REG-Half-Yearly Results
14/10/2025 16:30
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Octopus Apollo VCT plc
Half-Yearly Results
Octopus Apollo VCT plc today announces its unaudited half-yearly results for
the six months ended 31 July 2025.
Octopus Apollo VCT plc (‘Apollo’ or the ‘Company’) is a Venture
Capital Trust (VCT) which aims to provide shareholders with attractive
tax-free dividends and long-term capital growth by investing in a diverse
portfolio of predominantly unquoted companies.
The Company is managed by Octopus AIF Management Limited (the ‘Manager’),
which has delegated investment management to Octopus Investments Limited
(‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus
Ventures.
Key financials
HY 2025 HY 2024 FY2025
Net assets (£’000) £522,983 £438,796 £482,563
Profit/(loss) after tax (£’000) £8,854 £4,546 £24,110
Net asset value (NAV) per share (1) 50.0p 49.7p 50.5p
Cumulative dividends paid since launch 91.3p 88.7p 90.0p
Total value per share (2) 141.3p 138.4p 140.5p
Dividends paid in the year 1.3p 1.3p 2.6p
Dividend yield (3) 2.6% 2.6% 5.1%
Dividend declared 1.3p 1.3p 1.3p
Total return per share % (4) 1.6% 1.0% 5.1%
1. NAV per share is calculated as net assets divided by total number of
shares, as described in the glossary of terms.
2. Total value per share is calculated by adding together NAV per share and
cumulative dividends paid since launch.
3. Dividend yield is calculated as dividends paid in the period, divided by
the NAV per share at the beginning of the period.
4. Total return per share % is an alternative performance measure (APM)
calculated as movement in NAV in the period plus dividends paid in the period,
divided by the NAV at the beginning of the period, as described in the
glossary of terms.
Interim Management Report
Chair’s statement
Apollo’s total return for the six months to 31 July 2025 was 1.6% with the
net assets at the end of the period totalling £523 million.
Performance
I am pleased to present Apollo’s half-yearly report for the six months ended
31 July 2025. At the period end, the Net Asset Value (NAV) plus cumulative
dividends per share was 141.3p, representing a modest increase of 0.8p per
share since 31 January 2025. This equates to a NAV total return of 1.6% for
the six month period. This performance underscores the Company’s resilience
and ability to deliver positive returns despite a challenging macroeconomic
backdrop.
During the six months, the NAV per share declined modestly, primarily driven
by the 1.3p dividend which was paid to shareholders. Encouragingly, the
portfolio itself continued to grow in value, demonstrating the adaptability of
our portfolio companies in a challenging global political and economic
environment. We have seen many companies grow their revenue and increase their
profit margins. We are pleased with the consistent strategic execution across
the portfolio, which reinforces our confidence in the Company’s long-term
potential.
We were also particularly pleased to see several exciting new investments made
in the period. We believe the Company is well-positioned to take advantage of
the changes in AI technology adoption which are positively influencing the
early-stage eco‑system.
In the six months to 31 July 2025, we utilised £51.4 million of our cash
resources, comprising £21.9 million in new and follow-on investments, £10.6
million in dividends (net of the dividend reinvestment scheme (DRIS)), £5.0
million in management fees, £5.7 million in share buybacks, £6.1 million of
performance fees for the year ended 31 January 2025 and £2.1 million in other
running costs such as accounting and administration services and trail
commissions. The cash and cash equivalents balance of £95.1 million at 31
July 2025 represented 18.2% of net assets at that date, compared to 19.8% at
31 January 2025.
Dividends
It is your Board’s policy to maintain a regular dividend flow where possible
to take advantage of the tax-free distributions a VCT can provide, and work
towards the targeted 5% annual dividend yield policy.
I am pleased to confirm that the Board has decided to declare an interim
dividend of 1.3p per share in respect of the period ended 31 July 2025. The
dividend will be payable on 22 December 2025 to shareholders on the register
at 5 December 2025.
Apollo's DRIS, which allows shareholders to reinvest their cash dividends into
new shares in Apollo VCT, rather than receiving the dividend as cash, was
introduced in November 2014. To date 20.5% of shareholders have taken
advantage of it, as it is an attractive scheme for investors who would prefer
to benefit from additional income tax relief on their reinvested dividend. I
hope that shareholders will find this scheme beneficial. During the six months
to 31 July 2025, 6,280,749 shares were issued under the DRIS, equating to a
reinvested amount of £3.1 million.
