Draper Esprit posts a pre-tax profit of £26.5m for its maiden interim results for the six months to the end of September.
- Gross primary portfolio value increased by 36% to £106.9m (£78.7m at IPO)
- Net Assets including goodwill, increased by 11% to £143.3m (£128.7m at IPO)
- NAV per share of 352p
- Current net cash and deposits available for investment, following post period end realisations, of £48.0m excluding further expected near term exits of Qosmos anticipated to add a further £6.0m (net of escrowed funds)
- Revenue of £0.7m from trading activities, including secondary and EIS funds, complemented by £0.28m in gain of accrued carried interest (assuming sale of portfolio at NAV), offsetting costs of £1.2m, in line with strategic objective of subsidising costs through commercial income
- Successfully completed final close of EIS 5 co-investment fund, having raised £11m and launch of EIS 6
- Acquisition of minority stake in Elderstreet Investments Limited, post period end, and option to acquire remaining equity, adding £25m of Assets Under Management and strategic VCT platform
Chief executive Simon Cook said: "It has been a transformational year for Draper Esprit and it is my pleasure to present our first interim results as a public company. As we report on our first set of Interim Results it is pleasing to demonstrate that we are successfully working towards our goals. We have continued to experience strong deal-flow and have invested over £17.0m in the year to date into new and existing technology companies, across the UK and Europe. Our plc portfolio companies now have a combined turnover in excess of $710m, growing nearly 30% on 2015.
"We had a wider mission when we listed Draper Esprit early this year - not just to create value for shareholders, but to offer investors a stake in our vision. We believe in democratising the venture capital model and making our expertise and high growth opportunities in private technology businesses accessible to a wider, broader market. We invest in high margin, innovative businesses and similarly we hold ourselves to the same standard - as we continue to break new ground in our marketplace.
"We have an experienced management team, which we will continue to grow and develop. Our acquisition of Elderstreet is just one example of our growth strategy in action - developing Draper Esprit into a significant European venture capital leader.
"Although it is relatively early in our life as a listed evergreen vehicle, we have shown that we are focussed on putting our patient capital model to work to grow Net Assets substantially to the benefit of our shareholders and to generate meaningful cash returns over time.
"Our existing portfolio is progressing well and following our recent successful exits we have significant cash resources of over £60.0m across our plc balance sheet and co-investment vehicles available to invest. We believe that we are well positioned to capitalise further on opportunities in the second half of the year and look forward to the next financial year with confidence and optimism."
At 9:10am: (LON:GROW) Draper Esprit Plc share price was 0p at 355p