REG - Maven Inc &Grwth VCT - Half-year Report
29/10/2025 07:00
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RNS Number : 1700F Maven Income & Growth VCT PLC 29 October 2025
Maven Income and Growth VCT PLC
Interim Results for the Six Months Ended 31 August 2025
Highlights
• NAV total return at 31 August 2025 of 147.82p per Ordinary Share
• NAV at 31 August 2025 of 36.36p per Ordinary Share
• Increased interim dividend of 1.50p per Ordinary Share paid on 29
August 2025
• Offer for Subscription closed early, fully subscribed, raising £10
million
• New fund raising for 2025/26 and 2026/27 tax years launched in early
October 2025
• Two new private companies added to the portfolio
• Exit from Horizon Ceremonies completed, generating an initial return
of 2.1x cost and over £1.8 million in cash, with the potential for further
deferred proceeds
Overview
Against a mixed economic backdrop, your Company has delivered a resilient
performance in the first half of the financial year. Most of the companies in
the private equity portfolio continue to make positive commercial progress and
achieve revenue growth, which has resulted in the valuations of certain
holdings being uplifted. Conversely, AIM continues to be a challenging market
and, although it represents a small proportion of NAV, the value of your
Company's AIM quoted portfolio has declined further, which has modestly
impacted overall performance. A significant development during the period
under review was the realisation of Horizon Ceremonies, one of the largest
holdings in the portfolio, which generated an initial return of 2.1x cost and
over £1.8 million in cash. Further to this material realisation, the
Directors were pleased to declare an increased interim dividend of 1.50p per
Ordinary Share, which was paid to Shareholders on 29 August 2025.
During the period under review, the macroeconomic outlook has been dominated
by ongoing geopolitical tensions. Whilst this created a challenging backdrop
for the economy and financial markets, it is encouraging to report that your
Company has delivered a resilient performance, which helps to demonstrate the
strength of the investment strategy and its ability to support long term
growth in Shareholder value.
The previous financial year was your Company's most successful period for
realisations from the growth portfolio, with the completion of six profitable
private company exits to a range of private equity and trade buyers. A key
priority for the new financial year has been to maintain a steady rate of
investment to replenish the portfolio through the addition of high growth
companies, whilst also providing follow-on funding to support those portfolio
companies that are making commercial progress and where additional growth
capital can help to expedite their expansion plans. It is pleasing to report
that, during the period under review, £2.4 million was deployed, with two new
VCT qualifying private companies added to the portfolio alongside the
provision of follow-on funding to support the growth and progression of 15
existing portfolio companies.
The Manager continues to see good demand for growth capital across its network
of regional offices and maintains a focus on identifying entrepreneurial
companies, with strong management teams, that operate in disruptive or high
growth sectors such as cyber security, data analytics, regtech, speciality
software and training, where growth is less sensitive to consumer or
discretionary spending and where revenues tend to be contracted and recurring
in nature. A trend of growth in recurring revenues provides the Manager with a
key metric against which progress, and commercial traction, can be monitored
and measured. The rate of revenue growth is also an important benchmark that
potential acquirers will review when evaluating the rate of progression of a
business and its potential. Notably, several of the earlier stage businesses
in the portfolio are now achieving scale, with annual recurring revenues (ARR)
reaching, or exceeding, the important milestone of £5 million, which is often
regarded as a key inflexion point in order to attract potential buyers. There
are a number of high performing companies in the portfolio that are
establishing strong positions in their respective markets, both in the UK and
internationally, and which have the potential to deliver superior returns at
exit.
A key development during the period under review was the realisation of
Horizon Ceremonies, the owner and operator of three established crematoria.
Your Company first invested in Horizon Ceremonies in 2017, backing an
experienced team with a clear strategic objective to build, own and operate a
portfolio of next generation crematoria located across the UK, in areas that
were historically underserved or where the existing facility was outdated.
Horizon's crematoria have quickly become important community facilities and
have consistently received industry recognition and awards for their
exceptional service and support to families. Having received several
unsolicited acquisition approaches, a competitive exit process was initiated
in 2024, with the sale to UK pension fund, Railpen, completing in early July
2025. The exit generated an initial return of 2.1x cost and cash proceeds of
over £1.8 million for your Company, with potential for further deferred
proceeds, contingent on the receipt of planning approval at two further sites.
Enhanced Dividend Policy
The Directors understand the importance of tax free distributions to
Shareholders and, as announced in the 2025 Annual Report, have enhanced the
dividend policy by increasing the target annual yield from 5% to 6% of NAV per
Ordinary Share at the immediately preceding year end.
Shareholders should be aware that this remains a target and that decisions on
distributions take into consideration a number of factors, including the
realisation of capital gains, the adequacy of distributable reserves, the
availability of surplus revenue and the VCT qualifying level, all of which are
kept under close and regular review. As the portfolio continues to expand and
the proportion of younger growth companies increases, the timing of
distributions will be more closely linked to realisation activity, whilst also
reflecting the requirement to maintain the VCT qualifying level.
Increased Interim Dividend
In line with the new policy and following the realisation of Horizon
Ceremonies, an increased interim dividend of 1.50p per Ordinary Share, in
respect of the year ending 28 February 2026, was paid on 29 August 2025 to
Shareholders who were on the register at 25 July 2025. Since the Company's
launch, and after receipt of this interim dividend, a total of 111.46p per
Ordinary Share will have been paid in tax free distributions. It should be
noted that the payment of a dividend reduces the NAV of the Company by the
total amount of the distribution.
Dividend Investment Scheme (DIS)
Your Company operates a DIS, through which Shareholders can, at any time,
elect to have their dividend payments utilised to subscribe for new Ordinary
Shares issued under the standing authority requested from Shareholders at
Annual General Meetings. Ordinary Shares issued under the DIS are free from
dealing costs and should benefit from the tax reliefs available on new
Ordinary Shares issued by a VCT in the tax year in which they are allotted,
subject to an individual Shareholder's particular circumstances.
