Draper Esprit sees European technology portfolio drive NAV growth

Venture capital firm Draper Esprit expects its net asset value to have improved in the six months ended 30 September, driven by a strong performance by its European technology portfolio.

Draper Esprit said net asset value was estimated to come in at no less than 595.0p, a marked improvement on the 555.0p seen at the end of March, while the group's gross portfolio value was expected to have improved to £695.0m - up from the £683.0m recorded a year ago.

Realisations since 31 March came to £106.0m, up from £40.0m in the group's last full-year, while investments dropped from £42.0m to £32.0m.

Chief executive Martin Davis said: "It is positive to see, especially in highly uncertain times, our portfolio of fast-growing European technology companies allows us to deliver for our shareholders.

"The ongoing pandemic is only serving to accelerate the transition to digital and creating new opportunities for new entrants across many end markets."

As of 1045 GMT, Draper Esprit shares were up 4.90% at 600.0p.