REG - Triple Point Venture - Results for the six months ended 31 August 2025
12/11/2025 07:00
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RNS Number : 1330H Triple Point Venture VCT PLC 12 November 2025
12 November 2025
Triple Point Venture VCT Plc
(the "Company")
RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025
The Directors of Triple Point Venture VCT plc are pleased to announce the
unaudited results for the six months ended 31 August 2025.
You may view the Interim Report in due course on the Triple Point
website: www.triplepoint.co.uk (http://www.triplepoint.co.uk/) . Please note
that page numbers in this announcement are in reference to the Interim Report.
FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT
Triple Point Investment Management LLP Tel: 020 7201 8989
(Investment Manager)
Seb Wallace
Jack Rose
The Company's LEI is 213800AOOAQA5XQDEA89
Further information on the Company can be found on its website
https://www.triplepoint.co.uk/triple-point-venture-vct/
(https://www.triplepoint.co.uk/triple-point-venture-vct/)
NOTES:
The Company is a Venture Capital Trust incorporated in July 2010 and was
established to fund small and medium sized enterprises. The Investment Manager
is Triple Point Investment Management LLP.
Financial Summary
Six months ended 31 August 2025 (unaudited) Year ended 28 February 2025 (audited) Six months ended 31 August 2024 (unaudited)
Net assets £'000 92,615 83,547 71,149
Net asset value per share Pence 93.94 95.44 97.61
Profit/(loss) before tax £'000 372 636 821
Earnings per share Pence 0.39 0.86 1.17
Cumulative return to shareholders
Net asset value per share Pence 93.94 95.44 97.61
Total dividends paid Pence 17.00 15.00 13.00
Net asset value plus dividends paid (Total Return) (1) Pence 110.94 110.44 110.61
(1) Total Return comprises current Net Asset Value plus total Dividends paid
to date. Total Return is defined as an Alternative Performance Measure
("APM"). Total Return, calculated by reference to the cumulative dividends
paid plus net asset value (excluding tax reliefs received by Shareholders), is
the primary measure of performance in the VCT industry.
Triple Point Venture VCT plc ("the Company") is a Venture Capital Trust
("VCT"). The Investment Manager is Triple Point Investment Management LLP
("TPIM" or "Investment Manager"). The Company was incorporated in July 2010.
On 31 July 2025, the seventh Venture Share offer closed having raised gross
proceeds of £25.7 million and resulting in the issue of 26,293,919 Venture
Shares. This takes Venture Share gross proceeds raised to date to £102.4
million with 99,660,847 Venture Shares having been issued.
Key Highlights
( )
Venture Share Net Asset Value per Venture Share
Cumulative Dividends Paid
17.00p 93.94p
2.00p dividends paid during the period (28 February 2025: 95.44p)
Total Return per Venture Share (1) Deployment
110.94p £12.6 million
Total Return for the Venture Shares includes cumulative dividends paid of Total funds deployed during the six-month period to 31 August 2025 (year ended
17.00 pence per share 28 February 2025: £7.7 million)
Fundraising Ongoing Charges Ratio
£25.7 million 2.97%
Total gross proceeds raised under the seventh Venture Share offer which closed The ongoing charges ratio is a ratio of annualised
on 31 July 2025
ongoing charges expressed as a percentage of
average net asset values throughout the period
(Year ended 28 February 2025: 2.98%)
Chair's Statement
The Company has made good progress during the period, completing our latest
fundraising, making new and follow-on investments, and with several of our
portfolio companies progressing too. The portfolio grew over the period, with
five new qualifying investments and five follow-on investments. In total TPV
invested £12.6m. Further information on the Company's investment portfolio
can be found below and in the Investment Manager's Review.
Offer for subscription of Venture Shares
The last Offer for Subscription of Venture Shares closed on 31 July 2025. The
Board is pleased to announce that the Offer raised total net proceeds of
£25.7m, marking a 35% increase on last year's raise. In the reporting period
between 1 March 2025 and 31 August 2025 TPV raised £11.4m and issued
11,836,880 shares. On behalf of the Board, I would like to welcome all new
Shareholders and to thank the existing Shareholders for their continued
support.
The Board and the Investment Manager believe that the level of venture
investment opportunity in our chosen sectors remains promising. The Company
announced that it is seeking to raise a further £10m (with a £20m
over-allotment facility) to continue investing in early-stage businesses with
strong, long-term growth potential. The Offer for Subscription opened on 5
September 2025 and will close on 2 April 2026 for the 25/26 tax year, and 31
July 2026 for 26/27 tax year, or earlier if fully subscribed.
Portfolio overview
The Company's funds at 31 August 2025 were 71% deployed in a portfolio of VCT
qualifying and non-qualifying unquoted investments. It continues to
comfortably meet the qualifying condition that 80% of new funds raised must be
invested into qualifying investments by the Company year-end three years
following the year of allotment.
Since inception, we have deployed £60.8m into 60 qualifying growth companies
supporting innovation and employment in the UK economy. We estimate that our
portfolio companies employ approximately 2,500 people as at 31 August 2025, a
number we are proud of. The portfolio is also well-diversified across venture
investments.
