Half-year Financial Report
26/02/2026 07:00
RNS Number : 4372U
JPMorgan Emerg Mkts Growth & Income
26 February 2026
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EMERGING MARKETS GROWTH & INCOME PLC
HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025
Legal Entity Identifier: 5493001VPQDYH1SSSR77
Information disclosed in accordance with the DTR 4.1.3
Highlights:
JPMorgan Emerging Markets Growth & Income plc (JMGI or the 'Company') announces its half year results for the 6-months ended 31st Dec 2025.
· JMGI achieved a share price total return of +21.1% for the six months, with the NAV total return at +20.5% compared with +18.1% for the MSCI Emerging Markets Index total return (the Benchmark).
· For the ten years ended 31 December 2025, the share price total return was +194.5% and the NAV total return was +179.4%, both ahead of the Benchmark's +145.9%.
· 4% enhanced dividend implemented and a second interim dividend of 1.261p per share declared in respect of the period.
· The discount to NAV narrowed from 8.2% at 30 June 2025 to 7.8% at period end.
· During the half year, JMGI repurchased 39,551,550 shares (3.9% of opening share capital less shares in Treasury) at an average discount of 8.8%, at a total cost of £49.8 million.
· Ongoing charges ratio remains highly competitive at 0.80% (0.79% at FY 30 June 2025).
Aidan Lisser, the Chair of JMGI, commented:
"There are grounds to be encouraged by the prospects for emerging markets and several factors support a continuing positive outlook in 2026. In that context, the companies held in your portfolio offer a combination of demonstrable competitive advantages, attractive valuations, strong balance sheets and good cash generation - attributes that should enable them to take advantage of economic opportunity, whilst having the resilience to withstand volatility and uncertainty.
We will continue to stay true to our simple investment philosophy - to find great investment opportunities in emerging markets and hold them for as long as possible."
Portfolio Managers Austin Forey and John Citron, commented:
"At the moment there is more positive sentiment towards emerging markets than there has been for a long time, which is welcome. However, enthusiasm also requires caution, and the greater the enthusiasm the greater the caution needed; we know from experience that cycles work in both directions, and that it is very rarely 'different this time'. Fortunately, as the last six months have shown, there are many diverse factors at work across emerging markets."
CHAIR'S STATEMENT
This is the first report to shareholders under our new name, JPMorgan Emerging Markets Growth & Income plc ('JMGI') and I am pleased to report good progress on a number of fronts.
A welcome resurgence in emerging markets
After a prolonged period of underperformance versus developed markets, 2025 marked a resurgence in emerging markets. This is for several reasons, including a period of weaker dollar performance and some re-allocation of investors' exposure to US equities. In addition, relative valuations are attractive, particularly versus the US. The recovery, which accelerated in April 2025 following US trade and tariff announcements, has continued into 2026. Over the first six months of our financial year, emerging markets equities delivered robust returns for investors, with the MSCI Emerging Markets Index (in sterling terms), rising 18.1%. The rally was led by companies in technology hardware (driven by the AI investment cycle), commodities, and precious metals. Latin American and Asian markets posted strong gains, supported by favourable currency movements and global capital rotation, despite ongoing geopolitical uncertainties. Taiwan and Korean markets performed particularly well, reflecting their significant technology exposure.
JMGI Outperforms Benchmark
For the half year to 31st December 2025, JMGI's Net Asset Value ('NAV') total return was +20.5%, materially outperforming our Benchmark by 2.4%. The portfolio performed especially strongly in the last quarter of 2025, with our financial and technology holdings making the largest contributions. The Share Price total return was +21.1%, 3.0% above our Benchmark. Since the half year end, JMGI's NAV has risen by 12.9%, matching the Benchmark's rise of the same amount at the time of writing.
