REG - EMV Capital PLC - Preliminary results for the year ended 31 Dec 2024
04/06/2025 07:00
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RNS Number : 3041L EMV Capital PLC 04 June 2025
Strictly embargoed for: 07.00 a.m. on 4 June 2025
EMV CAPITAL PLC
("EMVC", "Group" or "the Company")
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024
EMV Capital Plc (AIM: EMVC), the deep tech and life sciences VC investment
group, announces its preliminary results for the year ended 31 December 2024.
Investor Presentation
The Company will hold a live online presentation for investors at 10:00 a.m.
on 12 June 2025 on the Investor Meet Company platform. The presentation is
open to all existing and potential shareholders. Questions can be submitted
pre-event via the Investor Meet Company dashboard up until 11 Jun 2025, 09:00
BST, or at any time during the live presentation. Investors can sign up to
Investor Meet Company for free via:
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Investors who already follow the Company on the Investor Meet Company platform
will automatically be invited.
Commenting on the results, Dr Charles Spicer, Chair of EMVC said:
"Our executive team continues to demonstrate its ability to navigate adversity
and complexity. During the year, we successfully launched our Fund Management
practice, having secured FCA authorisation and taken on the management of the
Martlet Capital fund. As a result, the Group now benefits from a broader and
more resilient revenue mix, comprising: recurring fund management fees;
corporate finance and advisory income; board membership compensation; and
Value Creation Services.
"We have now rebranded all these activities under the 'EMV' umbrella, while
continuing to promote the individual identity of funds such as Martlet
Capital."
Financial and Operational Highlights
Group Performance
· In December 2024 EMV Capital Plc successfully executed a £1.5
million placing of ordinary shares (at a 15% premium to the previous closing
price), with substantial participation by Directors and management.
· The Group's performance includes the operational core of EMV
Capital plc, EMV Capital Partners and other EMV Capital operating companies,
alongside subsidiary portfolio companies where the Group holds over a 50%
shareholding.
· Group revenue increased to £2.5 million (2023: £1.4 million),
comprising:
o £2.0 million from EMV Capital core revenue, a strong increase of 67%
(2023: £1.2 million), which covered c.58% of the core Group's costs whilst
also providing infrastructure and services to the Group and its portfolio
companies;
§ New recurring fund management fees from Martlet Capital of £0.5 million or
c.70% of the 54% annual revenue growth over prior year; and
o £0.5 million from ProAxsis (2023: £0.2 million).
· Group losses for the year were £3.7 million (2023: £2.9
million), comprising:
o £1.5 million attributed to the 'core' of the operations of EMV Capital
(2023: £1.1 million); and
o £2.2 million attributed to the subsidiary portfolio companies ProAxsis
and Glycotest (2023: £1.8 million). The result includes £0.6 million (2023:
£0.7 million) of non-cash impairment charges for ProAxsis. In line with our
capital efficient investment strategy, ProAxsis and Glycotest were funded by
external investors and as such, were not a cash burden to Group operations.
· Total assets decreased to £19.5 million (2023: £22.5 million),
with net assets decreasing to £14.1 million (2023: £17.1 million),
primarily driven by the decrease in value of the direct investments in PDS and
Q-Bot.
· Divestments from PDS Biotech during the period of £0.2 million
(2023: £1.4 million from PDS Biotech and Q-Bot).
· Capital efficient investments during the period of £1.0 million
(2023: £0.1 million) through minimal use of cash.
· Cash on the balance sheet was £1.0 million at 31 December 2024
(2023: £0.2 million), with a further £1.4 million in readily realisable
quoted securities at 31 December 2024 (2023: £4.3 million). The Group has
£1.1 million of cash and £1.0 million as readily realisable quoted
securities at 31 May 2025.
Assets Under Management
· Total assets under management (AUM) (including directly held
assets included in the audited financial statements and those managed for
third parties for which we have carried interest arrangements) increased by
33% to £98.5 million (2023: £74.0 million), comprising:
o Fair Value of direct holdings increased by 6% to £37.7 million (2023:
£35.6 million). These direct holdings may be broken down as follows:
§ £13.4 million of balance sheet investments (2023: £16.4 million), the
decrease in fair value is mainly attributable to Q-Bot, PDS and FOx, partly
offset by increases in fair value of DeepTech Recycling and Wanda; and
§ £24.3 million of subsidiaries and associates at directors'
unaudited valuations (2023: £19.2 million); or
§ £36.3 million for the private unlisted portfolio (2023: £31.3
million) and £1.4 million for the public listed portfolio (NASDAQ-listed PDS)
(2023: £4.3 million).
§ There was £1.9 million of new investments by EMV Capital across the
portfolio (of which £0.1 million was in cash, £0.6 million was through the
issue of EMV Capital plc shares and £1.2 million was in-kind investment) and
a £0.2 million net increase in fair value of existing investments.
o Fair Value of managed and third-party holdings increased by c.58% to
£60.8 million (2023: £38.4 million). These indirect holdings may be broken
down as follows:
§ £35.0 million (2023: £38.4 million) (not included in the audited
financial statements) in respect of syndicated investor portfolio. The
decrease of £3.4 million was mainly due to the conversion of third-party
assets under management in Wanda to a direct 30% equity stake in May 2024, and
the decrease in fair value of Q-Bot;
§ £24.5 million (not included in the audited financial statements)
in respect of the newly added Martlet Capital portfolio, where EMV Capital
Partners Limited (formerly EMV Capital Limited) was appointed as investment
manager in May 2024; and
§ £1.3 million (not included in the audited financial statements)
in respect of our EIS Fund where EMV Capital Partners was appointed as
investment manager in February 2024.
§ There was £0.7 million (not included in the audited financial
statements) for new investments and the fair value of existing investments
decreased by £0.1 million.
· Total AUM as at 31 May 2025 increased further to £103 million
(unaudited), reflecting fair value uplift due to several portfolio
transactions and a Martlet Capital follow-on fundraising. This is composed of
Fair Value of direct holdings of £38.3 million and Fair Value of managed and
third-party holdings of £64.7 million.
Portfolio Size and Fundraisings
· The direct and third-party assets under management portfolio has
expanded to over 70 companies, following our mandate in May 2024 to manage the
Martlet Capital portfolio.
· Across the Group's direct portfolio, an aggregate amount of c.£105
million was raised through equity and debt by 13 companies through to 31
December 2024, and c.£171 million was raised by the Martlet Capital
portfolio. Thus, a total of c.£276 million was raised by our portfolio
companies during 2024.
Commenting on the Outlook for the Group, Dr Ilian Iliev, CEO of EMVC said:
"The Directors believe the Group is well positioned to withstand current
macroeconomic headwinds and capitalise on a future market recovery,
particularly as interest grows in several of the sectors in which we invest.
The Directors believe that the next 'cohort' of outsized venture returns will
come from companies in these sectors, driven by redirections of investment and
M&A flows.
"Although the current climate for investment and exits remains difficult both
in the UK and globally, we see meaningful opportunity amid the disruption. We
remain cautious but are confident in our outlook, underpinned by a resilient
investment model and operating platform. We have a differentiated strategy
that allows us to unlock value from our existing portfolio and build our
position further.
"Most encouragingly, several of our holdings are approaching inflection
points, with the potential to deliver significant investment returns. Looking
ahead, we believe the coming years will bring further momentum, growth, and
strategic progress, cementing EMV Capital as a leading player in deep tech and
life sciences, and delivering long-term value to our shareholders."
The person responsible for arranging the release of this announcement on
behalf of the Company is Ilian Iliev, Chief Executive Officer of the Company.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For more information, please contact:
EMV Capital plc via Rosewood
Ilian Iliev, CEO
Panmure Liberum Limited (NOMAD and Broker) +44 (0)20 7886 2500
Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Rosewood (Financial PR) +44 (0)20 7653 8702
John West / Llewellyn Angus / Lily Pearce
About EMV Capital plc (EMVC)
EMV Capital plc, , is a deep tech and life sciences venture capital investment
group with an international portfolio of high-growth companies.
With a strategic focus on generating superior returns for investors from the
fast-growing sectors and technologies that will define our future; EMV Capital
invests in, manages and strengthens early stage IP-rich companies.
EMV Capital holds both direct equity stakes and carried interest in its
portfolio companies, creating an evergreen structure that supports extensive
growth and value creation. EMV Capital's investment thesis is realised through
these capital sources:
· capital-efficient investments through Group balance sheet;
· fund management of the Evergreen EIS and Martlet Capital Funds;
· syndicated investments leveraging its network of third-party
investors.
EMV Capital's approach is characterised by its proactive management style,
aiming to advance portfolio companies to critical value inflection points by
actively engaging with them. Companies are supported through Board
representation and the use of its Value Creation Services practice.
Headquartered in London, with a Cambridge presence and strong international
links, EMV Capital is quoted on the AIM market of the London Stock Exchange.
www.emvcapital.com (http://www.emvcapital.com)
1. CHAIR'S STATEMENT
The geopolitical and macroeconomic uncertainties highlighted in our 2023
annual report have persisted and, in many respects intensified. The
turbulent 2024 general elections and changes in governments around the world,
particularly in the US and the UK, have only added to this sense of
instability. Across both sides of the Atlantic, access to equity and debt
capital remains limited for both private and public companies. Valuations of
technology-rich companies continue to be volatile and have come under
sustained downward pressure.
Notwithstanding these challenges, our executive team continues to demonstrate
its ability to navigate adversity and complexity. During the year, we
successfully launched our Fund Management practice, having secured FCA
authorisation and taken on the management of the Martlet Capital fund.
As a result, the Group now benefits from a broader and more resilient revenue
mix, comprising:
· recurring fund management fees;
· corporate finance and advisory income;
· board membership compensation; and
· Value Creation Services.
We have now rebranded all these activities under the 'EMV' umbrella, while
continuing to promote the individual identity of funds such as Martlet
Capital.
Investment performance over the last twelve months across our portfolios, both
direct and managed, has been mixed, reflecting the limited opportunities for
exits amid what are difficult IPO markets in the US and Europe, and subdued
appetite for M&A internationally. The executive team remains very closely
involved with all our portfolio companies, guiding and supporting them through
the commercial and financial challenges they face. These efforts have
contributed to a relatively stable overall position, helping to balance out
individual challenges. The performance of each holding is detailed later in
this report.
In December 2024, we completed a small equity placement for EMV Capital Plc at
a 15 per cent premium to market price, to raise gross proceeds of £1.5
million. On behalf of the board, I welcome our new shareholders to the
register, thank our existing shareholders for their continued support, and
acknowledge the meaningful personal investments made by my fellow directors.
Looking ahead, the Directors remain confident that the Group's strategy
positions us well to weather these headwinds, and benefit from market recovery
as interest in our sectors improves. Challenging markets present
opportunities, and our resilient investment model can adapt to changing
circumstances and engage with these. EMV Capital is positioned to benefit from
emerging macro-trends, including the shift to defence and other strategic
industries; re-industrialisation and the move towards UK-centric production;
promised increased capital flows following the Mansion House initiatives; and
broader capital realignment as a result of global changes.
With a diversified and resilient revenue base, strong governance, and exposure
to long-term macro trends, we believe this presents a compelling entry point
for long-term investors. As market sentiment improves, we are well placed to
benefit from renewed interest in high-quality, strategically positioned
venture-backed businesses.
On behalf of the Board, I would like to express our gratitude to our executive
directors, our dedicated EMV employees, our colleagues across our portfolio
companies, and all other stakeholders for their continued support and hard
work.
Dr Charles Spicer,
Chair, EMV Capital PLC
3 June 2025
2. CHIEF EXECUTIVE OFFICER'S STATEMENT
Overview
I am pleased to report that 2024 has been another year of steady progress in
our mission to become a leading venture capital firm focused on the deep tech
and life sciences sectors.
