REG-Half-year Financial Report
18/12/2025 15:30
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FORESIGHT TECHNOLOGY VCT PLC
LEI: 21380013CXOR8N6OD977
18 DECEMBER 2025
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Financial Highlights
Company
* Net Asset Value per share at 30 September 2025 was 92.0p (31 March 2025:
91.4p).
* During the period, the Company invested in two new portfolio companies and
executed four follow-on investments in existing companies.
* During the period, under the buyback policy, the Company completed the
repurchase and subsequent cancellation of
0.4 million shares at an average discount of 5.0% to the prevailing NAV per
share.
* During the period, £3.0 million was raised under the offer dated 5
September 2024.
* Since the end of the reporting period, a further £1.2 million has been
raised under the new offer for subscription which was launched on 16 September
2025, bringing the total funds raised to £46.4 million.
* Since the end of the reporting period, two follow-on investments into Xim
("Lifelight") Limited and Synaptec Limited have been made, bringing total
deployment to £34.5 million.
Chairman’s Statement
On behalf of the Board, I am pleased to present the Unaudited Half-Yearly
Financial Report for Foresight Technology VCT plc for the six months ended 30
September 2025 and to provide you with an update on 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 offers for subscription, dated 5 September 2024 and relaunched on 16
September 2025, are each up to £15 million (with an overallotment facility
for up to an additional £10 million) through the issue of shares. During the
six months ended 30 September 2025, across the former offer, 3.0 million
shares were allotted, raising a further £3.0 million, bringing the total
funds raised to over £45.2 million.
Post period end, a further 1.3 million FWT Shares were allotted, increasing
the total funds raised to £46.4 million.
Portfolio and deal activity
During the period the Company's Net Asset Value ("NAV") increased by 0.7% from
91.4p per share as at 31 March 2025 to 92.0p as at 30 September 2025. A
detailed analysis of the investment portfolio performance over the period is
given in the Investment Manager’s Review.
The Company has experienced a productive six months, with two new investments
completed in Spaceflux Limited and SenseAI Vision Limited. The Company also
completed four follow-on investments into existing portfolio companies Zayndu
Limited, Audioscenic Limited, Opsydia Limited and Kognitiv Spark Inc. Many
portfolio companies continue to make strong technical and commercial progress,
navigating a challenging business environment with resilience. The Investment
Manager remains closely engaged with the portfolio, supporting the teams to
achieve key milestones that will enable further funding rounds or position
them for successful exits.
Portfolio highlights include Previsico Limited, whose flood forecasting
platform is seeing strong demand from the insurance sector, culminating in an
oversubscribed Series A funding round. Meanwhile, Xim Limited ("Lifelight")
has become the first company to achieve EU Class II medical certification for
blood pressure measurement using only a smartphone camera. Case studies on
these two companies can be found on page 10 of the Half-Year Report.
Details of each of the top ten companies by value as at 30 September 2025 can
be found on page 11 of the Half-Year Report.
As at 30 September 2025, the Company had made investments totalling £34.1
million in 37 exciting portfolio companies. Post period end, the Company made
two follow-on investments totalling £0.4 million.
The Investment Manager continues to see a strong pipeline of potential
investments sourced through its regional networks and well-developed
relationships with universities, 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 of the Company is calculated as 2.0% of net assets
and equated to £412,000 during the period. The Board believes that the annual
management fee represents good value for investors.
Responsible investing
The Board acknowledges the Investment Manager’s ongoing commitment to
responsible investing. Foresight integrates sustainability criteria across its
business and investment activities. Sustainability analysis is embedded within
the investment process and is considered fundamental to assessing business
quality and sustainability. Five core ESG principles guide the evaluation of
investee companies and progress against these principles is tracked annually
throughout the investment lifecycle, from initial review to exit.
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.
In the six months ended 30 September 2025 the Company has purchased 359,873
shares which were subsequently cancelled.
Outlook
Global events over the past six months have reinforced the relevance of the
Company’s investment strategy. From record-breaking European heatwaves and
flash floods to the continued need for productivity-enhancing technologies in
developed economies, the world is facing urgent challenges that demand
innovative solutions. The announcement of over $1.5 trillion in global
Artificial Intelligence ("AI") infrastructure investment in 2025, and three of
the largest cyber-attacks in UK corporate history, further validate the focus
on high-growth companies addressing systemic risks and opportunities.
The past six months have also seen continued efforts by the UK Labour
Government to stimulate growth in the UK’s technology sector. A particular
highlight has been the announcement of over £40 billion in AI and cloud
infrastructure investment from global leaders including Microsoft, Google and
Nvidia. This surge in capital reflects growing confidence in the UK’s
digital economy and lays the foundation for the next generation of AI-enabled
companies – further reinforcing the relevance of our strategy: investing in
diversified high-growth potential, innovative companies.