We made ten investments in the six months under review, five of which were
additional funding to support our existing portfolio companies. In fact, since
inception, the Company has provided over £20m in follow-on funding to 29
portfolio businesses across 41 transactions. This reflects the continued
maturing of our portfolio. While all these investments involved software
services or platforms, the end-customers of the start-ups are spread across a
diverse range of sectors. Our largest sectors are health, climate technology
and hospitality management.
Market environment
Competition for the highest-quality pre-seed and seed-stage deals remained
intense, with capital continuing to concentrate around a smaller number of
standout companies. The view in the market is that deal total value has
stabilised following a heavy fall from 2022. However, deal volume continues to
decline, with values propped up by fewer, larger transactions.
Businesses with strong traction and experienced founding teams have continued
to attract significant investor interest, while others have faced increasingly
difficult fundraising conditions. With fewer companies being funded, the bar
for progression beyond seed investment stage is much higher than during the
2021-22 boom. Founders are responding by managing capital with greater
discipline, often focusing on efficient growth and internal resourcing before
returning to the funding market.
Sector spotlight: AI and Climate Tech
AI has dominated venture capital activity across the UK, Europe, and the US in
2025. Nearly half of all global venture funding is now directed to AI
startups 1 , and generative AI is driving several record-breaking deals.
Within the portfolio, we have already seen companies harnessing AI to improve
efficiency and scale their operations. Nory is a platform built with AI at its
core. It provides hospitality businesses with an AI-powered operating system
that combines automated workforce management, inventory optimisation, and
predictive performance insights. This AI-first approach enables restaurants to
improve profitability, reduce waste, and adapt quickly to fluctuations in
demand, underpinning Nory's strong commercial growth and customer adoption.
That momentum has attracted respected institutional backers, with recent
Series B funding signalling belief in Nory's model and momentum.
Other portfolio companies are using AI to enhance existing platforms. Aptem,
which provides apprenticeship and skills training software, has integrated AI
through its "Enhance" module. This automates repetitive administrative tasks
carried out by tutors and training providers, streamlines workflows, reduces
cost-to-serve, and frees up staff time for higher-value learner engagement.
Together, these examples show how the portfolio captures both AI-native
businesses like Nory and established platforms like Aptem, which are embedding
AI to drive efficiency and remain competitive.
Despite continued political headwinds and a selective funding environment over
the last 12 months, our confidence in Climate tech's long-term potential
remains strong. The ongoing global transition to sustainable energy and supply
chain solutions continues to create substantial opportunities. We are seeing
sustained interest in start-ups that leverage software and technology to
enhance efficiency and sustainability in larger businesses.
Within the portfolio, we have seen strong performance in the climate sector,
most notably from Treefera. It is the leading AI-enabled data fabric for
supply chain resilience and recently secured a $30m Series B round led by
Notion Capital, following strong commercial traction since its prior raise.
TPV participated in this round. A deeper profile of Treefera is included in
the Investment Manager's Company Spotlight.
Portfolio valuations and performance
I am happy to report that some strong revenue growth at a number of our
companies has led to several funding rounds delivering the Company's net asset
value (NAV) total return of 110.94p per share, an increase on the NAV total
return as at 28 February 2025.
Seven portfolio companies successfully closed additional funding during the
period, five of which were at higher valuations, driving upward momentum in
the portfolio. A further two companies in the portfolio received term sheets
for additional funding and are in the process of closing these funding rounds.
The Ventures team has continued to support portfolio companies during the
period, investing in five of the seven portfolio company funding rounds. While
the team is keen to support existing portfolio companies, it does not always
invest in further funding rounds where it believes it is not in the best
interests of the Company. This can be for a variety of reasons, such as
concerns over valuation, lack of sufficient progress since the previous
investment, lack of confidence in the direction of the company, concerns over
capital efficiency or concerns over management.
The valuation gains mentioned above were partly offset by 13 unrealised fair
valuation reductions and one realised loss made during the period due to
individual portfolio companies' commercial performance or inability to raise
new funding. This is to be expected in an early stage venture portfolio and is
covered in more detail in the Investment Manager's review.
ESG Integration
Both the Board and the Investment Manager believe Environmental Social and
Governance (ESG) considerations are important, and they are taken into account
through the Company's investment process. While early-stage companies do not
always have the scale or resources to adopt the full spectrum of ESG
initiatives open to large corporates, we always check the processes and
policies they have in place. This ensures they are proportionate to their size
and activities. We also promote ways in which portfolio companies can adopt
ESG initiatives.
Dividends
I am delighted to report that during the period under review a dividend of two
pence per share was paid to Shareholders on 17 March 2025, bringing total
dividends paid to 17 pence per share since inception. We also announced a
further dividend of two pence on 29 September 2025. That dividend will be
payable on or around 1 December 2025 to Shareholders on the register as at 14
November 2025. Going forward, the Board will continue to consider dividends in
light of liquidity, realised profits and legal requirements.