Proactive Discount Management
During the period, the Company's shares traded at an average discount to NAV of 8.5%, and having started the period at a discount of 8.2%, ended the period at 7.8%. We repurchased 39,551,550 shares (3.9% of opening share capital less shares in Treasury ('OSC')) at an average discount of 8.7% and a cost of £49.8 million. Since the period end, a further 14,510,489 shares have been repurchased. Shares bought back are held in Treasury and will only be reissued at a premium to NAV.
Regular and consistent buybacks are a key part of our strategy to manage the discount between JMGI's share price and NAV per share. Buybacks are only conducted at a discount, which increases the NAV per share for remaining shareholders and helps reduce discount volatility. Our buyback strategy forms part of a broader framework that includes a focus on long-term performance, competitive fees, active marketing, three-yearly continuation votes, and a five-year performance-related conditional tender offer (to 30th June 2029). Together, these measures are designed to align the share price with the Company's portfolio value and support JMGI's long-term success.
Enhanced dividend policy now in place
At our AGM on 7th November 2025, shareholders approved the change of the Company's Articles of Association to enable distribution of capital as income, and the new enhanced dividend policy was implemented immediately thereafter. The Company was renamed JPMorgan Emerging Markets Growth & Income plc on 14th November 2025. JMGI now intends to pay annual dividends equal to 4% of NAV at the end of the preceding financial year, distributed in four equal quarterly instalments (November, February, May and August).
It is important to emphasise once again that this policy does not constrain our Portfolio Managers or alter JMGI's investment mandate or strategy. It is designed to broaden JMGI's appeal to investors seeking both capital growth and a reliable income, and makes use of the benefits of the investment trust vehicle.
The first and second quarterly dividends of 1.261 pence per share each were paid on 14th November 2025 and 13th February 2026 respectively, based on 1% of the 30th June 2025 NAV. The next quarterly dividend payment of the same amount will be made in mid-May 2026. Thereafter, 4% of 30th June 2026 NAV will be used to calculate the dividends for the following year and paid in equal quarterly instalments.
Shareholder Engagement
We continue to focus on engaging with existing shareholders and attracting new investors. Over the past year, we have increased our communication with individual investors, adding portfolio manager webinars and participating in the very well attended JPMorgan live event for private investors. We encourage shareholders to meet us and our Portfolio Managers in person at our AGM or join online.
The Company also maintains an active investor relations programme for wealth managers, institutions, and other professional investors. Shareholders can contact the Board via the Company Secretary at jpmam.investment.trusts@jpmorgan.com
We encourage shareholders to visit our website www.jmgi.co.uk where we regularly post videos, insights and market commentary from our portfolio management team, as well as monthly performance and portfolio updates and sponsored research. Existing and potential shareholders can subscribe for regular email updates via our website, by visiting https://tinyurl.com/JMGI-Sign-Up.
Awards and Recommendations
We are pleased to report that the Company has continued to receive recognition in the second half of the year. Notably, JMGI was named Winner of the Emerging Markets Equity Active category at the AJ Bell Investment Awards 2025. The Company has also maintained a strong presence in the financial press, with ongoing coverage and recommendations from respected outlets including Interactive Investor, Investors Chronicle, MoneyWeek, and other well-established financial media, all highlighting JMGI as a valuable addition to investors' portfolios. We are proud to be featured once again in Hargreaves Lansdown's '5 Investment Trusts to Watch for 2026' and continue to be included in Interactive Investor's 'ii Super 60 investments' list.
Outlook
As I mentioned at the start of this report, there are grounds to be encouraged by the prospects for emerging markets and several factors support a continuing positive outlook in 2026. In that context, the companies held in your portfolio offer a combination of demonstrable competitive advantages, attractive valuations, strong balance sheets and good cash generation - attributes that should enable them to take advantage of economic opportunity, whilst having the resilience to withstand volatility and uncertainty. Meanwhile, as a Board we remain watchful and vigilant, cognisant of the turbulent environment that we are all experiencing at present. We will continue to stay true to our simple investment philosophy, as often expressed by Austin and John - to find great investment opportunities in emerging markets and hold them for as long as possible.