Shareholders can elect to participate in the DIS in respect of future
dividends by completing a DIS mandate form and returning it to the Registrar
(The City Partnership). The mandate form, terms & conditions and full
details of the scheme (including tax considerations) are available from the
Company's webpage at: mavencp.com/migvct
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/maven-income-and-growth-vct-1)
. Election to participate in the DIS can also be made through the Registrar's
online investor hub at:
maven-cp.cityhub.uk.com/login (https://maven-cp.cityhub.uk.com/login) .
If a Shareholder is in any doubt about the merits of participating in the DIS,
or their own tax status, they should seek advice from a suitably qualified
adviser.
Offer for Subscription
On 27 March 2025, your Company's Offer for Subscription, which had opened in
September 2024, closed early, fully subscribed, having raised a total of £10
million, including the £5 million over-allotment facility. All new Ordinary
Shares in relation to this Offer have now been allotted, with three allotments
for the 2024/25 tax year and one allotment for
the 2025/26 tax year.
This additional liquidity will facilitate the further expansion and
development of the portfolio in line with the investment strategy. The funds
raised will also allow your Company to maintain its share buy-back policy,
spreading costs over a wider asset base, with the objective of maintaining a
competitive ongoing charges ratio for the benefit of all Shareholders.
On 2 October 2025, your Company launched a new Offer for Subscription
alongside offers by three other Maven managed VCTs. Your Company has a target
raise of £12.5 million, including a £5 million over-allotment facility. The
Offers remain open until 1 May 2026, unless fully subscribed ahead of this
date and further details, including the Prospectus can be found at:
mavencp.com/vctoffer
(https://www.mavencp.com/investment-opportunities/venture-capital-trusts/current-vct-offers)
.
Portfolio Developments
During the first half of the financial year, most of the companies in the
private equity portfolio have continued to meet operational and financial
targets as set out in their business plans. It is pleasing to report that the
valuations of certain private companies have been uplifted in line with the
progress achieved.
Since your Company first invested, carbon reduction software specialist
Manufacture 2030 (M2030) has consistently delivered strong revenue growth,
with ARR more than doubling in two years and projected to increase further
throughout the current year. M2030 operates in a rapidly growing sector, where
it provides a disruptive software solution that allows large corporates and
multinationals to achieve Scope 3 carbon reduction targets by measuring,
managing and reducing carbon emissions across their supply chain, with the
objective of achieving the targets set out in the United Nations' Sustainable
Development Goals. The business continues to expand its blue chip client base
and has added six new large corporate customers to the platform so far this
year. M2030 maintains a strong pipeline of opportunities and a near term
objective is to expand its presence in North America, which is viewed as a key
growth market.
Contract software specialist Summize continues to deliver impressive growth
and trade ahead of budget. In the past two years, the business has achieved
over 100% growth in ARR and is on track to outperform its targets again this
year. Summize has developed an artificial intelligence (AI) powered digital
contracting software solution that simplifies and streamlines the process for
writing and renewing contracts, helping to drive operational efficiencies for
customers, and continues to see strong demand both in the UK and US. In Autumn
2023, the business opened its first international office in Boston to launch
its US expansion strategy and has subsequently experienced rapid growth in
that market, with more than half of total sales now generated from US clients
with significant future growth potential. In April 2025, Summize was awarded
5(th) place in the Top 100 League Table at the GP Bullhound 2025 Northern Tech
Awards, whilst also winning the Judge's Innovation Award. The management team
is highly ambitious and remains focused on growing the client base and
increasing ARR in both the UK and US.
Since initial investment in September 2022, specialist training software
provider Bud has made encouraging commercial progress, with ARR and learner
numbers both doubling. Bud's integrated platform provides an end-to-end
solution for training providers, universities, colleges and employers
delivering apprenticeships, covering enrolment, training delivery, learner
management, and compliance through one portal. A core benefit of the solution
is that it streamlines processes and reduces administrative tasks, whilst also
ensuring ongoing compliance with specific funding requirements to minimise the
risk of clawback. The business has a healthy pipeline of prospective
opportunities and the outlook is encouraging, supported by the recent changes
to the Growth and Skills Levy.
Against a backdrop of ongoing geopolitical tension and with several recent
high profile cyber attacks causing significant operational disruption to
mainstream UK companies, cyber security specialist CYSIAM continues to
experience strong demand for its products and services as clients seek to
bolster their cyber defences. The business continues to expand its Managed
Detection and Response (MDR) service, which provides protection against,
detection of and response to cyber attacks within a software as a service
(SaaS) wrapper, with a valuable recurring revenue stream. In May 2025, CYSIAM
was named European Rising Star Partner of the Year at the Crowdstrike Europe
Partner Symposium. Crowdstrike is a NASDAQ listed global cyber security leader
and this award recognises the contribution of its partners to help customers
to prevent breaches and enhance cyber security. The cyber security market
remains a high growth area and CYSIAM is well placed to continue to scale and
achieve the financial and strategic objectives within its business plan.
Demand responsive transport software provider Liftango also continues to make
encouraging commercial progress and is expanding its market presence and
global footprint, with live projects currently operating in six continents.
The business provides the technology to support on-demand transport
programmes, which enable users to plan, launch and scale shared mobility
projects that reduce costs by optimising routes, whilst simultaneously
addressing sustainability goals such as lower vehicle usage, which helps to
decrease carbon emissions and combat localised congestion. Having achieved
success in Australia and the UK, Liftango is now focused on expanding into
international markets, with the Middle East and the Americas identified as key
growth territories. The business works with many Fortune 500 companies, as
well as large global bus operators and government transport agencies and is
well positioned to deliver further growth as it secures new contracts and
extends its market position.