Fundraise and share buybacks
On 21 March 2025, the Company closed its offer to raise £75 million fully
subscribed. We would like to take this opportunity to welcome all new
shareholders and thank all existing shareholders for their continued support.
Following the success of this fundraise, on 11 July 2025, we were pleased to
announce the Company’s intention to launch a new fundraise.
Apollo has continued to offer a share buyback scheme in line with our policy.
In the six months to 31 July 2025, the Company bought back 11,959,418 shares
for a total consideration of £5.7 million.
Dividends, whether paid in cash or reinvested under the DRIS, and share
buybacks are always at the discretion of the Board, are never guaranteed and
may be reviewed when necessary.
VCT qualifying status
Shoosmiths LLP provides the Board and Portfolio Manager with advice concerning
ongoing compliance with His Majesty’s Revenue & Customs (HMRC) rules and
regulations concerning VCTs. The Board has been advised that Apollo is
complying with the conditions set by HMRC for maintaining approval as a VCT. A
key requirement is to maintain at least an 80% qualifying investment level. As
at 31 July 2025, 100% of the portfolio, as measured by HMRC rules, was
invested in VCT qualifying investments.
Principal risks and uncertainties
The Board continues to review the risk environment in which the Company
operates on a regular basis. There have been no significant changes to the key
risks which were described on pages 35 to 38 of the Annual Report for the year
ended 31 January 2025. The Board does not anticipate any significant changes
to these risks.
Board of Directors
Claire Finn, having originally been appointed in 2021, has resigned from the
Board, and will step down in October 2025. I would like to take this
opportunity to thank her on behalf of the Board and the shareholders for her
contribution over the years.
On 15 September 2025, the Board announced the appointment of two new
independent Non-Executive Directors - Lindsay Dodsworth and Graeme Gunn.
Lindsay is a former Partner at EY and Non-Executive Director of Mobeus Income
& Growth 4 VCT and is currently a Non-Executive Director on multiple boards.
Graeme was a founding Partner of SL Capital Partners and since 2019 he has
been a Director at 3 Bridges Capital. He is also the Chair of Maison Sport and
a Non-Executive Director of Cypress Creek Private Strategies. More detailed
biographies are available in the announcement which can be found here
https://www.londonstockexchange.com/news-article/ OAP3/board-changes/17231684.
Lindsay and Graeme will become members of the Audit & Risk Committee,
Management Engagement Committee and Nomination & Remuneration Committee of the
Company, with effect from the date of their appointment.
Murray Steele
Chair
Portfolio Manager’s review
At Octopus our focus is on managing your investments and providing open
communication. Our annual and half-yearly updates are designed to keep you
informed about the progress of your investment.
Investment strategy
Most companies in the portfolio operate in sectors where there is a strong
opportunity for growth whilst also offering some degree of resilience in terms
of demand. In general, we invest in B2B technology companies operating in the
software-as-a-service (SaaS) space that have recurring revenues from a diverse
base of customers. We also seek to invest in companies that will provide an
opportunity for Apollo to realise its investment, typically within three to
seven years.
Apollo total value growth
The total value has seen a significant increase over this period, from 119.8p
to 141.3p at 31 July 2025. This increase in total value of 21.5p represents a
47.0% increase on the NAV of 45.7p as at 31 January 2020. Over the last five
years, a total of more than £106.1 million has been distributed back to
shareholders in the form of tax-free dividends, including those reinvested as
part of the DRIS.
In the six months to 31 July 2025, the NAV total return (NAV plus cumulative
dividends) increased to 141.3p per share, giving a total return of 1.6% for
the period. We are pleased with this modest uplift, considering the backdrop
of a challenging macroeconomic environment that our portfolio companies are
having to operate within.
