Attractive figures emerge from Chrysalis

Chrysalis VCT, the trust that merged three VCTs into one, this week boasted of a ’very strong recovery’ since it became self-managed in April 2004, but admits the insubstantial £1.1 million raised before the end of the last tax year was ‘a disappointment’.


Chrysalis VCT, the trust that merged three VCTs into one, this week boasted of a ’very strong recovery’ since it became self-managed in April 2004, but admits the insubstantial £1.1 million raised before the end of the last tax year was ‘a disappointment’.

Chrysalis VCT, the trust that merged three VCTs into one, this week boasted of a ’very strong recovery’ since it became self-managed in April 2004, but admits the insubstantial £1.1 million raised before the end of the last tax year was ‘a disappointment’.

In the year to October, net asset value rose by 14.1 per cent to 84.7p, after accounting for a 2p dividend payment. In what was a fairly active period for the trust, £3.2 million was poured into seven new and four follow-on investments, a successful exit was made from Strainstall Group for a £1.2 million profit and a ‘likely’ earn-out of £347,000. In addition to this, Chrysalis disposed of some of its shares in AIM-quoted Computer Software Group for gains of £513,000.

A number of holdings were re-valued, including ILG Digital, where the stake was increased in value by £634,000 ‘as the business continues to show very strong growth’, and Protx Limited, which appreciated £1.2 million before being sold shortly after the year end, allowing for a 3p interim capital dividend to be paid on 2 March.

Chairman Robert Drummond is encouraged by the progress made and claims the portfolio contains ‘a number of exciting prospects which may lead to further successful realisations in the short and medium term’.

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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