REG-Final Results
22/04/2026 11:45
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260422:nGNE7yS680&default-theme=true
FORESIGHT ENTERPRISE VCT PLC
LEI: 213800MWJNR3WZZ3ZP42
22 April 2026
Final results
31 December 2025
Foresight Enterprise VCT plc, managed by Foresight Group LLP, today announces
the final results for the year ended 31 December 2025.
These results were approved by the Board of Directors on 21 April 2026.
The Annual Report will shortly be available in full at
www.foresightenterprisevct.com. All other statutory information can also be
found there.
FINANCIAL HIGHLIGHTS
* Adding back dividends paid of 5.9p to Net Asset Value (“NAV”) at the
year-end of 49.8p, gives a NAV Total Return per share for the year of 2.2%.
* The value of the investment portfolio increased by £9.5 million in the
year. This was driven by an investment sale and loan repayment totalling £8.9
million exclusive of interest, offset by £14.0 million of new and follow-on
investments and an increase of £4.4 million in the valuation of investments.
* Six new investments costing £7.9 million and 11 follow-on investments
costing £6.1 million were made during the year.
* The Company fully exited its investment in Hospital Services Group Limited,
realising gains of £7.6 million in the period. Including accrued interest of
£0.5 million, the investment returned proceeds of £9.3 million on
completion.
* A special dividend of 3.1p per share was paid on 16 May 2025, returning
£9.8 million to Shareholders.
* An interim dividend of 2.8p per share was paid on 18 July 2025, returning
£8.8 million to Shareholders.
* The offer for subscription launched on 6 January 2026 was closed to
applications on 29 January 2026 and raised a total of £38.6 million after
expenses.
1. Definitions of these Alternative Performance Measures (“APMs”) can be
found in the Glossary on page 120 in the Annual Report.
CHAIR’S STATEMENT
“I am pleased to present the audited Annual Report and Accounts for the year
ended 31 December 2025 and to report a Net Asset Value Total Return of 2.2%
for the year, including a dividend yield of 12.6%.”
Portfolio overview
49
Investments as at 31 December 2025
£4.4m
Increase in valuation of investments in the year ended 31 December 2025
£8.9m
Cash proceeds generated from loan repayments and disposal of investments in
the year ended 31 December 2025
As we publish the Annual Report and Accounts, the geopolitical situation
remains a matter of concern, with heightened global tensions, shifting trade
dynamics, and continued uncertainty influencing economic conditions across
markets. These external factors have created a challenging backdrop for
businesses and investors alike, underscoring the importance of resilience,
disciplined management, and a clear strategic focus.
Overview of 2025
The UK economy continued its gradual recovery in 2025, building on the modest
progress seen in 2024. Economic growth strengthened slightly, with UK GDP
forecast to have expanded by around 1.5% over the year, fuelled in part by
increased public spending and real wage growth. Nevertheless, this improvement
was tempered by ongoing global uncertainty, trade policy instability and a
labour market showing signs of softening as the year progressed.
The Company’s portfolio in aggregate performed well against this backdrop,
aided by its regional diversification. Though some individual investee
companies are still struggling with weak consumer demand, supply chain issues
and labour shortages, the Manager continues to work closely with such
companies to help them manage through these difficulties.
On the other hand, other investee companies are flourishing and we are
encouraged by some profitable exits recently as the M&A market has started
to pick up. In the year ended 31 December 2025, the valuation of investments
in the portfolio increased by £4.4 million, excluding the impact of exits and
new investments.
Strategy
The Board believes that it is in the best interests of Shareholders to
continue to pursue a strategy of:
* Payment of annual dividends of at least 5% of the NAV per share based on the
opening NAV per share of that financial year
* Growth in Net Asset Value Total Return above a 5% annual target while
continuing to grow the Company’s assets
* Maintaining a programme of regular share buybacks at a discount of 5%,
subject to market conditions
* Implementation of a significant number of new and follow‑on investments
every year, exceeding deployment requirements to maintain VCT status
Central to the Company being able to achieve these objectives is the ability
of the Manager to source and complete attractive new qualifying investment
opportunities and exits.
Performance and portfolio activity
Net Asset Value per share decreased from 54.5p at 31 December 2024 to 49.8p
at 31 December 2025; however, this reduction is largely the mechanical result
of distributing 5.9p in dividends over the year. When those dividend payments
are added back, the NAV Total Return per share was 2.2% for the year. This
highlights that, despite the lower year‑end NAV, Shareholders experienced a
meaningful gain once income distributions are taken into account. The NAV
Total Return per share from an investment in the Company’s shares made five
years ago is 38.3% in total or circa 7.7% per annum, which is well above the
minimum target return set by the Board of 5% per annum. Exceeding this target
is at the centre of the Company’s current and future portfolio management
objectives. Factoring in the 30% upfront income tax relief as well as fees
paid on entry, a 5% discount on buyback, and assuming that dividends are
reinvested when paid, £10,000 invested on 1 January 2021 would have yielded
£15,979 as at 31 December 2025, representing a capital gains tax‑exempt
gain of £5,979 or an 12.0% average return per annum. Note this does not
include a potential further £2,124 tax‑credit receivable on dividends
reinvested.
During the year, the Manager completed six new investments and 11 follow-on
investments totalling £7.9 million and £6.1 million respectively. The
Manager successfully disposed of Hospital Services Group Limited, generating
proceeds of £9.3 million, including £0.5 million of accrued interest, with
potential for a further £0.4 million of deferred consideration in the coming
years. Including the £0.9 million of cash returned during the investment
period, this represents an exceptional return of 8.2 times the original
investment.
The Manager also exited two challenged businesses, Biotherapy Services Limited
and Vio Healthtech Limited, for nil proceeds during the period and received a
£0.1 million loan repayment from Positive Response Corporation Ltd. Further
details of these investments and realisations can be found in the Manager’s
Review.