Despite difficult market conditions, we have experienced strong growth in our
total AUM and in the revenues of our 'core' venture capital business
(excluding subsidiary portfolio companies). However, the ongoing weaknesses in
capital markets have affected both private and public market valuations, as
well as the availability of additional capital to support the growth of our
portfolio companies. The increases in AUM and revenue have principally been
driven by organic growth across our portfolio, and operations in our Corporate
Finance and Value Creation Services practices. In addition, we successfully
launched our Fund Management practice following FCA authorisation. This
included two new mandates with our appointment as fund manager of the Martlet
Capital Fund and the relaunch of our EIS Fund.
Despite an overall net increase in fair value and growth in AUM, we were
naturally disappointed by the continued decline in the value of our PDS
Biotech holding (from £4.3 million on 31 December 2023 to £1.4 million on 31
December 2024, including a sale of £0.2 million). Similarly, there was a
significant decrease in the fair value of Q-Bot (direct assets reducing from
£3.8 million on 31 December 2023 to £0.8 million on 31 December 2024 and
third-party assets under management reducing from £8.6 million on 31 December
2023 to £1.8 million on 31 December 2024).
Following our appointment as Martlet Capital fund manager, we now have direct
and indirect interests in more than 70 companies within our portfolio. These
investments have been professionally selected, curated and managed, presenting
our shareholders with exposure to a diverse selection of companies in the deep
tech and life sciences sectors that are at differing stages in their growth
cycles. Notable names within the portfolio include NuQuantum (quantum
computing), Paragraf (graphene-based semi-conductors), Cambridge GaN Devices
(power electronics), Oxford Space Systems (satellite communications). These
and many other standout businesses underscore the quality and potential
embedded within our wider portfolio.
In line with our capital-efficient model, we have continued to use our balance
sheet sparingly. We have held to our commitment that subsidiary portfolio
companies, Glycotest and ProAxsis, should be funded through third party
investment rather than drawing on our cash reserves, and have protected the
value of our holdings in those companies through conversion of outstanding
debts and invoices into follow-on equity funding rounds. Elsewhere in the
portfolio, most notably with Q-Bot and Wanda we have selectively converted
debt and invoices and/or issued EMV Capital PLC shares to protect our
positions.
2024 saw EMV Capital plc continue to make good use of its AIM quotation
demonstrated through the £1.5 million Placing in December 2024, alongside the
issuance of shares to Q-Bot and to several suppliers in lieu of cash. We
continue to see the benefit of our AIM quotation, particularly in our ability
to selectively issue shares to strategic counterparties and as a
differentiator to other VC peers, providing an added layer of 'institution
grade' confidence to co-investors and portfolio companies.
In September 2024, we consolidated the Group's brand, moving from the dual
identities of NetScientific and EMV Capital to a unified brand under the EMV
Capital name. This rebranding marked the culmination of NetScientific's
strategic evolution, following the acquisition of EMV Capital Ltd in 2020,
into a fully integrated venture capital and corporate finance group.
The EMV Capital brand, in use since 2020, is well established and highly
regarded within the sector. The name change was therefore a natural and
logical step towards aligning our external messaging and reinforcing a
cohesive identity across the Group. This streamlining has helped create a
clear 'single firm' perception in the market, while still allowing individual
investment strategies and funds (such as Martlet Capital) to retain their own
distinct sub-brands where appropriate.
Financial and Operational Highlights
Group Performance
· In December 2024 EMV Capital Plc successfully executed a £1.5
million placing of ordinary shares (at a 15% premium to the
previous closing price), with substantial participation by Directors and
management.
· The Group's performance includes the operational core of EMV
Capital plc, EMV Capital Partners and other EMV Capital operating companies,
alongside subsidiary portfolio companies where the Group holds over a 50%
shareholding.
· Group revenue increased to £2.5 million (2023: £1.4 million),
comprising:
o £2.0 million from EMV Capital core revenue, a strong increase of 67%
(2023: £1.2 million), which covered c.58% of the core Group's costs
whilst also providing infrastructure and services to the Group and its
portfolio companies;
§ New recurring fund management fees from Martlet Capital of £0.5
million or c.70% of the 54% annual revenue growth over prior year; and
o £0.5 million from ProAxsis (2023: £0.2 million).
· Group losses for the year were £3.7 million (2023: £2.9
million), comprising:
o £1.5 million attributed to the 'core' of the operations of EMV Capital
(2023: £1.1 million); and
o £2.2 million attributed to the subsidiary portfolio companies ProAxsis
and Glycotest (2023: £1.8 million). The result includes £0.6 million (2023:
£0.7 million) of non-cash impairment charges for ProAxsis. In line with our
capital efficient investment strategy, ProAxsis and Glycotest were funded by
external investors and as such, were not a cash burden to Group operations.
· Total assets decreased to £19.5 million (2023: £22.5 million),
with net assets decreasing to £14.1 million (2023: £17.1
million), primarily driven by the decrease in value of the direct investments
in PDS and Q-Bot.
· Divestments from PDS Biotech during the period of £0.2 million
(2023: £1.4 million from PDS Biotech and Q-Bot).
· Capital efficient investments during the period of £1.0 million
(2023: £0.1 million) through minimal use of cash.
· Cash on the balance sheet was £1.0 million at 31 December 2024
(2023: £0.2 million), with a further £1.4 million in readily realisable
quoted securities at 31 December 2024 (2023: £4.3 million).
Assets Under Management
· Total AUM (including directly held assets included in the audited
financial statements and those managed for third parties for which we
have carried interest arrangements) increased by 33% to £98.5 million (2023:
£74.0 million), comprising:
o Fair Value of direct holdings increased by 6% to £37.7 million (2023:
£35.6 million). These direct holdings may be broken down as follows:
§ £13.4 million of balance sheet investments (2023: £16.4 million), the
decrease in fair value is mainly attributable to Q-Bot, PDS and FOx, partly
offset by increases in fair value of DeepTech Recycling and Wanda.
§ £24.3 million of subsidiaries and associates at directors'
unaudited valuations (2023: £19.2 million); or
§ £36.3 million for the private unlisted portfolio (2023: £31.3
million) and £1.4 million for the public listed portfolio (NASDAQ-listed PDS)
(2023: £4.3 million).
§ There was £1.9 million of new investments by EMV Capital across the
portfolio (of which £0.1 million was in cash, £0.6 million was through the
issue of EMV Capital plc shares and £1.2 million was in-kind investment) and
a £0.2 million net increase in fair value of existing investments.
o Fair Value of managed and third-party holdings increased by c.58% to
£60.8 million (2023: £38.4 million). These indirect holdings may be broken
down as follows:
§ £35.0 million (2023: £38.4 million) not included in the audited
financial statements in respect of syndicated investor portfolio. The decrease
of £3.4 million was mainly due to the conversion of third-party assets under
management in Wanda to a direct 30% equity stake in May 2024, and the decrease
in fair value of Q-Bot;
§ £24.5 million not included in the audited financial statements in
respect of the newly added Martlet Capital portfolio, where EMV Capital
Partners Limited (formerly EMV Capital Limited) was appointed as investment
manager in May 2024;
§ £1.3 million not included in the audited financial statements in
respect of our EIS Fund where EMV Capital Partners was appointed as investment
manager in February 2024; and
§ There was £0.7 million not included in the audited financial
statements for new investments and the fair value of existing
investments decreased by £0.1 million.
· Total AUM at 31 May 2025 increased further to £103 million
(unaudited), reflecting fair value uplift due to several portfolio
transactions and a Martlet Capital follow-on fundraising. This is composed of
Fair Value of direct holdings of £38.3 million and Fair Value of managed
and third-party holdings of £64.7 million.
Portfolio Size and Fundraisings
· The direct and third-party assets under management portfolio has
expanded to over 70 companies, following our mandate in May 2024 to
manage the Martlet Capital portfolio.
· A mixture of direct and advised/carried interest stakes provide a
broad range of potential investment returns, opportunities to
take deeper stakes and generate advisory revenues and broaden our footprint in
the deep tech and life sciences sectors.
· Across the Group's direct portfolio, an aggregate amount of
c.£105 million was raised through equity and debt by 13 companies
through to 31 December 2024, and c.£171 million was raised by the Martlet
Capital portfolio. Thus, a total of c.£276 million was raised by our
portfolio companies during 2024.
Corporate Finance Practice
· EMV Capital Partners syndicates investments from its extensive
network of private, institutional VC, and corporate investors, focusing
on pre-Series A and Series A stages.
· This plays a vital role in the Group's capital-efficient strategy
by, providing third party fundraising support to
portfolio companies.
· Raising investments from EIS investors is central to the EMV
Capital Partners business model, both for supporting the funding
needs of the portfolio and fee generation.
· EMV Capital syndicated £8.6 million (2023: £6.2 million) in new
investments, raising £0.7 million in corporate f finance fees
and commissions from 13 portfolio companies.
· Additional opportunities identified to fundraise for Martlet
Capital portfolio companies, including through a Martlet Capital shareholder
syndicate.
· The new investments helped to unlock additional funding from other
investors and support our portfolio companies in a difficult fundraising
market.
Value Creation Services Practice
· Our in-house operational team, venture partners, and panel of expert
service providers offer support across investment readiness, exit readiness,
IP strategy, corporate collaborations, financial functions, and senior
executive placements.
· EMV Capital actively engages with portfolio companies to drive
venture capital returns through Board
representation and the active use of its Value Creation Services offering.
· EMV Capital has generated Value Creation Services fees of £1.1
million for the year (2023: £0.9 million) from eight portfolio
companies.
· Retained contracts are in place to provide management support
services to several portfolio companies, driving them to key value
inflection points and helping prepare for external investment.
· These companies show strong prospects for significant fair value
increases over the next 12-18 months, with potential for
future exits.
· Over the past three years, five of these companies have generated
£8.5 million in direct fair value increases at a cash and
in-kind services cost of £0.9 million, representing a 9.4x uplift on
investment.
Fund Management Practice
· FCA authorisation:
o In February 2024, EMV Capital Partners became FCA authorised, enabling the
launch of its Fund Management practice.
· New fee income stream:
o EMV Capital has generated Management fees of £0.7 million for the year
(2023: £Nil).
· Martlet Capital:
o In May 2024, EMV Capital Partners took over the management of Martlet
Capital, a well-known Cambridge-based deep tech and life sciences focused VC
fund.
o This appointment brings substantial recurring fund management fees and
exposure to carried interest.
o In addition, EMV Capital acquired the operational management business
of Martlet Capital for a nominal amount (and deferred consideration connected
to receipts of net carried interest from certain proposed future Martlet
Capital funds).
o This transaction represented a transformational milestone for EMV
Capital, jump-starting the Fund Management practice in a
strategically impactful way.
o The transaction was non-dilutive to EMV Capital shareholders.
o Fair Value grew from £23.3 million on appointment to £24.5 million
not included in the audited financial statements at 31 December 2024, of which
£0.1 million relates to new investments and £1.1 million relates to
increases in the fair value of existing investments.
o Martlet Capital saw exits of £0.1 million during the period from
appointment to 31 December 2024.
o During May 2025, Martlet Capital raised an additional c.£1.3 million
for further follow-on investments and working capital purposes.
· EMV Capital Evergreen EIS Fund:
o In February 2024, EMV Capital Partners took over the management of the
re-launched fund, which has a remit to co-invest in EIS qualifying
transactions emerging from the now larger EMV Capital portfolio.
o This appointment brings recurring fund management fees and exposure to
carried interest.
o The Fund selectively co-invests alongside our portfolio (including
Martlet Capital).
o Fair Value grew from £0.7 million on appointment to £1.3 million not
included in the audited financial statements at 31 December 2024, of which
£0.7 million was in new investments and there was a £0.1 million decrease in
fair value of investments.
o We are in discussions with various IFAs and wealth managers to increase
inflows into the Fund, and we anticipate further investments in light of the
tax-driven investments sector remaining resilient in the UK and following
the recent HMRC tax changes.
o The Fund had no exits during the period from appointment to 31
December 2024.
· New opportunities:
o We are actively working on a number of new Fund management
opportunities, with the aim of providing additional investment capability for
existing and new portfolio companies, additional management fee income and
additional carried interest potential.
