REG-Half-Year Report
26/09/2025 13:00
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FORESIGHT ENTERPRISE VCT PLC
LEI: 213800MWJNR3WZZ3ZP42
26 SEPTEMBER 2025
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE PERIOD ENDED 30 JUNE 2025
Financial Highlights
* After adding back the dividend payment of 3.1p made on 16 May 2025, NAV
Total Return per share as at 30 June 2025 was 54.7p, representing an increase
in NAV Total Return of 0.4% in the half 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.
* One new investment costing £1.5 million and six follow-on investments
costing a total of £4.8 million were made during the period.
* The value of the investment portfolio fell by £1.5 million in the period to
30 June 2025. This was driven by an investment sale and loan repayment
totalling £8.9 million exclusive of interest, partially offset by £6.3
million of new and follow-on investments and an increase of £1.1 million in
the valuation of investments.
* A special dividend of 3.1p per share was paid on 16 May 2025, returning
£9.8 million to Shareholders.
* Post period end, an interim dividend of 2.8p per share was paid on 18 July
2025, returning £8.8 million to Shareholders.
Chair’s Statement
I am pleased to present the unaudited Half-Yearly Financial Report for
Foresight Enterprise VCT plc for the period ended 30 June 2025 and to report a
Net Asset Value Total Return of 0.4% for the period, including a dividend
yield of 6.4%.
The Company continues to perform well in the context of mixed wider economic
conditions. The UK economy grew by 0.7% in the first quarter of 2025, however
April and May saw two consecutive monthly contractions, leaving the overall
growth in the period precariously flat. Inflation accelerated above the Bank
of England’s target, rising from around 3.0% in January to 3.4% in May and
unexpectedly topping 3.8% in August, fuelled by higher food and clothing
prices. While the Bank of England has continued to gradually reduce interest
rates in the first eight months of 2025, this persistent inflation is likely
to slow further cuts.
The combination of slow growth and increases on taxes, to the detriment of
small businesses and the labour market, have created a challenging domestic
economic landscape. This is not helped by the prospect of further tax rises in
the autumn off the back of a series of U-turns by the Government on welfare
reform. Internationally, the ongoing uncertainty over US tariffs and conflicts
in Ukraine and the Middle East have also weighed on markets in the period.
Against that backdrop, I am delighted to say our portfolio is performing well
with some good exits and a positive pipeline of new investment opportunities
being considered.
I believe the strong team of investment professionals at the Manager serves us
well. The Manager’s regional presence across core commercial centres in the
UK further adds to the diversity of opportunities they can review and invest
in. We will continue to have great focus to ensure the investee company and
sector selections are considered, well researched and suggest good value prior
to investment.
Strategy
The Board believes that it is in the best interests of Shareholders to
continue to pursue a strategy of:
* Growth in Net Asset Value Total Return above a 5% annual target while
continuing to grow the Company’s assets
* Payment of annual dividends of at least 5% of the NAV per share based on
the opening NAV per share of that financial year
* Implementation of a number of new and follow‑on investments, exceeding
deployment requirements to maintain VCT status
* Maintaining a programme of regular share buybacks at a discount of 5%,
subject to market conditions
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 deliver strong exits.
Performance and portfolio activity
During the period, Net Asset Value per share decreased by 5.3% from 54.5p as
at 31 December 2024 to 51.6p as at 30 June 2025. After adding back a 3.1p
dividend paid on 16 May 2025, NAV Total Return per share at 30 June 2025 was
54.7p, representing a positive NAV Total Return of 0.4% in the period.
On 1 November 2024, the Company launched an offer for subscription to raise up
to £20 million, with an over‑allotment facility to raise up to a further
£10 million, through the issue of new shares. The offer was closed on 10
April 2025 having raised gross proceeds of £30.0 million, £28.8 million
after expenses. We would like to thank those existing Shareholders who have
supported the offer and welcome all new Shareholders to the Company.
During the period, the Manager completed one new investment and six follow-on
investments costing £1.5 million and £4.8 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 over the coming years.
