Chrysalis Investments Limited Portfolio Update (6557A)
May 25 2023 - 3:15AM
UK Regulatory
TIDMCHRY
RNS Number : 6557A
Chrysalis Investments Limited
25 May 2023
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
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(other than to professional investors in Belgium, Denmark, the
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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 GBP453 million for the year to 31 March 2023, more
than double last year's figure of GBP216 million.
-- Record pre-tax profits of GBP195 million for the year to 31
March 2023, a sixfold increase on the previous year's figure of
GBP32 million.
-- Total lending of GBP4.9 billion, versus GBP3.2 billion previously.
-- Customer deposits have increased 17% to GBP10.6 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 +44 (0) 7976 098 139
Montfort Communications chrysalis@montfort.london
Charlotte McMullen / Toto Reissland
/
Lesley Kezhu Wang
Jupiter Asset Management:
James Simpson +44 (0) 20 3817 1696
Liberum:
Chris Clarke / Darren Vickers
/ Owen Matthews +44 (0) 20 3100 2000
Numis:
Nathan Brown / Matt Goss +44 (0) 20 7260 1000
Maitland Administration (Guernsey)
Limited:
Chris Bougourd +44 (0) 20 3530 3109
LEI: 213800F9SQ753JQHSW24
A copy of this announcement will be available on the Company's
website at 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
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END
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