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FinancialsConservativeMid Cap

Market Cap
£379.70m
Enterprise Value
£404.83m
Revenue
£63.26m

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Half-year Financial Report

Lowland Investment

13/05/2026 07:00

RNS Number : 0540E

Lowland Investment Co PLC

13 May 2026

 

JANUS HENDERSON FUND MANAGEMENT UK LIMITED

 

LOWLAND INVESTMENT COMPANY PLC

 

Legal Entity Identifier: 2138008RHG5363FEHV19

 

LOWLAND INVESTMENT COMPANY PLC

 

          UNAUDITED RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2026

 

This announcement contains regulated information.

 

INVESTMENT OBJECTIVE

The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term by investing in a broad spread of predominantly UK companies. The Company measures its performance against the FTSE All-Share Index.

 

INVESTMENT POLICY

Asset Allocation

The Company invests in a combination of large, medium and smaller companies listed predominantly in the UK.  We are not constrained by the weightings of any index; we limit risk by running a diversified portfolio, which is constructed on a bottom-up, stock-picking basis.  In normal circumstances up to half the portfolio is invested in FTSE 100 companies; the remainder is divided between small and medium-sized companies. The Manager may also invest a maximum of 15% in other listed trusts.

 

Dividend

The Company aims to pay a progressive dividend, with each quarterly dividend equal to or greater than its previous equivalent.

 

Gearing

The Board believes that debt in a closed-end fund is a valuable source of long-term outperformance, and therefore the Company will usually be geared.  At the point of drawing down debt, gearing will not exceed 20% of the portfolio valuation. Borrowing will be a mixture of short and long-dated debt, depending on relative attractiveness of rates.

 

 

KEY DATA FOR THE SIX MONTHS ENDED 31 MARCH

 

2026 2025
NAV total return1 7.1% -2.1%
Benchmark total return2 8.9% 4.1%
Share price total return3 6.8% 2.9%
Dividend in respect of the period 3.425p 3.275p

 

Financial highlights

Half year ended
31 Mar 2026 Half year ended
31 Mar 2025 Year ended
30 Sept 2025
NAV per share (debt at par) 174.2p 137.2p 165.8p
NAV per share (debt at fair value) 177.2p 139.9p 168.6p
Share price3 159.0p 129.0p 150.5p
Market capitalisation £350m £312m £331m
Dividend per share for the period 3.425p 3.275p 6.625p
Ongoing charge 0.70% 0.71% 0.71%
Dividend yield4 4.3% 5.0% 4.4%
Gearing 13.5% 13.8% 11.5%
Discount (debt at fair value) 10.2% 7.8% 10.7%
AIC UK Equity Income sector
- average discount at period end 6.0% 5.0% 3.0%

 1 Net asset value ("NAV") per share total return (including dividends reinvested) with debt at fair value

2 FTSE All-Share Index (including dividends reinvested)

3 Using mid-market closing price

4 Based on dividends paid and declared in respect of the previous twelve-month period

Sources: Morningstar Direct, Janus Henderson, Factset

PERFORMANCE

 

Total return performance to 31 March 2026

 

6 months
% 1 year
% 3 years
% 5 years
% 10 years
% 25 years
%
NAV1 7.1 32.1 51.8 66.2 102.7 668.1
Share price2 6.8 29.0 46.8 65.0 94.8 725.5
FTSE All-Share Index 8.9 21.5 45.6 69.3 129.8 379.0
AIC UK Equity Income sector - NAV 4.2 16.8 36.8 51.0 104.1 500.5
AIC UK Equity Income sector - share price 3.7 16.2 35.6 46.5 102.4 567.3

 

http://www.rns-pdf.londonstockexchange.com/rns/0540E_1-2026-5-12.pdf

 

Historical performance - year to 30 September

 

Year to 30 Sept Net assets3 NAV per ordinary share4* Share price* Net revenue per ordinary share* Net dividends paid per ordinary share*
2016 £387m 143.2p 133.7p 4.77p 4.50p
2017 £440m 162.8p 150.4p 4.91p 4.90p
2018 £439m 162.5p 151.5p 5.86p 5.40p
2019 £386m 142.8p 128.0p 6.80p 5.95p
2020 £279m 103.1p 91.4p 3.38p 6.00p
2021 £394m 145.9p 131.5p 4.27p 6.025p
2022 £313m 115.9p 104.5p 6.10p 6.10p
2023 £349m 129.3p 113.0p 6.71p 6.25p
2024 £390m 144.2p 127.0p 6.29p 6.425p
2025 £365m 165.8p 150.5p 6.73p 6.625p
31 Mar 20265 £383m 174.2p 159.0p 2.64p 3.425p6

 1  NAV per share total return (including dividends reinvested) with debt at fair value (except 25 years, which is debt at par)

2 Using mid-market closing price

3 Attributable to ordinary shares

4 NAV with debt par at value

5 Net revenue and net dividends paid are for the six-month period ended 31 March 2026

6 First interim dividend of 1.70p per ordinary share paid on 30 April 2026 and second interim dividend of 1.725p per ordinary share that will be paid on 31 July 2026

* Figures for 2016 to 2021 have been restated due to the sub-division of each ordinary share of 25p into ten ordinary shares of 2.5p each on 7 February 2022

Sources: Morningstar Direct, Janus Henderson and Factset

INTERIM MANAGEMENT REPORT

 

CHAIR'S STATEMENT

 

Overview

Over the six months to 31 March 2026 Lowland's absolute total return on NAV was a pleasing +7.1%, while the share price total return was +6.8%. As tends to be the case in times of significant geopolitical upheaval, investors were more cautious about smaller companies, which largely accounts for Lowland's modest underperformance when compared to its primary benchmark, the FTSE All-Share Index (+8.9%). However, continuing the trend of previous periods, this weakness in smaller companies was at least partly mitigated by takeover activity, with a further two approaches for portfolio companies in the last six months, which contributed to Lowland's outperformance of the smaller companies benchmark (see Fund Managers' Report for more detail).

 

Towards the end of the six months, the Iran War led to sharp falls in equity markets globally. At a portfolio level this was positive for oil companies, which are well represented in both the UK market and in Lowland, but more generally the rising price of oil has had a knock-on effect on inflation and hence interest rate expectations, with analysts now predicting that rates will rise, rather than fall, over the coming months. This in turn has impacted the more cyclical companies in the portfolio such as housebuilders. Against a volatile and uncertain backdrop your Fund Managers continue to focus on the quality, resilience and valuation of the portfolio companies.

 

Dividends

Lowland earnings per share during the period were 2.64p, compared to 2.06p the previous year - while Lowland's earnings are growing, the magnitude of the increase is due mainly to the timing of dividend payments. A second interim dividend of 1.725p per share has been declared, an increase of 4.5% on last year's payment of 1.65p per share. We expect to maintain our quarterly progressive dividend policy, so that the last two dividends in respect of the current year should be at least at this rate. On a 12-month historic run rate, this gives a dividend of 6.775p per share, representing a 4.3% dividend yield for shareholders.

 

As in previous years, the earnings generated within the portfolio tend to be quite heavily weighted to the second half, so we will need to wait until the year end to see the final outcome of the earnings increase.

 

Gearing

Gearing rose during the period, reaching 13.5% as at the end of March compared to 11.5% at the last financial year end. Gearing has been beneficial for the Company's returns over the long run, and was modestly beneficial in the first half (as shown in the waterfall graph in the Fund Managers' report). The Board believes that the ability to use gearing is an important distinguishing factor for investment companies such as Lowland.