The performance over the period to 31 July 2025 is shown below:
NAV Dividends paid in year Cumulative dividends NAV + cumulative dividends Total return %
Year ended 31 January 2020 45.7p 3.0p 74.1p 119.8p 3.4%
Year ended 31 January 2021 49.2p 2.3p 76.4p 125.6p 12.7%
Year ended 31 January 2022 50.2p 5.7p 82.1p 132.3p 13.6%
Year ended 31 January 2023 53.2p 2.6p 84.7p 137.9p 11.2%
Year ended 31 January 2024 50.5p 2.7p 87.4p 137.9p 0.0%
Year ended 31 January 2025 50.5p 2.6p 90.0p 140.5p 5.1%
Period ended 31 July 2025 50.0p 1.3p 91.3p 141.3p 1.6%
While performance across the portfolio has been mixed over the six-month
period, the majority of companies within Apollo have experienced valuation
uplifts, contributing to an overall positive portfolio return of £15.8
million (including disposals). There have been valuation increases across 27
portfolio companies, delivering a collective increase of £28.3 million. These
increases reflect businesses which have successfully grown their customer base
and revenues through the period whilst operating with greater capital
efficiency. All the contributing companies are B2B technology focused, core to
Apollo’s investment mandate, with some notable strong performers including
Lodgify, Natterbox and Harbiz.
Conversely, 17 companies saw a decrease in valuation, collectively totalling
£12.5 million. The businesses that saw the most significant reductions were
Fable Data, Zapnito and Delio. They all operate in market segments that have
faced more challenging trading conditions, characterised by elevated customer
churn rates and reduced sales conversion levels.
As part of liquidity management, Apollo regularly invests in and withdraws
from Money Market Funds (MMFs) in order to meet cash requirements. During the
period, on a net basis, £9 million was withdrawn from MMFs. These movements,
in combination with the remaining investments in SEQI (an Investment Trust)
and the MMFs, took the total liquid investments at 31 July 2025 to £95.1
million (including interest earned during the year on MMF deposits).
Disposals
During the period to 31 July 2025, immaterial disposal proceeds were received
in relation to a legacy holding made prior to the Company’s strategic change
in investment focus in 2018.
A summary of dividends paid to shareholders and disposal proceeds received
since the year ended 31 January 2021 is provided in the table below.
Year ended 31 January 2021 Year ended 31 January 2022 Year ended 31 January 2023 Year ended 31 January 2024 Year ended 31 January 2025 Six months ended 31 July 2025 Total
Dividends paid in the year (£'000) 7,471 28,366 14,323 19,165 23,097 13,663 106,085
Disposal proceeds (£'000) 3,356 53,939 3,591 18,292 21,713 146 101,037
New and follow-on investments
Apollo completed follow-on investments in seven companies and made three new
investments. Together, these totalled £21.9 million (made up of £11 million
in new companies and £10.9 million invested in the existing portfolio).
We are pleased to have completed several investments into B2B AI software
platforms during the period.
Apollo’s new investments were in:
Liftango
£4 million
A shared transport software solution that enables corporates and governments
to deploy and manage on-demand and fixed-route transport services.
Altura
£4.8 million
A bid management platform that automates administrative tasks, centralises
information, and helps teams create competitive proposals using AI.
Lyrebird Health
£2.2 million
An AI-powered scribe designed to support medical practitioners with clinical
documentation.
Valuations
Methodologies include:
• ‘External price’ includes valuations based on funding rounds that
typically completed by the year end or shortly after the year end, and exits
of companies where terms have been agreed or proposed with an acquirer;
• ‘Multiples’ is predominantly used for valuations that are based on a
multiple of revenue or EBITDA for portfolio companies; and
• ‘Scenario analysis’ is utilised where there is uncertainty around the
potential outcomes available to a company, so a probability-weighted scenario
analysis is considered.
Having arrived at a valuation of the portfolio company, to distribute the
equity value within a portfolio company’s capital structure, taking into
account the priority of financial instruments and the economic rights of debt
and shares Apollo holds, the Current Value Method (CVM) is typically employed.
This method allocates the equity value to different equity interests as if the
business were sold on the reporting date, thereby reflecting the effects of
the distribution waterfall.
Valuation methodology By value By number of companies
Multiples 87% 72%
Scenario analysis 8% 13%
External price 5% 10%
Nil-value holdings - 5%
Top 10 investments by value as at 31 July 2025
Here, we set out the cost and valuation of the top ten holdings, which account
for over 55% of the value of the portfolio.
