Final Results
14/04/2026 15:15
FORESIGHT VCT PLC LEI: 213800GNTY699WHACF46 14 April 2026 Final results 31 December 2025 Foresight 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 13 April 2026. The Annual Report will shortly be available in full at www.foresightgroup.eu. All other statutory information can also be found there. FINANCIAL HIGHLIGHTS A special interim dividend of 6.4p per share was paid on 9 May 2025, distributing £19.3 million to shareholders. A final dividend of 4.1p per share was paid on 27 June 2025, distributing £12.4 million to shareholders. Net Asset Value (“NAV”) Total Return per share for the year was 0.1%, as 10.5p in dividends were paid leading to a proportionate 10.4p fall in NAV from 82.0p at 31 December 2024 to 71.6p at 31 December 2025. Six new investments totalling £7.8 million and twelve follow-on investments costing £7.7 million were made during the year. The value of the investment portfolio fell by £8.4 million in the year to 31 December 2025. This was driven by the sale of an investment for £24.3 million and a loan repayment of £0.1 million, offset by an increase of £0.5 million in the valuation of investments, plus £15.5 million of new and follow-on investments. The offer for subscription launched on 14 January 2026 was closed to further applications on 4 February 2026 and raised a total of £38.6 million after expenses. The Board is recommending a final dividend for the year ended 31 December 2025 of 3.6p per share, to be paid on 26 June 2026. CHAIR’S STATEMENT I am pleased to present the Company’s audited Annual Report and Accounts for the year ended 31 December 2025, and to report a dividend yield of 16.0%, including a special dividend. Portfolio overview 54 Investments as at 31 December 2025 £0.5m Increase in valuation of investments in the year ended 31 December 2025 £24.4m Cash proceeds generated from disposal of investments in the year ended 31 December 2025 Overview of 2025 I am pleased to present the Company’s audited Annual Report and Accounts for the year ended 31 December 2025. After four years of strong financial returns, the Company’s performance for 2025 was flat. The Company’s Net Asset Value (“NAV”) Total Return per share was 0.1%, being the percentage difference between the Company’s NAV at the start of the year (82.0p), and the Company’s year-end NAV per share of 71.6p after adding dividends of 10.5p paid during the year. The UK economy continued its gradual recovery in 2025, building on the modest rebound seen in 2024. Economic growth strengthened slightly, with UK GDP expanding by 1.3% over the year, but progress was slowed by ongoing global uncertainty, trade policy instability and a labour market showing signs of softening as the year progressed. Annual inflation in the UK ended 2025 at 3.4%, driven in part by elevated energy and services costs. The Bank of England continued to lower interest rates cautiously, with four small cuts from 4.75% at the beginning of 2025 to 3.75% by the end of the year. The UK government continued to signal an intention to promote economic growth, but an increased tax burden for employers, the staged withdrawal of COVID-era business rates relief and rising labour costs all posed significant challenges for small businesses in particular. Global tensions and the uncertainty generated by radical changes to US trade tariffs created additional pressures on UK exporters and added volatility to markets. Both domestic and international concerns, particularly unpredictable US foreign policy and continuing geopolitical conflicts in Ukraine and the Middle East, have weighed on the markets during the year. Against this backdrop, the Company’s diversified portfolio demonstrated relative resilience in challenging circumstances. While several consumer‑facing investee companies continued to face headwinds from persistent cost‑of‑living pressures, others gained from sector‑specific momentum and delivered robust profit growth. The Manager has worked closely with those facing tougher conditions, while helping stronger performers capitalise on favourable market niches. We are encouraged by a slowly recovering M&A market and have benefited recently from some very profitable exits. The overall robust performance of the Company over the longer term demonstrates the advantages of a generalist VCT and well‑diversified portfolio. The Board and the Manager continue to pursue a strategy for the Company which includes the following four key objectives: Paying annual ordinary dividends of at least 5% of the latest announced NAV Developing Net Asset Value Total Return above a 5% annual target Maintaining a programme of regular share buybacks at a discount of no more than 7.5% to NAV Implementing a significant number of new and follow‑on investments, exceeding deployment requirements to maintain VCT status The Board and the Manager believe that these key objectives remain appropriate and the Company’s performance in relation to each of them over the past year is reviewed in more detail below. Net Asset Value and dividends The net assets of the Company decreased moderately over the period from £222.9 million at 31 December 2024 