Chrysalis Investments (CHRYL) H2 2024 earnings summary

Executive summary

• FY24 NAV per share increased 4.9% to 141.26p, with a 2.7% decline in 4Q24; NAV per share has grown 41.3% since inception, a 6.0% CAGR.

• £54m proceeds from realisations, mainly from Graphcore (£45m) and Wise (£9m); Starling and Klarna were key NAV drivers, while wefox and FX detracted.

• Portfolio revenue grew 22% year-over-year, with weighted average PBT improving from £91m to £132m.

• Current liquidity stands at c£151m post-period, including Featurespace sale and Barclays loan, with £47m available at period end.

• Share buy-back program spent £31m, narrowing the discount to NAV and delivering an implied ROCE of c140%.

Financial highlights

• NAV per share rose 4.9% year-over-year to 141.26p; since Dec 2022, NAV per share is up 10.1%.

• Portfolio revenue growth was 22% (down from c45% prior year), reflecting a shift to profitability focus.

• Weighted average PBT increased 45% to £132m over the last twelve months.

• £54m realised from asset sales; £47m available liquidity at period end.

• Shares traded at a 34% discount to NAV as of 30 September 2024.

Outlook and guidance

• Core portfolio is well positioned for continued growth and profitability, with increased M&A and secondary market liquidity.

• Focus remains on driving realisations to fund capital returns and maintaining capital discipline.

• IPO of Klarna could transform liquidity position; several assets have strong growth potential.