In November 2024, your Company invested in RiskSmart, an early stage regtech
business operating in the risk management sector. The business has developed a
risk management platform that leverages data insights and machine learning to
provide real time information to help transform how businesses manage
governance, risk and compliance. Since investment, RiskSmart has delivered
strong growth in ARR and currently has over 70 clients, which is an increase
of over 100% in 12 months. RiskSmart has a strong pipeline of new
opportunities and is on track to further increase ARR through the remainder of
the current year. The business is run by an ambitious and experienced team and
was recently named one of Prolific North's Tech Scale ups to Watch 2025, which
spotlights the most dynamic, ambitious and high growth technology businesses
across the North of England.
As may be expected with a large portfolio of growth focused businesses, there
are a small number of investee companies that have not achieved their
commercial targets and are trading behind plan. In certain cases, valuations
have been reduced to reflect the slower than anticipated progress, with
provisions taken against the cost of a small number of specific holdings.
This has been another challenging period for AIM, with investor appetite for
smaller quoted equities remaining subdued. Low levels of liquidity have also
resulted in high volatility, with share prices responding disproportionately
to limited news flow or trading activity. The Manager retains a highly
selective approach to supporting new AIM investment opportunities and, during
the period, completed one small follow-on transaction.
Treasury Management
The Board and the Manager maintain a proactive approach to treasury
management, where the objective remains to optimise the income generated from
cash held prior to investment in VCT qualifying companies, whilst meeting the
requirements of the Nature of Income condition. This is a mandatory part of
the VCT legislation, which stipulates that not less than 70% of a VCT's income
must be derived from shares or securities.
Your Company has a diversified portfolio of treasury management investments
with strong fundamentals and attractive income characteristics, comprising of
money market funds (MMFs), open-ended investment companies (OEICs) and London
Stock Exchange listed investment trusts, with the remaining cash held on
deposit across several UK banks in order to minimise counterparty risk. This
strategy ensures ongoing compliance with the Nature of Income condition,
whilst also providing a healthy stream of income that currently generates a
blended annualised yield of over 3% across the combined treasury management
portfolio and uninvested cash. It is worthwhile highlighting that this is a
dynamic portfolio, which will vary in size depending on your Company's rate of
investment, realisations and overall liquidity levels. Full details of the
treasury management holdings can be found in the Investment Portfolio Summary
in the Interim Report.
New Investments
During the reporting period, two new private companies were added to the
portfolio:
• Digilytics is a provider of an AI enabled solution that automates loan
application processing. The platform uses machine learning and large language
models to read and extract data from key documents such as payslips, bank
statements and utility bills, ensuring both consistency and completeness. It
then evaluates the application against eligibility criteria and affordability
metrics, while also screening for potential fraud. Digilytics helps lenders to
reduce costs and error rates, whilst improving the response time for
applicants. The funding from the Maven VCTs is being used to support the sales
and marketing function and invest in product development. The near term
objective is to launch in the US, where there is an identified market
opportunity.
• PowerPhotonic is an established designer and manufacturer of a wide range
of precision micro-optics products for use within lasers. Using proprietary
manufacturing processes and equipment the company designs and manufactures
high quality waferscale freeform optics with advanced properties that are
designed for application in three core markets, the largest of which is the
defence sector. The business is also expanding its presence in the life
sciences sector, with applications in precision medical devices and
instrumentation as well as advanced manufacturing where the business focuses
on beam shapers to make industrial processes more efficient. With strong
levels of IP, PowerPhotonic has a defendable market position and the funding
from the Maven VCTs is being used to support growth by facilitating the
expansion of the sales and marketing team to help the business increase its
revenue base and broaden its presence in the UK and US.
The following investments were completed during the reporting period:
Investments Date Sector £'000
New unlisted
Arimon Limited (trading as Digilytics)(1) March & June 2025 Software & technology 484
Kerrera TopCo Limited (trading as Kube Networks)(2) April 2025 Software & technology 76
PowerPhotonic Limited June 2025 Industrials & engineering 325
Total new unlisted
885
Follow-on unlisted
Alderley Lighthouse Labs Limited May 2025 Pharmaceuticals, 137
biotechnology & healthcare
AMufacture Limited May 2025 Industrials & engineering 124
Automated Analytics Limited August 2025 Marketing & 104
Advertising technology
DiffusionData Limited March 2025 Software & technology 36
Fixtuur Limited May 2025 Software & technology 100
(formerly Shortbite Limited)
Laverock Therapeutics Limited June 2025 Pharmaceuticals, 124
biotechnology & healthcare
Liftango Group Limited April 2025 Software & technology 6
mypura.com Group Limited June 2025 Business services 90
(trading as Pura)
Plyable Limited(3) March & August 2025 Software & technology 226
Relative Insight Limited June 2025 Marketing & 60
Advertising technology
RevLifter Limited March 2025 Marketing & 16
Advertising technology
Sensoteq Limited March 2025 Software & technology 216
The Algorithm People Limited April 2025 Software & technology 22
(trading as Optimize)
Zinc Digital Business Solutions Limited March 2025 Software & technology 154
Total follow-on unlisted
1,415
Total unlisted
2,300
Follow-on AIM quoted
GENinCode PLC March 2025 Pharmaceuticals, 126
biotechnology & healthcare
Total follow-on AIM quoted
126
Total AIM quoted
126
Money market funds(4)
Aviva Investors Sterling Government April 2025 Money market fund 1,000
Liquidity Fund (Class 3)
Fidelity Institutional Liquidity March 2025 Money market fund 500
Sterling Fund (Class F)
Total money market funds
1,500
Real estate investment trusts(4)
Land Securities Group PLC May 2025 Investment trust 107
Tritax BigBox REIT PLC May 2025 Investment trust 153
Total real estate investment trusts
260
Infrastructure investment trust(4)
Foresight Solar Fund Limited May 2025 Investment trust 125
Total Infrastructure investment trust(
)
125
Total investments completed
4,311
during the period
(1) Investment completed in two tranches(.)