After the year end, the Company made one new and four follow-on investments
totalling £4.5 million. Further details of these investments can be found in
the Manager’s Review.
The Manager continues to see a good pipeline of potential investments sourced
through its regional networks and well-developed relationships with advisers
and the SME community. It is also focused on supporting the existing portfolio
through the current economic climate. Following the successful fundraise
launched in January 2026, the Company is in a position to fully support the
portfolio, where appropriate, and exploit potential attractive investment
opportunities.
An offer for subscription to raise further funds was launched on 6 January
2026. The offer was closed to applications on 29 January 2026 and raised gross
proceeds of £40.0 million, £38.6 million after expenses, as detailed in the
post-balance sheet events in note 20 of the Annual Report. The Board would
like to thank those existing Shareholders who supported this offer and welcome
all new Shareholders to the Company.
The Board and the Manager are confident that a number of new and follow‑on
investments can be achieved this year. Details of each of these new, existing
and former portfolio companies can be found in the Manager’s Review.
Responsible investing
The analysis of environmental, social and governance (“ESG”) issues is
embedded in the Manager’s investment process and these factors are
considered key in determining the quality of a business and its long-term
success. Central to the Manager’s responsible investment approach are five
ESG principles that are applied to evaluate investee companies, acquired since
May 2018, throughout the lifecycle of their investment, from their initial
review and acquisition to their final sale. Every year, these portfolio
companies are assessed and progress is measured against these principles. More
detailed information about the process can be found on pages 52 to 55 of the
Manager’s Review in the Annual Report.
Dividends
A special interim dividend of 3.1p per share was declared on 15 April 2025
based on an ex-dividend date of 1 May 2025 and a record date of 2 May 2025.
This dividend was paid on 16 May 2025, returning £9.8 million to
Shareholders. Additionally, an interim dividend of 2.8p per share was declared
on 24 June 2025 based on an ex-dividend date of 3 July 2025 and a record date
of 4 July 2025. This dividend was paid on 18 July 2025, returning £8.8
million to Shareholders.
As noted in prior Annual Report and Accounts, and in light of the change in
portfolio towards earlier-stage, higher‑risk companies as required by the
VCT rules, the Board felt it prudent in 2020 to adjust the dividend policy
towards a targeted annual dividend yield of 5% of NAV per annum. The Board and
the Manager’s aspiration is that this may be enhanced by additional special
dividends as and when particularly successful portfolio exits are made.
Buybacks
Buybacks in the year totalled £4.3 million and the Board is pleased to have
achieved an average discount of 5.0% to the Net Asset Value per share. The
Board continues to have an objective of maintaining buybacks at a discount of
5%, subject to market conditions.
Management charges
The annual management fee is an amount equal to 2.0% of net assets, as it was
in the prior year. If the ongoing charges of the Company, as defined in the
Glossary of Terms, exceed 2.35%, the Company is entitled to reduce the fees
paid to the Manager by the amount of the excess and is borne by the Manager
through a reduction in its fees. The excess for the year ended 31 December
2025 was £284,000 (excess for the year ended 31 December 2024: £nil).
Board composition
The Board continues to review its own performance and undertakes succession
planning to maintain an appropriate level of independence, experience,
diversity and skills in order to be in a position to discharge all its
responsibilities.
The forthcoming AGM will be my last as a Director and Chair of the Company. My
sincere thanks go to you as Shareholders and to the Manager for your support
during the past nine years. I know the Company is in good hands and I wish it
and each of you further success in the future.
Annual General Meeting
The Company’s Annual General Meeting will take place on 11 June 2026 and we
look forward to meeting as many of you as possible in person. Please refer to
the formal notice on pages 116 to 117 in the Annual Report for further details
in relation to the format of this year’s meeting.
We would encourage you to submit your votes by proxy ahead of the deadline of
1.30pm on 9 June 2026 and to forward any questions by email to
InvestorRelations@foresightgroup.eu in advance of the meeting.
Changes to upfront income tax relief on VCTs
In the November 2025 Budget, the government confirmed that upfront income tax
relief on new VCT investments would fall from 30% to 20% from 6 April 2026.
Although this reduction is disappointing, it is important to note that the
tax‑free status of VCT dividends and capital gains will remain unchanged.
Alongside this, the government also outlined plans to raise the investment
limits for VCT qualifying businesses.
The overall effect of these changes on the VCT sector is still uncertain. A
decrease in tax relief may reduce fundraising activity, particularly during
the 2026/27 tax year. However, we continue to view VCTs as an attractive
option for investors, especially at a time when fewer tax‑efficient planning
opportunities are available elsewhere. We will also keep advocating against
this change and highlighting the vital contribution that VCTs make to the
wider economy by supporting early‑stage companies, encouraging innovation
and boosting employment.
Outlook
The UK economy entered 2026 with cautious signs of improvement before the
outbreak of conflict in Iran added significant uncertainty to the outlook.
Recent forecasts now expect UK GDP growth of around 1.1% in 2026, downgraded
from earlier projections amid escalating energy costs and weakening confidence
across households and businesses. Inflation, previously on track to ease
towards the Bank of England’s 2% target, is now projected to remain elevated
and potentially end the year higher than previously expected due to sustained
energy price movements.
The conflict has intensified global geopolitical risks, with economists
warning that prolonged disruption to oil and gas supplies could weigh more
heavily on UK growth, hinder prospects for interest rate cuts and raise the
threat of stagflation later in the year.
Consumer confidence and business investment remain fragile, with private
sector investment forecast to contract in 2026 amid reduced profitability,
weaker real income growth and tighter fiscal pressures. In addition,
uncertainties around long‑term fiscal credibility and the durability of the
government’s policy platform have the potential to unsettle financial
markets further. These economic conditions may prove challenging for our
investee companies, which are unquoted, small, early‑growth businesses and
therefore more exposed to fluctuations in demand, labour market constraints
and limited liquidity compared with larger listed companies.
