REG-Unaudited half-yearly financial report for the six months ended 30 September 2025
20/11/2025 15:15
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20 NOVEMBER 2025
NORTHERN VENTURE TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose investment
adviser is Mercia Fund Management Limited. The trust was one of the first VCTs
launched on the London Stock Exchange, in 1995. It invests mainly in unquoted
venture capital holdings and aims to provide long-term tax-free returns to
shareholders through a combination of dividend yield and capital growth.
Financial highlights
Unaudited six months ended Unaudited six months ended Audited year ended
30 September 30 September 31 March
2025 2024 2025
Net assets £131.7m £119.3m £121.3m
Net asset value per share 60.7p 59.9p 61.5p
Return per share
Revenue 0.1p 0.2p 0.4p
Capital 0.7p 1.0p 3.8p
Total 0.8p 1.2p 4.2p
Dividend per share declared in respect of the period 1.6p 1.6p 3.1p
Cumulative return to shareholders since launch
Net asset value per share 60.7p 59.9p 61.5p
Dividends paid per share* 196.8p 193.7p 195.3p
Net asset value plus dividends paid per share 257.5p 253.6p 256.8p
Mid-market share price at end of period 56.50p 56.50p 57.00p
Share price discount to net asset value 6.9% 5.7% 7.3%
Annualised tax-free dividend yield (based on the net asset value per share)** 5.2% 5.2% 5.1%
* Excluding interim dividend not yet paid.
** The dividend yield is calculated by dividing the dividends
paid in respect of the 12 month period ended on each reference date by the net
asset value per share at the start of the 12 month period.
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
It is my pleasure to present our half-yearly financial report. Despite UK
economic headwinds, Northern Venture Trust has made gratifying progress. UK
economic conditions from April to September remained challenging, with modest
growth, inflation still above the Bank of England’s target and higher gilt
yields, which appear to reflect market concern about the UK’s
public-finances ahead of a fiscally challenging Autumn Budget. Against this
backdrop, the portfolio has continued to perform well. The Company has
maintained its long-term strategy of investing in promising early-stage
businesses, supporting its existing portfolio companies, and generating cash
from realisations where circumstances permit.
Venture capital investment activity and portfolio update
We are pleased to report a net increase in the holding value of the unquoted
portfolio. Strong performances from a number of portfolio companies have
uplifted valuations, outweighing the reductions made to valuations of
companies that have performed less well.
During the period, we made a new investment totalling £2.3 million in Thanks
Ben, an employee benefits orchestration platform. We have also invested £3.1
million in ten existing portfolio companies. In the period since 30 September
2025, £4.0 million has been invested into seven companies, including a new
investment into Space and Time Limited (t/a Tesseract).
During the period, partial realisations were made in Buoyant Upholstery and
Fresh Approach at our 31 March 2025 holding value, and in Angle plc, a listed
investment, at a price marginally below year-end holding value.
One further realisation has also successfully completed, with Thanksbox
Limited (t/a Mo) returning £0.9 million, a £0.5 million uplift on June’s
holding value.
We were also pleased to announce that shortly after the period end, portfolio
company Project Glow (trading as The Beauty Tech Group) successfully completed
its IPO on the London Stock Exchange. This was picked up by multiple press
outlets as an encouraging sign of activity returning to the UK stock market,
and is a very positive step for the company, which the Northern VCTs have
supported since 2018. As part of the transaction, the Company realised 30% of
its holding, generating cash proceeds of £2.5 million and delivering a 5.8x
return on our original investment cost.
Results and dividend
The total return per share before dividends for the six months ended
30 September 2025 as shown in the income statement was 0.8 pence, compared
with 1.2 pence in the corresponding period last year. The performance was
driven by an unrealised increase of £2.4 million in the valuation of
investments.