 

Share price and discount

No shares were bought back or issued during the period. The relatively modest move in the discount from the start (-10.7%) to the end (-10.2%) of the period masks a wider range over the six months, with the discount varying from just over 5% to just under 11% at its widest.

 

Outlook

The war in the Middle East, with the rise in the oil price and consequent rise in inflation, has added a further layer of uncertainty to an already subdued domestic economic backdrop. It is times such as these that remind us of the importance of investing in a diverse group of companies, with strong management teams, across a range of different sectors. In addition, a margin of defensiveness is provided by extremely low starting valuations.

 

Since the end of the half year, in the period to 11 May 2026, the NAV has increased by 6.3% and the share price by 7.4%, largely following the newsflow around the progress of the war. This compares favourably to a 2.1% rise in the FTSE All-Share Index.

 

Helena Vinnicombe

Chair

12 May 2026

 

EQUITY ALLOCATION

                                   

Sector weightings % as at 31 March 2026 % as at 30 September 2025
Company Benchmark1 Company Benchmark1
Basic Materials 7.6 7.6 7.4 5.7
Consumer Discretionary 9.1 6.1 9.0 7.5
Consumer Staples 4.0 12.8 3.9 14.1
Energy 9.0 11.1 6.8 8.7
Financials 28.3 27.3 30.8 28.2
Health Care 4.7 13.0 4.5 10.8
Industrials 24.3 11.7 26.8 13.9
Real Estate 5.7 1.9 5.0 2.2
Technology 2.0 2.4 1.1 3.6
Telecommunications 2.3 1.3 2.0 1.2
Utilities 3.0 4.8 2.7 4.1
Total 100.0 100.0 100.0 100.0

 

Market cap weightings % as at 31 March 2026
Company Benchmark1
FTSE 100 48.8 88.8
FTSE 250 24.7 10.0
FTSE SmallCap 9.6 1.2
FTSE AIM 10.2 -
FTSE Fledgling 1.0 -
Overseas 5.0 -
Other 0.7 -
Total 100.0 100.0

 1FTSE All-Share Index

Source: Factset, Janus Henderson

FUND MANAGERS' REPORT

 

Performance review

The six months ended 31 March 2026 was a good absolute performance period for Lowland, with a net asset value total return of 7.1%. However, in a UK market where outperformance was predominantly driven by a small number of the largest companies, Lowland underperformed its FTSE All-Share benchmark, which returned 8.9%. The Deutsche Numis Smaller Companies Plus AIM (excluding investment companies) Index fell 5.1% over the same period, demonstrating the degree to which smaller companies underperformed.

 

The chart below illustrates that, whilst stock selection was positive, holding more than the benchmark in smaller companies more than offset this.

 

http://www.rns-pdf.londonstockexchange.com/rns/0540E_2-2026-5-12.pdf

 

Ten largest absolute contributors to performance during the six months to 31 March 2026:

 

Share price total return
% Contribution to return
%
BP 46.2 1.0
HSBC 21.0 0.8
Shell 38.0 0.8
GSK 33.3 0.8
Serica Energy 53.5 0.7
Rio Tinto 46.1 0.7
Senior 44.7 0.6
FBD 16.7 0.4
Schroders 56.8 0.3
National Grid 20.6 0.3

 

Source: Bloomberg, Janus Henderson

 

It is notable that seven of the top ten best performers are FTSE 100 companies, with the exceptions being North Sea oil & gas producer Serica Energy (which is a beneficiary of the recent rise in energy prices), aerospace components supplier Senior (which has a recommended takeover offer from Blackstone), and Irish insurer FBD (which continued to steadily grow premiums written in its core Irish market, while paying an attractive dividend yield).

Ten largest absolute detractors from performance during the six months to 31 March 2026:

 

Share price total return
% Contribution to return
%
Eleco -28.0 -0.3
Ibstock -27.4 -0.2
Ilika -46.7 -0.2
Aviva -8.6 -0.2
Dunelm -25.0 -0.2
Card Factory -36.8 -0.2
Alumasc -37.9 -0.2
FRP Advisory -22.6 -0.2
Mondi -17.2 -0.1
Johnson Service -14.0 -0.1

Source: Bloomberg, Janus Henderson

 

In a backdrop where UK economic growth stalled in the second half of 2025, much of what ties the weakest performers together was subdued domestic economic activity, particularly ahead of the November Budget (which fell at an unfortunate time for retailers such as Dunelm and Card Factory in the run up to peak Christmas trading). Elsewhere, some share prices were impacted by the debate around artificial intelligence ('AI') and whether it could mean higher levels of competition or margin pressure in certain industries. Lowland holds little in the industries that are currently seen as most likely to be negatively impacted (for example, software or data services). It was not, however, entirely immune - Eleco, which is a software provider for the construction industry, saw its shares de-rate, as did professional services firm FRP Advisory. These businesses are yet to see any impact on trading as a result of AI, and both are highly specialist in what they are producing which will, we expect, provide a degree of insulation.

 

Activity

Purchases have been made across a diverse range of companies. It is this variety of businesses held that protects the portfolio in uncertain times. Smaller companies generally have seen greater share price weakness than large companies. Poor sentiment is driven by concerns over the economy, but this has created the chance to buy quality small companies at low valuations. Examples of this are Alumasc, a building supply company and Cohort, which provides the defence industry with electronic and surveillance technology solutions. Although larger companies generally held up better, there is a large disparity in their performance. The advances in AI are expected to disrupt many business models. This has caused share price weakness in some large companies. The problems can be exaggerated as the adoption of AI has the potential to reduce costs and improve productivity for many. An example is RELX, where the share price has fallen on concerns over what AI will do to their business. This has created an opportunity for us to buy a holding in this high-quality company at a relatively low valuation as we believe it will not be disrupted to the extent some are predicting.

 

Shares have also been bought in commercial property companies with high-quality portfolios. These include Segro and Hammerson as the share price discounts to their asset value appear too high. Meanwhile, the disposals in the portfolio have mainly resulted from takeovers, which have included Renold and Schroders. The cash from them has also allowed us to refresh the portfolio with some new names such as Young & Co's Brewery, the pub operator and brewer, and Mears, the maintenance service provider.

 

The acquired companies operate across a wide range of sectors. They do, however, have one feature in common which is they have very able management teams who we expect will deal with the challenges they face from the global and domestic economy.

 

Outlook

This is not the time to make conviction calls about what will happen in the global economy. It is rather to recognise how little as investors we know about what the future holds. It is from this position that we can focus on how to run the portfolio. We need companies with management teams that will adapt to the circumstances and thus continue to provide excellence in their product offerings. The valuation of the businesses need to be undemanding as, however talented management is, there will be times when it is difficult to drive a company forward. When a starting valuation is low there is less scope for investors' disappointment with the results. The portfolio diversity and strength of management teams means we believe the Company is well positioned for further capital and income growth.

 

James Henderson and Laura Foll

Fund Managers

12 May 2026

 

RELATED PARTY TRANSACTIONS

The Company's related parties are its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period and the only amounts paid to them were in respect of Directors' remuneration and expenses incurred on the Company's business, for which there were no outstanding amounts payable at the period end.

 

In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there have been no material transactions with Janus Henderson affecting the financial position of the Company during the year under review.

 

 

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties associated with the Company's business can be divided into various areas:

 

- Market, geopolitical, macroeconomic or environmental;

- Investment activity and strategy;

- Portfolio and market price;

- Dividend income;

- Financial;

- Gearing;

- Tax and regulatory; and

- Operational.

