REG-Final Results
14/04/2026 15:15
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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 Proceeds (1) gain/(loss) 2024
Company Detail (£) (£) (£) (£)
Hospital Services Group Limited (2) 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
1. Proceeds on exit excluding interest, dividends and exit fees where
applicable.
2. Excludes £0.5 million of deferred consideration recognised within debtors
as at 31 December 2025.
Pipeline
At 31 December 2025, the Company had cash reserves of £55.2 million, which
will be used to fund new and follow‑on investments, buybacks, dividends and
corporate expenditure. The Manager is seeing a strong pipeline of new
opportunities, with several opportunities in due diligence or in exclusivity
stages, with further deal completions expected to be announced in the months
to follow.
Despite falling inflation and interest rates, debt remains expensive by recent
standards, and the Bank of England has not reduced interest rates at the speed
expected. On the global level, uncertainty remains with the Russia–Ukraine
conflict ongoing, a new widespread conflict in the Middle East and ongoing
tensions between China and the West. These conflicts are likely to disrupt
supply chains and create volatility in the medium term. These conditions make
equity investment attractive for SMEs, wishing to strengthen their balance
sheets and manage uncertainty.
The Manager continues to see an attractive pipeline of opportunities and does
not see this changing in the medium term. The Company is able to access these
opportunities through its wide and proprietary network across the country,
delivered by its network of regional offices. The Manager considers the
Company’s strategy to be well suited to market volatility, due to its
balanced mix of companies across sectors and stages, experienced investment
team and network of high‑quality non-executives.
Post-year-end activity
Resi Design Limited
In January 2026, the Company made a £0.7 million follow-on investment into
Resi Design, a technology-enabled architectural business that manages
structural home improvement projects from concept through to planning, design,
build and sign-off. This latest investment is expected to support the
refreshed management team in implementing an improved business plan.
Fourth Wall Creative Limited
In February 2026, the Company completed a £1.6 million follow-on investment
into Fourth Wall Creative to support the continued growth of the business. For
further details on Fourth Wall Creative Limited, please see above.
Evolve Dynamics Limited
In February 2026, the Company completed a £0.3 million follow-on investment
into Evolve Dynamics Limited (“Evolve”). The investment will support the
company’s working capital and research and development initiatives as the
business continues to target both private and public sector contracts. Evolve
develops and manufactures Unmanned Aircraft Systems and since investment, it
has developed and begun to commercialise two new systems.
SAMP Technology Holdings Limited
In February 2026, the Company invested £2.0 million into SAMP Technology
Holdings, a technical engineering consultancy with a bespoke asset performance
management and risk analysis software platform. The platform enables customers
to plan predictive and preventative maintenance events, reducing plant
stoppages, extending useful lives and improving return on investment for the
equity owners. The investment will help scale the business and aid in a
software platform rollout.
Sprintroom Limited
In February 2026, the Company completed a £0.4 million follow‑on investment
into Sprintroom, which trades as Sprint Electric. The business develops and
produces drives used to control electric motors across both light and heavy
industrial applications, while also enabling the recovery and reuse of energy
that would otherwise be wasted. The investment will support ongoing revenue
growth and the development of additional iterations within the new product
range.
Key portfolio developments
Material changes in valuation, defined as increasing or decreasing by £1.0
million or more since 31 December 2024, are detailed below. Updates on these
companies are included below, in the Post‑year-end activity section on page
24 of the Annual Report, or in the Top Ten Investments section on pages 30 to
34 of the Annual Report.
Key valuation changes in the year
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)
Aerospace Tooling Corporation Limited
Aerospace Tooling Corporation Limited (“ATL”) provides specialist
inspection, maintenance, repair and overhaul (“MRO”) services for
components in high-specification aerospace and industrial turbine engines. A
core focus for ATL is in “legacy” components and engines that are still in
widespread use but have ceased production and do not have easily available
spare parts. The company also provides services on a wide range of “in
production” turbines, providing a cost‑effective alternative to expensive
replacement parts.
31 December 2025 update
Throughout 2025, ATL implemented a series of cost‑reduction measures,
enhanced quality and operational efficiency on the factory floor, and
introduced significant price increases across its customer base. These actions
collectively enabled the business to return to profitability. The company also
invested heavily in new CAPEX, which secured a major new order. The Manager
remains supportive of the business as it continues to grow its customer base
and expand its service offering.