Nonetheless, the Company’s current portfolio of investments is highly
diversified by number, business sector, size and stage of development and
overall has already demonstrated its relative resilience in recent difficult
economic and geopolitical circumstances. We are confident that this approach
will continue to provide some protection in future volatile
market conditions.
The Manager is continuing to see a promising pipeline of potential
investments, both new and follow-on, which are sourced nationally through its
established regional network. The recent, successful fundraise will provide
the necessary resources to make selective acquisitions from emerging
investment opportunities. Although economic growth may be subdued, and markets
potentially turbulent, in the months ahead, we believe the Company’s
generalist and diversified portfolio continues to be well positioned to
generate long-term value for Shareholders.
Michael Gray
Chair
21 April 2026
MANAGER’S REVIEW
As at 31 December 2025, the Company’s portfolio comprised 49 investments
with a total cost of £86.5 million and a valuation of £118.6 million.
Portfolio diversification
Technology, Media & Telecommunications (cost 38% | valuation 33%)
Healthcare (cost 26% | valuation 26%)
Industrials & Manufacturing (cost 14% | valuation 10%)
Business Services (cost 13% | valuation 14%)
Consumer & Leisure (cost 8% | valuation 9%)
Other (cost 1% | valuation 8%)
Portfolio summary
The portfolio is diversified by sector, transaction type and maturity profile.
Details of the ten largest investments by valuation, including an update on
their performance, are provided on pages 29 to 33 in the Annual Report.
In the year to 31 December 2025, the value of the investment portfolio
increased by £9.5 million as a result of £14.0 million of new and follow-on
investments and an increase of £4.4 million in the valuation of investments,
offset by a strong exit and a loan repayment realising £8.9 million of cash.
Overall, the portfolio has performed reasonably well despite uncertainty in
the wider market, notably significant geopolitical issues, the UK Budget and
tariffs.
In line with the Board’s strategic objectives, we remain focused on growing
the Company through further development of NAV Total Return. Although in the
year under review, the Company fell short of this target with a NAV Total
Return of 2.2%, the average annual total return over five years of 7.7% shows
that the Company remains broadly on track over a longer time horizon.
New investments
Although the UK M&A market had begun to improve in the latter half of 2025,
supported by falling inflation and interest rates, the landscape has shifted
following the outbreak of war in Iran and the resulting disruption to global
oil supply chains, rising energy prices and heightened inflationary pressures.
These factors, together with ongoing disruption from AI and other emerging
technologies, require careful consideration when assessing new investment
opportunities and in managing portfolio companies.
We have continued to invest in our deal origination capabilities and
identified a large number of potentially attractive investment opportunities
during the year.
Over the course of 2025, six new investments were completed, investing a total
of £7.9 million. New investments were across healthcare, manufacturing,
marketing and tech-enabled services. Behind these, there continues to be a
strong pipeline of opportunities that we expect to convert during the next 12
months. Follow-on investments totalling £6.1 million were also made in 11
existing investee companies.
Ad Signal Limited
In March 2025, the Company completed a £1.5 million investment into Ad
Signal, a provider of digital content management software for the media and
entertainment industry. The company’s founder has strong technical skills
and significant experience in developing content management solutions. The
investment will enable the company to develop further tools to support its
customers and add further blue-chip clients. To support these growth
ambitions, we invited Tom Toumazis MBE to join the team as Non-Executive
Chair. Tom brings a wealth of experience in the media and entertainment
industry, as well as being involved with several early-stage technology
businesses.
Aircards Ltd
In August 2025, the Company completed a £1.5 million investment into
Aircards, a specialist technology-led augmented reality (“AR”) marketing
agency, delivering end‑to-end immersive experiences to a range of
international blue-chip clients. Aircards has a strong core agency offering,
supported by two potentially exciting technology products. The investment will
help fund continued growth, professionalise operations and commercialise a
scalable product set.
MyWay Digital Health Ltd
In August 2025, the Company invested £1.5 million into MyWay Digital Health,
a UK-based digital health company delivering a leading diabetes
self-management platform. Spun out from the University of Dundee in 2017,
MyWay Digital Health empowers patients and clinicians through integrated
personal health records, real-time device data and tailored education. The
investment will enable the company to accelerate growth, enhance operational
capacity and position itself for a strategic exit.
Bloemteknik Limited
In October 2025, the Company invested £1.0 million into Bloemteknik, a
Cardiff-based provider of precision light‑emitting diode (“LED”)
lighting systems for commercial greenhouses and vertical farms. The company
was founded in 2023 by two former General Electric (“GE”) horticulture
executives and has since built a reputation for best-in-class product
performance. The investment will support the commercialisation of a
proprietary software platform and further penetration into existing and new
geographies.
EnterpriseJungle, Inc
In November 2025, the Company invested £1.7 million into EnterpriseJungle,
trading as EnterpriseAlumni, a category leader in corporate alumni engagement
software. The software provides a platform for global enterprises to build
branded alumni communities that drive rehire and referral hiring, brand
advocacy and network-led business development. The investment will help scale
the business and accelerate growth initiatives.
Asiaverify Limited
In December 2025, the Company invested £0.7 million into Asiaverify, an
intelligence platform that provides data and insights into more than 447
million entities across 13 Asian jurisdictions. The platform is used by global
businesses performing Know Your Business (“KYB”) and Anti-Money Laundering
(“AML”) checks when engaging with merchants and suppliers in Asia. The
investment will allow continued product development and expansion of the
marketing and sales teams.