Adding in the £0.9 million of cash returned in the investment period, this
represents an exceptional return of 8.2 times the original investment.
The Manager also exited a challenged business, Biotherapy Services Limited,
for nil proceeds during the period. Further details of these investments and
realisations can be found in the Manager’s Review.
The Board and the Manager are confident that a number of new and follow-on
investments can be achieved this year, particularly with the increased
investment activity noted above. Details of each of these new, existing and
former portfolio companies can be found in the Manager’s Review.
The Manager continues to see a strong pipeline of potential investments
sourced through its regional networks and well-developed relationships with
advisers and the SME community; however, it is also focused on supporting the
existing portfolio through the current economic climate.
Responsible investing
The analysis of environmental, social and governance (“ESG”) issues is
embedded in the Manager’s investment process and, whilst the Company has no
specific objective to invest in companies which have an ESG focus, these
factors are more generally 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 throughout the lifecycle of their investment, from their
initial review and acquisition to their final sale. Every year, the portfolio
companies are assessed and progress is measured against these principles. More
detailed information about the process can be found on pages 24 and 25 of the
Manager’s Review in the Unaudited Half-Yearly Financial 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.
The 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. The dividend was paid post period end on 18 July 2025, returning
£8.8 million to Shareholders.
The Board and the Manager continue to hope that additional special dividends
can be paid as and when particularly successful portfolio exits are made.
Buybacks
The Board is pleased to have achieved an average discount across all buybacks
of 5.0% to the Net Asset Value per share in the period and continues to have
an objective of maintaining buybacks at a discount of 5.0%, subject to
market conditions.
Shareholder communication
We were delighted to hold the AGM on 10 June 2025. We hope many of you will be
available to attend our next in‑person investor forum event which will be
announced in due course. These events have proven very popular with our
Shareholders in the past and provide the opportunity to learn first-hand about
some of our investee companies from their founders and management.
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.
Outlook
As I mentioned in my introduction, the business environment is challenging
with slow growth, persistent inflation and a hostile geopolitical landscape.
We are therefore carefully considering how all of these factors, in an
ever-changing world, test the investment thesis.
We do, however, have the benefit of these developing companies in which we
invest on the whole being able to more swiftly adapt to the fast-moving
environment in which we operate, with the benefit of our Manager’s
experience and a strong funding base.
We have a diverse portfolio of investments and we are confident that our
continued focus on the wider business landscape, alongside the Manager’s
deep understanding of the individual investee companies in which we invest,
will protect us from the most extreme market conditions.
Michael Gray
Chair
26 September 2025
MANAGER’S REVIEW
The Board has appointed Foresight Group LLP (the “Manager”) to provide
investment management and administration services.
Portfolio summary
As at 30 June 2025, the Company’s portfolio comprised 45 investments with a
total cost of £79.5 million and a valuation of £107.7 million. 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 17 to 20 in the Unaudited
Half-Yearly Financial Report.
During the six months to 30 June 2025, the value of the investment portfolio
decreased by £1.5 million largely as a result of a successful realisation and
a loan repayment, generating £8.9 million, exclusive of £0.5 million accrued
interest paid on the realisation. This was partially offset by an increase of
£1.1 million in the valuation of the remaining investments, plus £6.3
million of new and follow‑on investments.
Overall, the portfolio has performed well despite uncertainty in the market
with continually looming US tariffs and ongoing global conflicts and
persistent domestic price inflation.
In line with the Board’s strategic objectives, we remain focused on growing
the Company through further development of Net Asset Value Total Return. For
the six months to 30 June 2025, Net Asset Value Total Return was 0.4% and net
assets marginally decreased by 0.4% to £162.1 million, following the payment
of a dividend of 3.1p per share and returning £9.8 million to Shareholders.
New investments
One new investment of £1.5 million was completed in the six months to 30
June 2025. Follow-on investments totalling £4.8 million were also made into
six existing investee companies. There is a strong pipeline of opportunities
that we expect to convert during the second half of 2025.
