Draper Esprit values rise at it prepares for main market listing

The AIM-traded firm reported £206m of cash realisations for the 12 months ended 31 March, compared to £40m in the prior financial year, while its gross portfolio fair value growth surged to 51% from 10%.

A total of £128m was invested in the year, with a further £34m from Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) funds, compared to £90m and £38m, respectively, in the 2020 financial year.

Its net asset value per share stood at 743p at year-end, up from 555p, while its net assets totalled £1.03bn, rising from £660m.

A total of £161m cash was available in the plc at the end of the period,, as well as £43m from EIS and VCT funds, compared to £34m and £50m 12 months earlier.

Draper Esprit raised £107m in net funds during the financial year, and recorded a profit after tax of £267m, growing from £40m.

Operating costs net of fee income as a percentage of net asset value was less than 1%.

“Our financial year and my first full year as CEO demonstrated the strength and flexibility of the Draper Esprit model in market conditions at two extremes,” said chief executive officer Martin Davis.

“Despite market shock in the first half, our scale and maturity gave us room to focus on the needs of our portfolio companies and structuring ourselves for growth.

“Our close relationship to our portfolio and industry insight enabled us to accelerate into the digital transformation catalysed by the pandemic.”

Davis said the company’s investment team increased its cadence in the second half, deploying “significant” funds into existing portfolio companies and new, as intended when it raised equity in October.

“We look to the future with confidence that our model positions us well for opportunities in a transformed world. In line with the growth and maturity of the business, our intention is to move our listing to the premium segment of the official list and to trading on the London Stock Exchange's main market, as well as to the secondary listing segment of the Official List of Euronext Dublin and to trading on the regulated market there.

“Preparations to transfer our listing are well advanced and we expect to complete the move within the next couple of months.”

At 0905 BST, shares in Draper Esprit were down 2.62% at 817p.