Aidan Lisser
Chair 25th February 2026
PORTFOLIO MANAGERS' REPORT
The first half of your company's financial year saw continued gains from emerging market equities; in the six months to the end of December the asset class rose 18% in sterling terms. Several factors contributed to this rise, including a weakening US dollar, an upswing in commodity prices, and above all a surge in technology stocks. Your portfolio managed to keep ahead of this buoyant market, thanks especially to its investments in a number of tech hardware producers, including TSMC, SK Hynix and Samsung Electronics. These and other similar companies are experiencing an unprecedented surge in demand for their products as a result of heavy investment in AI (artificial intelligence), leading to significant profit growth and upwards revisions of profit expectations. As noted in last year's interim report, these and other companies in Taiwan and Korea lead the world in their manufacturing capabilities in technology hardware and are an indispensable enabler of AI development. Your portfolio has had a meaningful exposure in this area for a long time, though during the last six months we have been reducing positions somewhat in response to significant share price appreciation.
The other pronounced recent trend in markets has been a big rise in certain commodity prices, including precious metals, though notably not oil. There are two different influences at work; some industrial metals like copper have appreciated strongly because of demand for electrification and computing investment; this is related to the trends seen in the technology industry. Gold has also risen strongly, but this is explained by its status as a currency that cannot be easily debased, and is in part the flip side of US dollar weakness. If technology hardware was the biggest positive driver of portfolio performance during the half year, our failure to own much in the materials space was the biggest detractor; we spent much of the last six months thinking that things in this sector had run too far, only to see them run a lot further.
It is always a challenge to distil six months into a few paragraphs, and it would be a mistake to think that only technology and commodities mattered; our stock selection in financials contributed positively even though two of our larger investments in the sector, HDFC Bank and Kotak, declined marginally during the period; their share prices reflected the fact that India missed out on the general rise in markets completely and was one of only three markets to register a negative return over the last six months. The performance of Indian banks serves as a reminder that banking is an overwhelmingly domestic industry in emerging markets, and banks in different countries can produce a wide variety of outcomes; our overweight position to financials should therefore be much more diversified than sectors based on exporting a common commodity around the world, whether that is oil or Dynamic Random Access Memory (DRAM) chips.
After some significant returns from the asset class, what of the outlook? At the moment there is more positive sentiment towards emerging markets than there has been for a long time, which is welcome. However, enthusiasm also requires caution, and the greater the enthusiasm the greater the caution needed; we know from experience that cycles work in both directions, and that it is very rarely 'different this time'. Fortunately, as the last six months have shown, there are many diverse factors at work across emerging markets. We may not have owned Latin American mining stocks, but bank stocks across the region have done well too. In Korea it was important to own the leading hardware producers, but a continued push for corporate reform helped stocks in many other sectors deliver good outcomes as well. Domestic demand in China may be weak, but its exports go from strength to strength and we have added to the portfolio's industrial investments there. These are just a few examples to make the point that, regardless of what is making headlines today, there is always opportunity somewhere, probably in the areas that are not being talked about so much. A consistent process and a well-resourced team, allied to an eye for the counter-cyclical and the overlooked, should stand us in good stead as we work to find opportunities and above all to create value for shareholders in the future.
Austin Forey
John Citron
Portfolio Managers 25th February 2026
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year report:
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties faced by the Company have not materially changed from those reported in the Annual Report and Financial Statements for the year ended 30th June 2025 ('AFR') and fall into the following broad categories: political and economic; investment underperformance; strategy and business management; operational, counterparty and legal; and, corporate governance and shareholder relations. Information on each of these areas is given in the Business Review within the AFR.