The Board applauds the UK Government’s decision to raise the investment
limits and gross asset test thresholds for VCT qualifying companies in the
November 2025 budget. These changes will enable VCT funds to invest further
into a company’s funding journey, helping to address the "growth" stage
funding gap that is widely recognised in the industry. At the same time, the
board is disappointed to see the reduction in tax relief afforded to VCTs from
30% to 20%, which may have a temporary impact on funds raised in the wider VCT
market. The Investment Manager reports that it is already taking actions to
mitigate the effect of this transition period.
At the same time, there is growing concern that the AI sector may be entering
a "bubble" phase, with a correction increasingly seen as a matter of when, not
if. In this environment, the Investment Manager is drawing on its more than
40-year track record of disciplined investing through multiple economic
cycles. The focus remains on identifying the market "signal" which includes
technologies with defensible Intellectual Property ("IP"), clear economic
value and alignment with long-term global trends and avoiding the "noise" of
hype-driven narratives.
The UK deep tech ecosystem is showing signs of renewed momentum. Deep tech
companies are those developing technologies to address the most urgent global
challenges. Fundraising conditions are improving, supported by increased
capital allocations to defence and dual-use technologies. Investors are also
beginning to look beyond pure-play AI businesses, and with this in mind, the
Investment Manager is focussed on investing in companies that show attractive
and defensible characteristics, alongside growth potential.
Finally, the M&A environment is showing signs of recovery, with recent
successful exits in UK technology boosting optimism. While deal volumes remain
below 2024 levels, analysts are optimistic that activity will increase in
2026, driven by AI-led consolidation and international interest in UK
technology. The portfolio remains well positioned to benefit from long-term
structural trends shaping the global economy and the Investment Manager
remains focused on positioning the portfolio for potential realisations.
Thank you for your continued support.
Ernie Richardson
Chairman
18 December 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
£45.2 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 30 September 2025, the Company had made investments
into 37 companies totalling £34.1 million. Exit opportunities are under
review with a hope to realise value from the investment portfolio in the next
financial year.
New Investments
Two new investments totalling £1.1 million were completed in the six months
to 30 September 2025. There is a strong pipeline of opportunities to pursue
during the next six months to 31 March 2026.
Spaceflux Limited - In July 2025, the Company completed a £0.5 million
initial investment into Spaceflux, as part of an oversubscribed £5.4m funding
round. Spaceflux is a provider of real-time Space Situational Awareness
("SSA") and Space Traffic Management solutions using a global network of 14
advanced optical ground sensors, combined with proprietary software, AI and
analytics. A surge in satellite launches, leading to rising levels of orbital
debris and therefore risks of collisions has driven growing market demand for
motoring solutions and increased investment from governments and the defence
sector. Spaceflux has established itself as a trusted provider of SSA,
providing services to several customers across the UK, and is targeting
international growth with the new funding. This investment will support
Spaceflux’s continued growth and international market expansion.
SenseAI Vision Limited - In August 2025, the Company completed a £0.6 million
initial investment into SenseAI Vision as part of a seed investment round,
which also included participation from the Foresight Technology EIS fund and
other external investors. SenseAI Vision has developed an innovative
software-based compressive sensing technology for use initially in electron
microscopy but is also applicable for other imaging modalities. This
investment will support product development and roll-out to research and
industrial customers.
Follow-on investments
The Company made follow-on investments into four companies during the six
months to 30 September 2025, totalling £3.0 million. Further details of each
of these are provided here.
The additional equity injections in the period were used to support further
growth plans, such as launching new products and expansion of commercial
capabilities. The Investment Manager continues to successfully navigate the
volatility that has been felt across the markets over the course of the year
and remains vigilant about the health of the portfolio and the need for
follow-on funding during the first half of 2026. Given the size of the
portfolio, further opportunities to deploy capital into growing existing
investments are expected.
Opsydia Limited - In April 2025, the Company completed a £1.1 million
follow-on investment into Opsydia. With guidance from Foresight, Opsydia has
pivoted into a new market opportunity of optical networking and interconnects,
driven by the growing need to transmit data optically in high-performance AI
data centres. To support this transition, Foresight appointed a Chair and
Chief
Technology Officer, both bringing deep sector expertise and leadership
experience. The investment will support Opsydia’s commercialisation in this
fast-growing sector.