 

Information on these risks and how they are managed is given in the Annual Report for the year ended 30 September 2025. The Board has completed a thorough review of the principal risks and uncertainties facing the Company.  As a result of this review, the Board considers that the principal risks and uncertainties remain largely unchanged and that they are as applicable to the remaining six months of the financial year as they were to the six months under review.

 

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors confirm that, to the best of their knowledge:

 

(a) the condensed set of financial statements for the half year to 31 March 2026 has been prepared in accordance with "FRS 104 Interim Financial Reporting" and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
(b) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) the Interim Management Report includes a fair review of the information required by the Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

 

On behalf of the Board

Helena Vinnicombe

Chair

12 May 2026

 

INVESTMENT PORTFOLIO

As at 31 March 2026

 

Company Sector Market value
 £'000 % of
 portfolio
HSBC Banks 17,160 3.9
BP Oil and Gas 14,854 3.4
Shell Oil and Gas 13,434 3.1
GSK Pharmaceuticals and Biotechnology 13,086 3.0
M&G Investment Banking and Brokerage Services 10,880 2.5
Barclays Banks 10,708 2.5
Serica Energy¹ Oil and Gas 10,273 2.4
Senior Aerospace and Defence 9,732 2.2
FBD Non-Life Insurance (Ireland) 9,730 2.2
Rio Tinto Industrial Metals and Mining 8,679 2.0
10 largest 118,536 27.2
Standard Life Life Insurance 8,288 1.9
Irish Continental Industrial Transportation (Ireland) 7,944 1.8
Aviva Life Insurance 7,925 1.8
National Grid Gas, Water and Multi-utilities 7,834 1.8
Standard Chartered Banks 7,754 1.8
Balfour Beatty Construction and Materials 6,858 1.6
Clarkson Industrial Transportation 6,279 1.5
Prudential Life Insurance 6,228 1.5
Chesnara Life Insurance 6,225 1.4
Anglo American Industrial Metals and Mining 6,158 1.4
20 largest 190,029 43.7
Legal & General Life Insurance 6,155 1.4
Lloyds Banking Banks 5,910 1.4
Land Securities Real Estate Investment Trusts 5,806 1.3
Hill & Smith Industrial Metals and Mining 5,728 1.3
ZIGUP Industrial Transportation 5,727 1.3
BT Telecommunications Service Providers 5,631 1.3
Johnson Matthey Chemicals 5,593 1.3
RELX Software and Computer Services 5,571 1.3
IMI Electronic and Electrical Equipment 5,399 1.2
NatWest Banks 5,344 1.2
30 largest 246,893 56.7
J Sainsbury Personal Care, Drug and Grocery Stores 5,252 1.2
Severn Trent Gas, Water and Multi-utilities 5,085 1.2
Smith & Nephew Medical Equipment and Services 5,036 1.2
Springfield Properties¹ Household Goods and Home Construction 4,836 1.1
Morgan Advanced Materials Industrial Engineering 4,762 1.1
Kingfisher Retailers 4,750 1.1
Vanquis Banking Finance and Credit Services 4,675 1.1
Norcros Construction and Materials 4,545 1.0
Vodafone Telecommunications Service Providers 4,211 1.0
Sabre Insurance Non-Life Insurance 3,863 0.9
40 largest 293,908 67.6
Segro Real Estate Investment Trusts 3,863 0.9
Johnson Service Industrial Support Services 3,686 0.8
Hammerson Real Estate Investment Trusts 3,535 0.8
Volex¹ Electronic and Electrical Equipment 3,394 0.8
Babcock Aerospace and Defence 3,305 0.8
Inchcape Retailers 3,262 0.8
Eleco¹ Software and Computer Services 3,165 0.7
Vertu Motors¹ Retailers 3,163 0.7
Dunelm Retailers 3,136 0.7
Aberdeen Investment Banking and Brokerage Services 3,130 0.7
50 largest 327,547 75.3
Halfords Retailers 2,987 0.7
Mondi General Industrials 2,953 0.7
Smiths News Industrial Support Services 2,944 0.7
Ibstock Construction and Materials 2,881 0.7
Castings Industrial Metals and Mining 2,879 0.7
Vesuvius Industrial Engineering 2,877 0.7
DCC Industrial Support Services (Ireland) 2,872 0.6
Shaftesbury Capital Real Estate Investment Trusts 2,869 0.6
Workspace Real Estate Investment Trusts 2,809 0.6
Cranswick Food Producers 2,772 0.6
60 largest 356,390 81.9
Speedy Hire Industrial Support Services 2,742 0.6
Marks & Spencer Personal Care, Drug and Grocery Stores 2,713 0.6
Mears Real Estate Investment and Services 2,694 0.6
River UK Micro Cap Closed End Investments 2,678 0.6
FRP Advisory¹ Industrial Support Services 2,670 0.6
Elementis Chemicals 2,655 0.6
Marshalls Construction and Materials 2,617 0.6
STV Media 2,578 0.6
Coats General Industrials 2,526 0.6
IP Investment Banking and Brokerage Services 2,451 0.6
70 largest 382,714 87.9
TP ICAP Investment Banking and Brokerage Services 2,443 0.6
Kier Construction and Materials 2,420 0.6
Reach Media 2,361 0.5
Bellway Household Goods and Home Construction 2,304 0.5
Young & Co's Brewery¹ Travel and Leisure 2,268 0.5
Breedon Construction and Materials 2,234 0.5
Oxford Sciences Enterprises² Pharmaceuticals and Biotechnology 2,147 0.5
Cohort¹ Aerospace and Defence 2,073 0.5
Somero Enterprises¹ Industrial Engineering (USA) 2,072 0.5
Costain Construction and Materials 1,995 0.5
80 largest 405,031 93.1
PZ Cussons Personal Care, Drug and Grocery Stores 1,838 0.4
Hilton Foods Food Producers 1,788 0.4
Arbuthnot Banking¹ Banks 1,700 0.4
McBride Personal Care, Drug and Grocery Stores 1,697 0.4
Alumasc¹ Construction and Materials 1,537 0.4
Carclo General Industrials 1,507 0.4
Helical Real Estate Investment Trusts 1,487 0.3
Wynnstay¹ Food Producers 1,420 0.3
Valterra Platinum Precious Metals and Mining (South Africa) 1,387 0.3
Macfarlane General Industrials 1,300 0.3
90 largest 420,692 96.7
DFS Furniture Retailers 1,260 0.3
Palace Capital Real Estate Investment Trusts 1,255 0.3
Card Factory Retailers 1,192 0.3
XP Power Electronic and Electrical Equipment 1,184 0.3
Hollywood Bowl Travel and Leisure 1,178 0.2
WH Smith Retailers 1,147 0.2
Ilika¹ Electronic and Electrical Equipment 1,068 0.2
RWS Holdings¹ Industrial Support Services 837 0.2
Airea¹ Household Goods and Home Construction 825 0.2
Next 15¹ Media 678 0.2
100 largest 431,316 99.1

1 AIM stocks

2 Unlisted investments

Source: Janus Henderson

CONDENSED INCOME STATEMENT

 

