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FORESIGHT TECHNOLOGY VCT PLC
LEI: 21380013CXOR8N6OD977
31 July 2025
Final results
31 March 2025
Foresight Technology VCT plc, managed by Foresight Group LLP, today announces
the final results for the year ended 31 March 2025. These results were
approved by the Board of Directors on 31 July 2025.
The Annual Report will shortly be available in full at www.foresightgroup.eu.
All other statutory information can also be found there.
Financial Highlights
Total Net Assets as at 31 March 2025: £38.4m 2024: £32.1m
Net Asset Value per share as at 31 March 2025: 91.4p 2024: 98.8p
* During the year, under the Offers for subscription for Foresight Technology
VCT Plc (“the Company”), dated 6 September 2023 and 5 September 2024
(“the Offer”), £9.8 million of new funds were raised.
* During the year, the Company invested in six new portfolio companies and
executed eleven follow-on investments into nine existing companies.
* On 1 October 2024 the Company completed the purchase of 88,986 of its own
shares at a nil discount under the variation to the buyback policy for the
former Ordinary Shareholders.
* Since the end of the reporting period, a further £3.0 million was raised,
bringing the total funds raised to £45.2 million.
* Since the end of the reporting period, one new investment and three
follow-on investments have been made, bringing total deployment to £33.2
million.
Chairman’s Statement
On behalf of the Board, I present the Audited Annual Report and Accounts for
Foresight Technology VCT Plc (“the Company”) for the year ended 31 March
2025 and to provide you with an update on the developments affecting the
Company.
Company
The FWT share class was launched in December 2019, and represents an exciting
investment opportunity. The Company provides investors with the opportunity to
invest in a portfolio of early-stage companies with high growth-potential,
developing
innovative and occasionally transformational technologies across a range of
different sectors.
Fundraising and share issues
The Company offers for subscription, dated 6 September 2023 and relaunched on
5 September 2024, were each up to £15 million (with an overallotment facility
for up to an additional £10 million) through the issue of shares. During the
year ended 31 March 2025, across both offers, 9.7 million shares were
allotted, raising a further £9.8 million, bringing the total funds raised to
over £42 million.
Post period end, a further 3.0 million FWT shares were allotted, increasing
the total funds raised to £45.2 million.
Portfolio and deal activity
A detailed analysis of the investment portfolio performance over the period is
given in the Investment Manager’s Review on page 8 of the Annual Report.
During the period under review the Investment Manager completed six new and
eleven follow-on investments into nine exciting companies costing a total of
£9.8 million. The new investments in the year were into, Cavero Quantum
Limited, Xim Limited, Bitfount Limited, Illumion Limited, Alison.AI limited
and uFraction8 Limited. The follow-on investments that were completed in the
year were into, Acu-flow Limited, dRisk inc, Vector Photonics Limited,
Forefront RF Limited, VividQ Limited, Zero Point Motion Limited, Cambridge GaN
Devices Limited, Previsico Limited and Phlux Technology Limited.
Details of each of the top ten companies by value as at 31 March 2025 can be
found in the Investment Manager’s review on pages 11 to 15 of the Annual
Report.
As at 31 March 2025, the Company had made investments totalling £30.0 million
in 36 exciting portfolio companies. Post period end, the Company made one new
investment and three follow-on investments totalling £3.2 million.
The Investment 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 environment.
Following the fundraising over the last couple of years, the Company is in a
position to fully support the portfolio, where appropriate, and exploit
potential attractive investment opportunities.
Management fees
The annual management fee is calculated as 2.0% of Net Assets and equated to
£721,000 during the year. The Board believe that the annual management fee
represents good value for investors.
Responsible investing
The Board notes the commitment of the Investment Manager to being a
“Responsible Investor”. Foresight places environmental, social and
governance (“ESG”) criteria at the forefront of its business and
investment activities in line with best practice and in order to enhance
returns for their investors. Further detail can be found on page 19 of the
Annual Report.
Annual General Meeting
The Company’s Annual General Meeting will take place on 18 September 2025
and we look forward to meeting as many of you as possible in person. Please
refer to the formal notice on pages 68 to 71 of 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 12.30pm on 12
September 2025 and to forward any questions by email to InvestorRelations@
foresightgroup.eu in advance of the meeting.