(2) Your Company gained an equity holding in Kerrera TopCo Limited (trading as
Kube Networks Limited) as a result of an all share transaction to acquire ISN
Solutions Group Limited.
(3) Follow-on investment completed in two tranches.
(4) Investments completed as part of the treasury management strategy.
.
At the period end, the portfolio comprised of 123 unlisted and quoted
investments, at a total cost of £55.8 million.
Realisations
In addition to the material realisation of Horizon Ceremonies, which generated
over £1.8 million in cash proceeds, the Manager also completed an exit from
legacy holding ISN Solutions, which was acquired through an all-share
transaction by Glasgow based specialist IT managed service provider Kube
Networks as part of a buy and build strategy. The acquisition provides ISN
with the opportunity to grow as part of a larger business and, as part of the
transaction, your Company has gained an equity holding in Kube Networks.
The table below gives details of the realisations completed during the
reporting period:
Realisations Cost of shares Sales proceeds Gain/(loss) over 28 February
Year first Complete/ disposed Value at 28 February £'000 Realised 2025 value
invested partial exit of 2025 gain/(loss) £'000
£'000 £'000 £'000
Unlisted
Horizon Ceremonies Limited 2017 Complete 988 1,928 1,705 717 (233)
(trading as Horizon Cremation)(1)
ISN Solutions Group Limited(2) 2014 Complete 323 84 76 (247) (8)
Total unlisted 1,311 2,012 1,781 470 (231)
Infrastructure investment trust(3)
BBGI Global Infrastructure SA 2023 Complete 220 218 219 (1) 1
Total infrastructure investment trust 220 218 219 (1) 1
Real estate investment trust(3)
Care REIT PLC 2023 Complete 114 91 126 12 35
Total real estate 114 91 126 12 35
investment trust
Total realisations completed 1,645 2,321 2,126 481 (195)
during the period
(1) Redemption of loan notes excludes further redemption premium and yield
received of £156,808, which is disclosed as revenue for financial reporting
purposes.
(2) ISN Solutions Group Limited was acquired by Kerrera TopCo Limited (trading
as Kube Networks Limited) in an all share transaction. As a result, your
Company gained an equity holding in Kube Networks Limited.
(3) Realisations completed as part of the treasury management strategy.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties facing the Company were set
out in full in the Strategic Report contained within the 2025 Annual Report,
and are the risks associated with investment in small and medium sized
unlisted and AIM quoted companies which, by their nature, carry a higher level
of risk and are subject to lower liquidity than investments in larger quoted
companies. The valuation of investee companies is influenced by economic
conditions including, interest rates, investor sentiment, and market
liquidity. The Company and the Manager also continuously assess other key
risks, including compliance with applicable laws and regulations, adherence to
VCT qualifying rules, and the robustness of internal controls maintained by
the Manager and relevant third parties. These risks and procedures are
reviewed regularly by the Risk Committee and reported to your Board. The Board
has confirmed that all tests, including the criteria for VCT qualifying
status, continue to be monitored and met.
Global conflict and political instability was added to the Risk Register as an
emerging risk during a previous period, as the Directors were not only aware
of the heightened cyber security risk but were mindful of the impact that any
change in the underlying economic conditions could have on the valuation of
investee companies. These included fluctuating interest rates, increased fuel
and energy costs, and the availability of bank finance, all of which could be
impacted during times of geopolitical uncertainty and volatile markets. The
Board and the Manager continue to monitor the impact of geopolitical issues,
and wider market conditions, on portfolio companies.
During the period under review, AI was added to the Risk Register as an
emerging risk to reflect the increased use of AI by either the Manager or
portfolio companies, which could lead to increased exposure to risks relating
to data protection, cyber security and intellectual property.
Share Buy-backs
The Directors acknowledge the need to maintain an orderly market in the
Company's shares and have delegated authority to the Manager to enable the
Company to buy back its own shares in the secondary market for cancellation,
or to be held in treasury, subject always to such transactions being in the
best interests of Shareholders. It should be noted that the Company cannot buy
back shares when it is in a closed period, which is the time from the end of a
reporting period until either the announcement of the relevant results or the
release of an unaudited NAV. Additionally, a closed period may be introduced
if the Directors or the Manager are in possession of price sensitive
information.
It is intended that the Company will seek to buy back shares with a view to
maintaining a share price that is at a discount of approximately 5% to the
latest published NAV per Ordinary Share, subject to various factors including
market conditions, available liquidity and the maintenance of the Company's
VCT qualifying status. During the period under review, 3,485,586 Ordinary
Shares were bought back at a total cost of £1.28 million.
Shareholders should note that neither the Company nor the Manager can execute
a transaction in the Company's shares. Any instruction by a Shareholder to buy
or sell shares on the secondary market must be directed through a stockbroker
of their choice. To discuss a transaction, the Shareholder's broker should
contact the Company's stockbroker, Shore Capital Stockbrokers, on 020 7647
8132.
VCT Regulatory Update
During the period under review, there were no further amendments to the rules
governing VCTs, and your Company remains fully compliant with the complex
conditions and requirements of the scheme.
In the 2025 Spring Statement, the Chancellor confirmed that the UK Government
would continue to work with leading entrepreneurs and venture capital firms to
ensure that its policy supports the UK business environment, including the
role of tax relief schemes such as VCTs and the EIS. Through the VCT
Association (VCTA), of which the Manager is a founding member, and the
Association of Investment Companies (AIC), of which the Company is a member,
the Manager will remain actively involved in discussions with policy makers to
promote and reinforce the important role that VCTs play in supporting some of
Britain's brightest and most entrepreneurial smaller companies and creating
regional employment opportunities.
