Baillie Gifford Euro - BaillieGifford European Grwth Trst Half-Yr Results
15/05/2026 07:00
RNS Number : 4253E
Baillie Gifford European Growth Tst
15 May 2026
RNS Announcement
Baillie Gifford European Growth Trust plc
Legal Entity Identifier: 213800QNN9EHZ4SC1R12
Regulated Information Classification:
Interim Financial Report Results for the six months to 31 March 2026
Baillie Gifford European Growth Trust's objective is to achieve capital growth over the long-term from a diversified portfolio of European securities. At 31 March 2026 the Company had total assets of £340 million.
Baillie Gifford European Growth Trust is managed by Baillie Gifford, an Edinburgh-based fund management group with approximately £179 billion under management and advice.
Baillie Gifford European Growth Trust is a listed UK company. The value of its shares and any income from them can fall as well as rise and investors may not get back the amount invested. The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. You can find up-to-date performance information about Baillie Gifford European Growth Trust at bgeuropeangrowth.com:‡
Past performance is not a guide to future performance. Total return information is sourced from LSEG, Baillie Gifford and relevant underlying index providers. See disclaimer at end of this announcement.
15 May 2026
For further information please contact:
Naomi Cherry, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Director, Four Communications
Tel: 0203 920 0555 or 07872 495396
‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.
The following is the unaudited Interim Financial Report for the six months to 31 March 2026 which was approved by the Board on 14 May 2026.
Chairman's Statement
The period to 31 March 2026 has been one of development for the Company with the Board announcing the appointment of a new portfolio manager, effective from 1 April 2026, at a time when performance has fallen short of both our expectations and those of shareholders.
In March 2026, we confirmed that Joe Faraday would succeed Stephen Paice and Chris Davies as portfolio manager. The Board would like to thank Stephen and Chris for their longstanding contribution to the Company and for establishing its differentiated growth approach. Joe is a highly experienced investor within Baillie Gifford's European Equities team, and we believe his approach, maintaining the Company's growth focus while seeking broader stock and sector diversification, positions the portfolio more effectively for improved relative performance.
Joe assumed management of the portfolio after the period end. In his report, which follows this statement, he explains the changes he has made to the portfolio.
The Board remains firmly focused on improving performance, while retaining the growth style and private company exposures that differentiate the Company.
Performance
The net asset value per share ('NAV') total return over the six months to 31 March 2026 was -9.2% compared to a total return of 4.4% for the FTSE Europe ex UK Index, in sterling terms. The share price total return over the period was -8.8%, and the discount to NAV narrowed modestly from 8.6% to 8.2%.
The Company's existing 100% performance conditional tender, over the four years to 30 September 2028, remains in place. Since the start of the performance measurement period on 1 October 2024, the NAV total return has been -4.3% compared to a total return of 20.6% for the FTSE Europe ex UK Index, in sterling terms. This level of underperformance is clearly disappointing and underlines the need for change.
Further details on performance and portfolio activity are provided in the Managers' Report below.
Share Buybacks
Over the course of the Company's six months to 31 March 2026, the Company bought back 28,697,500 shares at a total cost of approximately £30.4m, representing in the region of 8.8% of the Company's issued share capital at the start of the financial year.
The Board will continue to use the buyback to support the imbalance between supply and demand in the company shares and to assist in the management of the Company's discount. The shares repurchased by the Company are held in Treasury and are available to be reissued, at a premium, when market conditions permit.
Outlook
The Company has a distinctive mandate, with its focus on growth and ability to access private companies. The changes made at the end of the period were aimed at staying true to the mandate, whilst improving its delivery. We believe the changes made are a positive step towards better execution, and ultimately stronger performance.
