REG - British Smaller Co's - Interim Management Statement

British Smaller Companies VCTAnnouncement

12/09/2025 07:00

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RNS Number : 0239Z  British Smaller Companies VCT PLC  12 September 2025

British Smaller Companies VCT plc

Interim Management Statement for the quarter ended 30 June 2025

British Smaller Companies VCT plc (the "Company") presents its interim
management statement for the quarter ended 30 June 2025. The statement also
includes relevant financial information between the end of the quarter and the
date of this statement. A copy of this interim management statement can be
found at www.bscfunds.com (http://www.bscfunds.com) .

Overview

In the quarter to 30 June 2025 the Company's Net Asset Value (NAV) per share
increased by 0.80 pence, a 1.0 per cent increase on the opening NAV per
share.  At 30 June 2025 the NAV per ordinary share totalled 81.35 pence.

The Company's Total Return at 30 June 2025 was up 0.80 pence, to 265.50 pence
per ordinary share.

During the quarter, the Company invested £2.4 million into new investment
S4labour; and invested a further £0.6 million into existing portfolio
companies Force24 and Relative Insight.  Subsequent to the quarter end, the
Company invested £1.8 million into new portfolio company DynaRisk and £3.9
million into three existing portfolio companies, AutomatePro, Fuuse and
Panintelligence.  This takes the total amount invested so far this year to
£8.7 million.

Following the period end, the sale of the trade and liabilities of Wooshii was
completed.  No proceeds were received on exit, in line with its minimal
carrying value at the period end.

The final allotment of the Company's 2024/25 fundraise took place on the first
day of the quarter, with £29.6 million allotted on 1 April 2025.

Performance

The table below sets out movements in key metrics for the Company.

 

                                  31 March 2025  Increase in Value  Shares issued  Buyback of shares  Movement    30 June 2025

                                                                                                      In Period
 Net Assets (£m)                  257.1          2.9                29.6           (1.2)              31.3        288.4
 NAV per share (PPS)              80.55          0.80               -              -                  0.80        81.35
 Cumulative dividends paid (PPS)  184.15         -                  -              -                  -           184.15
 Total Return (PPS)               264.70         0.80               -              -                  0.80        265.50
 Shares in issue                  319,178,657    -                  36,799,582     (1,495,509)        35,304,073  354,482,730

Cumulative dividends paid at 30 June 2025 were 184.15 pence per ordinary share
(31 March 2025: 184.15 pence per ordinary share).  Following the payment of
the interim dividend of 2.00 pence per ordinary share on 25 July 2025,
cumulative dividends paid are now 186.15 pence per ordinary share.

The movements in NAV and NAV per ordinary share are set out in the table
below:

                              £m           Pence per

                                           ordinary share
 NAV at 31 March 2025               257.1            80.55
 Increase in portfolio value  2.7          0.75
 Net operating income         0.2          0.05
                              2.9          0.80
 Issue/buy-back of shares     28.4         -
 Total Return in the period         31.3             0.80
 NAV at 30 June 2025                288.4            81.35

 

Dividends and shares in issue

On 1 April 2025 the Company issued 36,799,582 shares in relation to the second
and final allotment from its 2024/25 fundraising.

Under its standing buyback authority, on 23 June 2025 the Company purchased
1,495,509 shares at 77.02 pence per share at a cost of £1.2 million. These
shares are held in treasury.

Post-period end, on 25 July 2025, a dividend of 2.00 pence per ordinary share
for the year ending 31 March 2026 was paid, resulting in a corresponding
reduction in the Company's NAV per ordinary share, adjusting the last reported
NAV to 79.35 pence per ordinary share. Cumulative dividends paid are now
186.15 pence per ordinary share.

On 25 July 2025 the Company also issued 1,515,132 shares under the Company's
Dividend Re-investment Scheme (DRIS). following which the Company's issued
share capital consists of 355,997,862 ordinary shares with voting rights and
35,694,505 shares held in treasury.

Net assets

Net assets at 30 June 2025 comprised the following:

                                     £000     % of net assets
 Unquoted investments at fair value  159,047  55.2
 Cash and money market funds         125,082  43.4
 Other net assets                    4,233    1.4
 Net assets                          288,362  100.0

Investments

The investment portfolio at 30 June 2025 comprised:

                    Valuation  Cumulative valuation as a % of net assets

                    £000
 Matillion          21,462     7.4%
 Unbiased           14,554     12.5%
 Vypr               10,938     16.3%
 Xapien             8,726      19.3%
 AutomatePro        8,403      22.2%
 SharpCloud         8,193      25.1%
 Summize            7,871      27.8%
 DrDoctor           6,409      30.0%
 Workbuzz           6,304      32.2%
 Force24            6,259      34.4%
                    99,119     34.4%
 Other investments  59,928     55.2%
 Total investments  159,047    55.2%

 

Portfolio performance

Over the quarter to 30 June 2025, the aggregate unquoted portfolio valuation
has increased by £2.7 million. Several portfolio companies are demonstrating
strong underlying growth of revenues, which has driven positive revaluation
uplifts across several assets.  This has been balanced by downward movements
in the valuations of Matillion, driven by foreign exchange movements; Outpost,
due to sector-specific challenges; and Wooshii, where, as noted above, the
trade and liabilities were realised shortly after the period end.

Fundraising

On 22 August 2025, the Company announced its intention to launch a new joint
offer for subscription for the tax year 2025/26 later this year, alongside
British Smaller Companies VCT2 plc (together the "BSC VCTs").  The current
intention is for the BSC VCTs, in aggregate, to raise up to £60 million, with
over-allotment facilities of up to a further £25 million in aggregate, before
issue costs. Any election for the Company to make use of its over-allotment
facility will be subject to the decisions of the individual boards of the BSC
VCTs at the relevant time.

A prospectus with full details of the proposed Offer is expected to be
published on or around 25 September, with applications expected to open one
week following publication. Once published, the prospectus will be available
from the BSC VCTs' website, www.bscfunds.com (http://www.bscfunds.com) .

Outlook

The outlook for the UK economy over the coming months remains unclear.
 Inflation continues to run above expectations, with recent figures showing
ongoing price increases despite limited growth.  The Bank of England is
likely to cut interest rates further, while the Government is managing tight
fiscal conditions.

Internationally, economic uncertainty is being driven by trade disputes and
unpredictable policy decisions.  US-China tensions remain high, with tariffs
altering global trade patterns.  The global economy is still vulnerable to
external shocks, including energy price swings and geopolitical instability in
regions such as Ukraine and the Middle East.

Despite this environment, the Manager is still finding strong investment
opportunities in fast-growing, technology-led businesses. Demand from existing
portfolio companies also remains high, with many looking to accelerate their
growth.  These factors support a cautiously optimistic outlook for the
Company.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU No. 596/2014). Upon the publication of this announcement via Regulatory
Information Service this inside information is now considered to be in the
public domain.

12 September 2025

For further information please contact:

Marcus Karia           YFM Equity Partners
 
        Tel:  0113 244 1000

Alex Collins              Panmure Liberum
 
Tel:  0207 886 2767

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