Follow-on investments
Given the size of the portfolio, the number of follow-on investments relative
to new deals remains high, a trend that is expected to continue. These
follow-on investments are to support further growth initiatives for companies
within the portfolio, or to support them through a period of challenging
trading. We are pleased to report that, despite continuing macroeconomic
uncertainty and stubbornly high interest rates, the portfolio remains
resilient overall.
We have made follow-on investments in 11 companies during 2025, totalling
£6.1 million. Further details of each of these are provided here.
The additional equity injections in the year were used to support further
growth plans, such as launching new products and providing cash headroom for
further growth. In view of the economic outlook, which remains challenging,
we continue to be vigilant about the health of the rest of the portfolio and
the need for follow-on funding over the coming months.
Loopr Ltd
In February 2025, the Company completed a £1.5 million follow-on investment
into Loopr (trading as “Looper Insights”), a company providing data
analytics to content distributors and video-on-demand streaming services. The
investment will support the company’s next phase of product development, the
growth of the sales and business development teams, and continue the rollout
to new and existing customers internationally, including regulators,
multinationals and local media outlets.
Fourth Wall Creative Limited
In March 2025, the Company completed a £0.7 million follow-on investment into
Fourth Wall Creative. Fourth Wall Creative provides fan engagement services to
Premier League and Championship football clubs and other sporting
organisations via its technology platforms. It also designs, sources and
fulfils membership welcome packs and related products. The investment will
support the continued growth and development of the business.
Evolve Dynamics Limited
In March 2025, the Company invested a further £0.6 million into Evolve
Dynamics. The investment will support the company’s working capital and
research and development initiatives as the business continues to target both
private and public sector contracts. Evolve develops and manufactures Unmanned
Aircraft Systems and, since investment, it has developed and begun to
commercialise two new systems.
Ten Health Holdings Limited
In March 2025, the Company completed a £0.6 million follow-on investment into
Ten Health Holdings, alongside a £0.2 million co-investment from senior
management. This funding will primarily be used to launch a new franchise
model and enable Ten Health Holdings to open a presence in locations across
the UK, specifically beyond London, and internationally.
NorthWest EHealth Limited
In April 2025, the Company completed a £0.3 million investment into NorthWest
EHealth (“NWEH”). This was followed by a further £0.3 million in May
2025. NWEH is a provider of technology‑enabled clinical trials services to
the pharmaceutical and life sciences sectors, leveraging NHS electronic health
records. The investments during the year will enable NWEH further cash runway
to convert an important commercial opportunity, which has since commenced.
HomeLink Healthcare Limited
In May 2025, the Company completed a £0.9 million follow‑on investment into
HomeLink Healthcare. The Company first invested into HomeLink in March 2022
and completed a follow-on investment in March 2024. The business partners with
the NHS and private hospitals to provide patients with wound care,
physiotherapy and intravenous therapies in their own homes. HomeLink is also a
leader in remote patient monitoring practices and offers a virtual ward
solution, which has now saved the NHS over 150,000 hospital bed days. The
investment will support the organic expansion of the company.
Strategic Software Applications Ltd
In July 2025, the Company completed a further investment of £0.1 million into
Strategic Software Applications, trading as Ruleguard. Ruleguard is a SaaS
regulatory compliance platform for financial services institutions. The
investment will enable Ruleguard to continue to invest in its team and secure
high‑quality SaaS revenues from a growing customer base.
Sprintroom Limited
In July and November 2025, the Company completed two follow-on investments
totalling £0.6 million in Sprintroom, which trades as Sprint Electric. The
business designs and manufactures drives for controlling electric motors in
light and heavy industrial applications, as well as recovering and reusing
otherwise lost energy. The investment will be used to drive continued revenue
growth and develop further iterations of the new product range.
Navitas Group Limited
In September 2025, the Company completed a further investment of £0.1 million
into Navitas Group. The company uses a combination of hardware and software to
provide a complete food safety management solution to hospitality sector
customers. The investment will support the company’s effort to expand its
commercial capabilities and further develop the platform.
Kognitiv Spark Inc
In September 2025, the Company invested a further £0.2 million into Kognitiv
Spark, a developer of augmented reality software that enables the remote
sharing of critical data to on-site employees. Developed specifically for
industrial communications, the company’s core product offers superior
performance in terms of data compression and visualisation. The funding will
be used to expand the management team and explore new commercial
opportunities.
Weduc Holdings Limited
In December 2025, the Company invested £0.2 million into Weduc Holdings, a
software business providing a communication platform into the education
sector. The new funding will accelerate growth and support product-led growth
initiatives.
Realisations
The M&A climate has proved more challenging recently in light of the
macroeconomic conditions of relatively high interest rates and geopolitical
uncertainty. Despite this, we were pleased to report a particularly strong
realisation, as well as the disposal of some of the more challenged businesses
within the portfolio. We continue to engage with a range of potential
acquirers of several portfolio companies and to carefully consider the timing
of exit for each. Demand remains for high-quality, high‑growth businesses
from both private equity and trade buyers.
Hospital Services Group Limited
In January 2025, the Company completed its sale of Hospital Services Group
Limited (“HSL”), a provider of high‑quality healthcare equipment and
consumables. The transaction generated proceeds of £8.8 million at completion
and £0.9 million in interest over the life of the investment, with potential
for a further £0.4 million of deferred consideration over the coming years.
This implies a return and IRR of 8.2 times the original investment and 25.6%
respectively. HSL provides equipment to a growing number of customers on both
sides of the Irish Sea, with over 500 medical facilities supported in 2024.
Since investment, HSL has seen strong organic growth and has made eight
strategic bolt-on acquisitions, most notably in Ireland. The exit is
reflective of Foresight’s commitment to supporting sustainable growth.