Follow-on investments
The Company made follow-on investments in six companies during the six months
to 30 June 2025, totalling £4.8 million. Further details of each of these are
provided below.
The additional equity injections in the period were used to support further
growth plans, such as launching new products and expansion of commercial
capabilities. We continue to successfully navigate the volatility that has
been felt across the markets over the course of the year and remain vigilant
about the health of the portfolio and the need for follow-on funding during
the second half of 2025. Given the size of the portfolio, further
opportunities to deploy capital into growing existing investments are
expected.
Ad Signal Limited
In March 2025, the Company completed a £1.5 million investment into Ad Signal
Limited, 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, the Manager 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.
Loopr Ltd
In February 2025, the Company completed a £1.5 million follow-on investment
into Loopr Ltd (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.
Evolve Dynamics Limited
In March 2025, the Company completed a £0.6 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.
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.
Ten Health & Fitness Limited
In March 2025, the Company completed a £0.6 million follow-on investment into
Ten Health, alongside a £0.2 million co-investment from senior management.
This funding will primarily be used to launch a new franchise model to
generate scale at pace and enable Ten Health to open a presence in locations
across the UK, specifically beyond London, and internationally.
NorthWest EHealth Limited
In April 2025, the Company completed a £0.2 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. Contracting with the NHS
and private hospitals, the business provides patients with wound care,
physiotherapy and intravenous therapies in their own home. HomeLink is also a
leader in remote patient monitoring practices, offers a virtual ward solution
and has now saved the NHS over 150,000 hospital bed days. The investment will
support the organic expansion of the company.
Post period end activity
After the period end, the Company completed three follow‑on investments
totalling £0.6 million into Sprintroom Limited, which designs and
manufactures drives for controlling electric motors, Kognitiv Spark Inc, a
developer of augmented reality software, and Strategic Software Applications
Ltd, a London-based SaaS technology provider supporting financial institutions
in meeting their regulatory compliance obligations. The Company also completed
two new investments totalling £3.0 million into Aircards Limited,
a Newcastle-based specialist marketing agency focusing on the augmented
reality sector, and MyWay Digital Health Limited, a digital self‑management
platform for people with diabetes. The Company exited its holding of Vio
Healthtech Limited, which has been held at nil value since December 2022, for
no proceeds. This exit will preserve staff roles and allow the company to
continue trading and utilising its technology for the benefit of women’s
health.
Realisations
The M&A climate has proven more challenging in recent years in light of
macroeconomic conditions, including higher interest rates and geopolitical
uncertainty alluded to above. Despite this, we are pleased to report the
particularly strong realisation of Hospital Services Group Limited, as well as
the disposal of Biotherapy Services Limited, a challenged business 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 from both private equity and trade buyers remains for
high‑quality, high‑growth businesses.
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, as
well as its continued success in the Healthcare sector.
Biotherapy Services Limited
In March 2025, the Company exited its holding in Biotherapy Services Limited
(“BTS”) for a nominal value to management. 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. If the business is sold in the medium term,
the Company will receive deferred consideration. BTS was fully written off in
December 2022.
Realisations in the period ended 30 June 2025
Exit proceeds
Accounting excluding Valuation at
cost at date deferred Realised 31 December
of disposal consideration (2) gain/(loss) 2024
Company Detail (£) (£) (£) (£)
Hospital Services Group Limited (1) 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) —
Positive Response Corporation Ltd Loan repayment 100,000 100,000 — 100,000
3,550,000 8,887,773 5,337,773 9,372,696
1. Excludes up to £0.4 million of deferred consideration.
2. Proceeds on exit excluding interest, dividends and exit fees where
applicable.
Pipeline
As at 30 June 2025, the Company had cash reserves of £52.6 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, with further
deal completions expected to be announced in the months to follow.
The global economic and geopolitical environment remains volatile and
uncertain, in the face of a tariff war instigated by the US and actual wars
being fought both in Europe and the Middle East. Markets are showing strong
resilience in the face of these challenges however, with many indices
performing well in the year to date overall.