to £214.0 million at 31 December 2025. This was following the payment of both an ordinary and special dividend, costing the Company £31.7 million in total (including shares allotted under the dividend reinvestment scheme). After the particularly successful realisation of Hospital Services Group Limited, the Board declared a special interim dividend of 6.4p per share, which was paid on 9 May 2025. In addition, a final dividend in relation to the year ended 31 December 2024 of 4.1p per share was paid on 27 June 2025. At the end of 2025, nearly three quarters of the Company’s assets were invested, and the Board believed it would be in the Company’s best interest to raise further funds to provide liquidity for its activities in 2025 and beyond. On 14 January 2026, the Company launched an offer for subscription to raise up to £40.0 million through the issue of new shares. The offer was closed to applications on 4 February 2026 having raised gross proceeds of £40.0 million, £38.6 million after expenses. We would like to thank those existing shareholders who supported the offer and welcome all new shareholders to the Company. The exit of Hospital Services Group Limited generated proceeds of £24.3 million at completion. Since initial investment, the investment returned to the Company a total of £27.1 million, with potential for up to £1.0 million of deferred consideration over the coming years. This is an exceptional achievement from an initial investment of £3.3 million and represents a cash-on-cash multiple of 8.3 times. The NAV Total Return per share from an investment in the Company’s shares made five years ago is 54.8%, or an average of 11.0% per annum, which is well above the minimum target return set by the Board of 5% per annum. Exceeding this target is at the core of the Company’s current and future portfolio management objectives. Adding back the 30% upfront income tax relief and subtracting the maximum fees paid by direct investors on entry and the 7.5% discount on buyback, an initial investment of £10,000 made on 1 January 2021 would have yielded £16,432 five years later, assuming dividends were reinvested when paid. This represents a tax-exempt gain of £6,432 over five years or an average return of 12.9% per annum, not including a potential further £1,981 tax credit receivable on dividends reinvested. An illustration of this calculation can be seen on page 9 of the Annual Report. The Board is recommending a final dividend for the year ended 31 December 2025 of 3.6p per share, to be paid on 26 June 2026 based on an ex-dividend date of 11 June 2026, with a record date of 12 June 2026. At the year end, amounts available for distribution totalled £74,167,000 (2024: £73,735,000). The Company continues to achieve its target dividend yield of 5% of NAV, which was set in 2019 in light of the change in portfolio towards earlier-stage, higher-risk companies, as required by the VCT rules. The Board and the Manager hope that this level may continue to be exceeded in future by payment of additional special dividends as and when particularly successful portfolio disposals are achieved. Investment performance and portfolio activity A detailed analysis of the investment portfolio performance over the period is given in the Manager’s Review. In brief, during the year under review, the Manager completed six new investments in a range of sectors, and twelve follow-on investments costing £7.8 million and £7.7 million respectively. The Company also realised one investment very successfully, as described above, and exited two challenged businesses within the portfolio, being Biotherapy Services Limited and Vio Healthtech Limited, for nil proceeds. The Company also received a £0.1 million loan repayment from Positive Response Corporation Ltd. Further details of these particular investments and realisations can be found in the Manager’s Review on pages 17 to 22 in the Annual Report. The Company and Foresight Enterprise VCT plc have the same Manager and share similar investment policies. The Board closely monitors the extent and nature of the pipeline of investment opportunities and is reassured by the Manager’s confidence in being able to deploy funds without compromising quality and to satisfy the investment needs of both companies. 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, the portfolio companies are assessed and progress is measured against these principles. More detailed information about the process can be found on pages 53 to 56 of the Manager’s Review in the Annual Report. Buybacks During the period, the Company repurchased 10,259,989 shares for cancellation at an average discount of 7.5%, in line with its objective of maintaining regular share buybacks at a discount of no more than 7.5% to the prevailing NAV per share. The Board and the Manager consider that the ability to offer to buy back shares at this level of discount is fair to both continuing and selling shareholders and continues to help underpin the discount to NAV at which the shares trade. Share buybacks are timed to avoid the Company’s closed periods. Buybacks will generally take place, subject to demand, during the