Biotherapy Services Limited
In March 2025, the Company exited its holding in Biotherapy Services Limited
(“BTS”) to management for a nil proceeds. Despite promising early clinical
results, BTS struggled to complete its Phase IIB trial of its RAPID gel
product within its funding runway. The trial was significantly hampered by
COVID-19, with diabetic trial participants needing to shield. BTS has recently
published its data and analysis. The company was fully written down in
December 2022.
Vio Healthtech Limited
In August 2025, the Company announced the sale of Vio Healthtech to
Ultrahuman, an Indian smart-ring technology company, for nil value after the
business failed to build commercial traction. Vio Healthtech was fully written
down in December 2022 and the sale will allow the technology to continue to
support women with their fertility goals under new ownership.
Realisations in the year ended 31 December 2025
Accounting cost Valuation at
at date Realised 31 December
of disposal Proceeds (1) gain/(loss) 2024
Company Detail £ £ £ £
Hospital Services Group Limited (2) Full disposal 1,200,000 8,787,773 7,587,773 9,272,696
Biotherapy Services Limited Full disposal 2,250,000 — (2,250,000) —
Vio Healthtech Limited Full disposal 689,928 — (689,928) —
Positive Response Corporation Ltd Loan repayment 100,000 100,000 — 100,000
Total disposals 4,239,928 8,887,773 4,647,845 9,372,696
1. Proceeds on exit excluding interest, dividends and exit fees where
applicable.
2. Excludes £0.2 million of deferred consideration recognised within debtors
as at 31 December 2025.
Pipeline
At 31 December 2025, the Company had cash reserves of £35 million, which will
be used to fund new and follow‑on investments, buybacks, dividends and
corporate expenditure. We are seeing a strong pipeline of new opportunities,
with several opportunities in due diligence or in exclusivity stages, with
further deal completions expected to be announced in the months to follow.
Despite falling inflation and interest rates, debt remains expensive by recent
standards and the Bank of England has not reduced interest rates at the speed
expected. At the global level, uncertainty remains with the Russia–Ukraine
conflict ongoing, a new widespread conflict in the Middle East and ongoing
tensions between China and the West. These conflicts are likely to disrupt
supply chains and create volatility in the medium term. These conditions make
equity investment attractive for SMEs, wishing to strengthen their balance
sheets and manage uncertainty.
We continue to see an attractive pipeline of opportunities and do not see this
changing in the medium term. The Company is able to access these
opportunities through its wide and proprietary network across the country,
delivered by its network of regional offices. We consider the Company’s
strategy to be well suited to market volatility, due to its balanced mix of
companies across sectors and stages, experienced investment team and network
of high‑quality non-executives.
Post year-end activity
Resi Design Limited
In January 2026, the Company made a £0.7 million follow‑on investment into
Resi Design, a technology-enabled architectural business that manages
structural home improvement projects from concept through to planning, design,
build and sign-off. This latest investment is expected to support the
refreshed management team in implementing an improved business plan.
SAMP Technology Holdings Limited
In February 2026, the Company invested £2.0 million into SAMP Technology
Holdings, a technical engineering consultancy with a bespoke asset performance
management and risk analysis software platform. The platform enables customers
to plan predictive and preventative maintenance events, reducing plant
stoppages, extending useful lives and improving returns. The investment will
help scale the business and aid in a software platform rollout.
Fourth Wall Creative Limited
In February 2026, the Company completed a £1.1 million follow-on investment
into Fourth Wall Creative to support the continued growth of the business. For
further details on Fourth Wall Creative, please see above.
Sprintroom Limited
In February 2026, the Company completed a £0.4 million follow‑on investment
into Sprintroom, which trades as Sprint Electric. The business designs and
manufactures drives for controlling electric motors in light and heavy
industrial applications, as well as recovering and reusing otherwise lost
energy. The investment will be used to drive continued revenue growth and
develop further iterations of the new product range.
Evolve Dynamics Limited
In February 2026, the Company completed a £0.3 million follow-on investment
into Evolve Dynamics Limited (“Evolve”). The investment will support the
company’s working capital and research and development initiatives as the
business continues to target both private and public sector contracts. Evolve
develops and manufactures Unmanned Aircraft Systems and, since investment, it
has developed and begun to commercialise two new systems.
Key portfolio developments
Material changes in valuation, defined as increasing or decreasing by £1.0
million or more since 31 December 2024, are detailed below. Updates on these
companies are included below, in the Post year-end activity section on page 23
in the Annual Report, or in the Top Ten Investments section on pages 29 to 33
in the Annual Report.
Key valuation changes in the year
Net movement
Company Valuation methodology £
NorthWest EHealth Limited Discounted revenue multiple 2,694,246
Hexarad Group Limited Discounted revenue multiple 1,672,650
Aerospace Tooling Corporation Limited Discounted earnings multiple 1,528,509
Mizaic Ltd Discounted revenue multiple 1,189,861
TLS Holdco Limited Net assets (1,200,781)
Fourth Wall Creative Limited Discounted revenue multiple (1,685,981)
Rovco Limited Nil value (2,033,874)
Aerospace Tooling Corporation Limited
Aerospace Tooling Corporation Limited (“ATL”) provides specialist
inspection, maintenance, repair and overhaul (“MRO”) services for
components in high-specification aerospace and industrial turbine engines. A
core focus for ATL is in “legacy” components and engines that are still in
widespread use but have ceased production and do not have easily available
spare parts. The company also provides services on a wide range of “in
production” turbines, providing a cost‑effective alternative to expensive
replacement parts.
31 December 2025 update
Throughout 2025, ATL implemented a series of cost‑reduction measures,
enhanced quality and operational efficiency on the factory floor, and
introduced significant price increases across its customer base. These actions
collectively enabled the business to return to profitability. The company also
invested heavily in new CAPEX, which secured a major new order. We remain
supportive of the business as it continues to grow its customer base and
expand its service offering.
