(Alliance News) - Chrysalis Investments Ltd on Monday said its net asset value increased for the second consecutive quarter, and that its portfolio was "trading robustly" despite a tough environment.
The London-headquartered trust, which invests in technology and finance startups such as Starling Bank and Klarna Bank AB, said its NAV per share was 136.86 pence at June 30. This was up from 130.02p at March 31, and from 128.26p at December 31.
Shares in Chrysalis were up 1.7% at 75.23p in London around noon on Monday.
"It is pleasing to see the NAV increase for a second consecutive quarter. Many listed peers have materially rerated year to date, and this is beginning to be reflected in our portfolio valuations," commented Co-Portfolio Managers Richard Watts and Nick Williamson.
Chrysalis said its portfolio continued to show "strong" growth momentum, and it is still focused on reaching profitability. It said that 85% of the portfolio is currently profitable or funded to anticipate profitability.
In particular, it said wefox Insurance AG was "trading ahead of plan" after a strong first half, while Starling showed "impressive" progress with revenue more than doubled in financial 2023 to GBP452.8 million compared to the prior year.
Watts and Williamson said: "We have continued to support and work alongside our portfolio companies, and we exit the period with a portfolio that is generally trading robustly against a challenging economic backdrop, and which is largely well-funded."
Looking ahead, Chrysalis said the climate is improving for companies looking to make initial public offerings. Moreover its own companies "are largely well positioned, having proactively managed their cost base and raised the funds necessary to ensure that they can continue growing strongly and/or achieve profitability."
Watts and Williamson said Chrysalis has several assets which "should make excellent IPO candidates in due course".
By Emma Curzon, Alliance News reporter
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Chrysalis Inves (CHRY)