Cinelabs International Ltd
Cinelabs provides non-creative, post-production services to film and TV and
commercial production houses globally for those shooting on both analogue film
and digitally. It also offers restoration and archiving services to owners of
film archives.
31 December 2025 update
The company saw a slight decrease in revenue due to an expected large contract
not crystallising in the summer months but recovered well to deliver a
profitable year. Cinelabs is also considering a number of acquisitions to
broaden its service offering with complementary services.
Mizaic Ltd
Mizaic has developed MediViewer, an electronic document management solution
for healthcare providers. Mizaic helps digitise and provide a single interface
to provide easy access to archived, paper-based patient records and is
supporting the transition to a paperless NHS.
31 December 2025 update
Across 2025, Mizaic has continued to grow its core business, onboarding
additional NHS trusts during the year on to the MediViewer platform and
growing underlying annual recurring revenue. Mizaic completed the acquisition
of an early-stage, two-person AI healthcare company in October, which adds a
new workflow offering to Mizaic’s product suite.
Rovco Limited
Rovco, trading as Beam, was established in 2015 by CEO Brian Allen as a
provider of subsea infrastructure surveying services, primarily for offshore
wind.
31 December 2025 update
Despite positive interest from investors in a large growth funding round at
the beginning of 2025, this failed to materialise, leaving the company
insolvent. As such, after thoroughly exploring all options, the directors
resolved to put the company into administration at the end of April 2025.
Outlook
2025 was another year of measured recovery in the UK economy, although global
volatility remains given the geopolitical environment. Inflation remained at
historically normalised levels, with the CPI index rising by 3.2% in the year.
This trend led to several interest rate reductions by the Bank of England over
the course of the year, totalling 1% and resulting in a base rate of 3.75%. UK
GDP growth was estimated at 1.3%, an improvement on 2024, which was low by
global standards but in line with other mature economies. Fourth quarter GDP
growth was 0.1%, so momentum is limited heading into 2026.
UK GDP performance is expected to be the second strongest in the G7 according
to the IMF after the US, where growth is underpinned by investment in AI among
other factors. However, inflation remains high compared with other countries.
The FTSE 100 performed strongly in 2025, rising by 24%, outstripping growth
seen by other developed stock markets, such as the S&P 500. This strong
performance has been attributed to robust earnings and dividends and continued
overseas interest in UK assets. This trend has continued so far in 2026 with
improving economic conditions, whilst other tech-heavy indices have suffered
from the higher volatility experienced in those sectors. CPI growth in January
fell further to 3.0%.
At the macro level, volatility and uncertainty remain. The geopolitical
landscape remains strained, with the Russia–Ukraine conflict entering its
fifth year and a new conflict erupting in the Middle East, as well as
continuing tensions between the West and China. Further widespread tariffs
have recently been imposed by the US under the current, impulsive
administration. The narrative around global investment in AI and the impact
this may have on the labour market is driving further volatility in markets.
There is room for some optimism, however, as the UK continues to be a global
leader in key sectors such as technology, life sciences and financial
services. The UK has a strong culture of innovation, driven by leading
universities and attracting top global talent. There is a strong and
established network of support for growing young companies, and world-class
universities continue to nurture exciting spin-outs. Multinationals continue
to see the UK as an attractive place to invest and grow their businesses, and
the anticipated increase in the capital gains tax rate did not materialise.
While the UK government has delivered sharp tax rises, many of which have
impacted SMEs, the expectation is that tax rises for the remainder of this
government should be modest.
2025 represented the strongest year for M&A in the UK since the pandemic.
Despite the performance of the FTSE 100, valuations of UK companies generally
lag behind those of US and European counterparts, making them attractive
targets for international acquisition. This makes the UK an attractive place
to invest, with well-trodden exit routes to US and European buyers a feature
of the market.