following times of the year: April, after the Annual Report has been published June, prior to the half-yearly reporting date of 30 June September, after the Half-Yearly Report has been published December, prior to the end of the financial year Management charges, co-investment and performance incentive The annual management fee is an amount equal to 2.0% of net assets, excluding cash balances above £20.0 million, which are charged at a reduced rate of 1.0%. This is in line with the prior year. This has resulted in ongoing charges for the period ended 31 December 2025 of 2.1%, which is at the lower end of the range when compared to recent cost ratios of competitor VCTs. Since March 2017, co-investments made by the Manager and individual members of the Manager’s private equity team have totalled £1.6 million alongside the Company’s investments of £131.2 million. The co-investment scheme requires that the individual members of the team invest in all of the Company’s investments from that date onwards and prohibits selective “cherry picking” of co‑investments. The Board believes that the co‑investment scheme aligns the interests of the Manager’s team with those of shareholders and has contributed to the gradual improvement in the Company’s investment performance. In addition to the co-investment scheme, a performance incentive scheme has been in place since 2023. This scheme, in brief, is based on the Company’s investment performance over a rolling five-year period, over which the NAV Total Return per share needs to exceed a hurdle of 25.0% before any performance fee each year can be earned. The annual fee is subject to a cap of 1.0% of the closing NAV at the end of the five-year period. More details on the calculation of the performance fee can be found in note 13 of the Annual Report. A total of £2.2 million has been accrued as an estimate of the performance fee due in respect of this financial year, based on the Company’s performance over the last five years and capped at 1% of the closing NAV. Over this period, I am very pleased to report that the NAV Total Return per share was 55.6% before any performance incentive provision, representing an average of 11.1% each year. 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 its responsibilities. 2025 has seen some planned changes to the composition of the Board. I will be retiring from the Board at our AGM in June 2026, having joined the Board in 2017 and served as Chair since 2021. I am very pleased to announce that the Nomination Committee has recommended Patricia (“Patty”) Dimond to succeed me as Chair, and this appointment has been approved by the Board. Patty will provide valuable continuity, having already served on the Board for more than four years, with the last two years as Chair of the Audit Committee. Her extensive experience and her service to this Board and those of other listed companies have proven to the Board that she will make an excellent and committed Chair and will be ably supported by her fellow Directors and the Foresight team. The Board has approved Dan Sandhu to succeed Patty as Chair of the Audit Committee. As part of this succession planning, the Board was delighted to appoint Denise Hadgill as a Non-Executive Director in November 2025. Shareholder communication We were very pleased to meet with some shareholders in person during the year at both the investor forum event in May and the AGM in June. These investor 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. We are assessing options to enhance our shareholder engagement going forward. Annual General Meeting The Company’s Annual General Meeting will take place at the Company’s registered office on 4 June 2026 at 2pm, and we look forward to meeting as many of you as possible in person. Please refer to the formal notice on pages 116 and 117 of the Annual Report for further details in relation to the format of this year’s meeting. All resolutions will be decided on by a poll, so we would encourage you to submit your votes by proxy ahead of the deadline of 2pm on 2 June 2026. Please forward any questions by email to InvestorRelations@foresightgroup.eu in advance of the meeting. Changes to upfront income tax relief on VCTs It was announced in the November 2025 budget that the upfront income tax relief on VCT share subscriptions would be reduced from 30% to 20% from 6 April 2026. Dividends and capital gains from VCT shares would still remain tax-free. At the same time, the government proposed increased investment limits for companies in Great Britain that raise funds through VCTs. The impact of these changes on the VCT market is as yet unknown. While the drop in tax relief on VCT shares is unwelcome and initially may reduce fundraising, particularly in the 2026/27 year, we believe that VCT shares still offer significant tax benefits in a landscape with fewer other tax planning solutions than before. Nonetheless, the Company will continue to lobby against this tax change and emphasise the important role that VCTs have played within the economy by funding young businesses, driving innovation and creating jobs. Outlook The UK economy entered 2026 already facing