(Unaudited)
Half year ended
31 March 2026 (Unaudited)
Half year ended
31 March 2025 (Audited)
Year ended
30 September 2025
Revenue
return
£'000 Capital
return
£'000 Total
£'000 Revenue
return
£'000 Capital
return
£'000 Total
£'000 Revenue
return
£'000 Capital
return
£'000 Total
£'000
Gains/(losses) on investments held at fair value through profit or loss - 21,188 21,188 - (16,569) (16,569) - 44,018 44,018
Income from investments 7,223 - 7,223 6,697 - 6,697 19,075 - 19,075
Other interest receivable and similar income 82 - 82 74 - 74 166 - 166
Gross revenue and capital gains/ (losses) 7,305 21,188 28,493 6,771 (16,569) (9,798) 19,241 44,018 63,259
Management fee (note 2) (446) (446) (892) (436) (436) (872) (882) (881) (1,763)
Other administrative expenses (note 2) (483) - (483) (416) - (416) (893) - (893)
Net return/(loss) before finance costs and taxation 6,376 20,742 27,118 5,919 (17,005) (11,086) 17,466 43,137 60,603
Finance costs (556) (556) (1,112) (523) (523) (1,046) (1,011) (1,011) (2,022)
Net return/(loss) before taxation 5,820 20,186 26,006 5,396 (17,528) (12,132) 16,455 42,126 58,581
Taxation on net return (4) - (4) (2) - (2) (23) - (23)
Net return/(loss) after taxation 5,816 20,186 26,002 5,394 (17,528) (12,134) 16,432 42,126 58,558
Return/(loss) per ordinary share - basic and diluted(note 3) 2.64p 9.18p 11.82p 2.06p (6.69p) (4.63p) 6.73p 17.26p 23.99p

 

The total columns of this statement represent the Income Statement of the Company, prepared in accordance with FRS 104. The revenue return and capital return columns are supplementary to this and are published under guidance from the Association of Investment Companies.

 

The Company has no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity.

 

All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

 

The accompanying notes are an integral part of the condensed financial statements.

CONDENSED STATEMENT OF CHANGES IN EQUITY

 

Half year ended 31 March 2026 (unaudited) Called up share capital
£'000 Share premium account
£'000 Capital redemption
reserve
£'000 Other capital reserves
£'000 Revenue
reserve
£'000 Total
£'000
At 1 October 2025 6,755 61,619 1,007 285,532 9,722 364,635
Net return after taxation - - - 20,186 5,816 26,002
Third interim dividend (1.65p) for the year ended 30 September 2025 - - - - (3,630) (3,630)
Final dividend (1.70p) for the year ended 30 September 2025 - - - - (3,740) (3,740)
At 31 March 2026 6,755 61,619 1,007 305,718 8,168 383,267
Half year ended 31 March 2025 (unaudited) Called up share capital
£'000 Share premium account
£'000 Capital redemption
reserve
£'000 Other capital reserves
£'000 Revenue
reserve
£'000 Total
£'000
At 1 October 2024 6,755 61,619 1,007 310,618 9,634 389,633
Net return after taxation - - - (17,528) 5,394 (12,134)
Buyback of shares for treasury - - - (36,699) - (36,699)
Third interim dividend (1.60p) for the year ended 30 September 2024 - - - - (4,323) (4,323)
Final dividend (1.625p) for the year ended 30 September 2024 - - - - (4,391) (4,391)
Return of unclaimed dividends - - - - 22 22
At 31 March 2025 6,755 61,619 1,007 256,391 6,336 332,108


 

Year ended 30 September 2025
(audited) Called up share capital
£'000 Share
premium
account
£'000 Capital
redemption
reserve
£'000 Other capital reserves
£'000 Revenue reserve
£'000 Total
£'000
At 1 October 2024 6,755 61,619 1,007 310,618 9,634 389,633
Net return after taxation - - - 42,126 16,432 58,558
Buyback of shares for treasury - - - (67,212) - (67,212)
Third interim dividend (1.60p) for the year ended 30 September 2024 - - - - (4,323) (4,323)
Final dividend (1.625p) for the year ended 30 September 2024 - - - - (4,391) (4,391)
First interim dividend (1.625p) for the year ended 30 September 2025 - - - - (3,916) (3,916)
Second interim dividend (1.65p) for the year ended 30 September 2025 - - - - (3,736) (3,736)
Return of unclaimed dividends - - - - 22 22
At 30 September 2025 6,755 61,619 1,007 285,532 9,722 364,635

 

The accompanying notes form an integral part of these condensed financial statements.

 

CONDENSED STATEMENT OF FINANCIAL POSITION

 

(Unaudited)
As at
31 March 2026
£'000 (Unaudited)
As at
31 March 2025
£'000 (Audited)
As at
30 September 2025
£'000
Fixed assets 
Investments held at fair value through profit or loss (note 4) 435,066 377,870 406,564
Current assets 
Debtors 13,488 2,976 2,045
Cash at bank 4,711 3,119 5,471
18,199 6,095 7,516
Creditors: amounts falling due within one year (40,156) (22,026) (19,609)
Net current liabilities (21,957) (15,931) (12,093)
Total assets less current liabilities 413,109 361,939 394,471
Creditors: amounts falling due after more than one year (29,842) (29,831) (29,836)
Net assets 383,267 332,108 364,635
Capital and reserves 
Called up share capital 6,755 6,755 6,755
Share premium account 61,619 61,619 61,619
Capital redemption reserve 1,007 1,007 1,007
Other capital reserves 305,718 256,391 285,532
Revenue reserve 8,168 6,336 9,722
Total shareholders' funds 383,267 332,108 364,635
Net asset value per ordinary share - basic and diluted(note 7) 174.2p 137.2p 165.8p


The accompanying notes form an integral part of these condensed financial statements.

CONDENSED STATEMENT OF CASH FLOWS

 

(Unaudited)
Half year ended
31 March 2026
£'000 (Unaudited)
Half year ended 31 March 2025
£'000 (Audited)
Year ended
30 September 2025
£'000
Cash flows from operating activities 
Net return/(loss) before taxation 26,006 (12,132) 58,581
Add back: finance costs 1,112 1,046 2,022
Add: (gains)/losses on investments held at fair value through profit or loss (21,188) 16,569 (44,018)
Withholding tax on dividends deducted at source (14) (2) (23)
(Increase)/decrease in debtors (1,543) (262) 383
Decrease in creditors (77) (465) (347)
Net cash inflow from operating activities 4,296 4,754 16,598
Cash flows from investing activities 
Purchase of investments (41,096) (23,114) (40,618)
Sale of investments 24,702 60,907 110,591
Net cash (outflow)/inflow from investing activities (16,394) 37,793 69,973
Cash flows from financing activities 
Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions) (7,370) (8,692) (16,344)
Share buybacks for treasury - (36,261) (67,212)
Loans drawn down 23,227 23,260 40,436
Loans repaid (3,462) (21,772) (41,035)
Interest paid (1,058) (1,128) (2,109)
Net cash inflow/(outflow) from financing activities 11,337 (44,593) (86,264)
Net (decrease)/increase in cash and cash equivalents (761) (2,046) 307
Cash and cash equivalents at start of year 5,471 5,161 5,161
Effect of foreign exchange rates 1 4 3
Cash and cash equivalents at end of year 4,711 3,119 5,471
Comprising: 
Cash at bank 4,711 3,119 5,471


The accompanying notes are an integral part of these condensed financial statements.