Audioscenic Limited - In April 2025, the Company completed a £1.3 million
follow-on investment into Audioscenic, which has developed a software-based
solution that unlocks the full potential of 3D audio. Since the initial and
previous
follow-on investments, the team has grown significantly and three products
have launched, including an award-winning gaming soundbar. The latest
investment will support further commercialisation as Audioscenic aims to
establish its technology as the industry standard for spatial audio across
consumer electronics.
Zayndu Limited - In April 2025, the Company completed a £0.4 million
follow-on investment into Zayndu, as part of a £1.4 million fundraising
round. Zayndu is a Loughborough University spin-out developing cold
plasma-based seed treatment technology that boosts crop yields without the use
of agricultural chemicals. Since initial investment in November 2023, Zayndu
has enhanced its product design and grown its customer base. Foresight
introduced key board members, including a Chair and Non-Executive Director.
The follow-on investment will support continued scaling and expansion.
Kognitiv Spark Inc - In September 2025, the Company completed a £0.3 million
follow-on investment into Kognitiv Spark, a software company that provides 3D
data to support field service workers in remote locations via Augmented
Reality. This investment will support further development of the technology
stack along with driving further commercial growth.
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 March 2025. A
detailed explanation can be found on pages 24 and 25 of the Annual Report and
Accounts which is available on Foresight Group’s website at
www.foresight.group or by writing to Foresight Group LLP at: The Shard, 32
London Bridge Street, London, SE1 9SG.
Since the annual report, the UK Government, as part of the November 2025
Budget, has announced a reduction in tax relief on VCT funds from 30% to 20%
as of 1 April 2026. At the time of writing, the implications of this
announcement are still being assessed, but it may result in an increase in
inflows into the VCT market ahead of this change, followed by a drop in
inflows from April 2026 onwards. The Investment Manager recognises this risk
and is identifying measures to protect and grow value in the portfolio should
inflows be impacted by these changes. The emerging risks identified in the
previous report included those of climate change and geopolitical tensions.
These emerging risks continue to apply and be monitored. The Board and the
Investment 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 Investment 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 Financial Conduct
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
March 2025 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
through the cash generated from fundraising activities. As a consequence, the
Directors believe that the Company is well placed to manage its business risks
successfully.
The Directors have a 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
auditor. On behalf of the Board
Foresight Group LLP
18 December 2025
Unaudited Income Statement
for the six months ended 30 September 2025
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Investment holding gains/(losses) — 579 579 — 220 220 — (2,206) (2,206)
Income 135 — 135 140 — 140 335 — 335
Investment management fees (103) (309) (412) (87) (261) (348) (180) (541) (721)
Other expenses (176) — (176) (232) — (232) (478) — (478)
(Loss)/profit before taxation (144) 270 126 (179) (41) (220) (323) (2,747) (3,070)
Taxation — — — — — — — — —
(Loss)/profit after taxation (144) 270 126 (179) (41) (220) (323) (2,747) (3,070)
(Loss)/profit per share
FWT Share (0.3)p 0.6p 0.3p (0.5)p (0.1)p (0.6)p (0.9)p (7.5)p (8.4)p
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 Income Statement 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 Income Statement 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 September 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 2025 420 1,450 208 36,961 (342) (283) 38,414
Share issues in the period 30 2,943 — — — — 2,973
Repurchase of own shares (3) — 3 (313) — — (313)
Expenses in relation to share issues — (74) — — — — (74)
Expenses in relation to prior year share issues — (9) — — — (9)
Investment holding gains — — — — — 579 579
Management fees charged to capital — — — — (309) — (309)
Revenue loss for the period — — — (144) — — (144)
As at 30 September 2025 447 4,310 211 36,504 (651) 296 41,117
* Total distributable reserves at 30 September 2025 were £35,853,000 (31
March 2025: £36,619,000).
