REG-OBERON AIM VCT PLC Half-year Report
30/09/2025 07:00
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Half-year Report
Oberon AIM VCT plc
For the six months to 30 June 2025
Chairman’s Statement
I am pleased to be able to report to you that the fund increased its Net Asset
Value (NAV) from £1.4m to £1.9m in the first six months of this year. This
was partly due to the success in attracting new investors into the fund (of
circa £350k), but also due to the underlying improvement in fund performance,
which on a per share basis generated a return of 9.0% in the first six months
of the current year to 28.12p. This is a very satisfactory performance, given
that the FTSEAIM Allshare Index increased by only 7.1% in the same period, but
is just the start of our long-term strategy to create value for our
shareholders and to help to underpin the growth of our fund by attracting new
investors.
While the timing of interest rate cuts in the UK is difficult to predict, the
consensus is that the direction of movement is downwards. This makes our 5%
target dividend yield, subject to having sufficient distributable reserves,
very attractive. When you couple this tax-free yield with the 30% tax relief
available to investors who purchase new shares in the fund, the case, we
think, becomes compelling.
With the FTSE100 index near its all-time high, and while still looking
relatively good value versus other international markets, we believe that
there is likely to be a move in investor activity towards smaller growth
orientated businesses, which should continue to generate further good
performance from the Company’s portfolio. In addition, the mitigation of
risk offered by the upfront tax incentive and the tax-free dividend yield
gives us confidence that we can continue to grow the fund.
As you may be aware we are currently promoting a prospectus which was
published earlier this year, and the offer is still open for either new
investors or current shareholders to make applications to invest in new
shares. As we grow the fund our cost base will reduce on a per share basis
thus enhancing value for our investors. Further details are available on our
website at oberonaimvct.com.
I would like to thank the staff at Oberon and all our other partners and
suppliers, and also of course to our new and existing shareholders, who have
continued to be very supportive.
Geoffrey Gamble
Chairman
29 September 2025
Investment Manager’s Review
We are pleased to report a solid first half performance for the six-month
period to 30 June 2025, during which your VCT’s Net Asset Value (NAV)
increased from 25.8p to 28.1p, representing a 9.0% gain.
In comparison, the FTSE AIM All-Share Index rose by 7.1% increase over the
same period. The VCT’s outperformance was helped by targeted investment
activity and selective realisations.
We made two new investments and two follow-on investments during the period:
* New Investments:
* GeninCode plc – a precision medicine company focused on cardiovascular
disease prevention through genetic testing.
* Oxford Biodynamics plc – a biotechnology firm developing epigenetic
biomarkers for precision medicine. It has a lead product called EpiSwitch PSE
which is an effective prostate cancer detection test that identifies an
individual’s current likelihood of prostate cancer from blood.
* Follow-on Investments:
* SEEEN plc – a video technology platform enabling AI-driven content
monetisation.
* Belluscura plc – a medical device company focused on portable oxygen
concentrators.
These investments reflect our continued focus on high-growth, innovation-led
businesses listed on AIM, particularly in the healthcare and technology
sectors.
We exited or top-sliced eight investments during the period. These actions
were taken to crystallise gains, rebalance the portfolio, and manage risk. The
proceeds have enhanced the VCT’s liquidity and will be redeployed into new
opportunities in line with our investment strategy.
Outlook
We remain optimistic about the outlook for the second half of 2025. Market
sentiment towards UK smaller companies has improved, with the AIM Index
showing signs of recovery following a challenging few years. This rebound has
been supported by interest rate cuts and stabilising inflation, which may
provide a more favourable environment for growth-oriented businesses.
The AIM market remains a fertile ground for growth capital investment,
particularly in sectors where UK companies demonstrate competitiveness.
We maintain a disciplined and selective approach to capital deployment,
focusing on companies with strong management, good fundamentals, resilient
business models, and clear scalable paths to growth. We continue to see
exciting investments opportunities for the fund with companies seeking growth
capital at very attractive prices.