 

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

 

The half-year financial statements cover the period from 1 October 2025 to 31 March 2026 and have not been audited or reviewed by the Company's auditors.
1. Accounting policies - basis of preparation
The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts" which was issued by the Association of Investment Companies in July 2022.
The accounting policies applied are consistent with those of the most recent annual financial statements for the year ended 30 September 2025.
2. Expenses
Management fees and finance costs are charged 50% to revenue and 50% to capital. All other administrative expenses are charged wholly to revenue. Expenses which are incidental to the purchase or sale of an investment are included in the cost or deducted from the proceeds of sale of the investment.

 

3. Return/(loss) per ordinary share - basic and diluted
(Unaudited)
Half year ended
31 March 2026
£'000 (Unaudited)
Half year ended
31 March 2025
£'000 (Audited)
Year ended
30 September 2025
£'000
The return per ordinary share is based on the following figures: 
Net revenue return 5,816 5,394 16,432
Net capital return/(loss) 20,186 (17,528) 42,126
Net total return/(loss) 26,002 (12,134) 58,558
Weighted average number of ordinary shares in issue for each period 219,972,265 261,890,869 244,072,942
Revenue return per ordinary share 2.64p 2.06p 6.73p
Capital return/(loss) per ordinary share 9.18p (6.69p) 17.26p
Total return/(loss) per ordinary share 11.82p (4.63p) 23.99p
The Company does not have any dilutive securities; therefore, basic and diluted returns per share are the same.

 

4. Fair value of financial assets and liabilities
The table below analyses fair value measurements for investments held at fair value through profit or loss. These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows:
Level 1: valued using quoted prices in active markets for identical assets
Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1
Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data

 

Investments held at fair value through profit or loss at 31 March 2026 (unaudited) Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Investments 432,648 - 2,418 435,066
Investments held at fair value through profit or loss at
31 March 2025 (unaudited) Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Investments 375,715 - 2,155 377,870
Investments held at fair value through profit or loss at
30 September 2025 (audited) Level 1
£'000 Level 2
£'000 Level 3
£'000 Total
£'000
Investments 404,300 - 2,264 406,564
A reconciliation of movements within Level 3 is set out below:
2026
£'000
Opening balance 2,264
Total gain included in the Income Statement 
- on investments held 154
Closing balance 2,418
The valuation techniques used by the Company are explained in the accounting policies note in the Company's Annual Report for the year ended 30 September 2025.
The fair value of the senior unsecured loan notes at 31 March 2026 has been estimated to be £23,427,000 (31 March 2025: £23,465,000; 30 September 2025: £23,493,000). The fair value of the senior unsecured loan notes is calculated using a discount rate which reflects the yield on a UK Gilt of similar maturity plus a suitable credit spread.
The senior unsecured loan notes are categorised as level 3 in the fair value hierarchy.
5. Share capital
At 31 March 2026 there were 270,185,650 ordinary shares of 2.5p each in issue, of which, 50,213,385 were held in treasury (31 March 2025: 270,185,650 shares in issue with 28,177,897 held in treasury; 30 September 2025: 270,185,650 shares in issue, with 50,213,385 held in treasury). Voting rights were therefore 219,972,265 (31 March 2025: 242,007,753; 30 September 2025: 219,972,265). During the half year ended 31 March 2026, no shares were issued or bought back (31 March 2025: no shares were issued and 28,177,897 shares were bought back into treasury at a total cost of £36,699,000; 30 September 2025: no shares were issued and 50,213,385 shares were bought back into treasury at a total cost of £67,212,000). No shares have been issued or bought back since the period end.
6. Transaction costs
Purchase transaction costs for the half year ended 31 March 2026 were £166,000 (31 March 2025: £125,000; 30 September 2025: £199,000). Sale transaction costs for the half year ended 31 March 2026 were £16,000 (31 March 2025: £22,000; 30 September 2025: £44,000). These comprise mainly stamp duty and commission.
7. Net asset value per ordinary share - basic and diluted
The net asset value per ordinary share of 174.2p (31 March 2025: 137.2p; 30 September 2025: 165.8p) is based on the net assets attributable to the ordinary shares of £383,267,000 (31 March 2025: £332,108,000; 30 September 2025: £364,635,000) and on 219,972,265 ordinary shares (31 March 2025: 242,007,753; 30 September 2025: 219,972,265), being the number of ordinary shares in issue (excluding shares held in treasury) at the end of each period.
8. Dividend
On 30 April 2026, a first interim dividend of 1.70p (2025: 1.625p) per ordinary share was paid in respect of the year ending 30 September 2026. A second interim dividend of 1.725p per ordinary share for the year ending 30 September 2026 has been declared and will be paid on 31 July 2026 to shareholders on the register of members at the close of business on 26 June 2026. The ex-dividend date will be 25 June 2026. Based on the number of shares in issue (excluding shares held in treasury) on 11 May 2026 of 219,972,265, the cost of the dividend will be £3,795,000 (second interim dividend for the year ended 30 September 2025: £3,736,000).
9. Going concern
The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consist of securities that are readily realisable. They have also considered the impact of global conflicts and changes in the international political landscape, including revenue forecasting, and a review of covenant compliance including the headroom above the most restrictive covenants. They have concluded that they are able to meet their financial obligations as they fall due for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
10. Comparative Information
The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 31 March 2026 and 31 March 2025 has not been audited nor reviewed by the Company's auditor.
The figures and financial information for the year ended 30 September 2025 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the independent auditors, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006.
A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year ended 30 September 2025.
11. Manager
Janus Henderson Fund Management UK Limited ('JHFM') is appointed to act as the Company's Alternative Investment Fund Manager. JHFM delegates investment management services to Janus Henderson Investors UK Limited. References to Janus Henderson within these results refer to the services provided by both entities.


 

12. General information
Company Status
The Company is a UK-domiciled investment trust company. The registered number is 670489.
The London Stock Exchange Daily Official List SEDOL number is BNXGHS2.
The ISIN number is GB00BNXGHS27.
The London Stock Exchange (TIDM) Code is LWI.
The Global Intermediary Identification Number (GIIN) is2KBHLK.99999.SL.826.
The Legal Entity Identifier Number (LEI) is 2138008RHG5363FEHV19
Directors
The Directors of the Company are Helena Vinnicombe (Chair), Gaynor Coley (Audit and Risk Committee Chair), Duncan Budge, Mark Lam and Thomas Walker.
Corporate Secretary
Janus Henderson Secretarial Services UK Limited.
Email:ITSecretariat@janushenderson.com
Registered Office
201 Bishopsgate, London EC2M 3AE.
Website
Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be foundat www.lowlandinvestment.com

 

13. Half-Year Report
The Half-Year Report for the six months ended 31 March 2026 will shortly be available on the Company's website. An abridged extract from the Half-Year Report, the 'Update', will also be available shortly on the Company's website and copies will be posted to shareholders in late May 2026.Both documents will also be available from the Corporate Secretary at the Company's registered office, 201 Bishopsgate, London, EC2M 3AE.The Update will be submitted to the National Storage Mechanism and will shortly be available for inspection at:https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

For further information, please contact:

 

James Henderson and Laura Foll

Fund Managers

Lowland Investment Company plc

Tel: 020 7818 4370/6364

 

Dan Howe

Head of Investment Trusts

Janus Henderson Investors

Tel: 020 7818 1818

 

Harriet Hall

PR Director, Investment Trusts

Janus Henderson Investors

Tel: 020 7818 2919

 

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or form part of, this announcement.