challenges, with growth expected to remain modest after momentum softened in the latter half of 2025. However, the joint US and Israeli attack on Iran at the end of February and the spread of conflict within the Middle East have created greater uncertainty for the UK economy. Fears of prolonged disruption to oil production and transportation have caused a sudden surge in oil prices and, if sustained, will increase inflation, soften consumer demand and curb business spending. Before the start of the war, inflation was projected to ease towards the Bank of England’s 2% target by mid‑2026, but now further interest rate cuts are likely to be delayed and monetary policy is expected to remain cautious. Consumer confidence and business investment were already fragile, with private sector investment forecast to contract in 2026 amid reduced profitability, weaker real income growth and tighter fiscal pressures. In addition, uncertainties surrounding the long‑term credibility and consistency of the government’s fiscal policies have the potential to unsettle financial markets further. These volatile economic conditions may prove challenging for our investee companies, which are unquoted, small, early‑growth businesses and therefore are more exposed to fluctuations in demand, labour constraints and limited liquidity compared with larger-listed companies. Nonetheless, the Company’s portfolio remains highly diversified by number of holdings, sector, geography and stage of development and has already demonstrated resilience through recent macroeconomic and geopolitical volatility. This diversified approach continues to provide some insulation against market turbulence and supports our confidence in the portfolio’s ability to navigate the environment ahead. Periods of uncertainty can also present opportunities for entrepreneurial, high‑growth businesses to challenge established market dynamics. The UK remains an attractive environment for innovation, and the Manager continues to see a healthy pipeline of potential investments, both new and follow‑on, sourced nationwide through its regional network. Fundraising at the start of 2026 provided the Company with the resources to capitalise on emerging opportunities while maintaining pricing discipline. Overall, we believe that the Company’s generalist and diversified investment strategy leaves it well positioned to face the many challenges of 2026 and continue to generate long‑term value for shareholders, even as the wider economic environment remains uncertain. Margaret Littlejohns Chair 13 April 2026 MANAGER’S REVIEW As at 31 December 2025, the Company’s portfolio comprised 54 investments with a total cost of £109.4 million and a valuation of £158.2 million. Portfolio diversification Technology, Media & Telecommunications (cost 46% | valuation 37%) Healthcare (cost 20% | valuation 19%) Business Services (cost 15% | valuation 16%) Industrials & Manufacturing (cost 12% | valuation 16%) Consumer & Leisure (cost 7% | valuation 7%) Other (cost 0% | valuation 5%) 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 30 to 34 of the Annual Report. In the year to 31 December 2025 the value of investments held at 31 December 2025 increased £0.5 million in the year. In aggregate, the value of unquoted assets reduced due to a successful realisation and a loan repayment, generating £24.4 million of cash. This was offset by the addition of £15.5 million of new and follow-on investments. 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, the Manager remains focused on growing the Company through further development of Net Asset Value Total Return. Although in the year under review, the Company fell short of this target with a Net Asset Value Total Return of only 0.1%, the average annual total return over five years of 11.0% 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. The Manager has continued to invest in its 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 £7.8 million. New investments were across healthcare, manufacturing, marketing and tech-enabled services. Behind these, there continues to be a strong pipeline of opportunities that the Manager expects to convert during the next 12 months. Follow-on investments totalling £7.7 million were also made in twelve 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, 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. 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 £0.9 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 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 and Anti-Money Laundering 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. The Manager is pleased to report that, despite continuing macroeconomic uncertainty and stubbornly high interest rates, the portfolio remains resilient overall. The Manager has made follow-on investments in twelve companies during 2025, totalling £7.7 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, the Manager continued to be vigilant about the health of the rest of the portfolio and the need for follow-on funding over the coming months. Nano Interactive Group Limited In January 2025, the Company made a £0.8 million follow‑on investment into Nano Interactive Group. The Company made its initial investment in 2020 to support growth in sales and marketing operations, continued product development and the establishment of an operation in the US. This latest investment is expected to support additional features for the newly launched “LIIFT” platform, which will enable the company to reach a broader global customer base. 