David Barron
Chairman
14 May 2026
Interim management Report
Howard Marks, the founder of Oaktree and a well-regarded credit investor, has often argued that preparation matters more than prediction, a point that felt especially relevant over the six months to 31 March 2026. For much of the period, European markets appeared relatively stable. Inflation was gradually moving back towards target, growth remained modestly positive, and investors had become more comfortable with the macroeconomic backdrop. Intertwined with that narrative, though, was a sell-off in certain technology stocks, particularly software names, driven by concerns about AI disruption. The stability was also further disrupted sharply in March as conflict in the Middle East erupted. This interim report outlines the impact on markets and the portfolio, the actions taken following both the market shock and the investment manager change, and why the Trust's portfolio is now in a stronger position.
In March, disruption in the Strait of Hormuz, missile strikes on LNG facilities in Qatar, and lower Saudi oil production drove a sharp rise in energy prices globally and weakened consumer confidence across Europe. While the region's energy system proved more resilient than during the 2022 Russia-Ukraine crisis, inflation still rose meaningfully, and confidence fell to a two-year low.
Central banks responded cautiously. The European Central Bank left rates unchanged but warned that the conflict had increased uncertainty around both inflation and growth. Elsewhere, policy divergence continued, with Norges Bank retaining a hawkish stance, Poland cutting rates modestly, and the Swiss National Bank signalling a greater willingness to counter rapid Swiss Franc appreciation.
Despite the volatility, Europe had entered this period on firmer foundations than in 2022, with stronger energy and supply chain infrastructure, and a more supportive policy backdrop. The events of March clearly highlighted how quickly external shocks can alter inflation expectations, growth sentiment, and market leadership. The range of possible outcomes now for Europe has again widened materially, reinforcing the value of resilience and preparedness over a reliance on precise macroeconomic forecasts.
Performance
Over the six months to 31 March 2026, the Company's NAV total return was -9.2% and the share price total return was -8.8%, compared with 4.4% for the FTSE Europe ex UK benchmark. Those figures are clearly disappointing.
At a high level, companies that could evidence near-term cash flows, defensiveness, and explicit energy price correlation performed well. The shortfall was in many respects less about one sector or factor than about concentration in a cluster of stock-specific detractors, where certain larger, rapid-growth holdings saw notable downgrades. In addition, the portfolio also underperformed due to the limited exposure to high-performing sectors such as banks, insurers, utilities, and energy, which dragged down relative performance throughout the period, particularly in March when the oil and gas shock hit.
In an increasingly AI-driven world, with software, platforms and e-commerce companies, the market moved quickly to stress-test business models under higher discount rates, shorter valuation horizons, and greater uncertainty about future competitive boundaries. The sell-off in those areas was stark. Topicus, Prosus and Adyen all fell by around a third. Hypoport, Allegro and Reply were also heavily marked down. These all saw sizeable valuation deratings on the back of AI threat concerns, though operational progress and earnings growth have remained broadly encouraging.
There were genuine positives, even if they were not large enough to compensate. Semiconductor equipment was the clearest bright spot. ASML and ASM International both performed strongly. Among other holdings, healthcare businesses Roche and Sandoz, logistics supply chain business DSV, and mining equipment provider Epiroc all performed well. Among the private holdings, Bending Spoons has continued to deliver strong operational progress and M&A, with an IPO now expected this year.
Portfolio changes
Toward the end of the period, a deliberate repositioning was implemented. As a result, the portfolio is now built around a far broader range of growth types and earnings drivers. These now include structural rearmament in defence, infrastructure-like compounding in telecoms, capital strength and rate sensitivity in financials, and cash generation in energy.
Among the new additions, Allianz, the insurer and asset manager, offers exposure to strong underwriting franchises and earnings that should travel better in a firmer inflationary environment than many investors assume. Swiss Re, with its strong position in reinsurance and dependable underwriting and investment returns, also has a defensive earnings profile. Deutsche Telekom, with its breadth of telecom operations across Europe and North America, offers a rare combination of infrastructure-like cash flows, scale, and strategic relevance. Airbus, the leading global airframer, adds exposure to a high-quality yet different industrial franchise. Rheinmetall, the German-listed defence business, provides the portfolio with direct exposure to Europe's rearmament imperative, now seen as structural and lasting. A further example is LPP, an apparel retailer focused on Poland, Eastern Europe and beyond. It has exemplary financials, is growing quickly, and is backed by a combination of founder and professional management.