The Board has also considered and kept under review emerging risks, including but not limited to the impact of higher long-term interest rates, climate change & ESG compliance, artificial intelligence, technological advances in asset management and a new world order. Details of these emerging risks are given in the Business Review within the AFR.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half year financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2025 as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Aidan Lisser
Chair 25th February 2026
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
| (Unaudited) Six months ended 31st December 2025 | (Unaudited) Six months ended 31st December 2024 | (Audited) Year ended 30th June 2025 | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Gains on investments held at fair value through profit or loss | - | 244,002 | 244,002 | - | 32,390 | 32,390 | - | 34,763 | 34,763 |
| Foreign currency exchange losses | - | (366) | (366) | - | (58) | (58) | - | (668) | (668) |
| Income from investments | 14,098 | 115 | 14,213 | 11,257 | - | 11,257 | 30,747 | 125 | 30,872 |
| Interest receivable | 162 | - | 162 | 199 | - | 199 | 264 | - | 264 |
| Gross return | 14,260 | 243,751 | 258,011 | 11,456 | 32,332 | 43,788 | 31,011 | 34,220 | 65,231 |
| Management fee | (1,376) | (3,210) | (4,586) | (1,369) | (3,194) | (4,563) | (2,676) | (6,244) | (8,920) |
| Other administrative expenses | (880) | - | (880) | (780) | - | (780) | (1,541) | - | (1,541) |
| Net return before finance costs and taxation | 12,004 | 240,541 | 252,545 | 9,307 | 29,138 | 38,445 | 26,794 | 27,976 | 54,770 |
| Finance costs | (1) | (2) | (3) | - | - | - | (6) | (15) | (21) |
| Net return before taxation | 12,003 | 240,539 | 252,542 | 9,307 | 29,138 | 38,445 | 26,788 | 27,961 | 54,749 |
| Taxation | (1,047) | (719) | (1,766) | (1,156) | (4,177) | (5,333) | (2,254) | (3,016) | (5,270) |
| Net return after taxation | 10,956 | 239,820 | 250,776 | 8,151 | 24,961 | 33,112 | 24,534 | 24,945 | 49,479 |
| Return per ordinary share(note 3) | 1.11p | 24.29p | 25.40p | 0.75p | 2.28p | 3.03p | 2.30p | 2.33p | 4.63p |
| Called up share capital £'000 | Share premium account £'000 | Capital redemption reserve £'000 | Other reserve1 £'000 | Capital reserves1 £'000 | Revenue reserve1 £'000 | Total £'000 | |
| Six months ended 31st December 2025 (Unaudited) | |||||||
| At 30th June 2025 | 33,091 | 173,631 | 1,665 | - | 1,034,169 | 32,867 | 1,275,423 |
| Repurchase of ordinary shares into Treasury | - | - | - | - | (49,832) | - | (49,832) |
| Net return | - | - | - | - | 239,820 | 10,956 | 250,776 |
| Dividends paid in the period (note 4) | - | - | - | - | - | (26,683) | (26,683) |
| At 31st December 2025 | 33,091 | 173,631 | 1,665 | - | 1,224,157 | 17,140 | 1,449,684 |
| Six months ended 31st December 2024 (Unaudited) | |||||||
| At 30th June 2024 | 33,091 | 173,631 | 1,665 | 69,939 | 1,046,311 | 29,392 | 1,354,029 |
| Repurchase of ordinary shares into Treasury | - | - | - | - | (41,774) | - | (41,774) |
| Net return | - | - | - | - | 24,961 | 8,151 | 33,112 |
| Dividends paid in the period (note 4) | - | - | - | - | - | (14,249) | (14,249) |
| At 31st December 2024 | 33,091 | 173,631 | 1,665 | 69,939 | 1,029,498 | 23,294 | 1,331,118 |
| Year ended 30th June 2025 (Audited) | |||||||
| At 30th June 2024 | 33,091 | 173,631 | 1,665 | 69,939 | 1,046,311 | 29,392 | 1,354,029 |