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IR AKBBKOBKDOPD

LWI — Lowland Investment News Story

Half-year Financial Report

Recent news on Lowland Investment

Half-year Financial Report

Director/PDMR Shareholding

Director/PDMR Shareholding

Director/PDMR Shareholding

Director/PDMR Shareholding

	2026	2025
NAV total return1	7.1%	-2.1%
Benchmark total return2	8.9%	4.1%
Share price total return3	6.8%	2.9%
Dividend in respect of the period	3.425p	3.275p

	Half year ended 31 Mar 2026	Half year ended 31 Mar 2025	Year ended 30 Sept 2025
NAV per share (debt at par)	174.2p	137.2p	165.8p
NAV per share (debt at fair value)	177.2p	139.9p	168.6p
Share price3	159.0p	129.0p	150.5p
Market capitalisation	£350m	£312m	£331m
Dividend per share for the period	3.425p	3.275p	6.625p
Ongoing charge	0.70%	0.71%	0.71%
Dividend yield4	4.3%	5.0%	4.4%
Gearing	13.5%	13.8%	11.5%
Discount (debt at fair value)	10.2%	7.8%	10.7%
AIC UK Equity Income sector - average discount at period end	6.0%	5.0%	3.0%

	6 months %	1 year %	3 years %	5 years %	10 years %	25 years %
NAV1	7.1	32.1	51.8	66.2	102.7	668.1
Share price2	6.8	29.0	46.8	65.0	94.8	725.5
FTSE All-Share Index	8.9	21.5	45.6	69.3	129.8	379.0
AIC UK Equity Income sector - NAV	4.2	16.8	36.8	51.0	104.1	500.5
AIC UK Equity Income sector - share price	3.7	16.2	35.6	46.5	102.4	567.3

Year to 30 Sept	Net assets3	NAV per ordinary share4*	Share price*	Net revenue per ordinary share*	Net dividends paid per ordinary share*
2016	£387m	143.2p	133.7p	4.77p	4.50p
2017	£440m	162.8p	150.4p	4.91p	4.90p
2018	£439m	162.5p	151.5p	5.86p	5.40p
2019	£386m	142.8p	128.0p	6.80p	5.95p
2020	£279m	103.1p	91.4p	3.38p	6.00p
2021	£394m	145.9p	131.5p	4.27p	6.025p
2022	£313m	115.9p	104.5p	6.10p	6.10p
2023	£349m	129.3p	113.0p	6.71p	6.25p
2024	£390m	144.2p	127.0p	6.29p	6.425p
2025	£365m	165.8p	150.5p	6.73p	6.625p
31 Mar 20265	£383m	174.2p	159.0p	2.64p	3.425p6

Sector weightings	% as at 31 March 2026		% as at 30 September 2025
	Company	Benchmark1	Company	Benchmark1
Basic Materials	7.6	7.6	7.4	5.7
Consumer Discretionary	9.1	6.1	9.0	7.5
Consumer Staples	4.0	12.8	3.9	14.1
Energy	9.0	11.1	6.8	8.7
Financials	28.3	27.3	30.8	28.2
Health Care	4.7	13.0	4.5	10.8
Industrials	24.3	11.7	26.8	13.9
Real Estate	5.7	1.9	5.0	2.2
Technology	2.0	2.4	1.1	3.6
Telecommunications	2.3	1.3	2.0	1.2
Utilities	3.0	4.8	2.7	4.1
Total	100.0	100.0	100.0	100.0

Market cap weightings	% as at 31 March 2026
	Company	Benchmark1
FTSE 100	48.8	88.8
FTSE 250	24.7	10.0
FTSE SmallCap	9.6	1.2
FTSE AIM	10.2	-
FTSE Fledgling	1.0	-
Overseas	5.0	-
Other	0.7	-
Total	100.0	100.0

	Share price total return %	Contribution to return %
BP	46.2	1.0
HSBC	21.0	0.8
Shell	38.0	0.8
GSK	33.3	0.8
Serica Energy	53.5	0.7
Rio Tinto	46.1	0.7
Senior	44.7	0.6
FBD	16.7	0.4
Schroders	56.8	0.3
National Grid	20.6	0.3

	Share price total return %	Contribution to return %
Eleco	-28.0	-0.3
Ibstock	-27.4	-0.2
Ilika	-46.7	-0.2
Aviva	-8.6	-0.2
Dunelm	-25.0	-0.2
Card Factory	-36.8	-0.2
Alumasc	-37.9	-0.2
FRP Advisory	-22.6	-0.2
Mondi	-17.2	-0.1
Johnson Service	-14.0	-0.1

(a)	the condensed set of financial statements for the half year to 31 March 2026 has been prepared in accordance with "FRS 104 Interim Financial Reporting" and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
(b)	the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c)	the Interim Management Report includes a fair review of the information required by the Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