The new inclusion of several banks was equally important. CaixaBank, AIB, KBC, UBS and Bank of Piraeus all feature a combination of bancassurance models, strong capital positions, and management that is driven and aligned. Importantly, they are all growing earnings at well above the market rate and are expected to generate strong overall capital returns to supplement that growth.
New positions were taken in several long-term-focused, well-governed holding companies: Investor AB, which has an excellent collection of global industrial businesses and a century on is still managed by the Wallenberg family; Ackermans & van Haaren, with its marine and banking operations with a history back to 1876; and Groupe Bruxelles Lambert with its public and private combined investment portfolio.
Other new positions also included the impressively well-run utility Iberdrola, and several German-listed businesses to add broader exposure there, including Nemetschek, Knorr-Bremse, Rational, and CTS Eventim.
Lastly, a new holding has been taken in TotalEnergies, a differentiated energy company comprising a resilient upstream portfolio, a leading global LNG franchise, and a growing integrated power business. This mix provides resilience, drives strong cash generation, is underpinned by disciplined reinvestment, and, as well as growing, delivers substantial shareholder returns via dividends and buybacks.
To fund these changes, a variety of holdings were exited outright. Hypoport, Edenred, LVMH, Novo Nordisk, Amplifon, Reply, EQT, Kinnevik, Topicus, Camurus and Sandoz were all sold, alongside several other smaller positions. Some had performed poorly and demanded a harder assessment of their opportunity cost. Others, such as Sandoz, had worked and were sold based on share price strength and valuation. In each case, the question was the same: is this still the best use of capital once valuation, concentration, timing, and the range of possible outcomes are considered together? Where the answer became less compelling, capital was recycled.
Outlook
Europe rarely offers a settled backdrop, and the current one is no exception. Rather than rely on a single forecast, the portfolio is positioned to navigate a range of scenarios. There is upside inflation risk through energy. There is downside growth risk through weaker confidence and real incomes, against a policy backdrop more constrained than during the last major energy shock.
In a de-escalation scenario for the Middle East conflict, energy prices normalise, confidence recovers, and the market's recent preference for defensiveness begins to fade. In that world, the portfolio should still participate, because it retains meaningful exposure to idiosyncratic growth businesses that the market does not fully appreciate.
In a prolonged disruption scenario, the backdrop is less comfortable: weaker demand, stickier energy-driven inflation, and tighter policy for longer. Even there, the portfolio now owns more businesses with robust and visible cash generation, stronger balance sheets, regulated or contractual revenue streams, and direct exposure to secular and defensive areas such as insurance, utilities, defence, and selected financials.
This does not, and cannot, amount to a promise of a smooth performance recovery. It does, however, leave the period with a sturdier starting point. The portfolio retains its growth credentials but is better positioned to navigate volatility rather than endure it. If market confidence improves, there remains meaningful upside. If the external backdrop stays unsettled, there is more resilience than before.
The past six months have been tough. The right response to a difficult period is not to become theatrical about the macro, nor to pretend that a setback is automatically self-correcting. It is to take decisive action where the evidence is clear. That is what has been done. To return to Howard Marks's point: prediction remains overrated; preparation is not. The portfolio is now better prepared.
Joe Faraday
Baillie Gifford
14 May 2026
For a definition of terms see Glossary of terms and Alternative Performance Measures below.
Total return information sourced from LSEG, Baillie Gifford and relevant underlying index providers.
The principal risks and uncertainties facing the Company are set out below.
Past performance is not a guide to future performance.