Portfolio Investment cost (£’000) Fair value of investment (£’000)
1 Natterbox £18,990 £46,580
2 Lodgify £12,611 £40,965
3 Ubisecure £10,325 £28,571
4 Interact £308 £21,156
5 TRI £3,800 £20,810
6 Sova £12,250 £19,258
7 ValueBlue £11,565 £16,774
8 Mention Me £15,000 £15,000
9 Turtl £10,000 £14,787
10 Fuse Universal £8,250 £14,636
Outlook
The portfolio has demonstrated resilience, increasing in value over the
period, which is particularly impressive when compared to broader market
benchmarks. Notably, the Bessemer Index, which is a key US technology
benchmark that informs the valuation of many portfolio companies, declined by
23% in the first half of the year¹.
We are encouraged by the overall increase in portfolio value, which reflects
the strength and adaptability of our portfolio companies and the effectiveness
of our approach to investment structuring. Many have responded to the
macroeconomic environment by prioritising capital efficiency and sustainable
growth.
The broader market remains volatile, driven by ongoing geopolitical
uncertainty, the introduction of US trade tariffs and inflation persisting
above the Bank of England’s target, resulting in a prolonged higher interest
rate environment. These macroeconomic factors have contributed to extended
sales cycles across the software sector and exerted downward pressure on
valuations.
While higher interest rates have weighed on valuations and exit activity over
the past 18 months, the anticipated easing of rates in both the US and UK is
expected to improve access to funding for portfolio companies. Should broader
macroeconomic conditions begin to stabilise, we would also hope to see a
gradual improvement in exit dynamics.
We remain confident in the strength and strategic positioning of our
portfolio, supported by the performance delivered during the period.
We were also pleased with the strong support from investors, with £75 million
successfully raised by 21 March 2025. We have also announced an intention to
fundraise before the end of the tax year. This capital enables Apollo to
continue backing high‑potential businesses and selectively pursue new
investment opportunities aligned with our strategy, including businesses
operating within AI.
Looking ahead, while we remain mindful of ongoing market volatility, we are
optimistic about the portfolio’s ability to deliver long-term value and are
encouraged by the quality of new investments that the Company has been able to
add to the portfolio during this period.
Paul Davidson
Partner and Lead Fund Manager of Octopus Apollo VCT
(1) https://cloudindex.bvp.com/
Directors’ responsibilities statement
The Directors confirm that to the best of their knowledge:
* the half-yearly financial statements have been prepared in accordance with
‘Financial Reporting Standard 104: Interim Financial Reporting’ issued by
the Financial Reporting Council;
* the half-yearly financial statements give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company; and
* the half-yearly report includes a fair review of the information required by
the Financial Conduct Authority Disclosure Guidance and Transparency Rules,
being: * we have disclosed an indication of the important events that have
occurred during the first six months of the financial year and their impact on
the condensed set of financial statements;
* we have disclosed a description of the principal risks and uncertainties for
the remaining six months of the year; and
* we have disclosed a description of related party transactions that have
taken place in the first six months of the current financial year, that may
have materially affected the financial position or performance of the Company
during that period, and any changes in the related party transactions
described in the last annual report that could do so.
By order of the Board
Murray Steele
Chair
Income statement
Unaudited Unaudited Audited
six months to 31 July 2025 six months to 31 July 2024 year to 31 January 2025
Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000
Realised gain/(loss) on disposal of fixed asset investments – 79 79 – (1,066) (1,066) – 1,226 1,226
Change in fair value of fixed asset investments – 15,690 15,690 – 10,685 10,685 – 37,666 37,666
Change in fair value of current asset investments – 277 277 – (61) (61) – (574) (574)
Investment income 2,360 – 2,360 1,899 – 1,899 4,082 – 4,082
Investment management fees (1,256) (3,767) (5,023) (1,021) (4,202) (5,223) (2,147) (6,442) (8,589)
Performance fee – (2,137) (2,137) – – – – (6,139) (6,139)
Other expenses (2,076) – (2,076) (1,688) – (1,688) (3,555) – (3,555)
Foreign currency translation (316) – (316) – – – (7) – (7)
(Loss)/profit before tax (1,288) 10,142 8,854 (810) 5,356 4,546 (1,627) 25,737 24,110
Tax – – – – – – – – –
(Loss)/profit after tax (1,288) 10,142 8,854 (810) 5,356 4,546 (1,627) 25,737 24,110
(Loss)/earnings per share – basic and diluted (0.1)p 1.0p 0.9p (0.1)p 0.7p 0.6p (0.2)p 3.0p 2.8p
* The ‘Total’ column of this statement is the profit and loss account of
Apollo; the revenue return and capital return columns have been prepared under
guidance published by the Association of Investment Companies.