· Future growth benefits:
o Additional exposure to carried interest from Fund distributions.
o Recurring management fee income from Fund management fees, contributing
to the Group's infrastructure costs.
o Diversified returns profile, increasing investment opportunities,
reducing risk and enhancing potential returns.
o Use of balance sheet selectively to take advantage of opportunities
without over-extending resources.
o Growing ecosystem of co-investors and partners, to enhance investment
prospects and strategic synergies.
o Scale funding capacity to support portfolio and reduce burden of
deal-by-deal funding.
o Reaching critical mass as a VC player in our sectors of choice.
Venture Building Programme
· Through our network and investment activities we periodically
identify interesting businesses that are in distress or undergoing a pivot.
· These typically represent exceptional value, with significant
historic IP investment needing fresh investment and direction.
· The combination of our Corporate Finance investor syndication
capabilities, Value Creation Services team, and pro- active management
skillset has enabled us to engage with several such opportunities whereby we:
o Receive a significant direct stake through minimum cash and/or in-kind
services as part of a restructuring.
o Syndicate of an initial investment to fund a transition/turnaround period.
o Support the companies through our Value Creation Services to achieve key
value inflection points.
o Help build an autonomous management team - enabling EMV Capital to
decrease its involvement.
o Increase and validate fair value through further external investment at a
higher valuation.
o Realise outsized investment returns through partial or full exits.
· After three years of operating this programme there are promising
results. A cohort of five companies have generated
£8.5 million of direct Fair Value from a total of £0.4 million cash
investment and £0.5 million of in-kind services - representing a 9.4x
return in a short period of time.
· We plan to use the experience and playbooks developed in this
cohort to engage with other companies of interest.
DeepTech Recycling DName-iT Ventive Vortex Biosciences Wanda Health
Plastic Waste Chemical Recycling Lab Blood Verification System Heatpump Developer Liquid biopsy / cancer diagnostics Digital health monitoring
Fair Value (FV) stake increase of £1.8m FV stake increase of £1.7m FV stake increase of £0.9m FV stake increase of £2.8m FV stake increase of £1.3m
21.2% direct, 29.3% advised 30.7% direct, 19.1% advised 10.4% direct, 30.2% advised 22.1% direct, 13.9% advised 21.2% direct, 19.3% advised
Strategy and commercial model
EMV Capital operates a distinctive and flexible model that combines direct
investment, fund management, and value creation capabilities. Our strategy is
designed to generate outsized returns through proactive portfolio management,
disciplined capital deployment, and the scaling of a multi-fund platform. By
leveraging our AIM quotation, deep sector expertise, capital light model and
extensive co-investor network, we are building a resilient and
high-performance business that delivers long-term value for shareholders and
stakeholders alike.
· Grow the value of our portfolio company holdings: The Company's
ability to provide Fund Management, Corporate Finance, and Value Creation
Services across its portfolio enables it to identify, nurture, and accelerate
growth. This is achieved through a combination of proactive management,
helping our portfolio companies to secure funds to execute their growth plans,
and protecting our stakes where appropriate. We engage our Value Creation
Services practice to drive ambitious roadmaps, overcome challenges and create
value. Whilst we focus on identifying the future winners, we are skilled in
engaging and supporting portfolio companies that are going through a pivot or
difficult period - protecting shareholder value and driving returns. By
enabling our portfolio companies to realise their full potential and make a
real-world impact, we aim to generate outsized returns for our investors.
· Scale Funds practice: An 'at-scale' Funds practice provides
multiple benefits to the Group and is key to achieving our ambitions. Building
on last year's progress with Martlet Capital and our EIS Fund, we have work in
progress for the launch of an additional VC fund. We are also building the
infrastructure to enable a multi-fund operation.
· Routes to Exits: We anticipate that significant returns to EMV
Capital will come through partial or full sell-downs of our portfolio
companies, supplemented by carried interest returns from growing third party
assets under management. We plan to selectively engage with companies where we
can add value in driving towards an exit strategies and M&A preparedness.
Whilst we remain mindful of the current state of public markets, there may be
IPO candidates as markets start to recover.
· Build a resilient, high-performance firm: This involves investment
and alignment on several levels. The combination of a high-quality team with
the right skillsets, strong processes and IT infrastructure, KPI and reporting
systems, and capacity to execute, is key to scaling our platform, and
delivering on our ambitious plans and roadmap.
· Towards financial self-sufficiency: Starting from nil in 2020, we
now have multiple sources of income. This includes recurring fees from Fund
Management, Corporate Finance and Value Creation Services contracts. We
continue to drive the growth of operating/ongoing income and selective
secondary market partial sales, so that the core platform is autonomous and
does not need shareholder support.
· Capital efficient investment strategy: We use a combination of
funding sources to gain (and increase) direct and indirect stakes in our
portfolio companies, including syndicated investments, selective balance sheet
investments to gain deeper stakes, as well as investments from our Fund
Management practice. This provides us with capital gains opportunities when we
exit portfolio companies through direct disposals and carried interest from
exit realisations for our investor base. Our platform's flexibility allows us
to support portfolio companies from their early stages through to successful
exit.
· Proactive portfolio management: We believe proactive management is key
to obtaining superior returns and protecting the value of our holdings. Our
approach involves taking Board positions, working closely with management, and
maintaining strong relationships with co-investors to coordinate strategies
and objectives. We are an active, engaged investor deploying our expertise.
· International Co-investors ecosystem: Through our portfolio and
wider network, we have extensive exposure to leading VC, corporate and
institutional investors internationally - increasing our network reach and
enhancing opportunities to collaborate and co-invest.
Together, these elements form a scalable commercial model that supports EMV
Capital's ambition to achieve financial self-sufficiency and deliver long-term
value. By combining flexibility with discipline, and a clear focus on value
creation, we are well positioned to respond to changing market conditions and
capitalise on emerging opportunities across the venture capital landscape.
Outlook
The Directors believe the Group is well positioned to withstand current
macroeconomic headwinds and capitalise on a future market recovery,
particularly as interest grows in several of the sectors in which we invest.
Our approach aligns closely with structural shifts taking place across the UK
and EU venture capital and industrial landscapes. Increasingly, the industry
is focusing on deep tech and life sciences, sectors driven by rapid
technological advancements in areas such as artificial intelligence, robotics,
semiconductors, and medical and life science innovation.
This is accompanied by a once-in-a-generation change in the political and
economic environment, with a re-focus on domestic industrial growth, security
and defence, supply chain and infrastructure resilience, and addressing the
growing healthcare challenges. The Directors believe that the next 'cohort' of
outsized venture returns will come from companies in these sub-sectors, driven
by redirections of investment and M&A flows.
Although the current climate for investment and exits remains difficult both
in the UK and globally, we see meaningful opportunity amid the disruption. The
Group is well placed to benefit, given its focused exposure to these critical
industries and its flexible, multi-channel investment model. We remain
cautious but are confident in our outlook, underpinned by a resilient
investment model and operating platform. We have a differentiated strategy
that allows us to unlock value from our existing portfolio and build our
position further.
Whilst challenging market conditions and limited capital availability persist,
we continue to lead and see investment rounds closing out. However, these are
often taking longer, with more investor-friendly terms and smaller amounts
being raised. In response, we are working with companies to streamline funding
needs and decrease cash-burn, whilst still targeting key value inflection
points.
Most encouragingly, several of our holdings are approaching such inflection
points, with the potential to deliver significant investment returns. Looking
ahead, we believe the coming years will bring further momentum, growth, and
strategic progress, cementing EMV Capital as a leading player in deep tech and
life sciences, and delivering long-term value to our shareholders.
Finally, I would like to express my gratitude to our Non-Executive Chair, Dr
Charles Spicer, and Senior Independent Director, Dr Jonathan Robinson, for
their guidance and support throughout this fast-paced and impactful year. I am
also deeply appreciative of our hard-working team, whose commitment and
expertise has been instrumental to all our achievements.
Dr Ilian Iliev
CEO, EMV Capital PLC
3 June 2025
3. PORTFOLIO PERFORMANCE
EMV Capital's direct and third-party assets under management portfolio
consists of more than 70 companies across deep tech and life sciences, varying
in their development stages. A significant number of these companies are
generating commercial revenues or engaging in corporate collaborations.
The Group can invest in portfolio companies both directly (from its balance
sheet), and/or by deploying third party funds where we have a carried interest
arrangement with investors. Therefore, the Group's AUM combine both direct
(balance sheet) holdings and third-party funds with a carried interest
arrangement. The combination of direct and third-party holdings provides for
enhanced returns and influence in our companies in a capital efficient manner.
The combined AUM of direct and third-party holdings is £98.5 million at 31
December 2024 (2023: £74.0 million), and c.£103 million at 31 May 2025
(unaudited).
The direct holdings, as measured by the Directors' Fair Value is £37.7
million, up from £35.6 million in 2023. This increase is primarily due to the
increased value of our privately held subsidiary investments. Our
NASDAQ-listed PDS Biotech investment is down 67% to £1.4 million. The fair
value of the third-party portfolio has increased to £60.8 million, a c.58%
increase from the previous year (2023: £38.4 million).
We apply the BVCA valuation principles in deriving fair value four our
portfolio, as summarised in the tables below.
Table 1: Fair Value of Directly Held Portfolio Holdings
Fair Value of Direct stakes
Portfolio Company Country Technology/ Sector Stage Group Stake (%) Fair Value (m)
2024 2023
Vortex Biotech Holdings Ltd UK/US Medtech: Liquid biopsy Sales 22.1% £3.5 £3.5
Deeptech Recycling Limited UK Waste management: Recycling of plastic Pilot Plant 21.2% £1.8 £0.0
PDS Biotechnology -Nasdaq Listed US Therapeutics: Immuno-oncology Phase 3 and 2 clinical 2.7% £1.4 £4.3
Wanda Connected Health Systems Limited UK/US Medtech: remote patient monitoring Sales 20.2% £1.4 £0.0
EpiBone US Medtech: Regenerative medicine Early clinical 1.4% £1.1 £1.1
SageTech Medical Equipment UK Waste management: anaesthetic gases Commercial 5.0% £0.9 £0.9
Ventive UK Energy: Heat pumps and passive ventilation Sales 10.1% £0.9 £0.9
Q-Bot UK Robotics: construction industry Sales 15.1% £0.8 £3.8
Sofant Technologies UK Semiconductors: satellite antennas Early sales 1.2% £0.5 £0.5
CytoVale US Medtech: Sepsis diagnostics Sales (FDA Cleared) 0.2% £0.4 £0.3
G - Tech Medical US Medtech: Wearable gut monitor Early clinical 3.8% £0.3 £0.3
Martlet Capital UK Venture capital n/a 1.4% £0.2 £0.2
PointGrab IL IoT: Smart building automation Sales 0.4% £0.1 £0.1
QuantalX Neuroscience IL Medtech: brain monitoring Late clinical 0.4% £0.1 £0.1
FOx Biosystems BEL Medtech: Research equipment Sales 3.9% £0.0 £0.4
TOTAL £13.4 £16.4
Table 2: Directors' Valuations of Subsidiaries & Associates (estimates and unaudited)
Directors' Valuations of Subsidiaries & Associates
Portfolio Company Country Technology/ Sector Stage Group Stake (%) Fair Value (m)
2024 2023
EMV Capital UK Venture capital Sales 100% £3.6 £3.5
Glycotest US Medtech: Liver cancer diagnostics Late clinical 52.7% £11.0 £11.0
ProAxsis UK Medtech: Respiratory diagnostics Sales 88.5% £8.0 £3.5
DName-iT UK/BEL Medtech: Lab technology Presales 30.7% £1.7 £1.2
TOTAL £24.3 £19.2
Third-Party Stakes
Carried interest or profit share agreements typically range from 15% to 20% of
accumulated profits earned for investors above a minimum return hurdle rate of
c.10%. Third party AUM are expected to grow through further syndicated
investments in existing and new portfolio companies and the expansion of our
Funds practice. The Consolidated Statement of Financial Position reflects the
owned portfolio as equity investments classified as fair value through other
comprehensive income (FVTOCI) and financial assets classified as fair value
through profit and loss (FVTPL), adhering to the British Venture Capital
Association guidelines widely accepted in the VC community. The fair value of
the below third-party stakes is not included within the Group's audited
financial statements.