Mizaic Ltd
Mizaic has developed MediViewer, an electronic document management solution
(“EDMS”) for healthcare providers. Mizaic helps digitise and provide a
single interface to provide easy access to archived, paper-based patient
records and is supporting the transition to a paperless NHS.
31 December 2025 update
Across 2025, Mizaic has continued to grow its core business, onboarding
additional NHS trusts during the year on to the MediViewer platform and
growing underlying ARR. Mizaic completed the acquisition of an early-stage,
two-person AI healthcare company in October, which adds a new workflow
offering to Mizaic’s product suite.
Rovco Limited
Rovco, trading as Beam, was established in 2015 by CEO Brian Allen as a
provider of subsea infrastructure surveying services, primarily for offshore
wind.
31 December 2025 update
Despite positive interest from investors in a large growth funding round at
the beginning of 2025, this failed to materialise, leaving the company
insolvent. As such, after thoroughly exploring all options, the directors
resolved to put the company into administration at the end of April 2025.
Outlook
2025 was another year of measured recovery in the UK economy, although global
volatility remains given the geopolitical environment. Inflation remained at
historically normalised levels, with the CPI index rising by 3.2% in the year.
This trend led to several interest rate reductions by the Bank of England over
the course of the year, totalling 1% and resulting in a base rate of 3.75%. UK
GDP growth was estimated at 1.3%, an improvement on 2024, which was low by
global standards but in line with other mature economies. Fourth-quarter GDP
growth was 0.1%, so momentum is limited heading into 2026.
UK GDP performance is expected to be the second strongest in the G7 according
to the IMF after the US, where growth is underpinned by investment in AI among
other factors. However, inflation remains high compared with other countries.
The FTSE 100 performed strongly in 2025, rising by 24%, outstripping growth
seen by other developed stock markets, such as the S&P 500. This strong
performance has been attributed to robust earnings and dividends and continued
overseas interest in UK assets. This trend has continued so far in 2026 with
improving economic conditions, whilst other tech-heavy indices have suffered
from the higher volatility experienced in those sectors. CPI growth in January
fell further to 3.0%.
At the macro level, volatility and uncertainty remain. The geopolitical
landscape remains strained, with the Russia–Ukraine conflict entering its
fifth year and a new conflict erupting in the Middle East, as well as
continuing tensions between the West and China. Further widespread tariffs
have recently been imposed by the US under the current administration. The
narrative around global investment in AI and the impact this may have on the
labour market is driving further volatility in markets.
There is room for some optimism, however, as the UK continues to be a global
leader in key sectors such as technology, life sciences and financial
services. The UK has a strong culture of innovation, driven by leading
universities and attracting top global talent. There is a strong and
established network of support for growing young companies, and world-class
universities continue to nurture exciting spin-outs. Multinationals continue
to see the UK as an attractive place to invest and grow their businesses, and
the anticipated increase in the capital gains tax rate did not materialise.
While the UK government has delivered sharp tax rises, many of which have
impacted SMEs, the expectation is that tax rises for the remainder of this
government should be modest.
2025 represented the strongest year for M&A in the UK since the pandemic.
Despite the performance of the FTSE 100, valuations of UK companies generally
lag behind those of US and European counterparts, making them attractive
targets for international acquisition. This makes the UK an attractive place
to invest, with well-trodden exit routes to US and European buyers a feature
of the market.
The Company has continued its strong recent exit track record with the sale of
Hospital Services Group to a trade buyer, generating 8.2x money. The exits of
Biotherapy Services and Vio Healthtech, conversely, show the risk inherent in
making early-stage investments. These exits allowed the Company to return
material value to Shareholders in the year, paying dividends of 5.9p per
share. This represents a dividend yield of an attractive 12.6%, exceeding the
Company’s target. Overall NAV return was 2.2%, with the Company returning
most of the realised gains made in the year to Shareholders. The Company
retains a portfolio that is well balanced across sectors and stages, with some
companies delivering strong profitability, whilst other earlier-stage
investments continue to display strong growth.
We continue to work closely with portfolio companies to manage leverage and
navigate the various challenges posed by external factors.
2026 was forecast to demonstrate marginal improvements across several fronts,
with a slightly improved GDP forecast, lower inflation and consequently lower
interest rates. However, the emergence of the Iran-US war and subsequent oil
price shock seems likely to drive inflation interest rates upwards, reduce
consumer and business confidence and potentially push the UK into recession.
That said, the UK is an attractively valued market compared to certain other
countries.
We are reasonably pleased with the performance in the year, with the Company
navigating the economic and geopolitical uncertainty well, particularly with
the strong realisation of Hospital Services Group. The Company’s strong
performance over the medium and long term has maintained its position in the
VCT market, enabling a highly successful fundraise which will provide further
capital to continue our track record of delivering value from investments and
supporting portfolio companies. The portfolio remains diversified and
resilient to macroeconomic headwinds, supported by a collaborative, hands-on
approach from Foresight Group.
James Livingston
on behalf of Foresight Group LLP
Co-Head of Private Equity
21 April 2026
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
Year ended 31 December 2025 Year ended 31 December 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments — 4,675 4,675 — 14,494 14,494
Income 3,237 — 3,237 3,249 — 3,249
Investment management fees (799) (2,715) (3,514) (888) (4,629) (5,517)
Other expenses (788) — (788) (817) — (817)
Return on ordinary activities before taxation 1,650 1,960 3,610 1,544 9,865 11,409
Taxation (405) 405 — (345) 345 —
Return on ordinary activities after taxation 1,245 2,365 3,610 1,199 10,210 11,409
Return per share 0.4p 0.7p 1.1p 0.4p 3.8p 4.2p
The total columns of this statement are the profit and loss account of the
Company and the revenue and capital columns represent supplementary
information.