List of investments
as at 31 March 2026
| Name | Geography | Business | 2026 Value £'000 | 2026 % of total assets * |
| Bending SpoonsU | Italy | Mobile application software developer | 35,336 | 10.4 |
| ASML | Netherlands | Semiconductor equipment manufacturer | 20,299 | 6.0 |
| Roche Holding | Switzerland | Developer and manufacturer of pharmaceutical products | 16,109 | 4.7 |
| KBC Group† | Belgium | Banking and Insurance service provider | 10,270 | 3.0 |
| Lonza | Switzerland | Contract development and manufacturing organisation | 9,076 | 2.7 |
| TotalEnergies† | France | Integrated energy company | 9,033 | 2.7 |
| Allianz SE† | Germany | Insurance and financial services provider | 8,765 | 2.6 |
| Kingspan | Ireland | Building materials provider | 7,811 | 2.3 |
| Anheuser-Busch InBev† | Belgium | Global brewer | 7,398 | 2.2 |
| Instalco | Sweden | Serial acquirer of technical installation businesses | 7,396 | 2.2 |
| Prosus | Netherlands | Portfolio of online consumer companies | 7,238 | 2.1 |
| Airbus SE† | France | Commercial aircraft and defence aerospace group | 7,152 | 2.1 |
| Allegro.eu | Poland | Ecommerce platform | 6,979 | 2.1 |
| Deutsche Telekom† | Germany | Telecommunications services provider | 6,858 | 2.0 |
| CaixaBank† | Spain | Retail and commercial bank | 6,853 | 2.0 |
| Adyen | Netherlands | Merchant payments platform | 6,710 | 2.0 |
| DSV | Denmark | Freight forwarder | 6,453 | 1.9 |
| SennderU | Germany | Freight forwarder focused on road logistics | 6,322 | 1.9 |
| Allied Irish Bank† | Ireland | Retail and commercial bank | 6,079 | 1.8 |
| Dino Polska | Poland | Grocery store chain | 5,891 | 1.7 |
| Spotify | Sweden | Online audio streaming service | 5,810 | 1.7 |
| EXOR | Netherlands | Investment holding company specialising in industrials | 5,716 | 1.7 |
| UBS Group† | Switzerland | Wealth manager and investment bank | 5,647 | 1.7 |
| Assa Abloy | Sweden | Access control and door hardware manufacturer | 5,489 | 1.6 |
| Tekever HoldingsU | Portugal | Portuguese drone manufacturer | 5,381 | 1.6 |
| Rheinmetall† | Germany | Defence contractor and military vehicle supplier | 5,301 | 1.6 |
| Swiss Re† | Switzerland | Reinsurer | 5,268 | 1.6 |
| Royal Unibrew | Denmark | Alcoholic and non-alcoholic beverages manufacturer | 4,976 | 1.5 |
| IMCD | Netherlands | Speciality chemicals distributor | 4,973 | 1.4 |
| Richemont | Switzerland | Owner of luxury goods companies | 4,960 | 1.4 |
| Sartorius Stedim Biotech | France | Bioprocessing equipment supplier | 4,677 | 1.4 |
| Röko | Sweden | Serial-acquirer investment company | 4,668 | 1.4 |
| Atlas Copco | Sweden | Industrial compressors and vacuum equipment manufacturer | 4,513 | 1.3 |
| ASM International | Netherlands | Semiconductor deposition equipment supplier | 4,407 | 1.3 |
| Avanza Bank | Sweden | Savings and brokerage platform | 4,375 | 1.3 |
| Grupa Kęty | Poland | Aluminium-extrusion and architectural systems producer | 4,332 | 1.3 |
| Salmar† | Norway | Salmon farming company | 4,297 | 1.2 |
| Epiroc | Sweden | Mining and infrastructure equipment provider | 3,736 | 1.1 |
| FlixU | Germany | Long-distance bus and train provider | 3,685 | 1.1 |
| Nexans | France | Cable manufacturing company | 3,660 | 1.1 |
| Piraeus Financial Holdings† | Greece | Retail and commercial bank | 3,553 | 1.0 |