Six years ago, we introduced a target dividend yield of 5% of opening NAV,
which has been exceeded in each of the years since then. On 5 September 2025
the final dividend of 1.5 pence in respect of the period ending 31 March 2025
was paid to shareholders. After careful consideration, and taking our target
yield into account, we have decided to declare an interim dividend of 1.6
pence per share in respect of the year to 31 March 2026. The interim dividend
will be paid on 21 January 2026 to shareholders on the register on
19 December 2025. Taking account of this interim dividend, the unaudited net
asset value (NAV) per share at 30 September 2025 was 60.7 pence (61.5 pence
(audited) on 31 March 2025).
We continue to operate our dividend investment scheme, which enables
shareholders to invest their dividends in new ordinary shares free of dealing
costs and with the benefit of the tax reliefs available on new VCT share
subscriptions. We have included details of the scheme within the dividend
section of our website, which can be found at: www.mercia.co.uk/vcts/nvt/.
Shareholder issues
As a result of the fully subscribed public share offer launched in January
2025, 24,216,029 shares were issued for gross proceeds of £15.0 million.
We continue to observe a sustained demand for long-term growth capital for
smaller companies in the UK. In order to continue to support our existing
portfolio and invest in new early-stage opportunities, we are currently
fundraising in conjunction with the other Northern VCTs. Full details of how
to participate in the fundraise are available on the Company’s website at
www.mercia.co.uk/vcts.
We have maintained our policy of being willing to buy back the Company’s
shares in the market to maintain liquidity, at a 5% discount to NAV. During
the period a total of 5,321,117 shares were purchased by the Company for
cancellation, representing around 2.7% of the opening ordinary share capital.
VCT legislation and qualifying status
The Company has continued to meet the stringent and complex qualifying
conditions laid down by HM Revenue & Customs for maintaining its approval as a
VCT. The Investment Adviser monitors the position closely and reports
regularly to the Board. Philip Hare & Associates LLP has continued to act as
independent adviser to the Company on VCT taxation matters.
Board composition
We have previously reported the retirement from the Board of director David
Mayes. We would like to reiterate our gratitude to David for his years of
dedicated service and significant contributions to the Company.
We are confident the Company remains in capable hands. The Board’s
collective experience and commitment will ensure we continue to act in the
best interests of our shareholders.
Outlook
Despite ongoing macroeconomic headwinds, the portfolio continues to
demonstrate resilience and growth potential. We remain confident in the
strength and quality of the underlying companies, many of which are well
positioned to benefit from long-term economic and technological trends. The
Company will continue to invest selectively through the cycle, supporting
high-growth businesses with strong fundamentals, while also seeking to deliver
timely realisations where opportunities arise. With a diversified portfolio
and a clear strategy for growth, we believe the Company is well placed to
continue to create shareholder value in the years ahead.
On behalf of the Board
Deborah Hudson
Chair
Statement of the Directors’ responsibilities
Responsibility statement
In accordance with Disclosure and Transparency Rule (DTR) 4.2.10, Deborah
Hudson (Chair), Brigid Sutcliffe (Chair of the Audit Committee) and John E
Milad, being the Directors of the Company, confirm that to the best of their
knowledge:
(a) The condensed set of financial statements, which has been prepared in
accordance with Financial Reporting Standard 104 “Interim Financial
Reporting” gives a true and fair view of the assets, liabilities, financial
position and profit of the Company as required by DTR 4.2.10;
(b) the half-yearly management report includes a fair review of the
information required by DTR 4.2.7, being an indication of important events
that have occurred during the first six months of the financial year and their
impact on the condensed set of financial statements;
(c) a description of the principal risks and uncertainties facing the Company
for the remaining six months of the financial year are set out under the
summary of principal risks and uncertainties below, in accordance with DTR
4.2.7; and
(d) there were no related party transactions in the first six months of the
current financial year that are required to be disclosed, in accordance with
DTR 4.2.8.
