Draper Esprit PLC – GROW – Interim Results

Draper Esprit PLC – GROW – Interim Results

Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today announces its interim results for the six-month period ended 30 September 2020.

Financial highlights

·      Gross Portfolio Value, even after significant cash realisations of £106m, of £702m (31 March 2020: £703m).

·      10% Gross Portfolio Value fair value growth in the six-month period to 30 September 2020 (six months to 30 September 2019: 12%).

·      Net assets increased by 8% to £715m (31 March 2020: £660m).

·      NAV per share increase to 600p (31 March 2020: 555p).

·      £62m available plc cash, as well as £39m available from EIS/VCT funds.

·      Cash realisations of £106m (six months to 30 September 2019: £23m).

·      Profit after tax of £54m (£59m for the six months to 30 September 2019).

·      Operating costs (net of fee income) continue to be less than the targeted 1% of period-end NAV.


Operational highlights


·      Significant realisations during the period with proceeds of £106m, predominantly generated by the realisations of Peak Games and TransferWise (as well as escrows and partial disposals).

·      Invested £32m in the period into 2 new companies, Cazoo and Ravelin, (and 2 via our partnership with Earlybird*), and 7 follow-ons (as well as a further 2 through our partnership with Earlybird*).

·      Committed to 2 new seed funds, bringing the total seed fund of funds portfolio to 22. Total commitments of approximately £41m, with total drawn of £17m, of which £3m within the period. The majority of the remaining commitments will be drawn over 3-5 years.

·      Increased and extended our revolving credit facility with SVB and Investec by 1 year to £60m.


Post period-end


·      £110m additional gross capital raised by plc in an oversubscribed placing to new and existing investors.

·      Deployment of £18m post period-end, including our investment into PrimaryBid.  


*Reporting threshold - companies with a NAV of £1 million or more.

Some of the above measures are Alternative Performance Measures ("APMs") - see note 21 to the condensed consolidated interim financial statements for further details


Martin Davis, CEO at Draper Esprit, commented:

"Despite the challenges of the pandemic, our investment process continues to deliver, with a portfolio value maintained at a record level even after over £100m of realisations.

We have also made significant progress in building the model which allows us to scale our delivery, support our talented partners to identify and nurture even more of the best opportunities in European technology.

We look forward to building on our strong first half performance with the goal of rewarding our investors further for their support."

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