| Iberdrola† | Spain | European utility | 3,519 | 1.0 |
| Groupe Bruxelles Lambert† | Belgium | Investment holding company | 3,497 | 1.0 |
| LPP | Poland | European apparel retailer | 3,479 | 1.0 |
| Investor 'B'† | Sweden | Investment holding company specialising in industrials | 3,460 | 1.0 |
| Knorr-Bremse† | Germany | Rail and truck braking systems manufacturer | 3,407 | 1.0 |
| Vend Marketplaces ASA | Norway | Media and classifieds advertising platforms | 3,384 | 1.0 |
| Ryanair | Ireland | Low-cost airline | 3,292 | 1.0 |
| Tonies | Germany | Musical storybox toys for children | 3,215 | 0.9 |
| Moncler | Italy | Manufactures luxury apparel product | 2,854 | 0.8 |
| Ackermans & Van Haaren† | Belgium | Investment holding company | 2,600 | 0.8 |
| Nemetschek† | Germany | Design and construction software | 2,570 | 0.8 |
| Rational† | Germany | Commercial cooking equipment manufacturer | 2,566 | 0.7 |
| CTS Eventim† | Germany | Ticketing and event management company | 1,640 | 0.5 |
| McMaklerU | Germany | Digital real estate broker | - | - |
| NorthvoltU | Sweden | Battery developer and manufacturer | - | - |
| Total Investment | 336,935 | 99.2 | ||
| Net liquid assets | 2,744 | 0.8 | ||
| Total assets | 339,679 | 100.0 | ||
| Borrowings | (52,350) | (15.0) | ||
| Shareholders' funds | 287,329 | 85.0 | ||
| For the six months ended 31 March 2026 | For the six months ended 31 March 2025 | For the year ended 30 September 2025 (audited) | ||||||||
| Notes | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| (Losses)/gains on investments | - | (33,714) | (33,714) | - | (26,119) | (26,119) | - | 18,082 | 18,082 | |
| Currency gains/(losses) | 71 | (221) | (150) | (2) | (192) | (194) | 46 | (2,251) | (2,205) | |
| Income | 1,320 | - | 1,320 | 1,188 | - | 1,188 | 4,063 | - | 4,063 | |
| Investment management fee | 3 | (167) | (669) | (836) | (169) | (672) | (841) | (355) | (1,421) | (1,776) |
| Other administrative expenses | (351) | - | (351) | (316) | - | (316) | (626) | - | (626) | |
| Net return before finance costs and taxation | 873 | (34,604) | (33,731) | 701 | (26,983) | (26,282) | 3,128 | 14,410 | 17,538 | |
| Finance costs of borrowings | 4 | (84) | (332) | (416) | (78) | (314) | (392) | (161) | (643) | (804) |
| Net return before taxation | 789 | (34,936) | (34,147) | 623 | (27,297) | (26,674) | 2,967 | 13,767 | 16,734 | |
| Tax on ordinary activities | 5 | 105 | - | 105 | (93) | - | (93) | (305) | - | (305) |
| Net return after taxation | 894 | (34,936) | (34,042) | 530 | (27,297) | (26,767) | 2,662 | 13,767 | 16,429 | |
| Net return per ordinary share | 6 | 0.29p | (11.43p) | (11.14p) | 0.15p | (7.84p) | (7.69p) | 0.78p | 4.03p | 4.81p |
| Dividends paid and payable per share | 7 | Nil | Nil | 0.72p | ||||||
| Notes | At 31 March 2026 £'000 | At 30 September 2025 (audited) £'000 | |
| Fixed assets | |||
| Investments held at fair value through profit or loss | 8 | 336,935 | 403,155 |
| Current assets | |||
| Debtors | 80,429 | 3,545 | |
| Cash at bank | 9,829 | 2,807 | |
| 90,258 | 6,352 | ||
| Creditors | |||
| Amounts falling due within one year | (87,514) | (3,300) | |
| Net current assets | 2,744 | 3,052 | |
| Total assets less current liabilities | 339,679 | 406,207 | |
| Creditors | |||
| Amounts falling due after more than one year | 9 | (52,350) | (52,291) |