Principal risks and uncertainties
In accordance with DTR 4.2.7, the Board confirms that the principal risks and
uncertainties facing the Company have not materially changed from those
identified in the Annual Report and Financial Statements for the year ended 31
March 2025 (“the Annual Report”). The Board considers that the present
processes for mitigating those risks remain appropriate. Following the
admission of the Company’s largest investment on the London Stock Exchange
in October 2025, the Board has included stock market risk as an additional
principal risk to those included in the Annual Report. Stock market risk is
the risk of adverse price movements on the Company’s listed portfolio
holdings as a result of macroeconomic or other factors resulting in the
decline of the overall market.
The principal risks faced by the Company are:
* Availability of qualifying investments risk
* Credit risk
* Economic and geopolitical risk
* Financial risk
* Investment and liquidity risk
* Legislative and regulatory risk
* Operational risk
* Performance of the Investment Adviser risk
* Stock market risk
* VCT qualifying status risk
A detailed explanation of the principal risks facing the Company can be found
in the Annual Report and Financial Statements for the year ended 31 March 2025
on pages 21 to 22, as well as in Note 18 on Financial Instruments on pages 68
to 71 of that report. Copies can be viewed or downloaded from the Company’s
website: www.mercia.co.uk/vcts.
Environmental, Social and Governance considerations
The Company is committed to conducting its affairs responsibly and considers
environmental, social and governance (ESG) issues as part of its operations.
More details of the Company’s considerations can be found in the Responsible
Investment section in the Annual Report and Financial Statements for the year
ended 31 March 2025 on pages 33 to 34.
Going concern
The Board has assessed the Company’s operation as a going concern. The
Company’s business activities, together with the factors likely to affect
its future development, performance and position are set out earlier in the
half-yearly management report. The Directors have satisfied themselves that
the Company’s cash position is adequate to enable the Company to continue as
a going concern under downside scenarios. The portfolio remains well funded
and the Advisers’ investment team are ensuring that management teams
undertake adequate cost control and cashflow planning. The major cash outflows
of the Company (namely investments, share buy-backs and dividends) are within
the Company’s control. The Board’s assessment of liquidity risk and
details of the Company’s policies for managing its capital and financial
risks are shown in Note 18 of the Annual Report and Financial Statements for
the year ended 31 March 2025 on pages 68 to 71. Accordingly, the Directors
continue to adopt the going concern basis of accounting in preparing the
half-yearly report and financial statements.
Cautionary statement
This report may contain forward looking statements with regard to the
financial condition and results of the Company, which are made in the light of
current economic and business circumstances. Nothing in this report should be
construed as a profit forecast.
For and on behalf of the Board:
Deborah Hudson
Chair
20 November 2025
Investment portfolio
As at 30 September 2025 (unaudited)
Description Cost £000 Valuation £000 % of net assets by value
Fifteen largest venture capital investments
Project Glow Topco (t/a The Beauty Tech Group) Online marketplace for home-use beauty products 1,444 8,169 6.2%
Pure Pet Food Production of organic pet food 1,675 6,910 5.2%
Pimberly Product information management software 2,060 3,604 2.7%
Rockar E-commerce and fulfilment platform for new car sales 1,877 3,500 2.7%
Tutora (t/a Tutorful) Website to help parents and students find private tutors 3,305 3,305 2.5%
Forensic Analytics Call data communications analytics software 2,717 2,717 2.1%
Netacea AI-powered cyber security consultancy 2,631 2,631 2.0%
