Chrysalis Investment Ltd on Tuesday said that its net asset value per share dropped and its pretax loss widened reflecting the ‘tough market conditions’ in its half-year.

Chrysalis, an investor in technology and finance startups, said that its NAV per share on March 31 decreased by 12% to 130.02 pence per share from 147.79p on September 30 financial year end.

Chair Andrew Haining said: ‘The NAV decrease in the period reflects movement in both peer group stock market valuations and the tough capital market conditions we continue to see.’

Chrysalis noted that this decrease was also driven by lower values of the tech-enabled companies used as comparables to the portfolio.

The company reported a pretax loss for its half year ended March 31 of £105.8 million, narrowing from £220.6 million in the same period

The board did not declare an interim dividend, unchanged from the same period the year prior.

Chrysalis noted that whilst the impact of the collapse of Silicon Valley Bank on the company’s portfolio was ‘negligible’, the wider concerns across the banking sector have had an impact on sentiment.

‘Given the first quarter of 2023 was also weak, and the second quarter has not started well, the market is currently in its sixth quarter of anaemic insurance in the UK,’ the company said.

‘It is always difficult to ’call the bottom’, but the duration of this slowdown suggests we are nearer the end, rather than the beginning, of the normalisation process.’

Shares in Chrysalis Investments were up 1.1% at 66.00 pence in London on Tuesday morning.

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