REG - The Inc & Grwth VCT - Interim Management Statement

Income and Growth VCTAnnouncement

06/03/2025 13:30

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RNS Number : 6888Z  Income & Growth VCT (The) PLC  06 March 2025

THE INCOME & GROWTH VCT PLC

("the Company")

LEI:  213800FPC15FNM74YD92

 

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 December 2024

 

The Income & Growth VCT plc presents an Interim Management Statement for
the quarter ended 31 December 2024. The statement also includes relevant
financial information between the end of the period and the date of this
statement.

 

NET ASSET VALUE AND TOTAL RETURN PER SHARE

                                                                                           At 31 December 2024  At 30 September 2024

                                                                                           (unaudited)          (audited)
 Net assets attributable to shareholders                                                   £223.06 million      £188.70 million
 Shares in issue                                                                           330,684,390          266,136,776
 Net asset value (NAV) per share                                                           67.46 pence          70.90 pence
 Cumulative dividends paid                                                                 165.50 pence         162.50 pence
 Cumulative Total return (net asset value basis) per share since inception                 232.96 pence         233.40 pence

 

The NAV per share has decreased by 3.44 pence in the quarter (a decrease of
4.9% from the NAV per share at 30 September 2024). This decrease was
principally due to a dividend payment of 3.00 pence per share on 18 October
2024 (further details below). On a NAV total return basis, after adding back
the dividend of 3.00 pence per share, the adjusted decrease for the quarter
was 0.6%.

 

INVESTMENT ACTIVITY DURING THE PERIOD

New Investment during the period

On 28 October 2024, the Company completed a new investment of £0.55 million
into Mobility Mojo (UK) Limited, a software platform supporting accessibility
audits.

 

On 12 November 2024, the Company completed a new investment of £1.25 million
into Gentianes Solutions Limited (trading as Much Better Adventures), an
adventure travel marketplace.

 

Further Investments during the period

On 18 November 2024, a follow on investment of £0.31 million was made into
Branchspace Limited, a digital retail software provider to the aviation and
travel industry.

 

On 18 December 2024, a follow on investment of £0.54 million was made into
Preservica Limited, a seller of proprietary digital archiving software.

 

On 20 December 2024, a follow on investment of £0.12 million was made into
FocalPoint Positioning Limited, a GPS enhancement software provider.

 

Realisations during the period

 

Following the sale of Master Removers Group 2019 Limited (trading as Anthony
Ward Thomas, Bishopsgate and Aussie Man & Van) in February 2024, a further
£0.82 million was received in October 2024. The multiple on cost over the
life of this investment was 3.3x.

 

DIVIDEND PAID DURING THE PERIOD

 

On 16 October 2024, a second interim dividend of 3.00 pence per share in
respect of the year ended 30 September 2024 was paid to all Shareholders whose
names were on the Register on 20 September 2024.

 

FUNDRAISING AND DIVIDEND INVESTMENT SCHEME

 

On 2 September 2024, the Company launched an Offer for Subscription of £45
million (including over-allotment amounts), alongside Offers from the Mobeus
Income & Growth VCT Plc. The Company received subscriptions amounting to
the full amount and was subsequently then closed to further applications. In
accordance with the Offers' prospectus, an allotment of 39,623,337 Ordinary
shares took place on 1 October 2024 raising net funds (after costs) of £27.48
million for the Company and on 28 October 2024 a second allotment of
22,939,334 Ordinary Shares took place for net funds raised (after costs) of
£15.91 million.

 

On 18 October 2024, the Company allotted 1,984,943 new Ordinary Shares under
the Dividend Investment Scheme for net funds of £1.38 million.

 

INVESTMENT ACTIVITY AFTER THE PERIOD END

Further Investments after the period end

On 27 January 2025, the Company completed a follow on investment of £0.09
million into Orri Limited, an intensive day care provider for adults with
eating disorders.

 

SHARE BUYBACK AFTER THE PERIOD END

On 20 January 2025, the Company purchased 3,307,425 of its own ordinary
shares at a price of 64.51 pence per share.

 

All shares bought back by the Company were subsequently cancelled.

 

DIVIDEND DECLARED AFTER THE PERIOD END

On 5 March 2025, an interim dividend of 2.50 pence per share in respect of the
year ending 30 September 2025 was declared and will be paid on 11 April 2025
to all Shareholders whose names were on the register on 13 March 2025. Payment
of this interim dividend will reduce NAV per share (shown above) to 64.96
pence and increase cumulative dividends paid to 168.00 pence per share.

 

Please note that all of the above information is unaudited.

 

Other than as described above, there were no material events during the period
and to the date of this announcement.

 

For further information, please contact:

Gresham House Asset Management Limited

Company Secretary: 020 7382 0999

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