Table 3: Fair Value of Third-Party Portfolio Holdings (estimates and
unaudited)
Fair Value of Third-Party Portfolio Holdings
Portfolio Company Country Technology/ Sector Stage AUM (%) AUM Fair Value (m) AUM at Cost (m)
2024 2023 2024 2023
Sofant Technologies UK Semiconductors: satellite antennas Early sales 27.2% £11.8 £8.5 £8.4 £5.6
SageTech Medical Equipment UK Waste management: anaesthetic gases Commercial 24.6% £4.6 £4.4 £4.1 £4.2
PointGrab IL IoT: Smart building automation Sales 19.9% £3.8 £3.5 £4.1 £4.1
Ventive UK Energy: Heat pumps and passive ventilation Sales 30.1% £2.9 £2.2 £1.3 £0.5
Deeptech Recycling Limited UK Waste management: Recycling of plastic Industrial 29.3% £2.5 £1.3 £2.1 £1.3
Vortex Biotech Holdings Ltd UK/US Medtech: Liquid biopsy Sales 13.9% £2.2 £2.2 £1.9 £1.9
Q-Bot UK Robotics: construction industry Sales 21.2% £1.8 £8.6 £7.1 £5.2
Martlet Capital UK Venture capital Sales 6.4% £1.6 £1.5 £1.3 £1.3
Glycotest US Medtech: Liver cancer diagnostics Late clinical 5.8% £1.3 £0.6 £0.9 £0.6
Wanda Health UK/US Medtech: remote patient monitoring Sales 19.2% £1.3 £3.6 £1.1 £3.6
DName-iT UK/BEL Medtech: Lab technology Presales 19.1% £1.1 £0.5 £0.7 £0.5
EpiBone US Medtech: Regenerative medicine Early clinical 1.1% £0.9 £0.3 £0.4 £0.2
ProAxsis UK Medtech: Respiratory diagnostics Sales 9.1% £0.8 £0.4 £0.6 £0.4
Nanotech Industrial Solutions US Material science: Lubricants Sales - - £0.8 - £0.8
TOTAL £36.6 £38.4 £34.00 £30.2
Table 4: Fair Value of Fund Management Portfolio (estimates and unaudited)
Portfolio Company Country Technology/ Sector Stage AUM Fair Value (m)
2024 2023
Martlet Capital Portfolio UK Investment Life Sciences/DeepTech £24.5 £0.0
EMV Capital Evergreen EIS Fund UK EIS Investment Life Sciences/DeepTech £1.3 £0.0
TOTAL £25.8 £0.0
REVIEW OF CORE PORTFOLIO COMPANIES
Glycotest, Inc. ("Glycotest") - Subsidiary (http://www.glycotest.com/)
· Location: Philadelphia, US;
· Technology/Sector: Medtech; Liver cancer diagnostics
· Holding: Direct 52.7% (2023: 52.7%); Advised 5.8% (2023: 5.8%)
· Fair Value: Direct £11.0 million (2023: £11.0 million); Advised
£1.3 million (2023: £0.6 million)
Overview:
Glycotest is a US based liver disease diagnostics company commercialising new
and unique blood tests for life threatening liver cancers and
fibrosis-cirrhosis. The Company was founded in 2012 by EMV Capital (then
NetScientific) on technology originating at the Baruch S. Blumberg Institute
and Drexel University College of Medicine.
Glycotest's lead product, the HCC Panel, is a biomarker panel powered by a
proprietary algorithm for the early detection of curable, early-stage
hepatocellular carcinoma (HCC) - the most common form of primary liver cancer.
The HCC Panel has outperformed the current standard of care blood test in
preliminary clinical studies. Glycotest estimates that the early detection
market for HCC presents a >$800 million opportunity in the US alone.
Glycotest has also developed a blood test for the second most prevalent form
of liver cancer, cholangiocarcinoma, and a blood test for staging liver
fibrosis.
Key developments 2024:
In 2024 the Company has: (1) completed evaluation of multiple technology
partnership options for the glycoproteomic assays to be deployed in the HCC
Panel test; (2) selected the University of Georgia Complex Carbohydrate
Research Center (CCRC) for assay development and initiated collaboration that
has resulted in significant progress; (3) continued advancement toward
database lock for the HCC Panel clinical validation study, which has yielded a
biobank of >1300 samples from evaluable serious liver disease patients - a
hugely valuable asset for validating the HCC Panel test performance; and (4)
closed a $1 million follow-on investment with Chinese pharma Fosun
Industrial Co., Limited, the Company's strategic partner in the vast Chinese
liver disease market.
Work with the CCRC was initiated in Q4 2024 and is progressing well. The CCRC
is a highly regarded center of excellence in the glycosciences with the
expertise and resources essential to the development of the mass
spectroscopy-based assays required for the HCC Panel test. Under the terms
of the agreement, Glycotest is funding the collaboration in exchange for
exclusive commercial rights to the resulting intellectual property.
The further $1 million investment from Fosun has provided important support
for advancement of the HCC Panel toward market launch and enabled the Company
to convert more than $800,000 in loans and accrued interest to preferred
equity according to the terms of the 2023 CLA.
Post-balance sheet date developments:
The company's progress has been hampered by delays in fund-raising, and the
knock-on effects of delays in 2024 in the selection of a mass spectroscopy
partner. The company is continuing to fund-raise under a CLA programme.
Continued progress is contingent on successful fundraising.
Sofant Technologies Limited ("Sofant") (http://www.sofant.com)
· Location: Edinburgh, UK
· Technology/Sector: Semiconductors; Satellite antennas
· Holding: Direct 1.2% (2023: 1.5%); Advised 27.2% (2023: 25.0%)
· Fair Value: Direct £0.5 million (2023: £0.5 million); Advised
£11.8 million (2023: £8.5 million)
Overview:
Sofant is developing next generation phased array antennas for satellite and
terrestrial communications, featuring a high energy efficiency and a modular,
scalable design. Sofant's satellite terminal technology leads the industry in
terms of Size, Weight, Power consumption, and Cost (SWaP-C), enabling mobile
connectivity across a wide range of airborne, land, and sea applications,
including in-flight connectivity (IFC), maritime communications, and
communications on the move (COTM) for both military and commercial
applications. Its low-power passively cooled terminals deliver unparalleled
performance, supporting multi-orbit connectivity across LEO, MEO, and GEO
satellite networks.
Key developments 2024:
During 2024, Sofant successfully raised additional funding from EMV Capital,
Caladan Capital, Scottish Enterprise, and Kelvin Capital. This funding will be
used to complete the development of Sofant's core technology and support the
production and shipment of beta versions of its satellite antenna to lead
customers.
Sofant achieved a major technical breakthrough in its RF MEMS technology,
achieving world-class cycle reliability. The company's receive antenna was
successfully tested on a Viasat satellite in Edinburgh on two separate
occasions, marking a key technical milestone. The final version of the MEMS
device has started production at Silex, with devices due to be assembled into
the satellite terminals by Q4 2025.
Post-balance sheet date developments:
Sofant has experienced significant growth in market interest, particularly in
the aero market, including defence, , commercial, business jet and autonomous
vehicle markets. The company anticipates launch of commercial sales in 2026.
These developments underscore Sofant's continued progress and strategic
positioning in the satellite and terrestrial communications market.
ProAxsis Ltd ("ProAxsis") (https://proaxsis.com/) (https://proaxsis.com/) -
Subsidiary (https://proaxsis.com/)
· Location: Belfast, UK;
· Technology/Sector: Medtech; Respiratory diagnostics
· Holding: Direct 88.5% (2023: 88.5%); Advised 9.1% (2023: 8.6%)
Fair Value: Direct £ 8.0 million (2023: £3.5 million); Advised £0.8 million
(2023: £0.4 million)
Overview:
ProAxsis Limited is a commercial-stage respiratory diagnostics company and a
spin-out from Queens University Belfast. The company has commercialised
activity-based immunoassays targeting Neutrophil Elastase (NE) and Proteinase
3 as biomarkers of lung infection and inflammation in chronic respiratory
diseases such as COPD, cystic fibrosis and bronchiectasis.
This technology has been translated into a point-of-care test (NEATstik®),
designed to enable ongoing rapid monitoring of active NE levels.
Key developments 2024:
During 2024, ProAxsis focused on strengthening its core business, exploring
opportunities to expand into the broader COPD market, and advancing its
patented technology into the second-generation NEATstik - a remote patient
monitoring platform for chronic respiratory conditions. Following a change
programme initiated in 2023, ProAxsis made significant progress in cost
restructuring (losses reduced by 47%), achieved 92% revenue growth to £470k,
and secured grant funding, which have resulted in a leaner business while
maintaining a capital-efficient growth model. A number of products were
discontinued, leading to an impairment of intangibles amounting to £632k. In
addition, advanced plans are in place for a COPD clinical study in partnership
with Imperial College London, to validate the utility of monitoring
exacerbations and unlocking significant revenue channels with Pharma and CROs.
The M&A and Partnership outreach in 2024 generated some interest amongst
corporates, and helped build strategic relationships. While no M&A offers
were received, the Board is focused on continued build-out of value, while
building a relationship with several parties.
Post-balance sheet date developments:
The company is working through a production issue that has led to a delay in
the execution of sales, and also a pause on its previously announced
fund-raise. ProAxsis is in negotiations for a bridging round, to be followed
by an equity raise later in 2025, execution of its pipeline of sales and
launch of the COPD clinical study.
Vortex Biotech Holdings Ltd ("Vortex") (https://vortexbiosciences.com/)
· Location: London, UK;
· Technology/Sector: Medtech; Liquid biopsy
· Holding: Direct 22.1% (2023: 22.1%); Advised 13.9% (2023: 13.9%)
· Fair Value: Direct £3.5 million (2023: £3.5 million); Advised
£2.2 million (2023: £2.2 million)
Overview:
Vortex is developing its proprietary "no touch" microfluidic chip technology,
which captures intact, label-free and pure circulating tumour cells (CTCs)
from blood samples with high yields. These CTCs can then be analysed using a
range of downstream workflows that help to characterise their properties. The
system assists researchers and clinicians in obtaining critical insights from
whole cancer cells that underpin one of the main causes of metastasis,
treatment resistance and disease recurrence. The company was a spin-out from
University of California, Los Angeles, but is now fully based in the UK.
Key developments 2024:
Following a strategy review, the Board of Vortex recognised changes in the
market and fund-raising environment. Consequently, in mid-2024, the business
was restructured to operate on a lower cost base with a leaner team and debt
structure. Operations were consolidated to the UK, completing an orderly
shutdown of US laboratories and reducing group costs by c.40%. Access to the
US markets continues through several research and supplier partnerships. Paul
Reeves (previously CTO) took over as Managing Director. In January 2025, Nigel
Brooksby joined as Non-Executive Chairman, bringing the experience of a long
career in Pharma, including as ex Chair and CEO of Sanofi UK, and senior
positions ag GSK and Pfizer.
The company's strategic objective is to engage with Big Pharma and CRO
organisations as a service provider for clinical trials, while building a
regulatory pathway for its product platform and workflows for broader
roll-out. On this path, Vortex is executing several transformative projects to
realise value inflection, including a clinical study and product platform
improvement. In 2024 Vortex completed a technical feasibility study
indicating that the VTX-1 platform is one of the very few technologies capable
of isolating clinically important clusters of CTCs.
Funding during this period has been provided through shareholder loans, with
close support from EMV's Value Creation Services, enabling the company to
execute the pivot and prepare for a third party fundraising.