Buybacks
On 20 September 2023 the Board announced a variation to the buyback policy for
the former Ordinary Shareholders which would allow the Shareholders to benefit
from a buyback at a nil discount to NAV in respect of FWT Shares which they
hold pursuant to the above-mentioned redesignation. This Buyback offer
remained open until 20 September 2024.
On 1 October 2024 the Company completed the purchase of 88,986 of its own
shares at a nil discount from previous Ordinary Shareholders under the
variation to the buyback policy described above.
Following the fifth anniversary of the launch of the FWT share class, the
buyback policy is now to repurchase shares that become available in the market
at a discount of 5% to NAV, subject to liquidity. The Company retains Panmure
Liberum as its corporate broker to assist in operating the share buyback
process. Contact details for Panmure Liberum can be found on page 2 of the
Annual Report.
Sunset clause
I am pleased to report that new regulations have been made to extend the
UK’s VCT scheme by ten years to April 2035, following the European
Commission’s confirmation that they would not oppose the continuation of the
scheme. This now removes any recent uncertainty and will help support further
investment by the VCT sector in early-stage companies.
Outlook
The world economy remains under pressure from persistent geopolitical
instability, rising sovereign debt, and a sharp pivot toward defence spending.
The return of Donald Trump to the White House has added a fresh layer of
uncertainty, with new trade tariffs and a new “America first” approach
rattling global markets. Conflicts in Ukraine, the Middle East, and the South
China Sea have only intensified the volatility, while NATO allies scramble to
boost military budgets amid doubts over long-term US support.
Against this backdrop, the UK economy has struggled to find momentum. After a
sluggish 2024, GDP growth flatlined in early 2025. Although the election of a
majority Labour government in July 2024 brought political clarity, its
economic agenda has drawn criticism, particularly from small businesses facing
higher labour costs. Consumer confidence remains fragile, and business
investment has yet to rebound, despite the Bank of England’s May rate cut to
4.25%. With energy and utility prices expected to rise, inflationary pressures
are likely to persist, keeping growth forecasts for the rest of 2025 muted.
The Board remains conscious that such economic conditions could prove
challenging for our investee companies, which are unquoted, small,
early-growth businesses and by their nature entail higher levels of risk and
lower liquidity than larger listed companies.
Yet amid the headwinds, there are bright spots, especially for UK-based high
technology companies. The Board welcomes the Government’s new Science and
Technology Framework, which lays the groundwork for a more dynamic and
innovative economy. Backed by a commitment to unlock over £20 billion in
public R&D funding by 2027, the strategy is designed to crowd in private
capital and accelerate the scale-up of breakthrough technologies. Among its
ten key initiatives are targeted support for AI, quantum computing,
semiconductors, and engineering biology; improved access to growth finance;
and investment in cutting-edge research infrastructure. If executed
effectively, this framework could provide powerful tailwinds for early-stage
technology companies, many of which are well-positioned to benefit from the
UK’s renewed focus on science- led growth.
Portfolio management and recent performance
The Investment Manager remains focused on driving the Company’s investments
towards opportunities for realisation, navigating what continues to be a
difficult operating environment for early-stage businesses. For companies that
require further funding to fully commercialise their technologies or scale
towards profitability, the team works closely with management to ensure
technical and commercial milestones are met, while also supporting fundraising
efforts through targeted investor introductions. For more advanced businesses,
the conversations shift to focus on exploring options and positioning for
exit, with regular engagement with M&A advisors to stay informed on market
appetite.
Despite this level of ‘value creation’ activity increasing year-on-year as
the portfolio matures, the broader macroeconomic backdrop, particularly the
weak performance of listed markets, has reduced and slowed near-term exit
chances and led to a number of valuation reductions in the portfolio. That
said, most portfolio companies continue to make steady progress and continue
to demonstrate the potential for attractive returns. The Board therefore
believes the current approach remains appropriate given the stage and nature
of the investments.
The current market also presents opportunities for new investments. Valuations
have adjusted, and the fundraising environment has become more selective,
conditions, which, while difficult for some, create openings for active
investors. The Investment Manager continues to see a strong pipeline of new
and follow-on opportunities sourced through its national network. The recent
fundraise ensures the Company is well placed to act where there is clear
long-term value.