No operations were acquired or discontinued in the year.
The Company has no recognised gains or losses other than those shown above;
therefore, no separate statement of total comprehensive income has been
presented.
The Company has only one class of business and one reportable segment, the
results of which are set out in the Statement of Comprehensive Income and
Balance Sheet.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The notes on pages 97 to 115 in the Annual Report form part of these financial
statements.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve (1) reserve (1) reserve Total
Year ended 31 December 2025 £’000 £’000 £’000 £’000 £’000 £’000 £’000
As at 1 January 2025 2,988 32,659 164 98,440 (6,831) 35,424 162,844
Share issues in the year (2) 227 12,292 — — — — 12,519
Expenses in relation to share issues (3) — (404) — — — — (404)
Repurchase of shares (91) — 91 (4,340) — — (4,340)
Realised gains on disposal of investments — — — — 6,014 — 6,014
Investment holding losses — — — — — (1,339) (1,339)
Dividends paid — — — (18,615) — — (18,615)
Management fees charged to capital — — — — (2,715) — (2,715)
Revenue return for the year before taxation — — — 1,650 — — 1,650
Taxation for the year — — — (405) 405 — —
As at 31 December 2025 3,124 44,547 255 76,730 (3,127) 34,085 155,614
1. Distributable reserve accounts at 31 December 2025 total £73,603,000
(2024: £91,609,000). Share premium cancelled during the year included amounts
arising on share allotments less than three years old, which comprise
protected capital under VCT regulations. Amounts available for distribution
at 31 December 2025 are therefore £38,899,000 (2024: £41,673,000). The
remaining cancelled share premium will become distributable on the third
anniversary of the share allotment on which it arose.
2. Includes the dividend reinvestment scheme.
3. Expenses in relation to share issues includes trail commission for prior
years’ fundraising.
The notes on pages 97 to 115 in the Annual Report form part of these financial
statements.
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve (1) reserve (1) reserve Total
Year ended 31 December 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000
As at 1 January 2024 2,567 102,801 679 44,046 (31,047) 49,430 168,476
Share issues in the year (2) 586 33,791 — — — — 34,377
Expenses in relation to share issues (3) — (1,132) — — — — (1,132)
Repurchase of shares (165) — 165 (9,399) — — (9,399)
Realised gains on disposal of investments — — — — 28,500 — 28,500
Investment holding losses — — — — — (14,006) (14,006)
Dividends paid — — — (40,887) — — (40,887)
Cancellation of share premium (1) — (102,801) (680) 103,481 — — —
Management fees charged to capital — — — — (4,629) — (4,629)
Revenue return for the year before taxation — — — 1,544 — — 1,544
Taxation for the year — — — (345) 345 — —
As at 31 December 2024 2,988 32,659 164 98,440 (6,831) 35,424 162,844
1. Distributable reserve accounts at 31 December 2024 total £91,609,000
(2023: £12,999,000). Share premium cancelled during the year included amounts
arising on share allotments less than three years old, which comprise
protected capital under VCT regulations. Amounts available for distribution
at 31 December 2024 are therefore £41,673,000 (2023: £12,999,000). The
remaining cancelled share premium will become distributable on the third
anniversary of the share allotment on which it arose.
2. Includes the dividend reinvestment scheme.
3. Expenses in relation to share issues includes trail commission for prior
years’ fundraising.
The notes on pages 97 to 115 in the Annual Report form part of these financial
statements.
BALANCE SHEET
As at 31 December 2025
As at As at
31 December 31 December
2025 2024
£’000 £’000
Fixed assets
Investments held at fair value through profit or loss 118,632 109,110
Current assets
Debtors 2,351 3,206
Cash and cash equivalents (1) 34,806 50,859
37,157 54,065
Creditors
Amounts falling due within one year (175) (331)
Net current assets 36,982 53,734
Total assets less current liabilities 155,614 162,844
Net assets 155,614 162,844
Capital and reserves
Called-up share capital 3,124 2,988
Share premium account 44,547 32,659
Capital redemption reserve 255 164
Distributable reserve 76,730 98,440
Capital reserve (3,127) (6,831)
Revaluation reserve 34,085 35,424
Equity Shareholders’ funds 155,614 162,844
Net Asset Value per share 49.8p 54.5p
1. Cash and cash equivalents are composed of cash at bank and in hand of
£3,745,000 (2024: £5,180,000), fixed-term funds totalling £24,955,000
(2024: £36,873,000) and money market funds totalling £6,106,000 (2024:
£8,806,000).
The financial statements were approved by the Board of Directors and
authorised for issue on 21 April 2026 and were signed on its behalf by:
Michael Gray
Chair
Registered number: 03506579
The notes on pages 97 to 115 in the Annual Report form part of these financial
statements.
CASH FLOW STATEMENT
For the year ended 31 December 2025
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Cash flow from operating activities
Loan interest received from investments 1,322 932
Dividends received from investments 31 165
Deposit and similar interest received 1,894 2,174
Investment management fees paid (3,514) (3,483)
Performance incentive fees paid (318) (3,079)
Secretarial fees paid (215) (207)
Other cash payments (628) (591)
Net cash outflow from operating activities (1,428) (4,089)
Cash flow from investing activities
Purchase of investments (13,967) (14,444)
Proceeds on sale of investments 8,888 34,611
Proceeds on deferred consideration 1,366 4,257
Net cash (outflow)/inflow from investing activities (3,713) 24,424
Cash flow from financing activities
Proceeds of fundraising 9,811 28,787
Expenses of fundraising (296) (856)
Repurchase of own shares (4,338) (9,418)
Equity dividends paid (16,089) (35,832)
Net cash outflow from financing activities (10,912) (17,319)
Net (decrease)/increase of cash for the year (16,053) 3,016
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash and cash equivalents for the year (16,053) 3,016
Net cash and cash equivalents at start of year 50,859 47,843
Net cash and cash equivalents at end of year 34,806 50,859
The notes on pages 97 to 115 in the Annual Report form part of these financial
statements.