Post-balance sheet date developments:
In Q1 2025 Vortex launched a clinical validation study with the University of
Maryland School of Medicine. The study involves 50 patients with progressive
breast cancer and will assess integration of the VTX-1 with UMB's cutting-edge
Tetherchip technology, which enables the isolation of cells in a
"free-floating" form, offering a unique view of these cells and their
behaviour.
Vortex is now planning a fund-raise to get the company to first sales with
Pharma and CROs.
SageTech Medical Equipment Ltd ("SageTech") (https://www.sagetechmedical.com/)
· Location: Devon, UK
· Technology/Sector: Waste management; Anaesthetic gases
· Holding: Direct 5.0% (2023: 5.1%), Advised 24.6% (2023: 25.2%)
· Fair Value: Direct £0.9 million (2023: £0.9 million); Advised
£4.6 million (2023: £4.4 million)
Overview:
SageTech is a medical device and pharmaceutical company specialising in the
research, design, manufacture, and distribution of technologies for capturing
and recycling waste volatile anaesthetic agents in both human and animal
healthcare. Its circular economy solution safely captures volatile anaesthetic
agents (sevoflurane, isoflurane, desflurane) through selective adsorption onto
a reusable capture canister, preventing the climate impact caused by these
gases and reducing exposure to clinical staff.
Key developments 2024:
After several years of cautious development, SageTech has had a breakout year
in terms of market traction. In late summer 2024, SageTech concluded paid for
trials with Independent Vetcare, the UK's largest corporate veterinary group,
with the potential to extend the contract to circa 1,000 practices in the UK
and a further 1,500 outside the UK. In October 2024, a Linnaeus (Mars UK) paid
for trial finished early, meeting success criteria well ahead of schedule.
Linnaeus has started to roll out the SageTech solution to the rest of its UK
group of 400 clinics, with discussions underway to expand adoption across Mars
Veterinary Health clinics outside the UK. Engagement with further corporate
groups has commenced, and sales activity to independent clinics, representing
an estimated 30% of the UK market is now underway. SageTech's solution is now
listed in all UK veterinary wholesalers, ensuring availability to the whole
market. In Spring 2025, SageTech secured a contract with the Royal Veterinary
College, ranked the #1 vet school in the world.
In the human healthcare channel, against a backdrop of challenges in NHS
finances, the company has accelerated commercialisation efforts in the EU. In
March 2024, the European Union introduced regulations to outlaw atmospheric
release of certain fluorinated chemicals, including anaesthetic gases. This
has come into law across all member states. SageTech has now signed
distribution agreements in Spain, The Netherlands, Belgium and Switzerland.
Post-balance sheet date developments:
Funding for the business has continued from EIS investors, including support
by EMV Capital's network and other key shareholders. The company requires
further funding to progress its business plan, with a fund-raise underway.
Deeptech Recycling Technologies Limited ("DeepTech Recycling")
(https://www.deeptech-recycling.co.uk/)
· Location: Oxfordshire, UK;
· Technology/Sector: Waste management; Recycling of plastic
· Holding: Direct 21.2% (2023: 30.0%), Advised 29.3% (2023: 0.0%)
· Fair Value: Direct £1.8 million (2023: £Nil); Advised £2.5
million (2023: £1.3 million)
Overview:
DeepTech Recycling is a UK-based technology company addressing the global
environmental crisis caused by the insufficient and unsustainable management
of plastic waste. Its technology converts currently unrecyclable plastic
waste, that would normally be landfilled or incinerated, into oil that can be
used by the petrochemical industry as feedstock for producing virgin quality
plastic. The company's mission is to make plastic sustainable and support the
critical global transition towards a circular economy for plastics. DeepTech
Recycling is pursuing a capital efficient investment approach, whereby plastic
recycling plants are set up as SPVs funded by end users and feedstock
suppliers, whilst the company provides the design and operates under a
licensing arrangement.
Key developments 2024:
During 2024, DeepTech Recycling opened new technology development facilities
in Oxfordshire and accelerated its push towards commercial deployment. The
company is working through a pipeline of customer and partner driven projects,
each with the potential to generate revenues and value uplift in 2025 and
beyond. Its main focus is on:
· A 7,000 tonne per annum commercial mixed plastic waste recycling
plant in Norway, where the company has agreed Heads of Terms with Norwegian
industrial partners.
· A commercial demonstration plant in the UK, following a signed
MOU in 2023 with a major packaging producer active in the UK and EU markets,
and the successful completion of proof-of-concept (in a Small Pilot Plant) and
feasibility studies in 2024.
· Development commercial capacity to recycle waste polystyrene in
Europe, where the company has completed proof-of-concept testing and is now in
joint development discussions with a major Central European Group and producer
of expanded polystyrene.
With these developments and routes to commercial deployment, the company
believes it has a strong position in a growing market, amidst a growing
awareness around the essential role of chemical recycling in dealing with the
environmental challenges of plastic waste and ensuring sustainable, circular
polymer production.
In October 2024, the company welcomed Simon Ashby-Rudd as Chairman of the
board. Simon brings over 30 years of extensive financial services experience
in the energy sector and will play an important role as the company
accelerates its commercial efforts and enters the next stages of growth.
Post-balance sheet date developments:
EMV Capital led investment rounds into the company in 2024 and 2025, achieving
significant fair value uplift. The company has formed an SPV with its Norway
partners and is in advanced negotiations with Norwegian investors.
PointGrab ("PointGrab") (https://www.pointgrab.com/)
· Location: Tel Aviv, Israel;
· Technology/Sector: IoT; Smart building automation
· Holding: Direct 0.4% (2023: 0.5%); Advised 19.9% (2023: 18.7%)
· Fair Value: Direct £0.1 million (2023: £0.1 million); Advised
£3.8 million (2023: £3.5 million)
Overview:
PointGrab provides an IoT-based, AI powered office workspace optimisation
solution, built on an edge-analytics sensing platform. Used by Fortune 500
companies globally, the platform helps organisations save up to 40% on real
estate and facility management expenses. The solution offers features like
occupancy data, energy saving, air quality monitoring, and smart facilities
management, while the edge-analytics system prioritises privacy and data
security. The company has deployed 10,000+ sensors in 40 countries, serving 45
Fortune 500 companies.
PointGrab's offering has supported the transition to hybrid working patterns
post-COVID-19, including workplace density monitoring and social distancing.
Key developments 2024:
Under a new CEO with an enterprise software sales background (HP, cyber
security), the Board reviewed its strategy and go-to-market approach. This
reset has meant that sales have accelerated, costs have been reduced, and
R&D has focused onto new products that fit new office working trends. The
company is now well positioned for continued growth in 2025.
Post-balance sheet date developments:
Reflecting the challenging global and Israeli VC markets, the company has been
supported by shareholders' investments, while positioning itself for further
growth, with an ongoing fund-raising mandate for EMV Capital.
Ventive Limited ("Ventive") (https://ventive.co.uk/)
· Location: London, UK;
· Technology/Sector: Energy; Heat pumps and passive ventilation
· Holding: Direct 10.1% (2023: 11.1%); Advised 30.1% (2023: 24.9%)
· Fair Value: Direct £0.9 million (2023: £0.9 million); Advised
£2.9 million (2023: £2.2 million)
Overview:
Ventive designs and manufactures intelligent heating and ventilation solutions
that make buildings healthier, more comfortable, energy efficient, and
affordable. Leveraging advances in building physics and airflow dynamics, the
company develops solutions for both commercial and residential settings.
Its early innovation (Windhive®) has already secured a position in the
commercial HVAC market, delivering passive heat recovery to school buildings
with near zero running costs. The technology is now evolving into a go-to
solution for creating healthy spaces in multi-occupancy buildings. For
residential use, its all-in-one HOME heat pump for domestic dwellings provides
ventilation, heating, and hot water through an intelligent exhaust-air heat
pump with whole-house air handling system. The heat pump is designed to
address the challenges of the Energy Transition, reducing installation
complexity and moving people to clean-running, super-efficient heating and
cooling solutions.
Key developments 2024:
In November 2024, Ventive closed a c.£900,000 investment, led by EMV Capital,
to support the completion of the design, test phase, and factory build for its
modular heat pumps, as well as further development of its passive air
ventilation product range. The package included ongoing non-dilutive funding
from the £1.5 million Department for Energy Security and Net Zero grant, and
a £100,000 UK Government grant focused on 'net zero HVAC' systems. Ventive's
natural ventilation system has now been installed in over 30 schools and 5
leisure centres with excellent air quality results being achieved.
In 2024 the company experienced some setbacks, particularly the insolvency of
its manufacturing partner, QM Systems. In response, the board-led strategy
review led to a shift toward greater in-house design and supply chain
capabilities. The streamlined strategy focuses on early pilots and product
testing ahead of decisions on scale-up strategy. This has enabled a
significant cutback on the funds needed to get to market launch and allowed
the company to keep flexibility around who the manufacturing partner will be,
and in what markets.
Post-balance sheet date developments:
Ventive has now shipped prototypes to various locations in the EU for early
testing, ahead of CE mark testing later in 2025, and market launch thereafter.
Further progress is contingent on the company executing a fundraising.
DName-iT Ltd ("DName-iT") (http://www.dnameit.com) - Equity Accounted as an
Associate
· Location: Cambridge, UK
· Technology/Sector: Medtech; Lab technology
· Holding: Direct 30.7% (2023: 32.7%); Advised 19.1% (2023: 16.0%)
· Fair Value: Direct £1.7 million (2023: £1.2 million); Advised
£1.1 million (2023: £0.5 million)
Overview:
DName-iT is a UK-based spin-out from the world-renowned Katholieke
Universiteit Leuven. Its laboratory solution addresses the identification and
elimination of sample handling errors in Next Generation Sequencing (NGS)
tests used in high-priority areas like cancer diagnostics, precision medicine,
and non-invasive prenatal testing (NIPT). DName-iT has created proprietary
molecular barcodes based on its two ground-breaking patents - one for DNA
barcodes used for economic pooling of NGS samples, and one for sample
identification. These DName(TM) barcodes, combined with DName-iT's software
that analyses the barcodes in sequencing results, create the DName(TM)
platform - a solution that highlights NGS laboratory process problems such as
sample swaps, sample and reagent cross contamination. This significantly
increases confidence in sequencing results, which have become ever more
important to clinicians and patients.
Key developments 2024:
The Board's strategy for DName-iT has been to maintain a lean capital
efficient strategy, while validating the business case and exploring
alternative monetisation strategies, including licensing. During 2024, the
Company raised c.£0.3 million to fund two distinct streams of
commercialisation activity, both of which hold significant potential for
growth and value creation.
The first being progressing the DName(TM) platform, achieving significant
milestones including Medical Device Class 1 registration in both the UK and
EU, commencing DName(TM) shelf-life testing with ProAxsis (a company in the
EMV Capital portfolio), and receiving notification that its 2017 "DName
barcodes" patent will be granted in 2025 in both the US and Europe (adding to
prior approvals in China, Japan and India).
The second stream builds on the recognition that DName-iT's 2007 "Barcoding
for economic pooling" patent has significantly more potential licensing
opportunities than originally anticipated. Similar licensing programmes in the
NGS sector have resulted in multi-million dollar agreements. Out-bound
licensing activities started in 2024, and the company is now focused on
developing a licensing strategy that will unlock the patent's full commercial
potential. This includes defending patent rights, challenging potentially
overlapping patents in Europe and the US, and actively pursuing patent
licensing opportunities in UK, Europe and the US.
Post-balance sheet date developments:
In Q2 2025, the company moved its presence to Cambridge, benefitting from EMV
Capital's footprint in the high-tech cluster, gaining access to biotech and
medtech talent, as well as potential early adopters of its technology. It
continues to maintain a close relationship with K.U. Leuven. Further progress
is contingent on funding from investors.