Against this unsettled backdrop, the UK economy is performing reasonably well,
with interest rates falling and a trade deal of sorts with the US supporting a
strong performance in the FTSE.
With a broad network of deal introducers across the UK and internationally,
and through its growing network of regional offices, we continue to see a
large volume of attractive investment opportunities. This is not expected to
change in the medium term. We continue to pursue a balanced strategy,
targeting companies from a range of sectors and at different stages of
maturity to combat market volatility.
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 on page 12 or in the Top Ten Investments section
on pages 17 to 20 in the Unaudited Half-Yearly Financial Report.
Key valuation changes in the period
Valuation Net movement
Company methodology (£)
Hexarad Group Limited Discounted revenue multiple 1,601,045
NorthWest EHealth Limited Discounted revenue multiple 1,079,130
Rovco Limited Nil value (2,033,874)
Outlook
2025 has so far been another year characterised by volatility, largely driven
by a global tariff war instigated by the US. Prior to this, markets were
showing some signs of recovery and stability. While many indexes have
rebounded relatively quickly from the initial shock of increased tariffs from
the US, the impacts of this are yet to be really felt and may cause further
volatility over the coming months and years. The sense of uncertainty is also
reflected in the geopolitical environment, with new and old conflicts
persisting and a seeming polarisation of politics across the globe.
Against this uncertain backdrop, the Company has performed well in the year to
date. NAV Total Return in the year to date is 0.4%. The strong exit from
Hospital Services Group Limited has significantly contributed to the dividend
of 3.1p paid in May, with an attractive dividend yield of 6.4%. The Company
maintains a balanced portfolio across different sectors and stages of the
business lifecycle, which should stand it in good stead to face the volatility
ahead. Our hands-on approach to challenges and exit planning continues to add
value to portfolio companies.
Looking to the remainder of 2025 and beyond, it would be reasonable to expect
further volatility given the geopolitical and economic environment. However,
lower tariffs and falling interest rates, combined with the US’s stated
policy of isolationism, should make the UK an attractive place to set up and
do business. London remains a crucial financial sector, and early signs
indicate potentially improved interest in London initial public market
offerings.
We are pleased with the performance in the year to date. The Company has
completed another highly successful fundraise, thanks to the strong track
record delivered over a number of years. The Company continues to deploy into
high potential new investments, and a growing portfolio of assets at varying
stages of the lifecycle, with a strong pipeline of further opportunities also
building. There has been a very attractive exit in the period. The portfolio
remains diversified across sectors, with a mix of higher-growth and
cash‑generative businesses and has proven to be resilient over many years
and through various cycles and economic shocks. The Company remains one of the
premier players in the VCT market, an important source of capital
for UK entrepreneurs.
James Livingston
Foresight Group LLP
26 September 2025
UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES STATEMENTS
Principal risks and uncertainties
The principal risks faced by the Company are as follows:
* Market risk
* Strategic and performance risk
* Internal control risk
* Legislative and regulatory risk
* VCT qualifying status risk
* Investment valuation and liquidity risk
The Board reported on the principal risks and uncertainties faced by the
Company in the Annual Report and Accounts for the year ended 31 December 2024.
A detailed explanation can be found on pages 47 to 50 of the Annual Report and
Accounts, which is available on Foresight Enterprise VCT’s website
www.foresightenterprisevct.com or by writing to Foresight Group LLP at The
Shard, 32 London Bridge Street, London SE1 9SG.
In the view of the Board, there have been no changes to the fundamental nature
of these risks since the previous Annual Report and Accounts. The emerging
risks identified in the previous report included those of geopolitical risk,
cyber security, artificial intelligence, potential economic instability and
the risk of a global pandemic. These emerging risks continue to apply and be
monitored. The Board and the Manager continue to follow all emerging risks
closely with a view to identifying where changes affect the areas of the
market in which portfolio companies operate. This enables the Manager to work
closely with portfolio companies, preparing them so far as possible to ensure
they are well positioned to endure potential volatility.