Ernie Richardson
Chairman
31 July 2025
Investment Manager’s Review
Summary
Between the launch of the FWT Share class on 20 December 2019 and the end of
the reporting period, the Company had raised £42.2 million. The Offer
provides investors with the opportunity to invest in a portfolio of
early-stage companies with high growth-potential, developing innovative and
occasionally transformational technologies across a range of different
sectors. As at 31 March 2025, the Company had made investments into 36
companies totalling £30.0 million
Key portfolio movements
During the year, net investment holding losses totalled £2.2 million. £1.8
million of this arose from the 100% write down of dRISK, Rovco and Vypercore.
Investments into six new companies and eleven follow-on investments into nine
existing companies were made during the year. These investments are summarised
below:
* Acu-flow Limited: a developer of surface acoustic wave nebulisers enabling
the delivery of next-generation respiratory pharmaceuticals.
* Alison.AI Limited*: a deep tech AI solution allowing customers to generate a
measurable insights on their video and creative campaigns.
* Bitfount Limited*: a tech-enabled solution that connects data owners,
algorithm developers and problem solvers to enable training, running and
evaluation of AI models and advanced analytics without any data
centralisation.
* Cambridge GaN Limited: a developer of a new generation of gallium nitride
semiconductor power.
* Cavero Quantum Limited*: a University of Leeds spin-out developing an
innovative encryption technology.
* dRISK Inc: an AI company accelerating the training of autonomous vehicles on
how to avoid unexpected, realworld “edge case” or hazardous scenarios.
* Forefront RF Limited: a manufacturer of next generation radio frequency
modules.
* Illumion Limited*: a spinout from Refeyn Limited that has produced the first
optical microscope for electrochemistry.
* Xim Limited*: the world’s first and only clinical grade contactless vital
signs provider for blood pressure, pulse and respiration.
* Phlux Technology Limited: a developer of Infrared sensor technology that is
10x more sensitive than market incumbents.
* Previsico Limited: a University of Loughborough spin-out providing a
market-leading flood forecasting and warning software platform.
* uFraction8 Limited*: a developer of microfluidics-based filter systems as a
solution to help bio-manufacturers harvest their products with
energy-efficient and scalable bioprocessing systems.
* Vector Photonics Limited: a University of Glasgow spin-out commercialising
the next generation of semiconductor laser devices.
* VividQ Limited: a technology company enabling the next generation of
holographic displays.
* Zero Point Motion Limited: a developer of a chip-scale unit for ultraprecise
motion-tracking and indoor navigation.
*New Investment in the year.
Further information relating to the top ten investments by value can be found
on pages 11 to 15 of the Annual Report.
Post year end investments
Subsequent to the year end, the Company has made one new investment into
Spaceflux Limited and three follow on investments into Opsydia Limited,
Audioscenic Limited and Zayndu Limited which are described on page 9 of the
Annual Report, bringing total deployment to £33.2 million.
Fundraising
The Offer continued to build positive momentum in the market until its close
on 10 July 2025. Post year end, a further £3.0 million was raised, bringing
the total raised to £9.6 million in the latest fund raising round and £45.2
million overall.
Pipeline
The Investment Manager has a strong pipeline covering new deals and
follow-ons. At the time of writing, two deals had passed the Investment
Manager’s final Investment Committee stage and were nearing completion. On
two further deals, terms and exclusivity had been agreed and, subject to
Investment Committee approval, were progressing to due diligence.
Foresight Group LLP
Investment Manager
31 July 2025
Audited Financial Statements
Income Statement for the year ended 31 March 2025
Year ended 31 March 2025 Year ended 31 March 2024
Revenue £’000 Revenue £’000 Revenue £’000 Revenue £’000 Capital £’000 Total £’000
Investment holding losses — (2,206) (2,206) — (1,086) (1,086)
Income 335 — 335 941 — 941
Investment management fees (180) (541) (721) (135) (404) (539)
Other expenses (478) — (478) (459) — (459)
(Loss)/profit before taxation (323) (2,747) (3,070) 347 (1,490) (1,143)
Taxation — — — — — —
(Loss)/profit after taxation (323) (2,747) (3,070) 347 (1,490) (1,143)
(Loss)/profit per share:
Ordinary Share n/a n/a n/a 2.3p (2.4)p (0.1)p
FWT Share (0.9)p (7.5)p (8.4)p (1.8)p (2.5)p (4.3)p
The total column of this statement is 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 Income Statement are derived from
continuing operations. 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 comprehensive income has been presented.