Wanda Health ("Wanda") (https://www.wandahealth.com/)
· Location: Bristol, UK and US;
· Technology/Sector: Medtech; Remote patient monitoring
· Holding: Direct 20.2% (2023: 0.0%); Advised 19.2% (2023: 95.2%)
· Fair Value: Direct £1.4 million (2023: £Nil); Advised £1.3
million (2023: £3.6 million)
Overview:
Wanda Health is an intelligent platform for remote patient monitoring and
virtual care. It empowers healthcare providers and payers with early detection
of patient exacerbations, enabling faster interventions, preventing adverse
events, and improving patient adherence. Wanda's platform helps reduce
hospitalisation and readmission rates by collecting and analysing patient data
from home or community settings. Originally a spin-out from UCLA, the company
is now headquartered in Bristol, UK, with sales and operational presence in
the US.
Key developments 2024:
Following several years of product platform development, refinement, and
commercial pilots, Wanda Health achieved significant commercial traction in
the US market in 2024, which has continued into 2025. The company is
onboarding several Healthcare Providers as well as a National Pharmacy Benefit
Manager. Wanda has also signed strategic collaborations with The American
Heart Association and the COPD Foundation. Platform capabilities have
continued to expand, allowing it to address the growing Remote Therapeutic and
Chronic Care Management segments, and sign a new partnership with device
suppliers such as Ola Digital. It has successfully transitioned to the latest
versions of its Quality Management and Information Security ISO standards and
has a Pre Submission meeting with the FDA to discuss its Platform submission
for 510K clearance in the coming months.
Following acquisition of a 30% stake in May 2024 for £0.1 million, and a
fundraising in December 2024, our stake is now valued at £1.4 million (2023:
£Nil).
Post-balance sheet date developments:
After a first close in Q4 2024, the company closed an EMV Capital led £1.1m
funding round in April 2025, supporting the scale-up of the business. While
the company's Annual Recurring Revenue is forecast to increase, there are
various operational risks in a scale-up stage, so EMVC is closely monitoring
and supporting the growth of its Board and senior management to handle the
scale-up challenge.
Q-Bot Limited ("Q-Bot'') (https://q-bot.co/)
· Location: London, UK;
· Technology/Sector: Robotics; Construction industry
· Holding: Direct 15.1% (2023: 15.6%); Advised 21.2% (2023: 32.4%)
· Fair Value: Direct £0.8 million (2023: £3.8 million); Advised
£1.8 million (2023: £8.6 million)
Overview:
Q-Bot is an award-winning robotics company developing robust, purpose-built,
software-enabled robot solutions for the built environment, and in particular
retrofit of underfloor insulation. Its robots-enabled platform and workflow
solution is used to survey, monitor, and install underfloor insulation in
floor voids. Having already been deployed in over 5,000 homes across the UK
and France, Q-Bot is helping to improve energy efficiency, increase home
comfort, and align with new regulations around decarbonisation. Q-Bot is
seeking to capture a significant share of the underfloor insulation market in
the UK and internationally, whilst exploring new applications in construction
robotics.
Key developments 2024:
Following regulatory and public spending changes in 2023, paired with a
challenging VC funding environment, Q-Bot faced growth challenges in its
direct installation service and experienced insufficient working capital.
The Board led a strategy review, which concluded that having established the
market for robot-enabled underfloor insulation through its own direct
installation team, the company needed to pivot to a streamlined
robot-as-a-service business and wind down the direct installation team. The
pivot to this lighter model was completed in early 2025, with team size
reduced from a 2024 high of 70 people to 13, while operating expenditure was
reduced by over 60%. There have also been a number of changes in senior
personnel.
Following this transition, all installations will be completed through
partners using the Q-Bot robot platform for which service and usage fees are
paid. This enables the company to focus on robot development and support,
operate on a lean cost base, and expand its partner network across the UK and
EU to grow underfloor insulation revenues.
Q-Bot had several fundraisings in 2024 led by EMV Capital Partners. The last
one was in December 2024 where it raised £0.6 million of a first closing of
its £1.3 million fundraising with advance subscription agreements and
convertible loan agreements. The Group entered into an unsecured convertible
loan agreement with Q-Bot for c.£350k, which includes interest accruing at
14% p.a., an 18-month maturity date with the Group with the ability to convert
some or all of the loan into further equity at a 70 per cent discount, a
conversion being at the discretion of the Group other than where Q-Bot raises
£3 million, and in which case conversion is mandatory. The Group also issued
EMV Capital plc paper to the company for £0.6 million and converted in kind
services of £0.1 million. The equity valuation will be priced in a future
conversion event. In order to derive a valuation we have taken the lower
conversion cap in the CLA, equivalent to £4.8 million post money equity
valuation. On that basis, our equity stake has a fair value of £817k (2023:
£3,804k).
Post-balance sheet date developments:
Reflecting the challenges of a pivot in a slow VC market and operational
setbacks, the company raised funding, led by EMV Capital, at a substantial
discount to previous valuations. The Board is cautiously optimistic for the
company's prospects, now based on a leaner platform with a clear and focused
strategy and a strong product-market fit. Nevertheless, significant risks
remain including around execution, team stability, market take-up and
fund-raising.
In late May the company launched a pre-emptive funding offer to provide up to
£1 million funding through to breakeven. The anticipated post-money valuation
of Q-Bot following completion of that funding offer is c.£5 million. A new
CEO has been appointed with growth and partnership experience.
EpiBone, Inc. ("EpiBone") (https://www.epibone.com/)
· Location: New Jersey, US;
· Technology/Sector: Medtech; Regenerative medicine
· Holding: Direct 1.4% (2023: 1.3%), Advised 1.1% (2023: 0.3%)
· Fair Value: Direct £1.1 million (2023: £1.1 million); Advised
£0.9 million (2023: £0.3 million)
Overview:
EpiBone is a regenerative medicine company developing patient-specific
skeletal implants using adult stem cells harvested from fat and bone marrow.
By integrating 3D imaging, stem cell science, and proprietary bioreactor
technology, EpiBone is pioneering a new category of personalised skeletal
reconstruction. The company is focused on addressing the $32bn bone and joint
reconstruction market with three clinical-stage products: engineered bone
grafts, lab-grown cartilage, and an injectable form of cartilage ("liquid
cartilage"). EpiBone is the first company to receive FDA clearance for stem
cell-based bone implants in human use.
Key developments 2024:
EpiBone was awarded a $450k National Institutes of Health (NIH) grant to
support clinical work in craniofacial reconstruction (funding on pause), and a
$74k AFWERX grant to explore early feasibility of EpiBone's osteochondral
("EB-OC") platform with the U.S. Air Force. It was also honoured as runner-up
at the 2025 Abu Dhabi Global Health Week Innovation Awards, a regional
milestone that highlights the company's integration into the Middle East
healthcare innovation ecosystem.
Reflecting challenging markets, the company pivoted to a lower cost operating
model. This has included setting up operations in the United Arab Emirates and
preparing regulatory submissions in both the UAE and Thailand, with initial
trials targeting knee cartilage craniofacial bone and osteoporosis
indications. With this new structure, the company expects accelerated growth
from a more efficient cost base, whilst continuing its strong network and
presence in the US.
The company has continued to be funded by its investors, with a $2 million
shareholder-led funding round in 2024.
Martlet Capital Limited ("Martlet") (https://martletcap.com/)
· Location: Cambridge, UK
· Technology/Sector: Venture capital; Deeptech and Life Sciences
· Holding: Direct 1.1% (2023: 1.1%); Advised 6.4% (2023: 6.4%)
· Fair Value: Direct £0.2 million (2023: £0.2 million); Advised
£24.5 million - portfolio fair value (2023: £1.5 million)
Overview:
Martlet Capital is an early-stage investor based in Cambridge, providing
patient capital to IP-rich, deep tech, and life sciences B2B startups with
high growth potential, including Paragraf, Nu Quantum, Xampla, Infinitopes,
and Cambridge GaN Devices. Martlet Capital (and its predecessor entity) has
invested in more than 65 startups since its launch in 2011 and has had some
notable exits. In 2021, EMV Capital co-led the spin-out of Martlet Capital
from Marshall Group and a fundraising to scale its investment activity.
Key developments 2024:
In May 2024, EMV Capital Limited was appointed as investment manager to
Martlet Capital Limited to manage, on a discretionary basis, its portfolio of
investments. In addition, EMV Capital acquired the operational venture capital
business of Martlet Capital.
In early 2024 (prior to the EMV Capital mandate), Martlet Capital participated
in a number of investment rounds, including first time investments in
OctaiPipe (collaborative AI platform), Radiant Matter (biomaterials for colour
effects), and follow on investments in Oxford Space Systems (deployable
antennas for space) and Dogtooth (robotics for fruit harvesting). Since then,
Martlet has made further modest investments including in Techspert (in
December 2024) and Xampla (in April 2025).
Several portfolio companies completed later stage funding rounds including
Echion (fast charging battery materials) and Cambridge GaN Devices (energy
efficient power devices).
The fund has grown in value by 5.1% since EMVC was appointed as fund manager
in May 2024 to £24.5 million. The company has had exits of £0.1 million
during the period from appointment to 31 December 2024.
Post-balance sheet developments: In May 2025, EMV Capital led a further
investment of £1.3 million into Martlet Capital, providing further funds.
Several of its portfolio companies executed follow-on investments including
Converge ($22 million), Stroll (£10.3 million) and Cambridge GaN Devices
(£32 million).
PDS Biotechnology Corporation ("PDS"), PDSB (NASDAQ)
(http://www.pdsbiotech.com)
· Location: Princeton, NJ, US
· Technology/Sector: Therapeutics; Immuno-oncology
· Holding: Direct 2.7% (2023: 3.5%)
· Fair Value: Direct £1.4 million (2023: £4.3 million); (£1.0
million as of 31 May 2025)
Overview:
PDS Biotechnology is a late-stage immunotherapy company focused on
transforming how the immune system targets and kills cancers. The Company has
initiated a pivotal clinical trial to advance its lead program in advanced
HPV16-positive head and neck squamous cell cancers (HNSCC). PDS Biotech's lead
investigational targeted immunotherapy, Versamune® HPV, is being developed in
combination with a standard-of-care immune checkpoint inhibitor, and also as a
triple combination therapy that includes PDS01ADC, an IL-12 fused antibody
drug conjugate (ADC), and a standard-of-care immune checkpoint inhibitor.
Key developments:
Despite challenging conditions in the US public market for biotech companies,
and a fall in market capitalisation of c.60% to $66 million, PDS has continued
to progress its clinical roadmap, with positive results reported in its
clinical programmes. In September 2024, the Company announced data as of the
latest data cut of the VERSATILE-002 single-arm, Phase 2 trial. Versamune®
HPV plus pembrolizumab continued to be well tolerated in the first-line
recurrent and/or metastatic HPV16-positive HNSCC population. Enrolment in the
trial is complete, while published data demonstrated positive results.
Post-balance sheet date developments:
The Company announced the initiation of the VERSATILE-003 Phase 3 clinical
trial evaluating Versamune® HPV in HPV16-positive Head and Neck Cancer.
Additionally, the Company raised up to $22 million in February 2025 (of which
$11 million was in shares and a further amount of up to $11 million in
potential warrant exercise monies). The company will present results from its
Phase 2 and Phase 3 clinical programme at the prestigious American Society of
Clinical Oncology (ASCO) Annual Meeting in 30 May - 3 June 2025.
MONITORING PORTFOLIO
We have further minority investments in several companies that we monitor but
have no active involvement or board representation, some of which may result
in significant returns to EMV Capital upon exit.
1. CytoVale, Inc., USA (http://cytovale.com) is a UCLA spin-out that
applies machine learning and high-speed imaging to detect diseases in
real time.
In 2023 Cytovale received FDA 510(k) clearance for its IntelliSep® test to
aid in the early detection of sepsis for the approximately 30 million adult
patients, with signs and symptoms of infection, who present to US emergency
departments (ED) each year. On the back of this development the company
accelerated its Busdev efforts.
In September 2024, Cytovale secured $100 million Series D funding to advance
commercialisation of its transformative sepsis diagnostic tool, led by Sands
Capital.
EMVC Interest: Direct investment fair value of £410k (2023: £333k).