Notes
1 These are not statutory accounts in accordance with S436 of the Companies
Act 2006. The full audited accounts for the year ended 31 December 2025, which
were unqualified and did not contain statements under S498(2) of the Companies
Act 2006 or S498(3) of the Companies Act 2006, will be lodged with the
Registrar of Companies. Statutory accounts for the year ended 31 December 2025
including an unqualified audit report and containing no statements under the
Companies Act 2006 will be delivered to the Registrar of Companies in due
course.
2 The audited Annual Financial Report has been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for the
year ended 31 December 2025. All investments held by the Company are
classified as ‘fair value through the profit and loss’. Unquoted
investments have been valued in accordance with IPEV guidelines. Quoted
investments are stated at bid prices in accordance with the IPEV guidelines
and Generally Accepted Accounting Practice.
3 Copies of the Annual Report will be sent to shareholders and can be accessed
on the following website: www.foresightenterprisevct.com
4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the year
and on the number of shares in issue at that date.
31 December 31 December
2025 2024
Net assets £155,614,000 £162,844,000
No. of shares at year end 312,434,761 298,828,254
Net Asset Value per share 49.8p 54.5p
5 Return per share
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Total return after taxation 3,610 11,409
Total return per share (note a) 1.1p 4.2p
Revenue return after taxation 1,245 1,199
Revenue return per share (note b) 0.4p 0.4p
Capital return after taxation 2,365 10,210
Capital return per share (note c) 0.7p 3.8p
Weighted average number of shares in issue in the year (note d) 315,236,047 271,803,550
Notes:
a) Total return per share is total return after taxation divided by the
weighted average number of shares in issue during the year.
b) Revenue return per share is revenue return after taxation divided by
the weighted average number of shares in issue during the year.
c) Capital return per share is capital return after taxation divided by
the weighted average number of shares in issue during the year.
d) The weighted average number of shares is calculated by taking the
number of shares issued and bought back during the year, multiplying each by
the percentage of the year for which that share number applies and then
totalling with the number of shares in issue at the beginning of the year.
6. Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of
Foresight Group LLP, The Shard, 32 London Bridge Street, SE1 9SG on 11 June
2026 at 1.30pm. Details will be published on both the Company’s and the
Manager’s website at www.foresightenterprisevct.com.
7 Income
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Deposit and similar interest received 1,894 2,174
Loan stock interest 1,312 910
Dividends receivable 31 165
3,237 3,249
8 Investments held at fair value through profit or loss
31 December 31 December
2025 2024
£’000 £’000
Unquoted investments 118,632 109,110
£’000
Book cost at 1 January 2025 76,774
Investment holding gains 32,336
Valuation at 1 January 2025 109,110
Movements in the year:
Purchases at cost 13,967
Disposal proceeds (1) (8,888)
Realised gains 4,648
Investment holding losses (205)
Valuation at 31 December 2025 118,632
Book cost at 31 December 2025 86,501
Investment holding gains 32,131
Valuation at 31 December 2025 118,632
1. The Company received £8,888,000 from the disposal of investments and a
loan repayment during the year. The book cost of these investments when they
were purchased was £4,240,000. These investments have been revalued over time
and until they were sold, any unrealised gains or losses were included in the
fair value of the investments.
Reconciliation of realised gains and investment holding losses to the
Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Realised gains 4,648 24,243
Investment holding losses (205) (14,553)
Deferred consideration receipts 1,366 4,257
Deferred consideration debtor movement (1,134) 547
Gains on investments per the Statement of Comprehensive Income 4,675 14,494
Breakdown of deferred consideration movements in the year ended
31 December 2025:
Deferred
Deferred consideration
consideration debtor
receipts movements
£’000 £’000
Datapath Group Holdings Limited 583 (583)
Specac International Limited 476 (276)
Callen-Lenz Associates Limited 300 (272)
Codeplay Software Limited 4 —
Mologic Ltd 3 (3)
Total 1,366 (1,134)
9 Related party transactions
No Director has an interest in any material contract to which the Company is a
party other than their appointment and remuneration as Directors. Please refer
to page 81 in the Annual Report for the Directors’ remuneration tables.
10 Transactions with the Manager
Foresight Group LLP earned fees of £3,196,000 in the year ended 31 December
2025 (2024: £3,553,000). Additionally, a performance fee of £318,000 was
paid in the year (2024: £3,079,000) and a liability of £nil has been
recognised as at 31 December 2025 (2024: £nil).
Foresight Group LLP is the Company Secretary and received accounting and
company secretarial services fees of £215,000 during the year (2024:
£207,000). Foresight Promoter LLP, a related party to the Manager, earned
fees of £197,000 (2024: £554,000) in respect of costs incurred related to
share allotments in the year.
As at 31 December 2025, the amount due from Foresight Group LLP was £284,000
(2024: £34,000 due to Foresight Group LLP).
No amounts have been written off in the year in respect of debts due to or
from the Manager.
A copy of the Annual Report and Accounts will be submitted to the National
Storage Mechanism in accordance with UK Listing Rules (“UKLR”)11.4.1 /
UKLR 6.4.1 and UKLR 6.4.3.
END
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Andrew James Tel: 0203 667 8181Recent news on Foresight Enterprise VCT
See all newsREG-Total Voting Rights
AnnouncementREG-Final Results
AnnouncementREG-Total Voting Rights
AnnouncementREG - Stock Exch Notice - Admission to Trading - 31/03/2026
AnnouncementREG-Issue of Equity
Announcement