The notes on pages 54 to 67 of the Annual Report form part of these Financial
Statements.
Reconciliation of Movements in Shareholders’ Funds
Year ended 31 March 2025 Called-up share capital Share premium account Capital redemption reserve Distributable reserve* Capital reserve* Revaluation reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 April 2024 324 29,132 208 272 199 1,923 32,058
Share issues in the year 96 9,678 — — — — 9,774
Expenses in relation to share issues — (244) — — — — (244)
Expenses in relation to prior year share issues — (18) — — — — (18)
Investment holding losses — — — — — (2,206) (2,206)
Management fees charged to capital — — — — (541) — (541)
Share premium cancellation¹ — (37,098) — 37,098 — — —
Buybacks — — — (86) — — (86)
Revenue loss for the year — — — (323) — — (323)
As at 31 March 2025 420 1,450 208 36,961 (342) (283) 38,414
Year ended 31 March 2024 Called-up share capital Share premium account Capital redemption reserve Distributable reserve* Capital reserve* Revaluation reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 1 April 2023 568 19,079 208 1,828 603 3,009 25,295
Share issues in the year 97 9,960 — — — — 10,057
Expenses in relation to share issues — (236) — — — — (236)
Expenses in relation to prior year share issues — (12) — — — — (12)
Share class merger (341) 341 — — — — —
Investment holding losses — — — — — (1,086) (1,086)
Dividends paid — — — (1,903) — — (1,903)
Management fees charged to capital — — — — (404) — (404)
Revenue profit for the year — — — 347 — — 347
As at 31 March 2024 324 29,132 208 272 199 1,923 32,058
The notes on pages 54 to 67 of the Annual Report form part of these Financial
Statements
* Total distributable reserves at 31 March 2025 were £36,619,000 (2024:
£471,000).
¹On 3 March 2025 under Part 8 of the Civil Procedure Rules 1998 and PD49A the
Company completed the cancellation of the share premium account. The total
balance of the share premium account at this date was £37,097,938.
Balance Sheet at 31 March 2025
Registered Number: 07289280
As at 31 March 2025 £’000 As at 31 March 2024 £’000
Fixed assets
Investments held at fair value through profit or loss 29,733 22,111
Current assets
Debtors 10 983
Cash and cash equivalents 8,965 9,276
8,975 10,259
Creditors
Amounts falling due within one year (294) (312)
Net current assets 8,681 9,947
Net assets 38,414 32,058
Capital and reserves
Called-up share capital 420 324
Share premium account 1,450 29,132
Capital redemption reserve 208 208
Distributable reserve 36,961 272
Capital reserve (342) 199
Revaluation reserve (283) 1,923
Equity shareholders’ funds 38,414 32,058
Net asset value per share
FWT Share 91.4p 98.8p
The accounts on pages 50 to 67 of the Annual Report were approved by the Board
of Directors and authorised for issue on 31 July 2025 and were signed on its
behalf by:
Ernie Richardson
Chairman
31 July 2025
The notes on pages 54 to 67 of the Annual Report form part of these Financial
Statements.
Cash Flow Statement for the year ended 31 March 2025
Year ended 31 March 2025 £’000 Year ended 31 March 2024 £’000
Cash flow from operating activities
Deposit and similar interest received 305 119
Investment management fees paid (743) (689)
Secretarial fees paid (104) (103)
Other net cash payments (26) (371)
Net cash outflow from operating activities (568) (1,044)
Cash flow from investing activities
Purchase of investments (9,099) (3,146)
Investments awaiting completion — (729)
Investment income received — 822
Net cash outflow from investing activities (9,099) (3,053)
Cash flow from financing activities
Proceeds of fund raising 9,705 9,996
Expenses of fund raising (261) (157)
Repurchase of own shares (88) —
Equity dividends paid — (1,903)
Net cash inflow from financing activities 9,356 7,936
Net (outflow)/inflow of cash in the year (311) 3,839
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash for the period (311) 3,839
Net cash at start of period 9,276 5,437
Net cash at end of period 8,965 9,276
Analysis of changes in net debt
At 1 April 2024 £’000 Cashflow £’000 At 31 March 2025 £’000
Cash and cash equivalents 9,276 (311) 8,965
The notes on pages 54 to 67 of the Annual Report form part of these financial
statements.
