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Venture capital firm Draper Esprit reported a sharp jump in profit as income was boosted by increased in the value of its portfolio.
For the year ended 31 March 2021, pre-tax profit rose to £267.4 million from £40.5 million as income jumped to £288.8 million from £52.0 million year-on-year.
Income comprised of investment gains of £276.3 million, up from £40.8 million and fee income of £12.5 million, up from £11.3 million.
Net asset value per share of 743 pence,. up from 555 pence.
The company invested £128 million in the year, increasing the investment cadence in H2 with £96 million of investments made.
'We look positively to the new financial year and anticipate increasing our investment cadence to over £150.0 million per annum, continuing to build our model, including with third-party funding, further enhancing our dealflow processes and continuing to build our team,' the company said.
'We target 20% fair value growth through the cycle and, given the higher growth this year, our target for the coming financial year will be 15%,' it added.