While volatility may persist, the VCT is well-positioned to take advantage of
attractive opportunities within the AIM market, supported by a diversified
portfolio and a long-term investment horizon. We believe that although AIM has
started to improve, this represents only a small recovery so far compared to
the declines we have experienced over the previous 4 years. Helping this
improvement has been the M&A activity within small cap companies, which is
a good sign that value exists within AIM and will hopefully be a catalyst for
further market recovery.
Consequently, we remain confident in the VCT’s ability to deliver value to
shareholders through a combination of capital growth and tax-efficient income,
while continuing to support innovative UK businesses.
Oberon AIM VCT plc
For the six months to 30 June 2025
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 30 June as at 31 December 2024* as at 30 June
2025
2024
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 1,635 1,449 1,686
Current Assets
Debtors 312 312 16 16 172 172
Current Liabilities
Creditors: amounts due
within one year (22) (27) (8)
1,925 1,438 1,850
Capital and Reserves
Share capital 684 557 557
Share premium 770 547 547
Capital redemption reserve 171 171 171
Special distributable reserve 2,636 2,636 2,775
Capital reserve - realised (426) (130) (227)
Capital reserve - unrealised (1,540) (2,014) (1,695)
Revenue reserve (370) (329) (278)
1,925 1,438 1,850
Net Asset Value per share 28.1p 25.8p 33.2p
*Audited
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 30 June 2025 Year to 31 December 2024* 6 month period ended 30 June 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments
Realised - 18 18 - 61 61 - 6 6
Unrealised - 159 159 - (599) (599) - (324) (324)
Income 6 - 6 24 - 24 11 - 11
Investment management fees - - - (3) (10) (13) (2) (7) (9)
Other expenses (47) - (47) (103) - (103) (40) - (40)
Return on ordinary activities (41) 177 136 (82) (548) (630) (32) (325) (357)
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation (41) 177 136 (82) (548) (630) (32) (325) (357)
Return per ordinary share in pence (0.69) 2.98 2.29 (1.48) (9.82) (11.30) (0.57) (5.84) (6.41)
*Audited
All revenue and capital items in the above statement are from continuing
operations in the current six month period. No operations were acquired or
discontinued in the current period. Other than that shown above, the Company
had no recognised gains or losses. Accordingly, the above represents the total
comprehensive income for the period.
The weighted average number of shares in issue during the period was
5,956,160.
Unaudited Consolidated Statement of Changes in Equity
Share Premium account Capital Redemption reserve Special distributable Capital Capital Revenue reserve
£’000
£’000
reserve
£’000
Called-up share capital
£’000
realised
unrealised
£’000
£’000
£’000
Total
£’000
As at 1 January 2025 557 547 171 2,636 (130) (2,014) (329) 1,438
Realised gains on disposals in period - - - - 18 - - 18
Unrealised gains - - - - - 159 - 159
Transfer of unrealised gain to realised on disposal of investment - - (314) 314 -
-
-
-
Net revenue before tax - - - - - - (41) (41)
New shares issued 127 223 - - - - - 350
Capital element of investment management fee - - - - - - - -
________ ________ _________ _________ _______ ________ ________ ________
At 30 June 2025 684 770 171 2,636 (426) (1,540) (370) 1,925
As at 1 January 2024 557 547 171 2,775 (287) (1,309) (247) 2,207
Realised loss on disposals - - - - 61 - - 61
Unrealised losses - - - - - (599) - (599)
Transfer of unrealised gain to realised on disposal of investment - - - 106 (106) -
-
-
Net revenue before tax - - - - - - (82) (82)
New shares issued - - - - - - - -
Capital element of investment management fee - - - - (10) - - (10)
Dividends paid - - - (139) - - - (139)
