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

Schroder British Opportunities TrustAnnouncement

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RNS Number : 5041Y  Schroder British Opportunities Tst.  30 March 2026

Schroder British Opportunities Trust plc

 

Net Asset Value as at 31 December 2025

Schroder British Opportunities Trust plc (the "Company") announces its
unaudited net asset value ("NAV") as at 31 December 2025 was £82.3 million or
111.3p per share (30 September 2025: £81.2 million or 109.9p per share),
following the quarterly valuation of the Company's unquoted holdings. This
represents an increase of 1.40p per share (1.27%) 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 27 March 2026, which will be published later
today.

Portfolio

As at 31 December 2025, the Company had 19 portfolio company positions
comprising 12 unquoted and 7 quoted companies.

Financial performance (unaudited)

 Attribution analysis £m            Quoted  Unquoted  Money Market Funds  Cash and cash equivalents  Other  NAV

 Value as at 30.09.2025             11.3    57.2      9.6                 1.1                        2.0    81.2
 + Investments                      -       10.5      4.3                 (14.8)                     -      -
 - Realisations at value            (5.9)   -         (5.5)               11.4                       -      -
 +/- Fair value gains/(losses)      0.4     0.9       0.1                                            -      1.4
 +/- Costs and other movements      -       -         -                   3.4                        (3.7)  (0.3)
 Value as at 31.12.2025             5.8     68.6      8.5                 1.1                        (1.7)  82.3

Source: JPM, as of March 2026.

The 1.4% increase in NAV, from £81.2 million at 30 September 2025 to £82.3
million at 31 December 2025, comprised:

-     Unquoted holdings: 1.1%

-     Quoted holdings: 0.5%

-     Money market funds: 0.2%

-     Cost and other movements: -0.4%

We have continued to see strong earnings growth momentum across the unquoted
portfolio in aggregate, with underlying financial performance across holdings
remaining robust. As a result, the Company's unquoted holdings saw an
aggregate fair value increase of £0.9 million (1.1%) during the quarter ended
31 December 2025. This increase was driven primarily by continued operational
progress across the portfolio, with strong contributions from CFC
Underwriting, Acturis and Arrive, reflecting underlying earnings growth and,
in the case of Acturis, multiple expansion.

The Company's quoted holdings increased in fair value by £0.4 million
supporting an overall uplift in NAV. Performance was led primarily by Watches
of Switzerland Group and SSP Group, reflecting continued earnings momentum and
improving trading conditions, particularly in the US and travel‑related end
markets. In contrast, Bytes Technology detracted over the quarter, as the
share price weakened amid concerns around near‑term growth expectations and
a moderation in UK corporate IT spending.

Investment activity

On the unquoted side, the Company completed two new investments, JMG, a
UK-based insurance broker, and CSL, one of the UK's leading B2B providers of
critical connectivity IoT solutions.

Public equities continued to be reduced in line with the Board approved
transition to a wholly private equity investment strategy. Following the March
2025 announcement and subsequent circular, the Company is exiting quoted
holdings as it moves towards full private equity deployment.

Unquoted holdings

                   As at 30 September 2025                          As at 31 December 2025
 Holding           Fair value (GBP '000)    % of total investments  Fair value (GBP '000)    % of total investments

 Expana¹           9'511                    12.2%                   9'710                    11.7%
 Arrive²           7'671                    9.8%                    8'024                    9.7%
 Pirum Systems     7'581                    9.7%                    7'670                    9.3%
 CFC Underwriting  5'648                    8.3%                    6'421                    7.8%
 Cera Care         6'514                    7.2%                    6'195                    7.5%
 CSL               -                        -                       5'612                    6.8%
 Acturis           5'041                    6.5%                    5'444                    6.6%
 Culligan          5'238                    6.7%                    5'285                    6.4%
 JMG               -                        -                       4'726                    5.7%
 Rapyd             4'160                    5.3%                    4'164                    5.0%
 Headfirst         3'835                    4.9%                    3'495                    4.2%
 Learning Curve    2'009                    2.6%                    1'844                    2.2%

 

 1  Expana, formerly known as Mintec, rebranded in June 2024.

 2  Arrive, formerly 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.

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