Draper Esprit nearly doubles annual net profit as portfolio grows 116%

Venture capital Draper Esprit said net profit nearly doubled in the year to the end of March as its portfolio value grew 116%.

For the year ended 31 March, profit after tax rose 97% to £65.3m, the gross primary portfolio more than doubled to £243.5m from £112.7m.

Draper Esprit invested £71.5m in 9 new and 11 existing portfolio companies with a further £24.8m co-invested from EIS, VCT and managed funds.

During the year, realised the investment holdings in Clavis, Aveillant and Moviepilot, generated £15.9m of cash.

Net Assets, including goodwill, increased by 107% to £311.3m from £150.7m, while net asset value per share grew to 431p from 370p.

The company also said it would raise up £115m by issuing new shares at a price of 420p per share, which would be launched Friday. The proceeds of the placing would be used to further grow the portfolio, the company said.

'Over the past 12 months we invested £96.3 million in 9 new and 11 existing portfolio companies (£71.5 million from the plc as well as £24.8 million co-invested from EIS/ VCT and managed funds). We have also exited 3 companies, realising cash of £15.9 million to the benefit of plc shareholders,' said Simon Cook, CEO Draper Esprit. At 8:39am: (LON:GROW) Draper Esprit Plc share price was +1p at 451p