________ ________ _________ _________ ________ ________ ________ ________
At 31 December 2024 557 547 171 2,636 (130) (2,014) (329) 1,438
Unaudited Consolidated Statement of Changes in Equity (continued)
Share Premium account Capital Redemption reserve Special distributable Capital Capital Revenue reserve
£’000
£’000
reserve
£’000
Called-up share capital
£’000
realised
unrealised
£’000
£’000
£’000
Total
£’000
As at 1 January 2024 557 547 171 2,775 (287) (1,309) (247) 2,207
Realised gains on disposals - - - - 6 - - 6
Unrealised gains - - - - - (325) - (325)
Transfer of unrealised loss to realised on disposal of investment - - 61 (61) -
-
-
-
Net revenue before tax - - - - - - (32) (32)
New shares issued - - - - - - - -
Capital element of investment management fee - - - - (7) - - (7)
________ ________ _________ _________ _______ ________ ________ ________
At 30 June 2024 557 547 171 2,775 (227) (1,695) (278) 1,850
Oberon AIM VCT plc
For the six months to 30 June 2025
Investment Portfolio
Security Cost Valuation % %
30 June 2025 Cost Valuation
Qualifying Investments 3,144,483 1,626,326 90.74 84.49
Non-qualifying Investments 31,273 8,934 0.90 0.46
Uninvested funds 289,755 289,755 8.36 15.05
3,465,511 1,925,016 100.00 100.00
Qualifying Investments
AIM Quoted
Abingdon Health plc 58,129 17,568 1.68 0.91
Actual Experience plc 63,174 0 1.82 0.00
AFC Energy plc 50,254 47,375 1.45 2.46
Audioboom Group plc 39,287 53,106 1.13 2.76
Aurrigo International plc 75,387 67,500 2.18 3.51
Belluscura plc 102,517 19,486 2.96 1.01
Brighton Pier Group plc 35,379 1,760 1.02 0.09
Clean Power Hydrogen plc 50,253 6,222 1.45 0.32
Cloudbuy plc 41,896 0 1.21 0.00
Cloudified Holdings plc 85,234 2,532 2.46 0.13
Coral Products plc 25,104 14,800 0.72 0.77
Cordel Group plc 30,656 37,871 0.88 1.97
Creo Medical Group plc 20,504 3,543 0.59 0.18
CyanConnode Holdngs plc 204,219 6,322 5.89 0.33
Deepverge plc 93,203 0 2.69 0.00
Destiny Pharma 175,882 9,775 5.08 0.51
Direct Plus plc 30,158 25,000 0.87 1.30
DP Poland plc 25,631 17,850 0.74 0.93
Earnz plc 50,254 34,667 1.45 1.80
Eden Research plc 29,852 15,992 0.86 0.83
Feedback plc 130,665 29,267 3.77 1.52
Fusion Antibodies plc 7,540 536 0.22 0.03
Genincode plc 50,003 27,027 1.44 1.40
Getech Group plc 23,750 21,263 0.69 1.10
Haydale Graphine Industries plc 100,516 208,288 2.90 10.82
I-Nexus Global plc 30,153 570 0.87 0.03
Inspired Energy plc 33,641 83,475 0.97 4.34
Kinovo plc 43,721 64,500 1.26 3.35
Libertine Holdings plc 125,628 0 3.63 0.00
Lifesafe Holdings plc 75,387 30,469 2.18 1.58
Light Science Technologies plc 25,127 85,000 0.73 4.42
Lunglife AI Inc 20,104 469 0.58 0.02
M.Winkworth plc 28,140 70,700 0.81 3.67
Marechale Capital plc 50,501 10,000 1.46 0.52
Investment Portfolio continued
Security Cost Valuation % %
30 June 2025 Cost Valuation
MyHealthChecked plc 103,202 38,766 2.98 2.01
N4 Pharma plc 40,204 1,400 1.16 0.07
Nexteq plc 8,091 11,690 0.23 0.61
Oxford Biodynamics plc 50,255 32,400 1.45 1.68
PHSC plc 15,076 8,940 0.44 0.46
Polarean Imaging plc 7,539 650 0.22 0.03
Property Franchise Group plc 14,511 71,500 0.42 3.71
Pulsar Group plc 10,053 9,500 0.29 0.49
Renalytix plc 100,002 77,778 2.89 4.04
Rosslyn Data Technologies plc 98,606 10,549 2.85 0.55
SEEEN plc 163,332 90,867 4.71 4.72
Skinbiotherapeutics plc 75,383 64,145 2.18 3.33
Solid State plc 15,810 65,000 0.46 3.38
Strip Tinning plc 66,148 33,386 1.91 1.73
Sysgroup plc 45,232 15,225 1.31 0.79
Tan Delta Systems plc 11,239 8,170 0.32 0.42
Verici Dx plc 101,505 3,636 2.93 0.19
XP Factory plc 31,006 2,856 0.89 0.15
2,989,041 1,559,387 86.25 81.00
Qualifying Investments
AQSE Quoted
EDX Medical Group plc 25,001 26,042 0.72 1.35
Truspine Technology 100,283 23,250 2.89 1.21
125,284 49,292 3.61 2.56
Qualifying Investments
Unlisted Investments
LightwaveRF plc 30,158 17,647 0.87 0.92
30,158 17,647 0.87 0.92
Total qualifying investments 3,144,483 1,626,326 90.73 84.48
Investment Portfolio continued