Unaudited Balance Sheet at 30 September 2025
Registered Number: 07289280
As at 30 September 2025 (unaudited) As at 30 September 2024 (unaudited) As at 31 March 2025 (audited)
£’000 £’000 £’000
Fixed assets
Investments held at fair value through profit or loss 34,433 26,560 29,733
Current assets
Debtors 262 88 10
Cash and cash equivalents 6,558 8,435 8,965
6,820 8,523 8,975
Creditors
Amounts falling due within one year (136) (247) (294)
Net current assets 6,684 8,276 8,681
Net assets 41,117 34,836 38,414
Capital and reserves
Called-up share capital 447 355 420
Share premium 4,310 32,099 1,450
Capital redemption reserve 211 208 208
Distributable reserve 36,504 93 36,961
Capital reserve (651) (62) (342)
Revaluation reserve 296 2,143 (283)
Equity shareholders' funds 41,117 34,836 38,414
Net asset value per share
FWT Share 92.0p 98.2p 91.4p
Unaudited Cash Flow Statement
for the six months ended 30 September 2025
Six months ended 30 September 2025 (unaudited) £’000 Six months ended 30 September 2024 (unaudited) £’000 Year ended 31 March 2025 (audited) £’000
Cash flow from operating activities
Deposit and similar interest received 135 140 305
Investment management fees paid (632) (216) (743)
Secretarial fees paid (93) (27) (104)
Other net cash payments (281) (195) (26)
Net cash outflow from operating activities (871) (298) (568)
Cash flow from investing activities
Purchase of investments (4,121) (3,500) (9,099)
Net cash outflow from investing activities (4,121) (3,500) (9,099)
Cash flow from financing activities
Proceeds of fund raising 2,957 3,087 9,705
Expenses of fund raising (90) (130) (261)
Repurchase of own shares (282) — (88)
Net cash inflow from financing activities 2,585 2,957 9,356
Net outflow of cash in the period (2,407) (841) (311)
Reconciliation of net cash flow to movement in net funds
Decrease in cash for the period (2,407) (841) (311)
Net cash at start of period 8,965 9,276 9,276
Net cash at end of period 6,558 8,435 8,965
Analysis of changes in net debt At 1 April 2025 £’000 Cash Flow £’000 At 30 September 2025 £’000
Cash and cash equivalents 8,965 (2,407) 6,558
Notes to the Unaudited Half-Yearly Results
For the six months ended 30 September 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 March 2025. Unquoted investments have been valued in
accordance with IPEV Valuation Guidelines (as updated in December 2022).
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 September
2025 and 30 September 2024 has been neither audited nor formally reviewed.
Statutory accounts in respect of the year ended 31 March 2025 have been
audited and reported on by the Company’s auditor and delivered to the
Registrar of Companies and included the report of the auditor 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
March 2025 have been reported on by the Company’s auditor or delivered to
the Registrar of Companies.
3 Copies of the Unaudited Half-Yearly Financial Report for the six months
ended 30 September 2025 will be sent to shareholders via their chosen method
of communication and are available for inspection at the Registered Office of
the Company at The Shard, 32 London Bridge Street, London, SE1 9SG. Copies are
also available electronically at www.foresight.group.
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.
Net assets £’000 Number of FWT Shares in issue
30 September 2025 41,117 44,708,213
30 September 2024 34,836 35,459,937
31 March 2025 38,414 42,045,605
5 Return per share
The weighted average number of shares used to calculate the respective returns
are shown in the table below:
FWT Shares
Six months ended 30 September 2025 44,663,985
Six months ended 30 September 2024 35,347,041
Six months ended 31 March 2025 36,685,138
Earnings for the period should not be taken as a guide to the results for the
full year.
6 Income
Six months ended 30 September 2025 (unaudited) £’000 Six months ended 30 September 2024 (unaudited) £’000 Year ended 31 March 2025 (audited) £’000
Dividends received — — 30
Deposit and other interest 135 140 305
Total income 135 140 335
7 Investments held at fair value through profit or loss
£’000
Book cost at 1 April 2025 30,016
Investment holding gains at 1 April 2025 (283)
Valuation at 1 April 2025 29,733
Movements in the period:
Purchases at cost 4,121
Foreign exchange losses (26)
Investment holding gains 605
Valuation at 30 September 2025 34,433
Book cost at 30 September 2025 34,137
Investment holding gains at 30 September 2025 296
Valuation at 30 September 2025 34,433
8 Transactions with the Investment Manager
Foresight Group LLP was appointed as Investment Manager on 27 January 2020 and
earned fees of £412,000 in the six months ended 30 September 2025 (six months
ended 30 September 2024: £348,000; year ended 31 March 2025: £721,000).
Foresight Group LLP is the Company Secretary (appointed in November 2017) and
received accounting and company secretarial services fees of £60,000 in the
six months ended 30 September 2025 (six months ended 30 September 2024:
£50,000; year ended 31 March 2025: £102,000).
At the balance sheet date there was £16,000 due to (30 September 2024: £nil
due from; 31 March 2025: £67,000 due to) Foresight Group LLP. No amounts have
been written off in the period in respect of debts due to or from the
Investment Manager.
9 Related party transactions
No Director has an interest in any contract to which the Company is a party
other than their appointment and payment as Directors.
10 Post balance sheet event
Between the year end and the date of this report, under the offer for
subscription to raise up to £15 million FWT shares (with an overallotment
facility to raise up to a further £10 million), the Company issued a total of
1,301,238 shares which raised funds of £1.2 million.
Between the 30 September 2025 and the date of this report, the Company
invested a total of £0.4 million across two existing investee companies.
END
For further information please contact:
Company Secretary
Steve Thayer, Foresight Group
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