Company	Sector	Market value £'000	% of portfolio
HSBC	Banks	17,160	3.9
BP	Oil and Gas	14,854	3.4
Shell	Oil and Gas	13,434	3.1
GSK	Pharmaceuticals and Biotechnology	13,086	3.0
M&G	Investment Banking and Brokerage Services	10,880	2.5
Barclays	Banks	10,708	2.5
Serica Energy¹	Oil and Gas	10,273	2.4
Senior	Aerospace and Defence	9,732	2.2
FBD	Non-Life Insurance (Ireland)	9,730	2.2
Rio Tinto	Industrial Metals and Mining	8,679	2.0
10 largest		118,536	27.2
Standard Life	Life Insurance	8,288	1.9
Irish Continental	Industrial Transportation (Ireland)	7,944	1.8
Aviva	Life Insurance	7,925	1.8
National Grid	Gas, Water and Multi-utilities	7,834	1.8
Standard Chartered	Banks	7,754	1.8
Balfour Beatty	Construction and Materials	6,858	1.6
Clarkson	Industrial Transportation	6,279	1.5
Prudential	Life Insurance	6,228	1.5
Chesnara	Life Insurance	6,225	1.4
Anglo American	Industrial Metals and Mining	6,158	1.4
20 largest		190,029	43.7
Legal & General	Life Insurance	6,155	1.4
Lloyds Banking	Banks	5,910	1.4
Land Securities	Real Estate Investment Trusts	5,806	1.3
Hill & Smith	Industrial Metals and Mining	5,728	1.3
ZIGUP	Industrial Transportation	5,727	1.3
BT	Telecommunications Service Providers	5,631	1.3
Johnson Matthey	Chemicals	5,593	1.3
RELX	Software and Computer Services	5,571	1.3
IMI	Electronic and Electrical Equipment	5,399	1.2
NatWest	Banks	5,344	1.2
30 largest		246,893	56.7
J Sainsbury	Personal Care, Drug and Grocery Stores	5,252	1.2
Severn Trent	Gas, Water and Multi-utilities	5,085	1.2
Smith & Nephew	Medical Equipment and Services	5,036	1.2
Springfield Properties¹	Household Goods and Home Construction	4,836	1.1
Morgan Advanced Materials	Industrial Engineering	4,762	1.1
Kingfisher	Retailers	4,750	1.1
Vanquis Banking	Finance and Credit Services	4,675	1.1
Norcros	Construction and Materials	4,545	1.0
Vodafone	Telecommunications Service Providers	4,211	1.0
Sabre Insurance	Non-Life Insurance	3,863	0.9
40 largest		293,908	67.6
Segro	Real Estate Investment Trusts	3,863	0.9
Johnson Service	Industrial Support Services	3,686	0.8
Hammerson	Real Estate Investment Trusts	3,535	0.8
Volex¹	Electronic and Electrical Equipment	3,394	0.8
Babcock	Aerospace and Defence	3,305	0.8
Inchcape	Retailers	3,262	0.8
Eleco¹	Software and Computer Services	3,165	0.7
Vertu Motors¹	Retailers	3,163	0.7
Dunelm	Retailers	3,136	0.7
Aberdeen	Investment Banking and Brokerage Services	3,130	0.7
50 largest		327,547	75.3
Halfords	Retailers	2,987	0.7
Mondi	General Industrials	2,953	0.7
Smiths News	Industrial Support Services	2,944	0.7
Ibstock	Construction and Materials	2,881	0.7
Castings	Industrial Metals and Mining	2,879	0.7
Vesuvius	Industrial Engineering	2,877	0.7
DCC	Industrial Support Services (Ireland)	2,872	0.6
Shaftesbury Capital	Real Estate Investment Trusts	2,869	0.6
Workspace	Real Estate Investment Trusts	2,809	0.6
Cranswick	Food Producers	2,772	0.6
60 largest		356,390	81.9
Speedy Hire	Industrial Support Services	2,742	0.6
Marks & Spencer	Personal Care, Drug and Grocery Stores	2,713	0.6
Mears	Real Estate Investment and Services	2,694	0.6
River UK Micro Cap	Closed End Investments	2,678	0.6
FRP Advisory¹	Industrial Support Services	2,670	0.6
Elementis	Chemicals	2,655	0.6
Marshalls	Construction and Materials	2,617	0.6
STV	Media	2,578	0.6
Coats	General Industrials	2,526	0.6
IP	Investment Banking and Brokerage Services	2,451	0.6
70 largest		382,714	87.9
TP ICAP	Investment Banking and Brokerage Services	2,443	0.6
Kier	Construction and Materials	2,420	0.6
Reach	Media	2,361	0.5
Bellway	Household Goods and Home Construction	2,304	0.5
Young & Co's Brewery¹	Travel and Leisure	2,268	0.5
Breedon	Construction and Materials	2,234	0.5
Oxford Sciences Enterprises²	Pharmaceuticals and Biotechnology	2,147	0.5
Cohort¹	Aerospace and Defence	2,073	0.5
Somero Enterprises¹	Industrial Engineering (USA)	2,072	0.5
Costain	Construction and Materials	1,995	0.5
80 largest		405,031	93.1
PZ Cussons	Personal Care, Drug and Grocery Stores	1,838	0.4
Hilton Foods	Food Producers	1,788	0.4
Arbuthnot Banking¹	Banks	1,700	0.4
McBride	Personal Care, Drug and Grocery Stores	1,697	0.4
Alumasc¹	Construction and Materials	1,537	0.4
Carclo	General Industrials	1,507	0.4
Helical	Real Estate Investment Trusts	1,487	0.3
Wynnstay¹	Food Producers	1,420	0.3
Valterra Platinum	Precious Metals and Mining (South Africa)	1,387	0.3
Macfarlane	General Industrials	1,300	0.3
90 largest		420,692	96.7
DFS Furniture	Retailers	1,260	0.3
Palace Capital	Real Estate Investment Trusts	1,255	0.3
Card Factory	Retailers	1,192	0.3
XP Power	Electronic and Electrical Equipment	1,184	0.3
Hollywood Bowl	Travel and Leisure	1,178	0.2
WH Smith	Retailers	1,147	0.2
Ilika¹	Electronic and Electrical Equipment	1,068	0.2
RWS Holdings¹	Industrial Support Services	837	0.2
Airea¹	Household Goods and Home Construction	825	0.2
Next 15¹	Media	678	0.2
100 largest		431,316	99.1

	(Unaudited) Half year ended 31 March 2026			(Unaudited) Half year ended 31 March 2025			(Audited) Year ended 30 September 2025
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000

Gains/(losses) on investments held at fair value through profit or loss	-	21,188	21,188	-	(16,569)	(16,569)	-	44,018	44,018

Income from investments	7,223	-	7,223	6,697	-	6,697	19,075	-	19,075

Other interest receivable and similar income	82	-	82	74	-	74	166	-	166

Gross revenue and capital gains/ (losses)	7,305	21,188	28,493	6,771	(16,569)	(9,798)	19,241	44,018	63,259

Management fee (note 2)	(446)	(446)	(892)	(436)	(436)	(872)	(882)	(881)	(1,763)

Other administrative expenses (note 2)	(483)	-	(483)	(416)	-	(416)	(893)	-	(893)

Net return/(loss) before finance costs and taxation	6,376	20,742	27,118	5,919	(17,005)	(11,086)	17,466	43,137	60,603

Finance costs	(556)	(556)	(1,112)	(523)	(523)	(1,046)	(1,011)	(1,011)	(2,022)

Net return/(loss) before taxation	5,820	20,186	26,006	5,396	(17,528)	(12,132)	16,455	42,126	58,581
Taxation on net return	(4)	-	(4)	(2)	-	(2)	(23)	-	(23)

Net return/(loss) after taxation	5,816	20,186	26,002	5,394	(17,528)	(12,134)	16,432	42,126	58,558

Return/(loss) per ordinary share - basic and diluted(note 3)	2.64p	9.18p	11.82p	2.06p	(6.69p)	(4.63p)	6.73p	17.26p	23.99p

Half year ended 31 March 2026 (unaudited)	Called up share capital £'000		Share premium account £'000		Capital redemption reserve £'000		Other capital reserves £'000	Revenue reserve £'000	Total £'000

At 1 October 2025	6,755		61,619		1,007		285,532	9,722	364,635

Net return after taxation	-		-		-		20,186	5,816	26,002

Third interim dividend (1.65p) for the year ended 30 September 2025	-		-		-		-	(3,630)	(3,630)

Final dividend (1.70p) for the year ended 30 September 2025	-		-		-		-	(3,740)	(3,740)

At 31 March 2026	6,755		61,619		1,007		305,718	8,168	383,267

Half year ended 31 March 2025 (unaudited)	Called up share capital £'000	Share premium account £'000		Capital redemption reserve £'000		Other capital reserves £'000		Revenue reserve £'000	Total £'000

At 1 October 2024	6,755	61,619		1,007		310,618		9,634	389,633

Net return after taxation	-	-		-		(17,528)		5,394	(12,134)

Buyback of shares for treasury	-	-		-		(36,699)		-	(36,699)

Third interim dividend (1.60p) for the year ended 30 September 2024	-	-		-		-		(4,323)	(4,323)

Final dividend (1.625p) for the year ended 30 September 2024	-	-		-		-		(4,391)	(4,391)

Return of unclaimed dividends	-	-		-		-		22	22

At 31 March 2025	6,755	61,619		1,007		256,391		6,336	332,108

Year ended 30 September 2025 (audited)	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000

At 1 October 2024	6,755	61,619	1,007	310,618	9,634	389,633

Net return after taxation	-	-	-	42,126	16,432	58,558

Buyback of shares for treasury	-	-	-	(67,212)	-	(67,212)

Third interim dividend (1.60p) for the year ended 30 September 2024	-	-	-	-	(4,323)	(4,323)

Final dividend (1.625p) for the year ended 30 September 2024	-	-	-	-	(4,391)	(4,391)

First interim dividend (1.625p) for the year ended 30 September 2025	-	-	-	-	(3,916)	(3,916)

Second interim dividend (1.65p) for the year ended 30 September 2025	-	-	-	-	(3,736)	(3,736)