| Repurchase of ordinary shares into Treasury | - | - | - | (69,939) | (37,087) | - | (107,026) |
| Net return | - | - | - | - | 24,945 | 24,534 | 49,479 |
| Dividends paid in the year (note 4) | - | - | - | - | - | (21,059) | (21,059) |
| At 30th June 2025 | 33,091 | 173,631 | 1,665 | - | 1,034,169 | 32,867 | 1,275,423 |
| (Unaudited) At 31st December 2025 £'000 | (Unaudited) At 31st December 2024 £'000 | (Audited) At 30th June 2025 £'000 | |
| Fixed assets | |||
| Investments held at fair value through profit or loss | 1,431,415 | 1,345,108 | 1,283,313 |
| Current assets | |||
| Debtors | 3,252 | 2,119 | 6,843 |
| Current asset investments1 | 27,058 | 363 | 14,070 |
| Cash at bank | 223 | 172 | 4,349 |
| 30,533 | 2,654 | 25,262 | |
| Current liabilities | |||
| Creditors:amounts falling due within one year | (348) | (700) | (20,776) |
| Net current assets | 30,185 | 1,954 | 4,486 |
| Total assets less current liabilities | 1,461,600 | 1,347,062 | 1,287,799 |
| Provision for liabilities2 | (11,916) | (15,944) | (12,376) |
| Net assets | 1,449,684 | 1,331,118 | 1,275,423 |
| Capital and reserves | |||
| Called up share capital | 33,091 | 33,091 | 33,091 |
| Share premium account | 173,631 | 173,631 | 173,631 |
| Capital redemption reserve | 1,665 | 1,665 | 1,665 |
| Other reserve | - | 69,939 | - |
| Capital reserves | 1,224,157 | 1,029,498 | 1,034,169 |
| Revenue reserve | 17,140 | 23,294 | 32,867 |
| Total shareholders' funds | 1,449,684 | 1,331,118 | 1,275,423 |
| Net asset value per ordinary share(note 5) | 149.1p | 124.3p | 126.1p |
| (Unaudited) Six months ended 31st December 2025 £'000 | (Unaudited) Six months ended 31st December 2024 £'000 | (Audited) Year ended 30th June 2025 £'000 | |
| Cash flows from operating activities | |||
| Net return before finance costs and taxation | 252,545 | 38,445 | 54,770 |
| Adjustment for: | |||
| Gains on investments held at fair value through | |||
| profit or loss | (244,002) | (32,390) | (34,763) |
| Foreign currency exchange losses | 366 | 58 | 668 |
| Dividend income | (14,192) | (11,236) | (30,851) |
| Interest income | (162) | (199) | (264) |
| Scrip Dividends received as income | (21) | (21) | (21) |
| Realised losses on foreign currency exchange transactions | (151) | (43) | (503) |
| Realised foreign currency exchange (losses)/gains on | |||
| JPMorgan USD Liquidity fund | (103) | 21 | (152) |
| Decrease/(increase) in other debtors | 48 | (6) | (41) |
| Increase/(decrease) in accrued expenses | 2 | (79) | (20) |
| Net cash outflow from operating activities before dividends, | |||
| interest and taxation | (5,670) | (5,450) | (11,177) |
| Dividends received | 13,712 | 12,745 | 28,869 |
| Interest received | 162 | 199 | 264 |
| Overseas withholding tax recovered | 159 | 559 | 1,080 |
| Capital gains tax paid1 | (1,179) | (765) | (3,172) |
| Net cash inflow from operating activities | 7,184 | 7,288 | 15,864 |
| Purchases of investments | (73,831) | (36,221) | (293,754) |
| Sales of investments | 152,850 | 80,215 | 418,823 |
| Net cash inflow from investing activities | 79,019 | 43,994 | 125,069 |
| Equity dividends paid | (26,683) | (14,249) | (21,059) |
| Repurchase of ordinary shares into Treasury | (50,543) | (41,985) | (106,944) |
| Interest paid | (3) | - | (21) |
| Net cash outflow from financing activities | (77,229) | (56,234) | (128,024) |
| Increase/(decrease) in cash and cash equivalents2 | 8,974 | (4,952) | 12,909 |