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 £1.0 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 £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 £0.9 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 establish 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. 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 in 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 efforts 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 £0.5 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, the Manager was pleased to report a particularly strong realisation, as well as the disposal of some of the more challenged businesses within the portfolio. The Manager continues 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 £24.3 million at completion and £2.8 million in interest over the life of the investment, with a further £0.5 million in deferred consideration recognised in debtors at the period end. This implies a return and IRR of 8.3 times the original investment and 25.7% 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 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 was fully written off 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 off 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 | Proceeds1 | gain/(loss) | 2024 | ||
| Company | Detail | (£) | (£) | (£) | (£) |
| Hospital Services Group Limited2 | Full disposal | 3,320,000 | 24,312,939 | 20,992,939 | 26,249,171 |
| Biotherapy Services Limited | Full disposal | 2,220,408 | — | (2,220,408) | — |
| Vio Healthtech Limited | Full disposal | 1,683,627 | — | (1,683,627) | — |
| Positive Response Corporation Ltd | Loan repayment | 100,000 | 100,000 | — | 100,000 |
| Total disposals | 7,324,035 | 24,412,939 | 17,088,904 | 26,349,171 |
| Net movement | ||
| Company | Valuation methodology | (£) |
| NorthWest EHealth Limited | Discounted revenue multiple | 2,682,424 |
| Aquasium Technology Limited | Discounted earnings multiple | 1,765,812 |
| Hexarad Group Limited | Discounted revenue multiple | 1,631,903 |
| Mizaic Ltd | Discounted revenue multiple | 1,171,180 |
| Aerospace Tooling Corporation Limited | Discounted earnings multiple | 1,146,381 |
| TLS Management Limited | Net assets | (1,187,585) |
| Cinelabs International Ltd | Discounted earnings multiple | (1,384,884) |
| Nano Interactive Group Limited | Discounted revenue multiple | (1,678,487) |
| Rovco Limited | Nil value | (2,006,306) |
| Fourth Wall Creative Limited | Discounted revenue multiple | (2,507,951) |
| 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 | — | 686 | 686 | — | 22,728 | 22,728 |
| Income | 5,979 | — | 5,979 | 4,307 | — | 4,307 |
| Investment management fees | (1,002) | (4,991) | (5,993) | (1,043) | (5,161) | (6,204) |
| Other expenses | (652) | — | (652) | (705) | — | (705) |
| Return/(loss) on ordinary activities before taxation | 4,325 | (4,305) | 20 | 2,559 | 17,567 | 20,126 |
| Taxation | (785) | 785 | — | (579) | 579 | — |
| Return/(loss) on ordinary activities after taxation | 3,540 | (3,520) | 20 | 1,980 | 18,146 | 20,126 |
| Return/(loss) per share | 1.2p | (1.2)p | 0.0p | 0.7p | 6.7p | 7.4p |
| Called-up | Share | Capital | |||||
| share | premium | redemption | Distributable | Capital | Revaluation | ||
| capital | account | reserve | reserve1 | reserve1 | reserve | Total | |
| Year ended 31 December 2025 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
| As at 1 January 2025 | 2,718 | 19,575 | 73 | 84,689 | 47,039 | 68,769 | 222,863 |
| Share issues in the year2 | 375 | 30,262 | — | — | — | — | 30,637 |
| Expenses in relation to share issues3 | — | (860) | — | — | — | — | (860) |
| Repurchase of shares | (103) | — | 103 | (6,949) | — | — | (6,949) |
| Realised gains on disposal of investments | — | — | — | — | 18,168 | — | 18,168 |
| Investment holding losses | — | — | — | — | — | (17,482) | (17,482) |
| Dividends paid | — | — | — | (31,662) | — | — | (31,662) |
| Management fees charged to capital | — | — | — | — | (4,991) | — | (4,991) |
| Revenue return before taxation for the year | — | — | — | 4,325 | — | — | 4,325 |
| Taxation for the year | — | — | — | (785) | 785 | — | — |
| As at 31 December 2025 | 2,990 | 48,977 | 176 | 49,618 | 61,001 | 51,287 | 214,049 |
| Called-up | Share | Capital | ||||||
| share | premium | redemption | Distributable | Capital | Revaluation | |||
| capital | account | reserve | reserve1 | reserve1 | reserve | Total | ||
| Year ended 31 December 2024 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| As at 1 January 2024 | 2,552 | 92,766 | 1,263 | 24,876 | 27,170 | 70,492 | 219,119 | |
| Share issues in the year2 | 238 | 20,216 | — | — | — | — | 20,454 | |
| Expenses in relation to share issues3 | — | (642) | — | — | — | — | (642) | |