2. G-Tech Medical, Inc., USA (http://www.gtechmedical.com) is
developing a wearable technology to measure gastrointestinal motility. Key
developments include an FDA 510k clearance submission and improved
second-generation patches.
EMVC Interest: Direct investment fair value of £425k (2023: £418k).
3. QuantalX Limited, Neuroscience, Israel (https://quantalx.com/)
is developing DELPHI MD, a precise and objective brain evaluation tool for
early prevention of brain degeneration. Key developments include FDA
breakthrough designation.
EMVC Interest: Direct investment valued at approximately £59k (2023: £58k).
4. Cetromed is a life sciences holding company with several portfolio
companies spun out of the University of Leuven, Belgium, a leading European
research institution. EMV Capital acquired 75% control in 2021 for a modest
amount.
EMVC Interest: The fair value of the investment in CetroMed is £279k (2023:
£277k).
5. Nanotech Industrial Solutions, Inc., USA manufactures spherical
nanoparticles of additives intended to be used for greases, industrial
lubricants and metalworking fluids. Due to business restructuring taking place
during the year, the fair value has been written down to £Nil (2023: £0.8
million).
6. FOx Biosystems, Research equipment, Belgium entered into a Belgian
insolvency process in January 2025. The Fair Value has been written down to
£Nil (2023: £362k).
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Continuing Operations Notes 2024 2023
£000's £000's
Total Income 2,924 3,778
Revenue 2,450 1,445
Cost of sales (360) (219)
Gross profit 2,090 1,226
Other operating income 474 2,333
Research and development costs (1,174) (1,480)
General and administrative costs (4,010) (3,960)
Other costs (766) (758)
Loss from continuing operations 5 (3,386) (2,639)
Share of loss of equity accounted associate (175) (125)
Finance income 26 34
Finance expense (200) (171)
Loss before taxation (3,735) (2,901)
Income tax credit 15 -
Total Loss for the year all from continuing operations (3,720) (2,901)
Owners of the parent (3,058) (2,643)
Non-controlling interests (662) (258)
(3,720) (2,901)
Basic and diluted loss per share from continuing operations attributable to
owners of the parent during the year:
Continuing operations 6 (12.6p) (11.2p)
From loss for the year (12.6p) (11.2p)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023
£000's £000's
Loss for the year (3,720) (2,901)
Other comprehensive loss:
Exchange differences on translation of foreign operations 4 (22)
Change in fair value of equity investments classified as FVTOCI (3,440) (5,769)
Total comprehensive loss for the year (7,156) (8,692)
Attributable to:
Owners of the parent (6,523) (8,482)
Non-controlling interests (633) (210)
(7,156) (8,692)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Notes 2024 2023
£000's £000's
Assets
Non-current assets
Property, plant and equipment 8 134 139
Right-of-use assets 122 255
Intangible assets 9 2,037 2,757
Investments in equity-accounted associates 10 1,111 1,283
Equity investments classified as FVTOCI* 11 13,389 16,441
Financial assets classified as FVTPL** 12 637 232
Total non-current assets 17,430 21,107
Current assets
Inventory 81 52
Trade and other receivables 13 991 934
Cash and cash equivalents 14 1,002 365
Total current assets 2,074 1,351
Total assets 19,504 22,458
Liabilities
Current liabilities
Bank overdraft 14 - (165)
Trade and other payables 15 (3,891) (2,814)
Lease liabilities (78) (141)
Loans and borrowings 16 (510) (464)
Total current liabilities (4,479) (3,584)
Non-current liabilities
Lease liabilities (49) (127)
Loans and borrowings 16 (898) (1,635)
Total non-current liabilities (947) (1,762)
Total liabilities (5,426) (5,346)
Net assets 14,078 17,112
Issued capital and reserves
Attributable to the parent
Called up share capital 17 1,368 1,179
Warrants 42 42
Share premium account 76,013 74,217
Capital reserve account 237 237
Equity investment reserve 4,068 7,508
Foreign exchange reserve 1,326 1,351
Accumulated losses (67,956) (66,702)
Equity attributable to the owners of the parent 15,098 17,832
Non-controlling interests (1,020) (720)
Total equity 14,078 17,112
*Fair value through other comprehensive income
**Fair value through profit and loss
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Shareholders' equity
Share capital Share premium Capital reserve Equity investment reserve Accumul-ated losses Foreign exchange and capital reserve Total Non-controlling interests Total equity
£000's £000's £000's £000's £000's £000's £000's £000's £000's
Warrants
£000's
1 January 2023 1,174 42 74,175 237 13,277 (64,486) 1,421 25,840 (598) 25,242
Loss for the period - - - - - (2,643) - (2,643) (258) (2,901)
Other comprehensive (loss)/income -
Foreign exchange differences - - - - - (70) (70) 48 (22)
-
Change in fair value of equity investments classified as FVTOCI - - - (5,769) - - (5,769) - (5,769)
-
Total comprehensive loss - - - (5,769) (2,643) (70) (8,482) (210) (8,692)
-
5 - 42 - - - - 47 - 47
Issue of share capital
Changes in proportion of equity by non-controlling interest - - - - - 353 - 353 88 441
- - - - 74 - 74 - 74
Share-based payments -
31 December 2023 1,179 42 74,217 237 7,508 (66,702) 1,351 17,832 (720) 17,112
Loss for the period - - - - - (3,058) - (3,058) (662) (3,720)
Other comprehensive income/(loss) -
Foreign exchange differences - - - - - (25) (25) 29 4
-
Change in fair value of equity investments classified as FVTOCI - - - (3,440) - - (3,440) - (3,440)
-
Total comprehensive loss - - - - (3,440) (3,058) (25) (6,523) (633) (7,156)
189 - 1,817 - - - - 2,006 - 2,006
Issue of share capital
- - (21) - - - - (21) - (21)
Cost of share issue
Decrease in subsidiary shareholding - - - - - 1,741 - 1,741 333 2,074
- - - - - 63 - 63 - 63
Share-based payments
31 December 2024 1,368 42 76,013 237 4,068 (67,956) 1,326 15,098 (1,020) 14,078
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Notes 2024 2023
£000's £000's
Cash flows from operating activities
Loss after income tax (3,720) (2,901)
Adjustments for:
Depreciation of property, plant and equipment 8 50 49
Depreciation of right-of-use assets 133 165
Amortisation of intangibles 228 248
Impairment of intangibles 9 632 684
Estimated credit losses on trade receivables 13 19 -
Loss/(gain) on available for sale investments 52 (476)
Gain on loss of control of subsidiary - (1,448)
Fair value movement during the year on convertible debt (1) (24)
Share-based payments 63 74
R&D tax credit (18) (29)
Foreign exchange movement (42) 17
Share of associate loss 174 125
Finance income (26) (34)
Finance costs 201 171
Tax credit (15) -
(2,270) (3,379)
Changes in working capital
(Increase)/decrease in inventory (29) 24
(Increase) in trade and other receivables (514) (315)
Increase in trade and other payables 954 529
Cash used in operations (1,859) (3,141)
Income tax received 75 -
Net cash (used) in operating activities (1,784) (3,141)
Cash flows from investing activities
Disposal of available for sale investments 200 1,396
Receipt of derivative financial assets - 162
Capitalisation of development costs (140) (322)
Purchase of property, plant and equipment 8 (45) (44)
Purchase of derivative financial assets (3) (43)
Purchase of available for sale investments - (37)
Net cash from investing activities 12 1,112
Cash flows from financing activities
Proceeds from loans and borrowings 231 1,302
Proceeds from issue of equity instruments by subsidiary 1,039 353
Proceeds from share issue 1,516 21
Lease payments (153) (188)
Repayment of loans and borrowings (39) (99)
Share issue costs (21) -
Net cash from financing activities 2,573 1,389
Increase/(decrease) in cash and cash equivalents 801 (640)
Cash and cash equivalents at beginning of year 200 852
Exchange differences on cash and cash equivalents 1 (12)
Cash and cash equivalents at end of year 14 1,002 200
NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION FOR THE YEAR ENDED 31 DECEMBER
2024
1. GENERAL INFORMATION
The Company is a public limited company incorporated on 12 April 2012 and
domiciled in England with registered number 08026888 and its shares are listed
on the Alternative Investment Market (AIM) of the London Stock Exchange. The
address of the registered office is C/o Azets, Burnham Yard, London End,
Beaconsfield, Buckinghamshire HP9 2JH.
2. BASIS OF PREPARATION
The preliminary results of the year ended 31 December 2024 have been extracted
from audited accounts which have not yet been delivered to Companies House.
The financial information set out in this announcement does not constitute
statutory accounts for the year ended 31 December 2024.
The report of the auditors on the statutory accounts for the year ended 31
December 2024 was qualified and did not contain a statement under Section 498
of the Companies Act 2006. The financial statements for the year ended 31
December 2024 included in this announcement were authorised for issue in
accordance with a resolution of the Board of Directors on 3 June 2025.
3. GOING CONCERN
Net Assets at the end of 2024 were worth £14.1 million, including realisable
quoted assets of £1.4 million. The quoted share price as of 31 May 2025 was
$1.38 giving a fair value of the PDS investment of £1.0 million.
To support its going concern analysis, the Directors have prepared and
reviewed budget cashflows and stress-tested the assumptions and sensitivities
in case of reduced and no revenue growth and increased expenses, in the
context of the broader economic environment. For the period to June 2026, the
Group requires (including subsidiaries) a minimum of approximately £2.8
million to continue as a going concern. EMV Capital PLC, EMV Capital Partners
Ltd and other operational subsidiaries require £0.8m, while the subsidiary
portfolio companies Glycotest and ProAxsis require c.£2.0 million.
This amount can be financed through several options, either on their own or in
combination. The subsidiary companies plan to be funded by external financing,
as they have done in 2023 and 2024 through convertible loans, equity or debt
finance. The Board's plans for satisfying the going concern needs of the core
of EMV Capital PLC, EMV Capital Partners and other operating subsidiaries are
primarily based on service fees for corporate finance, value creation
services, fund management and other fees. Any remaining gap could be funded
through a mixture of placement of EMV Capital shares, debt facility or
selective secondary sales of portfolio assets.
While these various options are available, some or all may not be executed.
The Group and Company is dependent on additional funding being raised which is
not guaranteed. Accordingly, this indicates the existence of a material
uncertainty which may cast significant doubt on the Group's and Company's
ability to continue as a going concern and therefore it may be unable to
realise its assets and discharge its liabilities in the ordinary course of
business. The Directors will continue to manage its cashflows and obligations,
closely monitor performance, and maintain a flexible approach to new
opportunities.
The Directors have a reasonable expectation that the additional funding will
be raised successfully. As such, they continue to adopt the going concern
basis of accounting in preparing the financial statements. Accordingly, the
financial statements do not include any adjustments that would be necessary if
the Group and Company were unable to continue as a going concern.
4. SIGNIFICANT ACCOUNTING POLICIES
The Group financial statements have been prepared in accordance with UK
adopted international accounting standards as they apply to the financial
statements of the Group for the year ended 31 December 2024. The principal
accounting policies adopted in the preparation of the financial information
have been consistently applied to all the years presented.
While the financial information included in this preliminary announcement has
been prepared in accordance with IFRS, this announcement does not in itself
contain sufficient information to comply with IFRS. The Group expects to
publish full financial statements by 6 June 2025.
5. LOSS FROM CONTINUING OPERATIONS
The loss before income tax is stated after charging/(crediting):
2024 2023
£000's £000's
Depreciation of property, plant and equipment (see note 8) 50 49
Amortisation of right-of-use assets 133 165
Amortisation of intangibles (see note 9) 228 248
Fair value movement during the year on convertible debts (see note 12) (1) (24)
Estimated credit losses on trade receivables (see note 13) 19 -
Net foreign exchange losses 3 7
Fees payable to the Company's auditor for the audit of the Company's financial 9 9
statements
Audit of the Company's subsidiaries pursuant to legislation 82 77
6. LOSS PER SHARE
The basic and diluted loss per share is calculated by dividing the loss for
the financial year by the weighted average number of ordinary shares in issue
during the year. Potential ordinary shares from outstanding vested options at
31 December 2024 of 1,565,877 (2023: 1,462,353) are not treated as dilutive as
the entity is loss making.