| Cash and cash equivalents at start of period/year2 | 18,419 | 5,523 | 5,523 |
| Foreign currency exchange movements | (112) | (36) | (13) |
| Cash and cash equivalents at end of period/year2 | 27,281 | 535 | 18,419 |
| Cash and cash equivalents consist of:2 | |||
| Cash at bank | 223 | 172 | 4,349 |
| Investment in JPMorgan USD Liquidity Fund | 27,058 | 363 | 14,070 |
| Total | 27,281 | 535 | 18,419 |
| (Unaudited) Six months ended 31st December 2025 £'000 | (Unaudited) Six months ended 31st December 2024 £'000 | (Audited) Year ended 30th June 2025 £'000 | |
| Return per ordinary share is based on the following: | |||
| Revenue return | 10,956 | 8,151 | 24,534 |
| Capital return | 239,820 | 24,961 | 24,945 |
| Total return | 250,776 | 33,112 | 49,479 |
| Weighted average number of ordinary shares in issue | |||
| during the period (excluding shares held in Treasury) | 987,193,342 | 1,093,972,381 | 1,068,231,058 |
| Revenue return per ordinary share | 1.11p | 0.75p | 2.30p |
| Capital return per ordinary share | 24.29p | 2.28p | 2.33p |
| Total return per ordinary share | 25.40p | 3.03p | 4.63p |
| (Unaudited) Six months ended 31st December 2025 | (Unaudited) Six months ended 31st December 2024 | (Audited) Year ended 30th June 2025 | ||||
| Pence | £'000 | Pence | £'000 | Pence | £'000 | |
| Dividends paid | ||||||
| Final dividend in respect of prior year | 1.450 | 14,272 | 1.300 | 14,249 | 1.300 | 14,249 |
| First interim dividend | 1.261 | 12,411 | - | - | 0.650 | 6,810 |
| Total dividends paid in the period/year | 2.711 | 26,683 | 1.300 | 14,249 | 1.950 | 21,059 |
| (Unaudited) Six months ended 31st December 2025 | (Unaudited) Six months ended 31st December 2024 | (Audited) Year ended 30th June 2025 | |
| Net assets (£'000) | 1,449,684 | 1,331,118 | 1,275,423 |
| Number of ordinary shares in issue (excluding shares | |||
| held in Treasury) | 972,003,080 | 1,071,039,001 | 1,011,554,630 |
| Net asset value per ordinary share | 149.1p | 124.3p | 126.1p |
| (Unaudited) Six months ended 31st December 2025 | (Unaudited) Six months ended 31st December 20242 | (Audited) Year ended 30th June 2025 | ||||
| Assets £'000 | Liabilities £'000 | Assets £'000 | Liabilities £'000 | Assets £'000 | Liabilities £'000 | |
| Level 1 | 1,431,415 | - | 1,345,108 | - | 1,283,313 | - |
| Level 21 | 27,058 | - | 363 | - | 14,070 | - |
| Level 33 | - | - | - | - | - | - |
| Total value of investments | 1,458,473 | - | 1,345,471 | - | 1,297,383 | - |
| (Unaudited) | (Unaudited) | (Audited) | ||||
| Six months ended | Six months ended | Year ended | ||||
| 31st December 2025 | 31st December 2024 | 30th June 2025 | ||||
| Equity | Equity | Equity | ||||
| Investments | Total | Investments | Total | Investments | Total | |
| Level 31 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Opening balance | - | - | 58 | 58 | 58 | 58 |
| Change in fair value of unquoted investment | ||||||
| during the period/year | - | - | (58) | (58) | (58) | (58) |
| Closing balance | - | - | - | - | - | - |
| Foreign | ||||
| As at | currency | As at | ||
| 30th June | exchange | 31st December | ||
| 2025 | Cash flows | movements | 2025 | |
| £'000 | £'000 | £'000 | £'000 | |
| Cash and cash equivalents | ||||
| Cash at bank | 4,349 | (4,087) | (39) | 223 |
| Current asset investments1 | 14,070 | 13,061 | (73) | 27,058 |
| Net cash | 18,419 | 8,974 | (112) | 27,281 |