The Company has continued its strong recent exit track record with the sale of
Hospital Services Group to a trade buyer, generating 8.3x money. The exits of
Biotherapy Services and Vio Healthtech, conversely, show the risk inherent in
making early-stage investments. These exits allowed the Company to return
material value to shareholders in the year, paying dividends of 10.5p per
share. This represents a dividend yield of an attractive 16%, exceeding the
Company’s target. Overall NAV total return was 0.1%, with the Company
returning most of the realised gains made in the year to shareholders. The
Company retains a portfolio that is well balanced across sectors and stages,
with some companies delivering strong profitability, whilst other
earlier‑stage investments continue to display strong growth.
The Manager continues to work closely with portfolio companies to manage
leverage and navigate the various challenges posed by external factors.
2026 was forecast to demonstrate marginal improvements across several fronts,
with a slightly improved GDP forecast, lower inflation, and consequently lower
interest rates. However, the emergence of the Iran US war and subsequent oil
price shock seems likely to drive inflation and interest rates upwards, reduce
consumer and business confidence and potentially push the UK into recession.
That said, the UK is an attractively valued market compared to certain other
countries.
The Manager is reasonably pleased with the performance in the year, with the
Company navigating the economic and geopolitical uncertainty well,
particularly with the strong realisation of Hospital Services Group. The
Company’s strong performance over the medium and long term has maintained
its position in the VCT market, enabling a highly successful fundraise which
will provide further capital to continue the Manager’s track record of
delivering value from investments and supporting portfolio companies. The
portfolio remains diversified and resilient to macroeconomic headwinds,
supported by a collaborative, hands-on approach from the Manager.
James Livingston
on behalf of Foresight Group LLP
Co-Head of Private Equity
13 April 2026
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2025
Year ended 31 December 2025 Year ended 31 December 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Gains on investments — 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
The total columns of this statement are the profit and loss account of the
Company, and the revenue and capital columns represent supplementary
information.
No operations were acquired or discontinued in the year.
The Company has no recognised gains or losses other than those shown above;
therefore, no separate statement of total comprehensive income has been
presented.
The Company has only one class of business and one reportable segment, the
results of which are set out in the Statement of Comprehensive Income and
Balance Sheet.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The notes on pages 97 to 115 of the Annual Report form part of these financial
statements.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve (1) reserve (1) reserve Total
Year ended 31 December 2025 £’000 £’000 £’000 £’000 £’000 £’000 £’000
As at 1 January 2025 2,718 19,575 73 84,689 47,039 68,769 222,863
Share issues in the year (2) 375 30,262 — — — — 30,637
Expenses in relation to share issues (3) — (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
1. Distributable reserve accounts at 31 December 2025 total £110,619,000
(2024: £131,728,000). Share premium cancelled in 2024 included amounts
arising on share allotments less than three years old, which are not legally
distributable. Amounts available for distribution at 31 December 2025 are
therefore £74,167,000 (2024: £73,735,000). The remaining cancelled share
premium will become distributable on the third anniversary of the share
allotment on which it arose.
2. Includes the dividend reinvestment scheme.
3. Expenses in relation to share issues includes trail commission for prior
years’ fundraising.
The notes on pages 97 to 115 of the Annual Report form part of these financial
statements.
Called-up Share Capital
share premium redemption Distributable Capital Revaluation
capital account reserve reserve (1) reserve (1) reserve Total
Year ended 31 December 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000
As at 1 January 2024 2,552 92,766 1,263 24,876 27,170 70,492 219,119
Share issues in the year (2) 238 20,216 — — — — 20,454
Expenses in relation to share issues (3) — (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
1. Distributable reserve accounts at 31 December 2024 total £131,728,000
(2023: £52,046,000). Share premium cancelled during the year included amounts
arising on share allotments less than three years old, which are not legally
distributable. Amounts available for distribution at 31 December 2024 are
therefore £73,735,000 (2023: £52,046,000). The remaining cancelled share
premium will become distributable on the third anniversary of the share
allotment on which it arose.
2. Includes the dividend reinvestment scheme.
3. Expenses in relation to share issues includes trail commission for prior
years’ fundraising.
The notes on pages 97 to 115 of the Annual Report form part of these financial
statements.
BALANCE SHEET
As at 31 December 2025
As at As at
31 December 31 December
2025 2024
£’000 £’000
Fixed assets
Investments held at fair value through profit or loss 158,163 166,576
Current assets
Debtors 2,876 3,678
Cash and cash equivalents (1) 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
1. Cash and cash equivalents are composed of cash at bank and in hand of
£1,954,000 (2024: £5,317,000), fixed-term funds totalling £42,931,000
(2024: £40,264,000) and money market funds totalling £10,283,000 (2024:
£10,341,000).