Valuation Methodology
Consistent with industry best practice, the Board and the Manager continue to
apply the International Private Equity and Venture Capital Valuation (IPEV)
Guidelines as the central methodology for all private company valuations. The
IPEV Guidelines are the prevailing framework for fair value assessment in the
private equity and venture capital industry. The Directors and the Manager
continue to adhere to the IPEV Guidelines in all private company valuations.
In accordance with normal market practice, investments quoted on AIM, or
another recognised stock exchange, are valued at their closing bid price at
the period end. The Board and the Manager are cognisant of the FCA Review of
Private Market Valuations and will continue to prioritise governance as the
fundamental building block for robust valuation reviews, ensuring ongoing
accountability.
Environmental, Social and Governance (ESG)
Although your Company's investment policy does not incorporate ESG aims, and
portfolio companies are not required to meet any specific targets, Maven
recognises the importance of having a robust ESG framework and policy in place
when making new investments. Through its ESG and Responsible Investment
Policy, ESG considerations are taken into account during early stage due
diligence, thereby ensuring that all risks and opportunities are assessed
prior to an investment completing, and can be monitored regularly thereafter.
The Manager continues to be an active signatory to the Principles for
Responsible Investment and the Investing in Women Code and, alongside these
external commitments, in 2024 formally launched a Female Founder Funding
Programme designed to support female founded businesses.
The Manager maintains awareness of forthcoming ESG regulations. In 2024, the
FCA introduced the Sustainability Disclosure Requirements, which applies to
all firms and includes new anti-greenwashing rule. The Manager has ensured
adherence with these new requirements. Additionally, the Manager is aware of
Task Force for climate-related Financial Disclosures (TCFD) and International
Financial Reporting Standards (IFRS) regulations, and is actively preparing
for compliance.
Outlook
Although the economic outlook remains mixed, with good levels of liquidity and
a proven investment strategy, your Company is well placed to continue to
deliver growth in Shareholder value. In the second half of the year, a key
objective will be to maintain a healthy rate of new investment. Maven's
regionally based team of investment executives are currently assessing an
extensive pipeline of opportunities, which should result in several new
companies being added to the portfolio over the coming months. In addition,
the Manager will continue to assess exit opportunities that help to maximise
Shareholder value and support your Company's increased target dividend of 6%
of NAV per Ordinary Share at the immediately preceding year end.
John Pocock
Chair
29 October 2025
Summary Of Investment Changes
For The Six Months Ended 31 August 2025
Valuation Net investment/ (disinvestment) Appreciation/ (depreciation) Valuation
28 February 2025 £'000 £'000 31 August 2025
£'000 % £'000 %
Unlisted investments
Equities 35,509 54.1 960 32 36,501 55.5
Loan stock 7,651 11.6 (441) (64) 7,146 10.9
43,160 65.7 519 (32) 43,674 66.4
AIM/AQSE Investments(1)
Equities 548 0.8 126 (274) 400 0.6
Other investments(2)
Investment trusts 4,797 7.3 40 78 4,915 7.5
OEICs 2,012 3.1 - 2 2,014 3.1
MMFs 5,500 8.4 1,500 - 7,000 10.6
Total investments 56,017 85.3 2,185 (226) 57,976 88.2
Cash 14.5 (1,794) - 7,739 11.8
9,533
Net current assets 130 0.2 (107) - 23 -
Net assets 65,680 100.0 284 (226) 65,738 100.0
1 Shares traded on the Alternative Investment Market (AIM), Aquis Stock
Exchange (AQSE) and the Main Market of the London Stock Exchange.
2 These holdings represent the treasury management portfolio, which consists
of permitted non-qualifying holdings in investment trusts, open-ended
investment companies (OEICs) and money market funds (MMFs).
Investment Portfolio Summary
As at 31 August 2025
Investment Valuation Cost % of % of % of equity held by other clients(1)
£'000 £'000 total equity
assets held
Unlisted
2 Degrees Limited 2,075 922 3.2 5.9 45.6
(trading as Manufacture 2030)
Summize Limited 1,994 796 3.0 3.9 31.9
Bright Network (UK) Limited 1,978 1,164 3.0 6.9 32.2
Bud Systems Limited 1,799 846 2.7 4.7 13.0
Rockar 2016 Limited 1,750 948 2.7 4.2 15.3
(trading as Rockar)
Zinc Digital Business Solutions Limited 1,356 955 2.1 10.1 38.7
HCS Control Systems Group Limited 1,246 846 1.9 6.9 29.6
CYSIAM Limited 1,145 373 1.7 6.0 21.7
Novatus Global Limited(2) 1,115 238 1.7 1.4 2.8
Martel Instruments Holdings Limited 1,058 807 1.6 14.9 29.3
mypura.com Group Limited 1,003 588 1.5 2.4 22.2
(trading as Pura)
Precursive Limited 1,000 1,000 1.5 6.8 27.7
Ensco 969 Limited (trading as DPP) 993 557 1.5 4.9 29.6
Hublsoft Group Limited 969 786 1.5 5.5 18.3
Biorelate Limited 937 555 1.4 2.7 24.9
DiffusionData Limited 919 1,000 1.4 4.8 16.5
Sensoteq Limited 912 912 1.4 7.7 20.0