* All revenue and capital items in the above statement derive from continuing
operations.
* Apollo has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
Apollo has no other comprehensive income for the period.
The accompanying notes are an integral part of the financial statements.
Balance sheet
Unaudited as at 31 July 2025 Unaudited as at 31 July 2024 Audited as at 31 January 2025
£’000 £’000 £’000 £’000 £’000 £’000
Fixed asset investments 432,493 352,450 395,018
Current assets:
Investments 8,189 8,428 7,912
Money market funds 76,505 77,342 83,544
Debtors 1,086 881 1,424
Cash at bank 10,394 3,708 4,251
Applications cash 13 2,894 16,780
Total current assets 96,187 93,253 113,911
Current liabilities (5,697) (6,907) (26,366)
Net current assets 90,490 86,346 87,545
Net assets 522,983 438,796 482,563
Share capital 1,045 883 956
Share premium 113,064 86,073 62,281
Special distributable reserve 279,966 251,373 299,284
Capital redemption reserve 203 180 191
Capital reserve realised (32,434) (21,374) (25,949)
Capital reserve unrealised 170,065 128,482 153,438
Revenue reserve (8,926) (6,821) (7,638)
Total shareholders’ funds 522,983 438,796 482,563
Net asset value per share - basic and diluted 50.0p 49.7p 50.5p
The accompanying notes are an integral part of the financial statements.
The statements were approved by the Directors and authorised for issue on 14
October 2025 and are signed on their behalf by:
Murray Steele
Chair
Company Number: 05840377
Statement of changes in equity
Share capital £’000 Share premium £’000 Special distributable reserves (1) £’000 Capital redemption reserve £’000 Capital reserve realised (1) £’000 Capital reserve unrealised £’000 Revenue reserve (1) £’000 Total £’000
As at 1 February 2025 956 62,281 299,284 191 (25,949) 153,438 (7,638) 482,563
Total comprehensive income for the year – – – – (5,825) 15,967 (1,288) 8,854
Contributions by and distributions to shareholders:
Repurchase and cancellation of own shares (12) – (5,655) 12 – – – (5,655)
Issue of shares 101 53,863 – – – – – 53,964
Share issue cost – (3,080) – – – – – (3,080)
Dividends paid – – (13,663) – – – – (13,663)
Total contributions by and distributions to shareholders 89 50,783 (19,318) 12 – – – 31,566
Other movements:
Prior year fixed asset gains now realised – – – – (660) 660 – –
Total other movements – – – – (660) 660 – –
Balance as at 31 July 2025 1,045 113,064 279,966 203 (32,434) 170,065 (8,926) 522,983
(1) Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
Share capital £’000 Share premium £’000 Special distributable reserves (1) £’000 Capital redemption reserve £’000 Capital reserve realised (1) £’000 Capital reserve unrealised £’000 Revenue reserve (1) £’000 Total £’000
As at 1 February 2024 773 27,476 266,132 172 (15,275) 117,027 (6,011) 390,294
Total comprehensive income for the year – – – – (5,268) 10,624 (810) 4,546
Contributions by and distributions to shareholders:
Repurchase and cancellation of own shares (8) – (3,858) 8 – – – (3,858)
Issue of shares 118 62,138 – – – – – 62,256
Share issue cost – (3,541) – – – – – (3,541)
Dividends paid – – (10,901) – – – – (10,901)
Total contributions by and distributions to shareholders 110 58,597 (14,759) 8 – – – 43,956
Other movements:
Prior year fixed asset gains now realised – – – – (831) 831 – –
Total other movements – – – – (831) 831 – –
Balance as at 31 July 2024 883 86,073 251,373 180 (21,374) 128,482 (6,821) 438,796
(1) Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
Share capital £’000 Share premium £’000 Special distributable reserves (1) £’000 Capital redemption reserve £’000 Capital reserve realised (1) £’000 Capital reserve unrealised £’000 Revenue reserve (1) £’000 Total £’000
As at 1 February 2024 773 27,476 266,132 172 (15,275) 117,027 (6,011) 390,294
Total comprehensive income for the year – – – – (11,355) 37,092 (1,627) 24,110
Total contributions by and distributions to shareholders: – – – – – – – –