Return of unclaimed dividends	-	-	-	-	22	22

At 30 September 2025	6,755	61,619	1,007	285,532	9,722	364,635

	(Unaudited) As at 31 March 2026 £'000	(Unaudited) As at 31 March 2025 £'000	(Audited) As at 30 September 2025 £'000
Fixed assets
Investments held at fair value through profit or loss (note 4)	435,066	377,870	406,564

Current assets
Debtors	13,488	2,976	2,045
Cash at bank	4,711	3,119	5,471

	18,199	6,095	7,516

Creditors: amounts falling due within one year	(40,156)	(22,026)	(19,609)

Net current liabilities	(21,957)	(15,931)	(12,093)

Total assets less current liabilities	413,109	361,939	394,471

Creditors: amounts falling due after more than one year	(29,842)	(29,831)	(29,836)

Net assets	383,267	332,108	364,635

Capital and reserves
Called up share capital	6,755	6,755	6,755
Share premium account	61,619	61,619	61,619
Capital redemption reserve	1,007	1,007	1,007
Other capital reserves	305,718	256,391	285,532
Revenue reserve	8,168	6,336	9,722

Total shareholders' funds	383,267	332,108	364,635

Net asset value per ordinary share - basic and diluted(note 7)	174.2p	137.2p	165.8p

	(Unaudited) Half year ended 31 March 2026 £'000	(Unaudited) Half year ended 31 March 2025 £'000	(Audited) Year ended 30 September 2025 £'000
Cash flows from operating activities
Net return/(loss) before taxation	26,006	(12,132)	58,581
Add back: finance costs	1,112	1,046	2,022
Add: (gains)/losses on investments held at fair value through profit or loss	(21,188)	16,569	(44,018)
Withholding tax on dividends deducted at source	(14)	(2)	(23)
(Increase)/decrease in debtors	(1,543)	(262)	383
Decrease in creditors	(77)	(465)	(347)

Net cash inflow from operating activities	4,296	4,754	16,598

Cash flows from investing activities
Purchase of investments	(41,096)	(23,114)	(40,618)
Sale of investments	24,702	60,907	110,591

Net cash (outflow)/inflow from investing activities	(16,394)	37,793	69,973

Cash flows from financing activities
Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions)	(7,370)	(8,692)	(16,344)
Share buybacks for treasury	-	(36,261)	(67,212)
Loans drawn down	23,227	23,260	40,436
Loans repaid	(3,462)	(21,772)	(41,035)
Interest paid	(1,058)	(1,128)	(2,109)

Net cash inflow/(outflow) from financing activities	11,337	(44,593)	(86,264)

Net (decrease)/increase in cash and cash equivalents	(761)	(2,046)	307

Cash and cash equivalents at start of year	5,471	5,161	5,161
Effect of foreign exchange rates	1	4	3

Cash and cash equivalents at end of year	4,711	3,119	5,471

Comprising:
Cash at bank	4,711	3,119	5,471

The half-year financial statements cover the period from 1 October 2025 to 31 March 2026 and have not been audited or reviewed by the Company's auditors.
1.	Accounting policies - basis of preparation
	The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts" which was issued by the Association of Investment Companies in July 2022. The accounting policies applied are consistent with those of the most recent annual financial statements for the year ended 30 September 2025.
2.	Expenses
	Management fees and finance costs are charged 50% to revenue and 50% to capital. All other administrative expenses are charged wholly to revenue. Expenses which are incidental to the purchase or sale of an investment are included in the cost or deducted from the proceeds of sale of the investment.

	Investments held at fair value through profit or loss at 31 March 2026 (unaudited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
	Investments	432,648	-	2,418	435,066

	Investments held at fair value through profit or loss at 31 March 2025 (unaudited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
	Investments	375,715	-	2,155	377,870

	Investments held at fair value through profit or loss at 30 September 2025 (audited)	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
	Investments	404,300	-	2,264	406,564

	A reconciliation of movements within Level 3 is set out below:
						2026
						£'000
	Opening balance					2,264
	Total gain included in the Income Statement
	- on investments held					154
	Closing balance					2,418
	The valuation techniques used by the Company are explained in the accounting policies note in the Company's Annual Report for the year ended 30 September 2025. The fair value of the senior unsecured loan notes at 31 March 2026 has been estimated to be £23,427,000 (31 March 2025: £23,465,000; 30 September 2025: £23,493,000). The fair value of the senior unsecured loan notes is calculated using a discount rate which reflects the yield on a UK Gilt of similar maturity plus a suitable credit spread. The senior unsecured loan notes are categorised as level 3 in the fair value hierarchy.
5.	Share capital
	At 31 March 2026 there were 270,185,650 ordinary shares of 2.5p each in issue, of which, 50,213,385 were held in treasury (31 March 2025: 270,185,650 shares in issue with 28,177,897 held in treasury; 30 September 2025: 270,185,650 shares in issue, with 50,213,385 held in treasury). Voting rights were therefore 219,972,265 (31 March 2025: 242,007,753; 30 September 2025: 219,972,265). During the half year ended 31 March 2026, no shares were issued or bought back (31 March 2025: no shares were issued and 28,177,897 shares were bought back into treasury at a total cost of £36,699,000; 30 September 2025: no shares were issued and 50,213,385 shares were bought back into treasury at a total cost of £67,212,000). No shares have been issued or bought back since the period end.
6.	Transaction costs
	Purchase transaction costs for the half year ended 31 March 2026 were £166,000 (31 March 2025: £125,000; 30 September 2025: £199,000). Sale transaction costs for the half year ended 31 March 2026 were £16,000 (31 March 2025: £22,000; 30 September 2025: £44,000). These comprise mainly stamp duty and commission.
7.	Net asset value per ordinary share - basic and diluted
	The net asset value per ordinary share of 174.2p (31 March 2025: 137.2p; 30 September 2025: 165.8p) is based on the net assets attributable to the ordinary shares of £383,267,000 (31 March 2025: £332,108,000; 30 September 2025: £364,635,000) and on 219,972,265 ordinary shares (31 March 2025: 242,007,753; 30 September 2025: 219,972,265), being the number of ordinary shares in issue (excluding shares held in treasury) at the end of each period.
8.	Dividend
	On 30 April 2026, a first interim dividend of 1.70p (2025: 1.625p) per ordinary share was paid in respect of the year ending 30 September 2026. A second interim dividend of 1.725p per ordinary share for the year ending 30 September 2026 has been declared and will be paid on 31 July 2026 to shareholders on the register of members at the close of business on 26 June 2026. The ex-dividend date will be 25 June 2026. Based on the number of shares in issue (excluding shares held in treasury) on 11 May 2026 of 219,972,265, the cost of the dividend will be £3,795,000 (second interim dividend for the year ended 30 September 2025: £3,736,000).
9.	Going concern
	The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consist of securities that are readily realisable. They have also considered the impact of global conflicts and changes in the international political landscape, including revenue forecasting, and a review of covenant compliance including the headroom above the most restrictive covenants. They have concluded that they are able to meet their financial obligations as they fall due for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
10.	Comparative Information
	The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 31 March 2026 and 31 March 2025 has not been audited nor reviewed by the Company's auditor. The figures and financial information for the year ended 30 September 2025 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the independent auditors, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006. A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year ended 30 September 2025.
11.	Manager
	Janus Henderson Fund Management UK Limited ('JHFM') is appointed to act as the Company's Alternative Investment Fund Manager. JHFM delegates investment management services to Janus Henderson Investors UK Limited. References to Janus Henderson within these results refer to the services provided by both entities.