TIDMGROW
RNS Number : 2789R
Draper Esprit PLC
04 November 2021
Draper Esprit Plc
4 November 2021
Draper Esprit Plc
("Draper Esprit", the "Group" or the "Company")
Half year trading update and notice of results
Draper Esprit (LSE: GROW, Euronext Dublin: GRW), a leading
venture capital firm investing in and developing high growth
digital technology businesses, today provides an update on its
portfolio and NAV (unaudited) ahead of its interim results for the
period ended 30 September 2021, which are scheduled for release on
29 November 2021.
Highlights:
-- NAV per share is expected to be not less than 885p (30
September 2020: 600p; 31 March 2021: 743p)
-- Gross Portfolio Value (unaudited) is expected to be not less
than GBP1,345 million (30 September 2020: GBP702 million; 31 March
2021: GBP984 million)
-- Gross Portfolio increase in fair value (unaudited) is
expected to be not less than GBP260 million (26%) for the six-month
period to September 2021 (six months to 30 September 2020: GBP73
million, 10%)
-- GBP165 million invested by the Group's balance sheet ("PLC")
in the first half of the year, with a further GBP4 million invested
by EIS and VCT co-investment bringing the total invested for H1 to
GBP169 million (six months to 30 September 2020: GBP50 million
invested by PLC, EIS and VCT)
-- Cash proceeds from realisations in H1 of GBP67 million (six
months to 30 September 2020: GBP106 million)
-- Net proceeds of GBP108 million received from our equity raise in June 2021
-- Cash on the PLC balance sheet at period-end of GBP156 million
(including restricted cash) (30 September 2020: GBP62 million; 31
March 2021: GBP161 million)
-- Moved to premium listing segment of the Official List of the
Financial Conduct Authority and the secondary listing segment of
the official list of the Irish Stock Exchange plc, trading as
Euronext Dublin
-- Strengthened board with the appointment of Gervaise Slowey
and Sarah Gentleman as non-executive directors
Against the backdrop of strong market conditions, the positive
momentum experienced in H2 FY2021 has continued over the past six
months. Progress has been achieved across all areas of the
business. Alongside funds raised in June 2021 and strong
realisations during the period, capital deployed has increased in
excess of those initially anticipated for the period. This
increased investment is attributable to a higher level of follow on
opportunities in the existing portfolio, consistently leading
rounds in primary investments and the continued expansion of the
platform with further additions to the team.
The H1 Gross Portfolio Value reflects new financing rounds at
increased valuations for a number of our investments, including:
Aircall, Revolut, Ledger, Form3, N26, Aiven. It also reflects the
closing prices at the 30 September 2021 balance sheet date for our
publicly listed investments Cazoo, Trustpilot and Ui Path.
The Group continues to see growth within its portfolio through
revenue increases, financing rounds and exits, combined with a
healthy pipeline of new investment opportunities. As a result,
trading is ahead of our stated financial objective of 15% fair
value growth for this financial year, and our portfolio continues
to perform strongly. We therefore anticipate fair value growth in
the region of 35% for the full year to 31 March 2022 subject to
wider market conditions.
Martin Davis, CEO Draper Esprit commented:
"We've continued to make significant progress over the first six
months of the year driven by the strength of our portfolio, our
investment team and buoyant market conditions. I am pleased to
report realisations have remained strong enabling us to increase
our deployment of capital across the portfolio; underpinned by our
expanded platform. I feel excited by our performance going into the
second half of the year."
Draper Esprit is undergoing a rebranding process and will
shortly be changing its name to better reflect its strategy in its
latest phase of growth. We will provide a full update in the next
week.
Enquiries:
Draper Esprit plc
Martin Davis (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer) +44 (0)20 7931 8800
Numis Securities
Joint Financial Adviser and Corporate
Broker
Simon Willis
Richard Thomas
Jamie Loughborough +44 (0)20 7260 1000
Goodbody Stockbrokers
Joint Financial Adviser and Corporate
Broker,
Euronext Dublin Sponsor
Don Harrington
Charlotte Craigie
Linda Clarke +44 (0) 20 3841 6202
Powerscourt
Public relations
Elly Williamson +44 (0)7970 246 725 /
Jane Glover +44 (0)7713 246 126
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, investing in disruptive, high growth technology companies.
We believe the best entrepreneurs in Europe are capable of building
the global businesses of the future. We fuel their growth with
long-term capital, access to international networks and decades of
experience building businesses.
As at 31 March 2021, Draper Esprit is a shareholder in a diverse
portfolio of 70+ companies with 17 of those part of our core
portfolio which accounts for over 60% of our holdings. Our core
companies include UiPath, Aircall, Graphcore and Revolut. We invest
across four sectors: Consumer Technology, Enterprise Technology,
Hardware and Deeptech, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in
each. We look for high-growth companies operating in new markets,
with a serious potential for global expansion, strong IP, powerful
technology, and management teams to deliver success. We also look
for businesses with the potential to generate strong margins to
ensure rapid, sustainable growth in substantial addressable
markets.
Draper Esprit provides an opportunity for public market
investors to access these fast-growing tech businesses, without
having to commit to long term investments with limited liquidity.
Since IPO to the AIM market of the London Stock Exchange plc in
June 2016, we have deployed circa GBP550m+ capital into fast
growing tech companies and have realised over GBP300m.
For more information, go to https://draperesprit.com/
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END
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