Ridge Pharma Sale of pharmaceuticals (branded, generics, specials) 1,497 2,573 2.0%
Biological Preparations Group Environmental biotechnology products 2,366 2,548 1.9%
Broker Insights Platform connecting insurers and brokers 2,416 2,541 1.9%
Administrate SAAS training management and LMS platform 3,444 2,468 1.9%
Risk Ledger Cyber security focused on supply chain risk 1,412 2,461 1.9%
Semble Practice management software for healthcare clinicians/clinics 1,951 2,433 1.9%
Send Technology Solutions Platform for insurers, reinsurers, and managing general agents 1,949 2,284 1.7%
Thanks Ben Employee benefits orchestration platform 2,280 2,280 1.7%
Fifteen largest venture capital investments 33,024 50,424 38.3%
Other venture capital investments 58,556 50,401 38.3%
Total venture capital investments 91,580 100,825 76.6%
Net current assets 30,879 23.4%
Net assets 131,704 100.0%
Extracts from the unaudited half-yearly financial statements for the six
months ended 30 September 2025 are set out below
Condensed income statement
For the six months ended 30 September 2025
Unaudited six months ended Unaudited six months ended Audited year ended
30 September 2025 30 September 2024 31 March 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Gain / (loss) on disposal of investments - (2) (2) - 1,705 1,705 - 3,555 3,555
Movements in fair value of investments - 2,413 2,413 - 954 954 - 5,603 5,603
- 2,411 2,411 - 2,659 2,659 - 9,158 9,158
Dividend and interest income 933 - 933 1,020 - 1,020 2,594 - 2,594
Investment management fee (305) (915) (1,220) (280) (841) (1,121) (568) (2,103) (2,671)
Other expenses (289) - (289) (320) - (320) (600) - (600)
Return before tax 339 1,496 1,835 420 1,818 2,238 1,426 7,055 8,481
Tax on return (50) 50 - (101) 101 - (592) 592 -
Return after tax 289 1,546 1,835 319 1,919 2,238 834 7,647 8,481
Return per share 0.1p 0.7p 0.8p 0.2p 1.0p 1.2p 0.4p 3.8p 4.2p
Condensed balance sheet
As at 30 September 2025
Unaudited 30 September 2025 Unaudited 30 September 2024 Audited 31 March 2025
£000 £000 £000
Fixed assets
Investments 100,825 84,185 93,537
Current assets
Debtors 118 559 2,895
Cash and cash equivalents 30,949 34,727 25,439
31,067 35,286 28,334
Creditors (amounts falling due within one year) (188) (167) (620)
Net current assets 30,879 35,119 27,714
Net assets 131,704 119,304 121,251
Capital and reserves
Called-up equity share capital 54,232 49,790 49,302
Share premium 44,073 35,077 35,348
Capital redemption reserve 9,806 7,769 8,476
Capital reserve 13,601 26,805 20,451
Revaluation reserve 9,244 (913) 6,779
Revenue reserve 748 776 895
Total equity shareholders' funds 131,704 119,304 121,251
Net asset value per share 60.7p 59.9p 61.5p
Condensed statement of changes in equity
Non-distributable reserves Distributable reserves
Called-up share capital Share premium Capital redemption reserve Revaluation reserve Capital reserve Revenue reserve Total
£000 £000 £000 £000 £000 £000 £000
Six months ended 30 September 2025 (unaudited)
At 1 April 2025 49,302 35,348 8,476 6,779 20,451 895 121,251
Return after tax 2,465 (919) 289 1,835
Dividends paid (2,835) (436) (3,271)
Net proceeds of share issues 6,260 8,725 14,985
Shares purchased for cancellation (1,330) 1,330 (3,096) (3,096)
At 30 September 2025 54,232 44,073 9,806 9,244 13,601 748 131,704
Six months ended 30 September 2024 (unaudited)
At 1 April 2024 47,615 30,418 6,658 882 28,099 1,159 114,831
Return after tax (1,795) 3,714 319 2,238
Dividends paid (2,508) (702) (3,210)
Net proceeds of share issues 3,286 4,659 7,945
Shares purchased for cancellation (1,111) 1,111 (2,500) (2,500)
At 30 September 2024 49,790 35,077 7,769 (913) 26,805 776 119,304
Year ended 31 March 2025
At 1 April 2024 47,615 30,418 6,658 882 28,099 1,159 114,831
Return after tax - - - 5,897 1,750 834 8,481
Dividends paid - - - - (5,282) (1,098) (6,380)
Net proceeds of share issues 3,505 4,930 - - - - 8,435
Shares purchased for cancellation (1,818) - 1,818 - (4,116) - (4,116)
At 31 March 2025 49,302 35,348 8,476 6,779 20,451 895 121,251
Condensed statement of cash flows