Directors’ responsibility statement
The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority
require the Directors to confirm their responsibilities in relation to the
preparation and publication of the Half-Yearly Financial Report.
The Directors confirm to the best of their knowledge that:
a) The summarised set of financial statements has been prepared in
accordance with FRS 104
b) The Half-Yearly Financial Report includes a fair review of the
information required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and uncertainties for the
remaining six months of the year)
c) The summarised set of financial statements gives a true and fair view
of the assets, liabilities, financial position and profit or loss of the
Company as required by DTR 4.2.4R
d) The Half-Yearly Financial Report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties’
transactions and changes therein)
Going concern
The Company’s business activities, together with the factors likely to
affect its future development, performance and position, are set out in the
Strategic Report of the Annual Report. The financial position of the Company,
its cash flows, liquidity position and borrowing facilities are described in
the Chair’s Statement, Strategic Report and Notes to the Accounts of the 31
December 2024 Annual Report.
In addition, the Annual Report includes the Company’s objectives, policies
and processes for managing its capital; its financial risk management
objectives; details of its financial instruments; and its exposures to credit
risk and liquidity risk.
The Company has considerable financial resources together with investments and
income generated therefrom across a variety of industries and sectors. As a
consequence, the Directors believe that the Company is well placed to manage
its business risks successfully.
The Directors have reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future.
Thus they continue to adopt the going concern basis of accounting in preparing
the annual financial statements.
The Half-Yearly Financial Report has not been audited nor reviewed by the
auditors.
On behalf of the Board
Michael Gray
Chair
26 September 2025
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2025
Six months ended 30 June 2025 (Unaudited) Six months ended 30 June 2024 (Unaudited) Year ended 31 December 2024 (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Realised gains on investments — 6,699 6,699 — 25,300 25,300 — 28,500 28,500
Investment holding losses — (5,780) (5,780) — (13,044) (13,044) — (14,006) (14,006)
Income 2,078 — 2,078 1,750 — 1,750 3,249 — 3,249
Investment management fees (454) (1,681) (2,135) (434) (2,614) (3,048) (888) (4,629) (5,517)
Other expenses (367) — (367) (420) — (420) (817) — (817)
Return/(loss) on ordinary activities before taxation 1,257 (762) 495 896 9,642 10,538 1,544 9,865 11,409
Taxation (307) 307 — (183) 183 — (345) 345 —
Return/(loss) on ordinary activities after taxation 950 (455) 495 713 9,825 10,538 1,199 10,210 11,409
Return/(loss) per share 0.3p (0.1p) 0.2p 0.3p 3.6p 3.9p 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.
All revenue and capital items in the above Statement of Comprehensive Income
are derived from continuing operations. No operations were acquired or
discontinued in the period.
The Company has no recognised gains or losses other than those shown above,
therefore no separate statement of total recognised gains and losses 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.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
For the six months ended 30 June 2025
Share Capital
Called-up premium redemption Distributable Capital Revaluation
share capital account reserve reserve (1) reserve (1) reserve Total
£’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 period (2) 203 11,096 — — — — 11,299
Expenses in relation to share issues (3) — (392) — — — — (392)
Repurchase of shares (47) — 47 (2,299) — — (2,299)
Realised gains on disposal of investments — — — — 6,699 — 6,699
Investment holding losses — — — — — (5,780) (5,780)
Dividends paid — — — (9,812) — — (9,812)
Management fees charged to capital — — — — (1,681) — (1,681)
Revenue return for the period before taxation — — — 1,257 — — 1,257
Taxation for the period — — — (307) 307 — —
As at 30 June 2025 3,144 43,363 211 87,279 (1,506) 29,644 162,135
1. Distributable reserve accounts at 30 June 2025 total £85,773,000 (31
December 2024: £91,609,000). Share premium cancelled in the prior year
included amounts arising on share allotments less than three years old, which
are protected capital under VCT legislation. Amounts available for
distribution at 30 June 2025 are therefore £35,837,000 (31 December 2024:
£41,673,000). The remaining cancelled share premium will become distributable
under VCT regulations on the third anniversary of the share allotment on which
it arose.