Liftango Group Limited 895 895 1.4 4.1 31.6
Enpal Limited 888 888 1.4 7.5 14.1
(trading as Guru Systems)
Plyable Limited 873 873 1.3 15.6 43.5
Vodat Communications Group (VCG) 852 567 1.3 5.0 26.9
Holding Limited
Horizon Technologies Consultants 828 796 1.3 5.5 11.7
Limited
Relative Insight Limited 820 820 1.2 4.2 26.6
Nano Interactive Group Limited 819 727 1.2 4.0 11.9
BioAscent Discovery Limited 734 174 1.1 4.4 35.6
Laverock Therapeutics Limited 721 721 1.1 2.4 10.7
MirrorWeb Holdings LLC(3) 708 708 1.1 1.1 3.9
Blackdot Solutions Limited 696 696 1.1 2.1 10.1
Metrion Biosciences Limited 696 696 1.1 5.1 13.1
CODILINK UK Limited (trading as Coniq) 675 450 1.0 1.3 3.6
WaterBear Education Limited 649 245 1.0 5.1 34.1
Reed Thermoformed Packaging Limited (trading as iPac Packaging Innovations) 631 448 1.0 2.5 9.9
Filtered Technologies Limited 621 725 0.9 4.1 21.3
Delio Limited 574 882 0.9 2.8 12.4
Automated Analytics Limited 531 354 0.8 2.8 31.2
RiskSmart Limited 497 199 0.8 2.4 43.2
Arimon Limited (trading as Digilytics) 484 484 0.7 3.5 14.4
Whiterock Group Limited 470 470 0.7 8.1 29.8
Connected Data Company Limited 423 423 0.6 3.9 11.8
Flow UK Holdings Limited 420 598 0.6 7.3 27.7
McKenzie Intelligence Services Limited 403 159 0.6 1.6 4.8
AMufacture Limited 394 385 0.6 6.8 21.8
Alderley Lighthouse Labs Limited 386 386 0.6 8.0 56.1
NorthRow Limited 365 1,179 0.6 6.6 26.2
ebb3 Limited 356 252 0.5 5.7 64.9
The Algorithm People Limited (trading as Optimize) 348 163 0.5 1.9 13.3
HiveHR Limited 346 346 0.5 4.4 40.2
Fixtuur Limited (formerly Shortbite Limited) 339 984 0.5 6.9 50.5
Kani Payments Holdings Limited 336 336 0.5 2.0 12.8
Rico Developments Limited (trading as Adimo) 325 760 0.5 3.4 6.5
PowerPhotonic Limited 325 325 0.5 2.7 19.0
Snappy Shopper Limited 309 309 0.5 0.4 1.3
Growth Capital Ventures Limited 300 288 0.5 5.3 42.1
iAM Compliant Limited 246 149 0.4 1.9 47.2
Cat Tech International Limited 238 206 0.4 - -
Zing TopCo Limited (trading as Zing) 185 185 0.3 4.9 42.8
Boomerang Commerce Inc (trading as CommerceIQ)(4) 177 451 0.3 0.1 0.4
XR Games Limited 174 515 0.3 1.7 59.3
RevLifter Limited 116 116 0.2 1.5 42.8
TC Communications Holdings Limited 102 413 0.2 4.1 31.2
Kerrera TopCo Limited (trading as Kube Networks)(5) 76 76 - 0.1 39.7
C4X Discovery Holdings PLC(6) 27 40 - 0.1 0.8
Other unlisted investments 20 3,507 -
Total unlisted 43,647 38,662 66.4
AIM/AQSE quoted(7)
GENinCode PLC 108 683 0.2 2.9 10.1
Cambridge Cognition Holdings PLC 48 62 0.1 0.4 3.5
Arecor Therapeutics PLC 46 167 0.1 0.2 2.4
Eden Research PLC 30 59 0.1 0.2 4.3
Kanabo Group PLC(8) 26 1,639 - - -
Avacta Group PLC 26 7 - 2.0 7.9
Vianet Group PLC 24 37 - 0.1 1.3
Gelion PLC 17 121 - 0.1 0.1
Incanthera PLC 15 46 - 0.5 0.5
Other AIM/AQSE investments 60 1,153 0.1
Total AIM quoted 400 3,974 0.6
Private equity investment trusts(9)
HgCapital Trust PLC 670 434 1.0 - 0.1
Patria Private Equity Trust PLC 490 349 0.7 0.1 0.2
(formerly abrdn Private Equity Opportunities Trust PLC)
ICG Enterprise Trust PLC 473 343 0.7 0.1 0.2
HarbourVest Global Private Equity Limited 372 194 0.6 - -
NB Private Equity Partners Limited 366 430 0.6 0.1 0.2
Pantheon International PLC 362 307 0.6 - -
CT Private Equity Trust PLC 344 276 0.5 0.1 0.3
Apax Global Alpha Limited 130 121 0.2 - 0.1
Partners Group Private Equity Limited 120 110 0.2 - 0.1
Caledonia Investments PLC 102 100 0.2 0.1 0.1
Total private equity investment trusts 3,429 2,664 5.3
Global equity investment trust(9)
Alliance Witan PLC 302 280 0.5 - -
(formerly Alliance Trust PLC)
Total global equity investment trust 302 280 0.5
Real estate investment trusts(9)
Tritax BigBox REIT PLC 147 153 0.2 - -
Land Securities Group PLC 97 107 0.1 - -
Total real estate investment trusts 244 260 0.3
Infrastructure investment trusts(9)
Pantheon Infrastructure PLC 335 270 0.5 0.1 0.2
3i Infrastructure PLC 258 249 0.4 - -
Foresight Solar Fund Limited 133 125 0.2 - 0.1
International Public Partnerships 116 140 0.2 - -
Limited
Foresight Environmental Infrastructure 98 150 0.1 - 0.1
Limited (formerly JLEN Environmental
Assets Group Limited)
Total infrastructure investment trusts 940 934 1.4
Open-ended investment companies(9)
Royal London Short Term Fixed 1,010 1,018 1.6 0.1 0.2
Income Fund (Class Y Income)
Royal London Short Term Money 1,004 1,009 1.5 - -
Market Fund (Class Y Income)
Total open-ended investment companies 2,014 2,027 3.1
Money market funds(9)
abrdn Liquidity Fund (Lux) - 1,000 1,000 1.6 - -
Sterling Fund K-1 Inc GBP
Aviva Investors Sterling Government 1,000 1,000 1.5 - -
Liquidity Fund (Class 3)
BlackRock Institutional Sterling 1,000 1,000 1.5 - -
Liquidity Fund (Core)
-BlackRock Institutional Sterling 1,000 1,000 1.5 - -
Government Liquidity Fund (Core Dis)
Fidelity Institutional Liquidity Sterling 1,000 1,000 1.5 0.1 0.1
Fund (Class F)
Goldman Sachs Sterling Government 1,000 1,000 1.5 0.4 0.9
Liquid Reserves Ireland (Institutional)
HSBC Sterling Liquidity Fund (Class A) 1,000 1,000 1.5 - -
Total money market funds 7,000 7,000 10.6
Total investments 57,976 55,801 88.2
( )
(1) Other clients of Maven Capital Partners UK LLP.