| Repurchase of shares | (72) | — | 72 | (5,480) | — | — | (5,480) | |
| Realised gains on disposal of investments | — | — | — | — | 24,451 | — | 24,451 | |
| Investment holding losses | — | — | — | — | — | (1,723) | (1,723) | |
| Dividends paid | — | — | — | (30,714) | — | — | (30,714) | |
| Cancellation of share premium | — | (92,765) | (1,262) | 94,027 | — | — | — | |
| Management fees charged to capital | — | — | — | — | (5,161) | — | (5,161) | |
| Revenue return before taxation for the year | — | — | — | 2,559 | — | — | 2,559 | |
| Taxation for the year | — | — | — | (579) | 579 | — | — | |
| As at 31 December 2024 | 2,718 | 19,575 | 73 | 84,689 | 47,039 | 68,769 | 222,863 | |
| As at | As at | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Fixed assets | ||
| Investments held at fair value through profit or loss | 158,163 | 166,576 |
| Current assets | ||
| Debtors | 2,876 | 3,678 |
| Cash and cash equivalents1 | 55,168 | 55,922 |
| 58,044 | 59,600 | |
| Creditors | ||
| Amounts falling due within one year | (2,158) | (3,313) |
| Net current assets | 55,886 | 56,287 |
| Total assets less current liabilities | 214,049 | 222,863 |
| Net assets | 214,049 | 222,863 |
| Capital and reserves | ||
| Called-up share capital | 2,990 | 2,718 |
| Share premium account | 48,977 | 19,575 |
| Capital redemption reserve | 176 | 73 |
| Distributable reserve | 49,618 | 84,689 |
| Capital reserve | 61,001 | 47,039 |
| Revaluation reserve | 51,287 | 68,769 |
| Equity shareholders’ funds | 214,049 | 222,863 |
| Net Asset Value per share | 71.6p | 82.0p |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Cash flow from operating activities | ||
| Loan interest received from investments | 1,974 | 1,472 |
| Dividends received from investments | 1,186 | 241 |
| Deposit and similar interest received | 2,817 | 2,658 |
| Investment management fees paid | (5,021) | (3,161) |
| Performance incentive fee paid | (2,030) | (1,467) |
| Secretarial fees paid | (130) | (130) |
| Other cash payments | (619) | (569) |
| Net cash outflow from operating activities | (1,823) | (956) |
| Cash flow from investing activities | ||
| Purchase of investments | (15,589) | (14,295) |
| Proceeds on sale of investments | 24,413 | 36,529 |
| Proceeds on deferred consideration | 1,079 | 5,043 |
| Net cash inflow from investing activities | 9,903 | 27,277 |
| Cash flow from financing activities | ||
| Proceeds of fundraising | 24,575 | 14,604 |
| Expenses of fundraising | (437) | (526) |
| Repurchase of own shares | (6,947) | (5,491) |
| Equity dividends paid | (26,025) | (25,186) |
| Net cash outflow from financing activities | (8,834) | (16,599) |
| Net (decrease)/increase of cash in the year | (754) | 9,722 |
| Reconciliation of net cash flow to movement in net funds | ||
| (Decrease)/increase in cash and cash equivalents for the year | (754) | 9,722 |
| Net cash and cash equivalents at start of year | 55,922 | 46,200 |
| Net cash and cash equivalents at end of year | 55,168 | 55,922 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Net assets | £214,049,000 | £222,863,000 |
| No. of shares at year end | 299,028,488 | 271,779,253 |
| Net Asset Value per share | 71.6p | 82.0p |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Total return after taxation | 20 | 20,126 |
| Total return per share (note a) | 0.0p | 7.4p |
| Revenue return after taxation | 3,540 | 1,980 |
| Revenue return per share (note b) | 1.2p | 0.7p |
| Capital (loss)/return after taxation | (3,520) | 18,146 |
| Capital (loss)/return per share (note c) | (1.2)p | 6.7p |
| Weighted average number of shares in issue in the year (note d) | 299,513,568 | 271,271,444 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Deposit and similar interest received | 2,817 | 2,658 |
| Loan stock interest | 1,976 | 1,408 |
| Dividends receivable | 1,186 | 241 |
| 5,979 | 4,307 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Unquoted investments | 158,163 | 166,576 |
| £’000 | ||
| Book cost as at 1 January 2025 | 101,124 | |
| Investment holding gains | 65,452 | |
| Valuation at 1 January 2025 | 166,576 | |
| Movements in the year: | ||
| Purchases at cost | 15,583 | |
| Disposal proceeds1 | (24,413) | |
| Realised gains | 17,089 | |
| Investment holding losses | (16,672) | |
| Valuation at 31 December 2025 | 158,163 | |
| Book cost at 31 December 2025 | 109,383 | |
| Investment holding gains | 48,780 | |
| Valuation at 31 December 2025 | 158,163 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2025 | 2024 | |
| £’000 | £’000 | |
| Realised gains | 17,089 | 19,408 |
| Investment holding losses | (16,672) | (1,952) |
| Deferred consideration receipts | 1,079 | 5,043 |
| Deferred consideration debtor movement | (810) | 229 |
| Gains on investments per the Statement of Comprehensive Income | 686 | 22,728 |
| Deferred | ||
| Deferred | consideration | |
| consideration | debtor | |
| receipts | movements | |
| £’000 | £’000 | |
| Specac International Limited | 475 | (276) |
| Callen-Lenz Associates Limited | 295 | (268) |
| Datapath Group Holdings Limited | 292 | (291) |
| Codeplay Software Limited | 9 | — |
| Mologic Ltd | 8 | (7) |
| Ollie Quinn Limited | — | 32 |
| 1,079 | (810) |