2. Includes the dividend reinvestment scheme.
3. Includes trail commission for prior years’ fundraising.
UNAUDITED BALANCE SHEET
At 30 June 2025
Registered number: 03506579 As at As at As at
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
£’000 £’000 £’000
Fixed assets
Investments held at fair value through profit or loss 107,677 102,729 109,110
Current assets
Debtors 2,707 5,418 3,206
Cash and cash equivalents 52,642 64,515 50,859
Total current assets 55,349 69,933 54,065
Creditors
Amounts falling due within one year (891) (1,591) (331)
Net current assets 54,458 68,342 53,734
Net assets 162,135 171,071 162,844
Capital and reserves
Called-up share capital 3,144 2,650 2,988
Share premium account 43,363 113,347 32,659
Capital redemption reserve 211 767 164
Distributable reserve 87,279 26,099 98,440
Capital reserve (1,506) (8,178) (6,831)
Revaluation reserve 29,644 36,386 35,424
Equity Shareholders’ funds 162,135 171,071 162,844
Net Asset Value per share 51.6p 64.5p 54.5p
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2025
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2025 2024 2024
(Unaudited) (Unaudited) (Audited)
£’000 £’000 £’000
Cash flow from operating activities
Loan interest received from investments 663 401 932
Dividends received from investments 31 165 165
Deposit and similar interest received 1,190 979 2,174
Investment management fees paid (2,702) (1,747) (3,483)
Performance incentive fee paid — (1,115) (3,079)
Secretarial fees paid (159) (101) (207)
Other cash payments (356) (240) (591)
Net cash outflow from operating activities (1,333) (1,658) (4,089)
Cash flow from investing activities
Purchase of investments (6,307) (8,969) (14,444)
Proceeds on sale of investments 8,888 34,486 34,611
Proceeds on deferred consideration 1,361 1,057 4,257
Net cash inflow from investing activities 3,942 26,574 24,424
Cash flow from financing activities
Proceeds of fundraising 9,811 9,182 28,787
Expenses of fundraising (285) (535) (856)
Repurchase of own shares (1,845) (5,432) (9,418)
Equity dividends paid (8,507) (11,459) (35,832)
Net cash outflow from financing activities (826) (8,244) (17,319)
Net inflow of cash in the period 1,783 16,672 3,016
Reconciliation of net cash flow to movement in net funds
Increase in cash and cash equivalents for the period 1,783 16,672 3,016
Net cash and cash equivalents at start of period 50,859 47,843 47,843
Net cash and cash equivalents at end of period 52,642 64,515 50,859
NOTES TO THE UNAUDITED HALF-YEARLY RESULTS
For the six months ended 30 June 2025
1
The Unaudited Half-Yearly Financial Report has been prepared on the basis of
the accounting policies set out in the statutory accounts of the Company for
the year ended 31 December 2024. Unquoted investments have been valued in
accordance with IPEV Valuation Guidelines.
2
These are not statutory accounts in accordance with S436 of the Companies Act
2006 and the financial information for the six months ended 30 June 2025 and
30 June 2024 has been neither audited nor formally reviewed. Statutory
accounts in respect of the year ended 31 December 2024 have been audited and
reported on by the Company’s auditors and delivered to the registrar of
Companies and included the report of the auditors which was unqualified and
did not contain a statement under S498(2) or S498(3) of the Companies Act
2006. No statutory accounts in respect of any period after 31 December 2024
have been reported on by the Company’s auditors.
3
Copies of the Unaudited Half-Yearly Financial Report will be sent to
Shareholders via their chosen method and will be available for inspection at
the Registered Office of the Company at The Shard, 32 London Bridge Street,
London SE1 9SG.
4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the period
and on the number of shares in issue at the date.
Number of
Net assets shares in issue
30 June 2025 £162,135,000 314,372,565
30 June 2024 £171,071,000 265,024,186
31 December 2024 £162,844,000 298,828,254
5 Return per share
The weighted average number of shares used to calculate the respective returns
are shown in the table below.