| Net assets | 287,329 | 353,916 | |
| Capital and reserves | |||
| Share capital | 10,061 | 10,061 | |
| Share premium account | 125,050 | 125,050 | |
| Capital redemption reserve | 8,750 | 8,750 | |
| Capital reserve | 135,763 | 201,053 | |
| Revenue reserve | 7,705 | 9,002 | |
| Shareholders' funds | 287,329 | 353,916 | |
| Net asset value per ordinary share (borrowings at book value)* | 97.1p | 109.0p | |
| Net asset value per ordinary share (borrowings at fair value)* | 102.2p | 113.3p | |
| Ordinary shares in issue | 10 | 296,025,367 | 324,722,867 |
| Notes | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Capital reserve * £'000 | Revenue reserve £'000 | Shareholders' funds £'000 | |
| Shareholders' funds at 1 October 2025 | 10,061 | 125,050 | 8,750 | 201,053 | 9,002 | 353,916 | |
| Net return after taxation | - | - | - | (34,936) | 894 | (34,042) | |
| Shares bought back into treasury | - | - | - | (30,354) | - | (30,354) | |
| Dividends paid | 7 | - | - | - | - | (2,191) | (2,191) |
| Shareholders' funds at 31 March 2026 | 10,061 | 125,050 | 8,750 | 135,763 | 7,705 | 287,329 |
| Notes | Share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Capital reserve * £'000 | Revenue reserve £'000 | Shareholders' funds £'000 | |
| Shareholders' funds at 1 October 2024 | 10,061 | 125,050 | 8,750 | 214,138 | 8,432 | 366,431 | |
| Net return after taxation | - | - | - | (27,297) | 530 | (26,767) | |
| Shares bought back into treasury | - | - | - | (9,624) | - | (9,624) | |
| Dividends paid | 7 | - | - | - | - | (2,092) | (2,092) |
| Shareholders' funds at 31 March 2025 | 10,061 | 125,050 | 8,750 | 177,217 | 6,870 | 327,948 |
| 2026 £'000 | 2025 £'000 | ||
| Cash flows from operating activities | |||
| Net return before taxation | (34,147) | (26,674) | |
| Adjustments to reconcile company profit before tax to net cash flow from operating activities | |||
| Net losses on investments | 33,714 | 26,119 | |
| Currency losses | 221 | 192 | |
| Finance costs of borrowings | 416 | 392 | |
| Other capital movements | |||
| Changes in debtors* | (233) | (237) | |
| Changes in creditors* | (148) | (54) | |
| Taxation | |||
| Overseas withholding tax suffered | (129) | (93) | |
| Overseas withholding tax reclaims received | 457 | 91 | |
| Cash from operations* | 151 | (264) | |
| Interest paid | (411) | (390) | |
| Net cash outflow from operating activities | (260) | (654) | |
| Cash flows from investing activities | |||
| Acquisitions of investments | (51,131) | (55,130) | |
| Disposals of investments | 91,161 | 66,679 | |
| Net cash inflow from investing activities | 40,030 | 11,549 | |
| Cash flows from financing activities | |||
| Shares bought back | (30,393) | (9,380) | |
| Equity dividends paid | (2,191) | (2,092) | |
| Net cash outflow from financing activities | (32,584) | (11,472) | |
| Increase/(decrease) in cash and cash equivalents | 7,186 | (577) | |
| Exchange movements | (164) | 98 | |
| Cash at bank at start of period | 2,807 | 1,856 | |
| Cash at bank | 9,829 | 1,377 |
| Six months to 31 March 2026 | |||
| Revenue £'000 | Capital £'000 | Total £'000 | |
| Overdraft arrangement fee | 1 | 2 | 3 |
| Loan notes | 83 | 330 | 413 |
| 84 | 332 | 416 | |
| Year to 30 September 2025 (audited) | |||
| Revenue £'000 | Capital £'000 | Total £'000 | |