Repurchase and cancellation of own shares (19) – (8,981) 19 – – – (8,981)
Issue of shares 202 106,017 – – – – – 106,219
Share issue cost – (5,982) – – – – – (5,982)
Dividends paid – – (23,097) – – – – (23,097)
Total contributions by and distributions to shareholders 183 100,035 (32,078) 19 – – – 68,159
Other movements:
Prior year fixed asset gains now realised – – – – 681 (681) – –
Cancellation of Share Premium – (65,230) 65,230 – – – – –
Total other movements – (65,230) 65,230 – 681 (681) – –
Balance as at 31 January 2025 956 62,281 299,284 191 (25,949) 153,438 (7,638) 482,563
(1) Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
Cash flow statement
Unaudited six months to 31 July 2025 £’000 Unaudited six months to 31 July 2024 £’000 Audited year to 31 January 2025 £’000
Cash flows from operating activities
Profit before tax 8,854 4,546 24,110
Adjustments for:
Decrease/(increase) in debtors 338 (637) (10)
(Decrease)/increase in creditors (3,901) 879 6,454
(Gain)/loss on disposal of fixed asset investments (79) 1,066 (1,226)
Gain on valuation of fixed asset investments (15,690) (10,685) (37,666)
(Gain)/loss on valuation of current asset investments (277) 61 574
Net cash utilised in operating activities (10,755) (4,770) (7,764)
Cash flows from investing activities
Purchase of fixed asset investments (21,853) (22,255) (47,131)
Proceeds on sale of fixed asset investments (146) 11,301 21,713
Net cash utilised in investing activities (21,707) (10,954) (25,418)
Cash flows from financing activities
Movement in applications account (16,767) (5,958) 7,928
Purchase of own shares (5,655) (3,858) (8,981)
Proceeds from share issues 50,874 59,754 100,951
Cost of share issues (3,080) (3,541) (5,982)
Dividends paid (net of DRIS) (10,572) (8,399) (17,829)
Net cash generated from financing activities 14,799 37,998 76,087
(Decrease)/increase in cash and cash equivalents (17,663) 22,274 42,905
Opening cash and cash equivalents 104,575 61,670 61,670
Closing cash and cash equivalents 86,912 83,944 104,575
Cash and cash equivalents comprise
Cash at bank 10,394 3,708 4,251
Applications cash 13 2,894 16,780
Money market funds 76,505 77,342 83,544
Closing cash and cash equivalents 86,912 83,944 104,575
The accompanying notes are an integral part of the financial statements.
Condensed notes to the financial statements
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2025
have been prepared in accordance with the Financial Reporting Council’s
(FRC) Financial Reporting Standard 104 Interim Financial Reporting (March
2018) and the Statement of Recommended Practice (SORP) for Investment
Companies re-issued by the Association of Investment Companies in July 2022.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2025 do not
constitute statutory accounts within the meaning of Section 415 of the
Companies Act 2006 and have not been delivered to the Registrar of Companies.
The comparative figures for the year ended 31 January 2025 have been extracted
from the audited financial statements for that year, which have been delivered
to the Registrar of Companies. The independent auditor’s report on those
financial statements, in accordance with chapter 3, part 16 of the Companies
Act 2006, was unqualified. This half-yearly report has not been reviewed by
the Company’s auditor.
3. Earnings per share
31 July 2025 31 July 2024 31 January 2025
Revenue Capital Total Revenue Capital Total Revenue Capital Total
(Loss)/profit attributable to ordinary shareholders (£’000) (1,288) 10,142 8,854 (810) 5,356 4,546 (1,627) 25,737 24,110
Earnings per ordinary share (p) (0.1)p 1.0p 0.9p (0.1)p 0.7p 0.6p (0.2)p 3.0p 2.8p
The (loss)/earnings per share is based on 1,045,600,555 Ordinary shares (31
January 2025: 867,758,701; 31 July 2024: 826,113,752), being the weighted
average of shares in issue during the year.
There are no potentially dilutive capital instruments in issue and, as such,
the basic and diluted earnings per share are identical.