Notes to the Accounts
1. 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 March 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 IPEVC guidelines, as updated in December 2022.
2. These are not statutory accounts in accordance with S436 of the
Companies Act 2006. The full audited accounts for the year ended 31 March
2025, which were unqualified and did not contain any statements under S498(2)
or S498(3) of Companies Act 2006, will be lodged with the Registrar of
Companies. Statutory accounts for the year ended 31 March 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.
3. Copies of the Annual Report will be sent to shareholders and will be
available for inspection at the Registered Office of the Company at The Shard,
32 London Bridge Street, London, SE1 9SG and can be accessed on the following
website: www.foresightgroup.eu
4. Net asset value per share
Net asset value per share is based on net assets at the year-end of
£38,414,000 (2024:£32,058,000) and on 42,045,605 FWT Shares (2024:
32,445,165), being the number of FWT Shares in issue at that date.
5. Return per share
Year ended 31 March 2025 Year ended 31 March 2024
Ordinary Shares £'000 FWT Shares £’000 Ordinary Shares £'000 FWT Shares £’000
Total loss after taxation — (3,070) (17) (1,126)
Total loss per share (note a) — (8.4)p (0.1)p (4.3)p
Revenue (loss)/profit from ordinary activities after taxation — (323) 806 (459)
Revenue profit/(loss) per share (note b) — (0.9)p 2.3p (1.8)p
Capital loss from ordinary activities after taxation — (2,747) (823) (667)
Capital loss per share (note c) — (7.5)p (2.4)p (2.5)p
Weighted average number of shares in issue during the year — 36,685,138 34,593,623 26,203,986
Notes:
a) Total (loss)/profit per share is total loss/(profit) after
taxation divided by the weighted average number of shares in issue during the
year.
b) Revenue (loss)/profit per share is revenue loss/(profit) after
taxation divided by the weighted average number of shares in issue during the
year.
c) Capital (loss)/gain per share is capital loss/(gain) after
taxation divided by the weighted average number of shares in issue during the
year.
6. The Annual General Meeting will be held at 12.30pm on 18
September 2025 at the offices of Foresight Group, The Shard, 32 London Bridge
Street, London, SE1 9SG. Please refer to the formal notice on page 68 of the
Annual Report and Accounts for further details in relation to this year’s
meeting.
7. Income
Year ended 31 March 2025 £’000 Year ended 31 March 2024 £’000
Dividends received 30 822
Bank interest 305 119
335 941
8. Investments held at fair value through profit or loss
2025 2024
£’000 £’000
Unquoted Investments 29,733 22,111
2025 £’000 2024 £’000
Book cost at 1 April 2024 20,188 16,942
Investment holding gains 1,923 3,009
Valuation at 1 April 2024 22,111 19,951
Movements in the year:
Purchases at cost 9,828 3,246
Investment holding losses (2,206) (1,086)
Valuation at 31 March 2025 29,733 22,111
Book cost at 31 March 2025 30,016 20,188
Investment holding (losses)/gains (283) 1,923
Valuation at 31 March 2025 29,733 22,111
9. Transactions with the Investment Manager
Foresight Group LLP was appointed as Investment Manager in January 2020 and
earned fees
of £721,000 in the year ended 31 March 2025 (2024: £539,000). No performance
fee was paid during the year (2024: £nil).
Foresight Group LLP is the Company Secretary (appointed in November 2017) and
received accounting and company secretarial services fees of £102,000 (2024:
£81,000), during the year.
At the balance sheet date there was £67,000 due to (2024: £46,000 due to)
Foresight Group LLP. No amounts have been written off in the year in respect
of debts due to or from the Investment 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
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