For the six months ended 30 September 2025
Unaudited six months ended Unaudited six months ended Audited year ended
30 September 2025 30 September 2024 31 March 2025
£000 £000 £000
Cash flows from operating activities
Return before tax 1,835 2,238 8,481
Adjustments for:
(Gain)/loss on disposal of investments 2 (1,705) (3,555)
Movements in fair value of investments (2,413) (954) (5,603)
Decrease in debtors 2,777 392 58
(Decrease)/increase in creditors (432) (24) 429
Net cash inflow/(outflow) from operating activities 1,769 (53) (190)
Cash flows from investing activities
Purchase of investments (5,393) (5,936) (14,258)
Sale/repayment of investments 516 6,984 10,451
Net cash inflow/(outflow) from investing activities (4,877) 1,048 (3,807)
Cash flows from financing activities
Issue of ordinary shares 15,474 8,290 8,801
Share issue expenses (489) (345) (366)
Purchase of ordinary shares for cancellation (3,096) (2,500) (4,116)
Equity dividends paid (3,271) (3,210) (6,380)
Net cash inflow/(outflow) from financing activities 8,618 2,235 (2,061)
Net increase/(decrease) in cash and cash equivalents 5,510 3,230 (6,058)
Cash and cash equivalents at beginning of period 25,439 31,497 31,497
Cash and cash equivalents at end of period 30,949 34,727 25,439
Other matters
The financial statements are prepared in accordance with accounting policies
consistent with Financial Reporting Standard 102 (“FRS102”), Financial
Reporting Standard 104 (“FRS104”) - Interim Financial Reporting, with the
Companies Act 2006 and the 2014 Statement of Recommended practice,
‘Financial Statements of Investment Trust Companies and Venture Capital
Trusts’ (“the SORP”) (updated in July 2022) issued by the Association of
Investment Companies (“AIC”). The condensed financial statements comply
with FRS 104, applying the recognition and measurement principles of FRS 102.
The financial statements have been prepared on a going concern basis.
The preparation of the financial statements requires management to make
judgements and estimates that affect the application of policies and reported
amounts of assets, liabilities, income and expenses. The most critical
estimates and judgements relate to the determination of carrying value of
investments at fair value through profit and loss (“FVTPL”) in accordance
with FRS 102 sections 11 and 12. The Company values investments by following
the International Private Equity and Venture Capital Valuation (“IPEV”)
Guidelines as updated in 2022.
The accounting policies have been applied consistently throughout the period.
Full details of principal accounting policies are disclosed in Note 1 on page
57 of the Annual Report and Financial Statements for the year ended 31 March
2025. The significant accounting estimates and judgements applied are
consistent with those disclosed in the Annual Report for the year ended 31
March 2025.
The interim dividend of 1.6 pence per share for the year ending 31 March 2026
will be paid on 21 January 2026 to shareholders on the register on 19 December
2025.
The calculation of the return per share is based on the return after tax for
the six months ended 30 September 2025 and on 219,187,995 (30 September 2024:
201,421,491) ordinary shares, being the weighted average number of shares in
issue during the period.
The calculation of net asset value per share is based on the net assets at 30
September 2025 divided by the 216,925,150 (30 September 2024: 199,158,435)
ordinary shares in issue at that date.
The half-yearly financial report is being sent to shareholders and copies will
be made available to the public at the registered office of the Company,
Companies House, the National Storage Mechanism and also electronically at
www.mercia.co.uk/vcts.
The contents of the Mercia Asset Management PLC website and the contents of
any website accessible from hyperlinks on the Mercia Asset Management PLC
website (or any other website) are not incorporated into, nor form part of,
this announcement. Recent news on Northern Venture Trust
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