| Overdraft arrangement fee | 1 | 2 | 3 |
| Loan notes | 160 | 641 | 801 |
| 161 | 643 | 804 | |
| Six months to 31 March 2025 | |||
| Revenue £'000 | Capital £'000 | Total £'000 | |
| Overdraft arrangement fee | 1 | 2 | 3 |
| Loan notes | 77 | 312 | 389 |
| 78 | 314 | 392 | |
| Six months to 31 March 2026 £'000 | Six months to 31 March 2025 £'000 | Year to 30 September 2025 (audited) £'000 | |
| Revenue return after taxation | 894 | 530 | 2,662 |
| Capital return after taxation | (34,936) | (27,297) | 13,767 |
| Total net return | (34,042) | (26,767) | 16,429 |
| Net return per ordinary share | |||
| Revenue return after taxation | 0.29p | 0.15p | 0.78p |
| Capital return after taxation | (11.43p) | (7.84p) | 4.03p |
| Total net return per ordinary share | (11.14p) | (7.69p) | 4.81p |
| Weighted average number of ordinary shares in issue | 305,772,455 | 348,221,661 | 341,427,285 |
| Six months to 31 March 2026 £'000 | Six months to 31 March 2025 £'000 | Year to 30 September 2025 (audited) £'000 | |
| Analysis of charge in the period | |||
| Overseas taxation | 128 | 93 | 305 |
| Repayment of EU tax claims* | (233) | - | - |
| Revenue tax charge for the period | (105) | 93 | 305 |
| Six months to 31 March 2026 £'000 | Six months to 31 March 2025 £'000 | |
| Amounts recognised as distributions in the period: Final dividend 0.72p (2025 - 0.60p), paid 13 February 2026 | 2,191 | 2,092 |
| Dividends proposed in the period: Interim dividend - nil (2025 - nil) | - | - |
| As at 31 March 2026 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Listed equities | 286,211 | - | - | 286,211 |
| Unlisted equities | - | - | 50,724 | 50,724 |
| Total financial asset investments | 286,211 | - | 50,724 | 336,935 |
| As at 30 September 2025 | Level 1 £'000 | Level 2 £'000 | Level 3 £'000 | Total £'000 |
| Listed equities | 348,295 | - | - | 348,295 |
| Unlisted equities | - | - | 54,860 | 54,860 |
| Total financial asset investments | 348,295 | - | 54,860 | 403,155 |
| 31 March 2026 £'000 | 31 March 2026 per share | 31 March 2025 £'000 | 31 March 2025 per share | |
| Shareholders' funds (borrowings at book value) | 287,329 | 97.1p | 327,948 | 109.0p |
| Add: book value of borrowings | 52,350 | 17.7p | 50,136 | 16.1p |
| Less: fair value of borrowings | (37,249) | (12.6p) | (35,735) | (11.8p) |
| Shareholders' funds (borrowings at fair value) | 302,430 | 102.2p | 342,349 | 100.2p |
| As at 31 March 2026 (Book) | As at 31 March 2026 (Fair) | As at 30 September 2025 (audited) (Book) | As at 30 September 2025 (audited) (Fair) | ||
| Net asset value per ordinary share | (a) | 97.1p | 102.2p | 109.0p | 113.3p |
| Share price | (b) | 93.8p | 93.8p | 103.5p | 103.5p |
| Discount | ((b) - (a)) ÷ (a) | 3.4% | 8.2% | 5.0% | 8.6% |
| As at 31 March 2026 NAV (Fair) | As at 31 March 2026 Share price | As at 30 September 2025 NAV (Fair) | As at 30 September 2025 Share price | ||
| Closing NAV per share/share price | (a) | 102.2p | 93.8p | 113.3p | 103.5p |
| Dividend adjustment factor* | (b) | 1.0061 | 1.0066 | 1.0058 | 1.0068 |
| Adjusted closing NAV per share/share price | (c) = (a) x (b) | 102.8p | 94.4p | 113.9p | 104.2p |
| Opening NAV per share/share price | (d) | 113.3p | 103.5p | 108.0p | 91.0p |
| Total return | (c) ÷ (d) -1 | (9.2%) | (8.8%) | 5.5% | 14.5% |