4. Net asset value per share
31 July 2025 Ordinary shares 31 July 2024 Ordinary shares 31 January 2025 Ordinary shares
Net assets (£) 522,983,000 438,796,000 482,563,000
Shares in issue 1,045,600,555 882,596,265 956,172,843
Net asset value per share (p) 50.0 49.7 50.5
There are no potentially dilutive capital instruments in issue and, as such,
the basic and diluted NAV per share are identical.
5. Dividends
The interim dividend of 1.3p per share will be paid on 22 December 2025 to
shareholders on the register on 5 December 2025.
6. Buybacks and allotments
During the six months to 31 July 2025, Apollo bought back 11,959,418 Ordinary
shares at a weighted average price of 47.3p per share (six months ended 31
July 2024: 8,053,434 Ordinary shares at a weighted average price of 47.9p per
share; year ended 31 January 2025: 18,817,722 Ordinary shares at a weighted
average price of 47.7p per share).
During the six months to 31 July 2025, 101,387,130 shares were issued at a
weighted average price of 50.2p per share (six months ended 31 July 2024:
117,906,087 shares at a weighted average price of 49.8p per share; year ended
31 January 2025: 202,246,953 shares at a weighted average price of 49.6p per
share).
7. Transactions with the Portfolio Manager
Octopus acts as the Portfolio Manager of Apollo. Under the management
agreement, the Manager receives a fee, payable quarterly in arrears, based on
2% of the NAV calculated daily from 31 January for the investment management
services.
Apollo has incurred management fees of £5,023,000 during the period to 31
July 2025 (31 July 2024: £4,084,000; 31 January 2025: £8,589,000). During
the period, Apollo has also accrued performance fees of £2,137,000 (31 July
2024: £1,139,000; 31 January 2025: £6,139,000).
The Portfolio Manager also provides accounting and administration services to
Apollo, payable quarterly in arrears, for a fee of 0.3% of the NAV calculated
daily. In addition, the Portfolio Manager also provides company secretarial
services for a fee of £20,000 per annum.
8. Related party transactions
As at 31 July 2025, Octopus Investments Nominees Limited (OINL) held 78,798
shares (31 July 2024: nil; 31 January 2025: nil) in Apollo as beneficial
owner, having purchased these from shareholders to protect their interests
after delays or errors with shareholder instructions and other similar
administrative issues. Throughout the period to 31 July 2025, OINL purchased
78,798 shares (31 July 2024: nil; 31 January 2025: nil) at a cost of £36,877
(31 July 2024: nil; 31 January 2025: nil) and sold nil shares (31 July 2024:
nil; 31 January 2025: nil) for proceeds of nil (31 July 2024: nil; 31 January
2025: nil). This is classed as a related party transaction as per the Listing
Rules, as Octopus, the Portfolio Manager, and OINL are part of the same group
of companies. Any future transactions in which OINL assumes legal and
beneficial ownership of Company shares will be announced to the market as
required by the UK Listing Rules and disclosed in annual and half-yearly
reports.
9. Voting rights and equity management
The following table shows the percentage voting rights held by Apollo of each
of the top ten investments held in Apollo, on a fully diluted basis.
Investments % voting rights held by Apollo (1)
N2JB Limited (trading as Natterbox) 9.0%
Codebay Solutions Limited (trading as Lodgify) 15.3%
Ubisecure Holdings Limited 73.4%
Hasgrove Limited (trading as Interact) 5.9%
Triumph Holdings Limited 52.0%
Sova Assessment Limited 37.2%
ValueBlue BV 20.3%
Mention Me Limited 19.4%
Turtl 13.6%
Fuse Universal Limited 0.0%
(1) Under VCT regulations, Apollo is unable to control more than 49.99% of the
voting rights attached to its shareholding in a portfolio company.
10. Post balance sheet events
The following events occurred between the balance sheet date and the signing
of this half-yearly report:
• Apollo invested a total of £10.2 million in two new and one follow-on
investments;
• Apollo received a total of £7.2 million of proceeds from disposals;
• on 11 July 2025 the Company announced its intention to launch a new
fundraise later in the year; and
• a final order to cancel share premium amounting to £113.1 million was
granted on 22 September 2025.
11. Half-Yearly Report
The unaudited half-yearly report for the six months ended 31 July 2025 will
shortly be available to view on the Company’s website
https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-apollo-vct/
A copy of the half-yearly report 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 enquiries, please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
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