2024 2023
£000's £000's
Loss attributable to equity holders of the Company
Continuing operations 3,058 2,643
Total 3,058 2,643
Number of shares
Weighted average number of ordinary shares in issue 24,274,314 23,517,012
7. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
The Group had the following subsidiaries at 31
December 2024:
Name Primary trading address Country of Proportion of Proportion of Proportion of ownership interest held by non-controlling Proportion of ownership interest held by non-controlling
incorporation ownership interest ownership interest interests Interests
or registration at 31 December 2024 at 31 December 2023 at 31 December 2024 at 31 December 2023
NetScientific UK Limited (a) UK 100.0% 100.0% - -
EMV Capital Partners Limited (b) UK 100.0% 100.0% - -
EMV Support Services Limited (b) UK 100.0% 100.0% - -
EMV Director Services Limited (b) UK 100.0% 100.0% - -
EMV Capital Technology Limited (b) UK 100.0% N/a - N/a
Martlet Capital Management Limited (b) UK 100.0% N/a - N/a
Martlet Capital Directors Limited * (c) UK 100.0% N/a - N/a
ProAxsis Limited * (i), (ii) (d) UK 90.7% 100.0% 9.3% -
CetroMed Limited (a) UK 75.0% 75.0% 25.0% 25.0%
Frontier Biosciences Limited *
(a) UK 75.0% 75.0% 25.0% 25.0%
Frontier Oncology Limited *
(a) UK 75.0% 75.0% 25.0% 25.0%
NetScientific America, Inc. (e) USA 100.0% 100.0% - -
Glycotest, Inc. (i), (ii) (f) USA 55.9% 62.5% 44.1% 37.5%
For all undertakings listed above, the country of operation is the same as its
country of incorporation or registration.
* Held via an intermediate holding company.
(i) ProAxsis Ltd and Glycotest, Inc., have ordinary and preferred share
classes while all the other ownerships shown above relate to ordinary
shareholdings.
(ii) Options and convertible loan notes have been issued by ProAxsis Ltd
and Glycotest, Inc. which if exercised would dilute the Company's shareholding
by 11.0% and 5.2% respectively.
Registered office address:
(a) Azets, Burnham Yard, London End, Beaconsfield, Buckinghamshire, HP9
2JH
(b) 25 Old Burlington Street, London W1S 3AN
(c) 9 Hills Road, Cambridge, CB2 1GE
(d) Unit 1B, Concourse Building, 3, Catalyst Inc, Titanic Quarter, 6
Queens Road, Belfast, BT3 9DT, Northern Ireland
(e) 1650 Market Street, Suite 4900, Philadelphia, Pennsylvania,
19103-7300, United States of America
(f) 613 Schiller Avenue, Merion, Philadelphia, Pennsylvania, PA 19066,
United States of America
The addresses listed above are also the registered offices of the relevant
entities.
In the prior year on the 30 June 2023 the Group became a minority shareholder
for subsidiary DName-iT Holdings Limited as the shareholding went below 50%.
8. PROPERTY, PLANT AND EQUIPMENT
Leasehold Improvement Furniture, fittings and equipment Plant and machinery Totals
£000's £000's £000's £000's
Cost
At 1 January 2023 105 69 243 417
Additions 28 5 11 44
At 31 December 2023 133 74 254 461
Additions 41 3 1 45
At 31 December 2024 174 77 255 506
Depreciation
At 1 January 2023 63 38 172 273
Charge for the year 14 11 24 49
At 31 December 2023 77 49 196 322
Charge for the year 17 9 24 50
At 31 December 2024 94 58 220 372
Net book value
At 31 December 2024 80 19 35 134
56 25 58 139
At 31 December 2023
(i) Leasehold improvements of £100k are funded by a
loan (2023: £100k).
9. INTANGIBLE ASSETS
Goodwill Carry Interest Arrangements Development costs Investment Acquisition Costs Licenses and Patents Total
£000's £000's £000's £000's £000's £000's
Cost
At 1 January 2023 669 1,627 1,470 17 50 3,833
Additions - - 322 - - 322
At 31 December 2023 669 1,627 1,792 17 50 4,155
Additions - - 140 - - 140
At 31 December 2024 669 1,627 1,932 17 50 4,295
Accumulated amortisation and impairment
At 1 January 2023 - 379 74 - 13 466
Amortisation charge - 163 79 - 6 248
Impairment charge - - 684 - - 684
At 31 December 2023 - 542 837 - 19 1,398
Amortisation charge - 163 60 - 5 228
Impairment charge - - 632 - - 632
At 31 December 2024 - 705 1,529 - 24 2,258
Net book value
At 31 December 2024 669 922 403 17 26 2,037
At 31 December 2023 669 1,085 955 17 31 2,757
Further ProAxsis development costs of £140k (2023: £322k) have been
capitalised during the year in line with the accounting policy as certain
projects meet all the criteria for development costs to be recognised as an
asset as it is probable that future economic value will flow to the Group.
During the year ProAxsis booked an impairment charge of £632k (2023: £684k)
in relation to development costs that no longer met the criteria for
recognition. Discounted future revenues and cashflows were assessed to
determine impairments in a number of product lines of capitalised development
costs where it has been assessed that recoverability is not possible.
10. INVESTMENTS IN ASSOCIATES
The following entities have been included in the consolidated financial
statements using the equity method:
Name Country of Proportion of Proportion of
incorporation ownership interest ownership interest
principle place of business at 31 December 2024 at 31 December 2023
DName-iT Holdings Limited UK/Belgium 45.5% 48.5%
Oncocidia Limited UK 36.0% 37.9%
2024 2023
£000's £000's
At 1 January 1,283 -
Additions 3 1,408
Share of Associate losses (175) (125)
At 31 December 1,111 1,283
11. EQUITY INVESTMENTS CLASSIFIED AS FVTOCI
Represent equity securities classified as FVTOCI
2024 2023
£000's £000's
At 1 January 16,441 22,743
Additions 628 37
Disposals (252) (920)
Conversion of financial assets classified as FVTPL - 400
Change in fair value during the year (3,428) (5,819)
At 31 December 13,389 16,441
Name Country of incorporation % of issued share capital 2024 £2023
£000's £000's
PDS Biotechnology Corporation USA 2.7% 1,410 4,279
EpiBone, Inc. USA 1.4% 1,138 1,107
CytoVale, Inc. USA 0.2% 410 333
G-Tech, Inc USA 3.8% 340 334
PointGrab Israel 0.4% 74 72
QuantalX Israel 0.4% 59 58
FOx Biosystems NV Belgium 3.9% - 483
Vortex Biotech Holdings Limited UK 22.1% 3,499 3,499
DeepTech Recycling Limited UK 21.2% 1,800 3
Wanda Connected Health Systems Limited
UK 20.2% 1,351 -
Ventive Limited UK 10.11% 937 937
SageTech Medical Equipment Limited
UK 5.0% 887 887
Q-Bot Limited UK 15.1% 817 3,804
Sofant Technologies Limited UK 1.2% 475 453
Martlet Capital Limited UK 1.1% 192 192
At 31 December 13,389 16,441
12. FINANCIAL ASSETS CLASSIFIED AS FVTPL
Warrants & Convertible Loans classified as FVTPL 2024 2023
£000's £000's
Balance at 1 January 232 693
Additions 399 43
Repayment - (162)
Additional accrued interest 5 34
Conversion to equity investments classified as FVTOCI - (400)
Change in fair value during the year 1 24
637 232
Balance at 31 December
13. TRADE AND OTHER RECEIVABLES
2024 2023
£000's £000's
Current:
Trade receivables 417 317
Other receivables 202 251
Accrued income 206 158
Taxation 62 104
Prepayments 104 104
991 934
Total Trade and Other Current Receivables
The carrying value of trade and other receivables classified at amortised cost
approximates fair value. The Group does not hold any collateral as security
against any trade and other receivables.
14. CASH AND CASH EQUIVALENTS
2024 2023
£000's £000's
Cash and cash equivalents 1,002 365
Bank overdraft - (165)
1,002 200
The cash held within subsidiary Glycotest, Inc., of £53k (2023: £18k) is not
freely available for use within the wider group as it would need the consent
of a minority shareholder.
15. TRADE AND OTHER PAYABLES
2024 2023
£000's £000's
Current:
Trade payables 1,307 840
Other payables 908 318
Accruals 1,120 1,318
Deferred Income 556 338
3,891 2,814
The carrying value of trade and other payables classified as financial
liabilities measured at amortised cost approximates fair value.
16. LOANS AND BORROWINGS
2024 2023
£000's £000's
Total falling due within one year 510 464
Total falling due after more than one year 898 1,635
Total 1,408 2,099
The maturity of the loans are as follows:
Amounts falling due within one year on demand 510 464
Amounts falling due between one and two years 898 1,515
Amounts falling due between two and five years - 120
17. CALLED UP SHARE CAPITAL
Authorised, issued and fully paid: 2024 2023
£000's £000's
27,357,555 ordinary shares of 5p each (2023: 23,574,303 of 5p each) 1,368 1,179
On 9 December 2024, the Company issued 3,000,000 ordinary shares of 5p each at
an issue price of £0.50 per new share, a 15 per cent premium to the
mid-market closing price of an ordinary share on 2 December 2024, raising
gross proceeds of £1,500k and net funds of £1,479k after deducting fees of
£21k.
On 30 July 2024, the Company issued 411,727 of 5p ordinary shares to
participate directly in the Q-Bot Fundraising at a price of £0.85 per
consideration share, a 35 per cent. premium to the closing price of the
Company's ordinary shares on 29 July 2024.
On 5 February 2024 the Company announced the exercise by John Clarkson (the
Company's former Chair) of options over 254,977 ordinary shares in the capital
of the Company for an aggregate exercise price of £116,015 and the
subscription for 116,548 new ordinary shares in the capital of the Company at
a price of £0.626 per share by John Clarkson and two other service providers
to the Company in settlement of services provided by them to the Company to
such value.
18. POST BALANCE SHEET EVENTS
EMV Capital Plc/Q-Bot:
On 31 December 2024, EMV Capital announced that the Company was issuing to
Q-Bot 409,836 new ordinary shares as part of a £1.3m Q-Bot first close of a
fundraising programme, at a price of £0.61 per new share, a 25.5 per cent
premium to the closing price of the Company's ordinary share price on 30
December 2024. The shares were allotted on 3 January 2025. The total share
capital of the Company consists of 27,767,391 ordinary shares from 3 January
2025.
In late May Q-Bot launched a pre-emptive funding offer to provide up to £1
million funding through to breakeven.
ProAxsis:
On 3 February 2025, ProAxsis provided an update on financial and operational
progress, which included significant growth in revenues and reduction in costs
in 2024 and plans for a fundraising programme to raise up to £800,000, to
deliver commercial progress towards profitability, following a significant
reduction in losses. The fundraising programme has been paused, pending
resolution of a production issue that has resulted in delayed sales.
PDS Biotech:
On 27 February 2025, PDS Biotech announced it had raised up to $22
million through a registered direct offering priced at-the-market under
Nasdaq rules with $11 million upfront and up to an additional $11
million of aggregate gross proceeds upon the cash exercise in full of
warrants.
On 7 March 2025, PDS Biotech announced that it had initiated its VERSATILE-003
Phase 3 Clinical Trial Evaluating Versamune® HPV in HPV16-Positive Head and
Neck Cancer with the activation of the first trial site with additional
clinical sites to follow.
On 22 May 2025, PDS Biotech announced Positive Extended Follow-Up Data for
VERSATILE-002 and Additional Trials Evaluating Versamune® HPV to be Presented
at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting.
Martlet Capital:
On 23 May 2025, Martlet Capital completed an EMV Capital led £1.3 million
additional investment for further follow-on investments and working capital
purposes as part of a first close.
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