Shares
Six months ended 30 June 2025 314,923,965
Six months ended 30 June 2024 271,618,784
Year ended 31 December 2024 271,803,550
Earnings for the period should not be taken as a guide to the results for the
full year.
6 Income
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2025 2024 2024
£’000 £’000 £’000
Deposit and similar interest received 1,190 979 2,174
Loan stock interest 857 606 910
Dividends receivable 31 165 165
Total income 2,078 1,750 3,249
7 Investments at fair value through profit or loss
£’000
Book cost as at 1 January 2025 76,774
Investment holding gains 32,336
Valuation at 1 January 2025 109,110
Movements in the period:
Purchases 6,307
Disposal proceeds (1) (8,888)
Realised gains (2) 5,338
Investment holding losses (3) (4,190)
Valuation at 30 June 2025 107,677
Book cost at 30 June 2025 79,531
Investment holding gains 28,146
Valuation at 30 June 2025 107,677
1. The Company received £8,888,000 from the disposal of investments and a
loan repayment during the period. The book cost of the investments and the
repaid loan was £3,550,000. 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.
2. Realised gains in the Statement of Comprehensive Income include deferred
consideration receipts from Datapath Group Limited (£583,000), Specac
International Limited (£475,000), Callen-Lenz Associates Limited (£300,000)
and Mologic Ltd (£3,000).
3. Investment holding losses in the Statement of Comprehensive Income include
the deferred consideration debtor decrease of £1,590,000. The debtor
movement reflects receipts from Datapath Group Limited (£583,000), Specac
International Limited (£475,000), Callen-Lenz Associates Limited (£300,000)
and Mologic Ltd (£3,000), and a provision made against the balance
potentially due from Specac International Limited (£229,000).
8 Performance incentive fee
In order to incentivise the Manager to generate enhanced returns for
Shareholders, the Manager is entitled to a performance incentive fee,
designated a share-based payment due to its nature. This fee is equal to 15%
of dividends paid to Shareholders, subject to the total return (Net Asset
Value plus cumulative dividends paid per share on or after 11 January 2011)
exceeding 100p (“High Watermark”), both immediately before and after the
performance incentive fee is paid. After each distribution is made to
Shareholders where a performance incentive is paid, the High Watermark
required to be achieved to trigger a further performance incentive fee will be
amended to take account of the dividend paid.
The High Watermark as at 16 May 2025, the date that the 3.1p special dividend
was paid, was 116.8p and the total return was 117.5p. As a result of the
total return being above the High Watermark, a £318,000 performance incentive
fee was accrued during the period (31 December 2024: £3,079,000) with
respect to the May 2025 dividend. Following the payment of the May 2025
dividend, the High Watermark as at 30 June 2025 was 117.4p (31 December
2024: 116.8p) and the total return was 117.7p (31 December 2024: 117.5p).
At 30 June 2025, the Company has accrued an amount of £318,000 in relation
to performance incentive fees (31 December 2024: £nil).
9 Transactions with the Manager
Foresight Group LLP advises the Company on investments under an agreement
dated 30 July 2004. During the period, Foresight Group LLP earned fees of
£1,817,000 (30 June 2024: £1,736,000; 31 December 2024: £3,553,000). A
performance incentive fee of £nil (30 June 2024: £1,115,000; 31 December
2024: £3,079,000) was paid in the period with an additional provision of
£318,000 (30 June 2024: £1,312,000; 31 December 2024: £nil) recognised as
at the period end.
Foresight Group LLP is the Company Secretary and received accounting and
company secretarial services fees of £104,000 during the period (30 June
2024: £101,000; 31 December 2024: £207,000).
At 30 June 2025, the amount due to Foresight Group LLP was £nil (30 June
2024: (£46,000); 31 December 2024: £34,000).
In accordance with UK Listing Rules 11.4.1R, 6.4.1R and 6.4.3R, a copy of the
Half-Yearly Report and Accounts will be submitted to the Financial Conduct
Authority via the National Storage Mechanism.
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