REG - Schroder Br.Opps.Tst - Statement re Quarterly NAV

Schroder British Opportunities TrustAnnouncement

03/10/2025 07:00

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RNS Number : 8948B  Schroder British Opportunities Tst.  03 October 2025

Schroder British Opportunities Trust plc

Net Asset Value as at 30 June 2025

Schroder British Opportunities Trust plc (the "Company") announces its
unaudited net asset value ("NAV") as at 30 June 2025 was £82.8 million or
111.98p per share (31 March 2025: £81.7 million or 110.54p per share),
following the quarterly valuation of the Company's unquoted holdings. This
represents an increase of 1.44p per share (1.35%) compared with the NAV
reported at the prior quarter end.

The Company's daily NAV calculation re-values the quoted company holdings on a
daily basis, and the unquoted holdings quarterly post period end. This latest
quarterly valuation of the unquoted holdings will be reflected in the daily
unaudited NAV per share as of 2 October 2025, which will be published later
today.

Portfolio

As at 30 June 2025, the Company had 30 portfolio company positions
comprising 10 unquoted and 20 quoted companies.

Financial performance (unaudited)

 Attribution Analysis (£m)      Quoted  Unquoted  Money Market  Net (debt)/cash  Other  NAV
 Value as at 31.03.2025         15.4    58.6      8.2           0.8              (1.3)  81.7
 + Investments                  -       0.1       1.0           (1.1)            -      -
 - Realisations at value        (0.3)   -         -             1.1              -      0.8
 +/- Fair value gains/(losses)  1.3     (0.2)     0.1           -                -      1.2
 +/- Costs and other movements  -       -         -             (0.1)            (0.8)  (0.9)
 Value as at 30.06.2025         16.4    58.5      9.3           0.7              (2.1)  82.8

Source: HSBC as at June 2025

The 1.35% increase in NAV, from £81.7 million at 31 March 2025 to £82.8
million at 30 June 2025, comprised:

·    Quoted holdings: 1.59%

·    Unquoted holdings: -0.24%

·    Money market funds: 0.12%

·    Cost and other movements: -0.12%

The Company's quoted holdings increased in fair value by £1.3 million over
the quarter ended 30 June 2025, with positive contributions from Invinity
Energy Systems, LendInvest, and On the Beach Group reflecting strong
operational progress and favourable market conditions. Offsetting this were
weaker performances from Mobico Group, MaxCyte, and Victorian Plumbing, which
were impacted by operational challenges, lower guidance, and margin pressures
respectively.

We have continued to see strong earnings growth momentum across the unquoted
portfolio in aggregate, with 10.7% YoY EBITDA growth(1) and all unquoted
companies in the portfolio now EBITDA positive. However, despite the positive
operating performance of the underlying portfolio, the Company's unquoted
holdings saw an aggregate fair value decrease of £0.2 million (-0.24%) during
the quarter ended 30 June 2025. This decline was driven primarily by valuation
multiple contraction in market comparables, with HeadFirst among the key
detractors, partly offset by a positive contribution from EasyPark's continued
growth.

Investment activity

On the unquoted side, the Company announced an investment into JMG, one of the
UK's fastest-growing insurance brokers. The investment is expected to close in
October.

On the quoted side the Company heavily trimmed our position in Mobico Group,
reflecting the challenges faced by the firm due to a combination of deepening
losses, missed profit targets, and disappointing asset sales.

 Top 10 holdings

 Holding             Quoted / unquoted  Fair value as at 31 March 2025 (£'000)   % of total investments  Fair value as at 30 June 2025 (£'000)   % of total investments
 Expana(2)           Unquoted           10,136                                   13.7%                   10,179                                  13.6%
 Pirum               Unquoted           7,466                                    10.0%                   7,500                                   10.0%
 Cera                Unquoted           7,234                                    9.8%                    7,235                                   9.7%
 Arrive(3)           Unquoted           6,601                                    8.9%                    7,029                                   9.4%
 CFC Underwriting    Unquoted           6,245                                    8.4%                    6,432                                   8.6%
 Waterlogic          Unquoted           5,390                                    7.3%                    5,103                                   6.8%
 Acturis             Unquoted           4,351                                    5.9%                    4,441                                   5.9%
 Headfirst           Unquoted           5,094                                    6.9%                    4,405                                   5.9%
 Rapyd               Unquoted           4,339                                    5.8%                    4,087                                   5.5%
 On the Beach Group  Quoted             1,631                                    2.0%                    2,153                                   2.9%

Source: HSBC

( 1 ) The peer set excludes two outliers - one business that was unprofitable
last year but profitable in the current financial year, and another whose
EBITDA growth was elevated off a small base and not reflective of a normalised
run rate.

 ( 2 ) Expana, formally known as Mintec, rebranded in June 2024.

 ( 3 ) Arrive, formally known as EasyPark, rebranded in June 2025.

Past performance is not a guide to future performance and may not be repeated.
The value of investments and the income from them may go down as well as up
and investors may not get back the amounts originally invested. None of the
information in this report is to be considered a recommendation to buy or sell
any securities. For further information regarding the costs and charges
associated with your investment, please refer to the annual report for the
year ended 31 March 2025.

 

Enquiries:

Schroder Investment Management Limited

Katherine Fyfe           020 7658 6000

Charlotte Banks         020 7658 6000

 

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