REG - Chrysalis Invs Ltd - Portfolio Update

Chrysalis InvestmentsAnnouncement

25/05/2023 09:15

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RNS Number : 6557A  Chrysalis Investments Limited  25 May 2023

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South Africa.

 

 

25 May 2023

 

 

Chrysalis Investments Limited ("Chrysalis" or the "Company")

 

Portfolio Update

 

The Company notes the announcement made earlier today by Starling
Bank ("Starling") that Anne Boden will step aside as Chief Executive from 30
June. Anne will remain on the board of Starling as a non-executive director.
John Mountain, the current Chief Operating Officer has been appointed as
interim Chief Executive.

Anne has decided to step aside in order to separate her two roles as
shareholder and Chief Executive, recognising that each requires different
approaches and demands. Now that Starling has become an established and
profitable UK bank, Anne believes that stepping aside as Chief Executive is
in the best interests of the company.

Separately, Starling has today also published its results for the year
ended 31 March 2023.

Highlights include:

·    Revenue of £453 million for the year to 31 March 2023, more than
double last year's figure of £216 million.

·    Record pre-tax profits of £195 million for the year to 31 March
2023, a sixfold increase on the previous year's figure of £32 million.

·    Total lending of £4.9 billion, versus £3.2 billion previously.

·    Customer deposits have increased 17% to £10.6 billion.

As reported on 4 May 2023, Starling comprises 16% of the Company's portfolio
as of 31 March 2023.

 

Nick Williamson & Richard Watts (co-portfolio managers) comment:

"We would like to thank Anne for her tremendous efforts in growing Starling
Bank to what has become the UK's leading digital bank with 3.6m
customers. We have worked with Anne very closely since our initial
investment in 2019 and would like to congratulate her on the extraordinary
achievement in getting Starling to where it is now.

The latest set of results published today are very strong and this
is testament to the hard work and dedication shown by Anne and her team. We
believe there is great strength and depth at Starling and look forward to
working closely with John, David Sproul as Chair and the rest of the executive
team as they continue to further grow and develop the bank."

 

Anne Boden comment:

"When I started Starling in 2014, I was told no one ever starts a bank, nobody
wins market share and you'll never make a profit. Today's results prove them
wrong.

Now that we have grown from being an aspiring challenger to an established
bank, it is clear the roles and priorities of a CEO and a large shareholder
ultimately differ and require distinct approaches. As Starling continues to
evolve and grow, separating my two roles is in the bank's best interests.

Handing over my responsibilities to John Mountain will enable me to focus on
my position as a shareholder, championing Starling and ensuring we hold true
to our values and vision of changing banking for the better."

 

-ENDS-

 

 For further information, please contact


 Media

 Montfort Communications                         +44 (0) 7976 098 139

 Charlotte McMullen / Toto Reissland /           chrysalis@montfort.london

 Lesley Kezhu Wang

 Jupiter Asset Management:                       +44 (0) 20 3817 1696

 James Simpson

 Liberum:                                        +44 (0) 20 3100 2000

 Chris Clarke / Darren Vickers / Owen Matthews

 Numis:                                          +44 (0) 20 7260 1000

 Nathan Brown / Matt Goss

 Maitland Administration (Guernsey) Limited:     +44 (0) 20 3530 3109

 Chris Bougourd

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at
https://www.chrysalisinvestments.co.uk
(https://www.chrysalisinvestments.co.uk)

The information contained in this announcement regarding the Company's
investments has been provided by the relevant underlying portfolio company and
has not been independently verified by the Company. The information contained
herein is unaudited.

This announcement is for information purposes only and is not an offer to
invest. All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert legal,
financial, tax and other professional advice before making any investment
decision. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published by means of a recognised
information service, should any such content be relied upon in reaching a
decision as to whether or not to acquire, continue to hold, or dispose of,
securities in the Company.

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