The financial statements were approved by the Board of Directors and
authorised for issue on 13 April 2026 and were signed on its behalf by:
Margaret Littlejohns
Chair
13 April 2026
Registered number: 03421340
The notes on pages 97 to 115 of the Annual Report form part of these financial
statements.
CASH FLOW STATEMENT
For the year ended 31 December 2025
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Cash flow from operating activities
Loan interest received from investments 1,974 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
The notes on pages 97 to 115 of the Annual Report form part of these financial
statements.
Notes
1 These are not statutory accounts in accordance with S436 of the Companies
Act 2006. The full audited accounts for the year ended 31 December 2025, which
were unqualified and did not contain statements under S498(2) of the Companies
Act 2006 or S498(3) of the Companies Act 2006, will be lodged with the
Registrar of Companies. Statutory accounts for the year ended 31 December 2025
including an unqualified audit report and containing no statements under the
Companies Act 2006 will be delivered to the Registrar of Companies in due
course.
2 The audited Annual Financial Report has been prepared on the basis of
accounting policies set out in the statutory accounts of the Company for the
year ended 31 December 2025. All investments held by the Company are
classified as ‘fair value through the profit and loss’. Unquoted
investments have been valued in accordance with IPEV guidelines. Quoted
investments are stated at bid prices in accordance with the IPEV guidelines
and Generally Accepted Accounting Practice.
3 Copies of the Annual Report will be sent to shareholders and can be accessed
on the following website: www.foresightvct.com.
4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the year
and on the number of shares in issue at that date.
31 December 31 December
2025 2024
£’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
5 Return per share
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
Notes:
a) Total return per share is total return after taxation divided by the
weighted average number of shares in issue during the year.
b) Revenue return per share is revenue loss after taxation divided by the
weighted average number of shares in issue during the year.
c) Capital (loss)/return per share is capital (loss)/return after taxation
divided by the weighted average number of shares in issue during the year.
d) The weighted average number of shares is calculated by taking the number of
shares issued and bought back during the year, multiplying each by the
percentage of the year for which that share number applies and then totalling
with the number of shares in issue at the beginning of the year.
6 Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of
Foresight Group LLP, The Shard, 32 London Bridge Street, SE1 9SG on 4 June
2026 at 2.00pm. Details will be published on both the Company’s and the
Manager’s website at www.foresightvct.com.
7 Income
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
8 Investments held at fair value through profit or loss
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 proceeds (1) (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
1. The Company received £24,413,000 (2024: £36,529,000) from the disposal of
investments during the year. The book cost of these investments when they were
purchased was £7,324,000 (2024: £17,121,000). These investments have been
revalued over time and until they were sold, any unrealised gains or losses
were included in the fair value of the investments.
Reconciliation of realised gains and investment holding losses to the
Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2025 2024
£’000 £’000
Realised gains 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
Breakdown of deferred consideration movements in the year ended 31 December
2025:
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)
9 Related party transactions
No Director has an interest in any contract to which the Company is a party
other than their appointment and remuneration as Directors.
10 Transactions with the Manager
Foresight Group LLP was appointed as Manager on 27 January 2020 and earned
fees of £4,007,000 during the year (2024: £4,174,000). A performance
incentive fee of £2,160,000 was also accrued at 31 December 2025 (2024:
£2,030,000). Further details are included in note 13 of the Annual Report.
Foresight Group LLP is the Company Secretary (appointed in November 2017) and
received accounting and company secretarial services fees of £130,000 (2024:
£130,000) during the year. Foresight Promoter LLP, a related party to the
Manager, earned fees of £428,000 (2024: £311,000) in respect of costs
incurred related to share allotments in the year.
At 31 December 2025, there were no amounts due to Foresight Group LLP (2024:
£1,018,000).
No amounts have been written off in the year in respect of debts due to or
from the Manager.
A copy of the Annual Report and Accounts will be submitted to the National
Storage Mechanism in accordance with UK Listing Rules (“UKLR”)11.4.1 /
UKLR 6.4.1 and UKLR 6.4.3.
END
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
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