Security Cost Valuation % %
30 June 2025 Cost Valuation
Non Qualifying Investments
AIM Quoted
Audioboom Group plc 1,163 334 0.03 0.02
1,163 334 0.03 0.02
Non Qualifying Investments
UK Listed
Twentyfour Income Fund Ltd 9,852 8,600 0.28 0.44
9,852 8,600 0.28 0.44
Non Qualifying Investments
Unlisted Investments
Mar City plc 10,053 0 0.29 0.00
Sorbic International plc 10,205 0 0.29 0.00
20,258 0 0.58 0.00
Total non-qualifying investments 31,273 8,934 0.90 0.46
Notes to the Accounts
This interim financial information and the unaudited interim accounts for the
six months to 30 June 2025 from which it has been extracted, are the
responsibility of the directors and were approved by them on 29 September
2025, do not constitute statutory accounts within the meaning of Section 434
of the Companies Act 2006 and have not been delivered to the Registrar of
Companies.
The Company is an investment company as defined in Section 833 of the
Companies Act 2006. The unaudited interim accounts have been prepared in
accordance with the Financial Reporting Council’s (FRC) Financial Reporting
Standard 104 Interim Financial Reporting (January 2022) and with the Statement
of Recommended Practice for Investment Companies re-issued by the Association
of Investment Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using accounting policies
that the Company applied in the accounts for the year ended 31 December 2024,
incorporating FRS 102 The Financial Reporting Standard applicable in the UK
and Republic of Ireland. The Company considers these accounting policies will
be used in the accounts for the year ending 31 December 2025.
Listed, AIM or AQUIS Markets - traded investments are stated at market value,
which is based upon market bid prices in an active market at the balance sheet
date. These would all meet tier 1 of the fair value hierarchy.
At the 1 January 2025 there were 5,574,403 shares in issue and following the
issue of 1,271,264 shares during H1’25, the number of shares in issue at 30
June 2025 was 6,845,667. The average weighted number of shares in issue in the
period was 5,956,160.
Net Asset Value per share at 30 June 2025 was 28.1p (at 31 December 2024:
25.8p; 30 June 2024: 33.2p).
No dividend was paid in the period, but a final dividend for the year ended 31
December 2024, of 1.3p per share (totaling £88,993) was paid on 30 July 2025.
Oberon AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under
the terms of the management agreement, OIL is entitled to a fee (exclusive of
VAT) equal to 2.0% of net assets from the 1 October 2025. From 1 October 2024
to 30 September 2025 no management fee is being charged by Oberon for its
investment management services. During the period the management fee was £nil
(the year ended 31 December 2024, £13.8k; the period ended 30 June 2024,
£9.8k).
Bearing in mind that the assets of the Company consist mainly of marketable
securities, the directors are of the opinion that at the time of approving
this interim financial information, the Company has adequate resources to
continue in operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing this interim
financial information.
Copies of the Interim Report to Shareholders have been sent to shareholders
and are available at the Company’s Registered Office: 5 Duke Street St
James’s, London SW1H 0DB.
Oberon AIM VCT plc
Directors, Investment Managers and Advisors
Directors Geoffrey Charles Gamble (Chairman)
John Beaumont
Christopher Andrew
Registered Office
2nd Floor
6 Duke Street St James’s
London
SW1Y 6BN
Company Secretary John Beaumont
6 Duke Street St James’s
London
SW1Y 6BN
Investment Manager and Broker Oberon Investments Limited
1(st) Floor
12 Hornsby Square
Southfields Business Park
Basildon
Essex
SS15 6SD
Auditor Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
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