(2) This holding reflects the retained minority interest following the sale in
September 2024(.)
(3) This holding represents the retained minority interest following the
partial sale of the holding in MirrorWeb Limited in August 2024, with a
proportion of the proceeds being re-invested in the new entity, MirrorWeb
Holdings LLC.
(4) This holding reflects the retained minority interest following the sale of
e.fundamentals (Group) Limited to CommerceIQ in July 2022.
(5) Your Company gained an equity holding in Kerrera TopCo Limited (trading as
Kube Networks Limited) as a result of an all share transaction to acquire ISN
Solutions Group Limited.
(6) This company delisted from AIM during a previous period.
(7) Investments are quoted on AIM/AQSE with the exception of Kanabo Group PLC,
which is listed on the Main Market of The London Stock Exchange.
(8) The holding in this investment resulted from the sale of The GP Service
(UK) Limited, which completed in February 2022. The unlisted shares in Kanabo
GP Limited were, in accordance with the terms of the original transaction,
exchanged for shares in Kanabo Group PLC, which is listed on the Main Market
of The London Stock Exchange.
(9) Treasury management portfolio.
Income Statement
For the Six Months Ended 31 August 2025
Six months ended Six months ended Year ended
31 August 2025 (unaudited) 31 August 2024 (unaudited) 28 February 2025 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (226) (226) - 4,064 4,064 - 3,974 3,974
Income from investments 575 - 575 536 - 536 1,043 - 1,043
Other income 139 - 139 90 - 90 211 - 211
Investment management fees (138) (552) (690) (126) (504) (630) (253) (1,013) (1,266)
Other expenses (198) - (198) (200) - (200) (393) - (393)
Net return on ordinary 378 (778) (400) 300 3,560 3,860 608 2,961 3,569
activities before taxation
Tax on ordinary activities - - - - - - - - -
Return attributable to Equity Shareholders 378 (778) (400) 300 3,560 3,860 608 2,961 3,569
0.21 (0.43) (0.22) 0.19 2.22 2.41 0.38 1.84 2.22
Earnings per share (pence)
All gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit & Loss Account of the
Company. The revenue and capital return columns are prepared in accordance
with the AIC SORP. All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the period.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted earnings per share figures are relevant. The basic and diluted
earnings per share are, therefore, identical.
The accompanying Notes are an integral part of the Financial Statements.
Statement of Changes in Equity
For the six months ended 31 August 2025
Non-distributable reserves Distributable reserves
Six months ended 31 August 2025 (unaudited)
Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 28 February 2025 16,684 28,553 1,511 4,816 4,288 8,829 999 65,680
Net return - - - (707) 481 (552) 378 (400)
Dividends paid - - - - - (4,473) (549) (5,022)
Repurchase and cancellation of shares (349) - 349 - - (1,285) - (1,285)
Net proceeds of share issue 1,627 4,649 - - - - - 6,276
Net proceeds of DIS issue* 118 371 - - - - - 489
At 31 August 2025 18,080 33,573 1,860 4,109 4,769 2,519 828 65,738
Non-distributable reserves Distributable reserves
Six months ended 31 August 2024 (unaudited) Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
£'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
Net return - - - 2,046 2,018 (504) 300 3,860
Dividends paid - - - - - (1,612) (242) (1,854)
Repurchase and cancellation of shares (381) - 381 - - (1,425) - (1,425)
Net proceeds of share issue 938 2,699 - - - - - 3,637
Net proceeds of DIS issue* 43 122 - - - - - 165
At 31 August 2024 16,069 25,940 1,216 7,722 1,472 12,057 930 65,406
Non-distributable reserves Distributable reserves
Year ended 28 February 2025 Share capital Share Capital redemption Capital Capital Special Revenue reserve Total
(audited) £'000 premium reserve reserve reserve distributable £'000 £'000
account £'000 unrealised realised reserve
£'000 £'000 £'000 £'000
At 29 February 2024 15,469 23,119 835 5,676 (546) 15,598 872 61,023
Net return - - - (860) 4,834 (1,013) 608 3,569
Dividends paid - - - - - (3,204) (481) (3,685)
Repurchase and cancellation of shares (676) - 676 - - (2,552) - (2,552)
Net proceeds of share issue 1,806 5,187 - - - - - 6,993
Net proceeds of DIS issue* 85 247 - - - - - 332
At 28 February 2025 16,684 28,553 1,511 4,816 4,288 8,829 999 65,680
*DIS represents the Dividend Investment Scheme as detailed in the Interim
Review.
The capital reserve unrealised is generally non-distributable other than the
part of the reserve relating to gains/(losses) attributable to readily
realisable quoted investments which are distributable.
