020.
Draper attributes increase in gross portfolio value and net asset value per share to "strong performance across the breadth of the portfolio".
Draper Esprit Chief Executive Martin Davis comments: "The market for tech company investments has been exceptionally strong since the pandemic, highlighting the importance of technology to many aspects of our future. Our impressive fair value increase reflects that, as well as the ability of our partners to identify companies with potential for high growth. The nature of venture capital means that investments must be made throughout the cycle. Today's strong returns are partly down to investments made when things were less buoyant."
Current stock price: 836.00p, up 0.2% on Monday afternoon
Year-to-date change: up 27%
By Will Paige; [email protected]
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