Where all, or an element, of the proceeds of sales have not been received in
cash or cash equivalent, and are not readily convertible to cash, they do not
qualify as realised gains for the purposes of distributable reserves
calculations and therefore do not form part of distributable reserves.
The accompanying Notes are an integral part of the Financial Statements.
Balance Sheet
As at 31 August 2025
31 August 2025 31 August 2024 28 February 2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 57,976 59,207 56,017
Current assets
Debtors 472 607 539
Cash 7,739 5,935 9,533
8,211 6,542 10,072
Creditors
Amounts falling due within one year (449) (343) (409)
Net current assets 7,762 6,199 9,663
Net assets 65,738 65,406 65,680
Capital and reserves
Called up share capital 18,080 16,069 16,684
Share premium account 33,573 25,940 28,553
Capital redemption reserve 1,860 1,216 1,511
Capital reserve - unrealised 4,109 7,722 4,816
Capital reserve - realised 4,769 1,472 4,288
Special distributable reserve 2,519 12,057 8,829
Revenue reserve 828 930 999
Net assets attributable to Ordinary Shareholders 65,738 65,406 65,680
Net asset value per Ordinary Share (pence) 36.36 40.71 39.37
The Financial Statements of Maven Income and Growth VCT PLC, registered number
03908220, were approved by the Board of Directors and were signed on its
behalf by:
John Pocock
Director
29 October 2025
The accompanying Notes are an integral part of the Financial Statements.
Cash Flow Statement
For the Six Months Ended 31 August 2025
Six months ended Six months ended 31 August 2024 Year ended
31 August 2025 (unaudited) 28 February 2025
(unaudited) £'000 (audited)
£'000 £'000
Net cash flows from operating activities (205) (280) (570)
Cash flows from investing activities
Purchase of investments (4,311) (7,686) (12,452)
Sale of investments 2,208 7,845 15,794
Net cash flows from investing activities (2,103) 159 3,342
Cash flows from financing activities
Equity dividends paid (5,022) (1,854) (3,685)
Issue of Ordinary Shares 6,332 3,694 7,190
Net proceeds of DIS issue 489 165 332
Repurchase of Ordinary Shares (1,285) (1,425) (2,552)
Net cash flows from financing activities 514 580 1,285
Net (decrease)/increase in cash (1,794) 459 4,057
9,533 5,476 5,476
Cash at beginning of period
Cash at end of period 7,739 5,935 9,533
The accompanying Notes are an integral part of the Financial Statements.
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 August 2025 and the six
months ended 31 August 2024 comprises non-statutory accounts within the
meaning of S435 of the Companies Act 2006. The financial information contained
in this report has been prepared on the basis of the accounting policies set
out in the Annual Report and Financial Statements for the year ended 28
February 2025, which have been filed at Companies House and contained an
Auditor's Report that was not qualified and did not contain a statement under
S498(2) or S498(3) of the Companies Act 2006.
2. Reserves
Share premium account
The share premium account represents the premium above nominal value received
by the Company on issuing shares net of issue costs, including £127,893
current period trail commission (cumulative £387,708). This reserve is
non-distributable.
Capital redemption reserve
The nominal value of shares repurchased and cancelled is represented in the
capital redemption reserve. This reserve is non-distributable.
Capital reserve - unrealised
Increases and decreases in the fair value of investments are recognised in the
Income Statement and are then transferred to the capital reserve unrealised
account. This reserve is generally non-distributable, other than the part of
the reserve relating to gains/(losses) attributable to readily realisable
quoted investments that are distributable.
Capital reserve - realised
Gains or losses on investments realised in the year that have been recognised
in the Income Statement are transferred to the capital reserve realised
account on disposal. Furthermore, any prior unrealised gains or losses on such
investments are transferred from the capital reserve unrealised account to the
capital reserve realised account on disposal. This reserve is distributable.
Special distributable reserve
The total cost to the Company of the repurchase and cancellation of shares is
represented in the special distributable reserve account. The special
distributable reserve also represents capital dividends, capital investment
management fees and the tax effect of capital items. This reserve is
distributable.
Revenue reserve
The revenue reserve represents accumulated profits retained by the Company
that have not been distributed to Shareholders. This reserve is distributable.
3. Return per Ordinary Share
Six months ended 31 August 2025
The returns per share have been based on the following figures:
Weighted average number of Ordinary Shares 179,047,273
Revenue return £378,000
Capital return (£778,000)
Total return (£400,000)
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
· the Financial Statements for the six months ended 31 August 2025
have been prepared in accordance with FRS 102, the Financial Reporting
Standard applicable in the UK and the Republic of Ireland;
· the Interim Management Report includes a fair review of the
information required by DTR 4.2.7R in relation to the indication of important
events during the first six months, and of the principal risks and
uncertainties facing the Company during the second six months, of the year
ending 28 February 2026; and
· the Interim Management Report includes adequate disclosure of the
information required by DTR 4.2.8R in relation to related party transactions
and any changes therein.
Other information
The NAV per Ordinary Share has been calculated using the number of Ordinary
Shares in issue at 31 August 2025, which was 180,799,329. A Summary of
Investment Changes for the six months under review and an Investment Portfolio
Summary as at 31 August 2025 are included above. A full copy of the Interim
Report and Financial Statements will be printed and issued to Shareholders in
due course. Copies of this announcement will be available to the public at the
registered office of the Company at 6(th) Floor, Saddlers House, 44 Gutter
Lane, London,EC2V 6BR, and at the office of the Manager, Maven Capital
Partners UK LLP, Kintyre House, 205 West George Street, Glasgow G2 2LW; and,
in due course, on the Company's webpage at mavencp.com/migvct
(http://www.mavencp.com/migvct) .
Neither the content of the Company's webpages nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Secretary
29 October 2025
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