Outlook
Macroeconomic conditions have shifted slightly since February. The Bank of
England reduced its base rate to 4% on 7 August 2025, continuing its cycle of
rate cuts but leaving rates materially above 2009 to 2022 levels. Inflation
has persisted, and expectations of a rapid fall in borrowing costs have given
way to a recognition that rates are likely to remain high for longer than
previously expected. The marginally lower cost of capital - as a result of
base rate cuts - has been welcomed. However, venture funds remain highly
selective, backing companies with sustainable business models, clear evidence
of product-market fit, and credible paths to profitability, while valuations
are being assessed with greater scrutiny.
Investors should remain aware that NAV volatility may remain high, influenced
by global venture capital valuation trends, the commercial performance of
portfolio companies and by geopolitical events. Overall, we remain optimistic
in the growth potential of the Company's existing diverse portfolio of
software businesses and in the new opportunities ahead of us.
If you have any questions about your investment, please do not hesitate to
contact TPIM on 020 7201 8990.
Jamie Brooke
Chair
11 November 2025
Sector Analysis
The Unquoted Investment Portfolio can be analysed as follows:
*Under current VCT regulations, the Company has three years before undeployed
cash counts towards the qualifying status of the Company. The qualifying
status percentage of the Company remains above 80%.
Investment Manager's Review
We are pleased to present the interim review for the six months ended 31
August 2025. Since launching in September 2018, the Venture Share Class has
raised net proceeds of £100m. Our first investment was completed in April
2019, and by 31 August 2025 the Ventures team had backed 60 companies. The
portfolio is focused primarily on business-to-business (B2B) software and
spans multiple sectors, including fintech, healthcare, climate, logistics, HR
Tech, cyber security, and education.
Over the last six months, the team invested a total of £12.6m across ten
opportunities. This included five new investments - a business in AI
procurement, a fintech business focused on fraud prevention, a fintech
platform focused on health and financial products for over 55s, a car
dealership logistics company, and a healthtech platform focused on the
recruitment of remote healthcare professionals. Alongside this, we made five
follow-on investments into high-performing portfolio companies: AeroCloud,
Kohort, Treefera, Paloma Health, and Nory. In a year when the broader venture
market has seen a contraction in activity, this level of investment underlines
the strength of our origination pipeline and the team's ability to win access
to competitive deals.
Market environment
Despite easing interest rates over the past six months, which have created a
slightly more favourable funding backdrop, venture funds have remained more
selective in recent years. This places a premium on quality - businesses with
exceptional teams, strong execution, and defensible technology are attracting
capital, while weaker companies struggle.
Against this backdrop, we are encouraged that several of our portfolio leaders
have continued to attract top-tier investors. Recent funding rounds in Nory
and Treefera have brought in highly regarded institutional backers, validating
both the underlying businesses and our ongoing support. Since inception, the
Ventures team has now provided over £20m of follow-on funding, reflecting our
strategy of backing our winners, where this still meets VCT rules.
Portfolio Valuations
During the six months to 31 August 2025, seven portfolio companies raised
fresh funding. Five of these funding rounds valued the companies at valuation
uplifts, one company raised at a flat valuation and one company raised funding
via a convertible loan-note which can be converted into equity at a future
date. The valuation uplifts from these funding rounds have resulted in upward
momentum in the portfolio.
The Ventures team also adjusted down the carrying values of 13 companies
during the period. While such movements are a natural feature of early-stage
investing, they were balanced by the resilience shown across the broader
portfolio. Importantly, these losses were not unexpected. The majority of the
companies that have been written down had been long-term concerns to the
Ventures team, and we already held downward fair value adjustments to the
valuations of the majority of these companies.
As the portfolio continues to mature, we anticipate that the stronger
performers will continue to capitalise on their momentum, raising additional
rounds and scaling into new markets. At the same time, it is realistic to
expect that some weaker businesses will continue to face difficulty attracting
investment, which may ultimately result in further write downs, failures or
distressed exits. With an average portfolio company hold period of 3.5 years,
we are beginning to observe this pattern, with a divergence between those that
accelerate and those that fall behind. While write-downs and losses are
disappointing for both us and the founders who have worked tirelessly on their
ventures, setbacks are an unavoidable feature of venture investing. The
expectation remains that the outperformance of our successful investments will
more than compensate for the underperformers.
Importantly, TPV's overall NAV has remained stable over the past two years,
supported by this disciplined valuation approach and the strong performance of
several key holdings. Dividends have continued to be paid consistently. We
believe this demonstrates both the resilience of the portfolio and the
benefits of diversification across companies, sectors, and the timing of
investments over different years.
Capital Management
Beyond venture investments, the Company continues to hold the majority of its
liquid funds in money market and corporate bond vehicles. In today's higher
interest rate environment, this provides enhanced returns on cash reserves
versus bank deposits while remaining fully compliant with VCT rules.
Investments during the period:
New Investments:
· An enterprise-wide AI procurement and monitoring platform for
hospitals, designed to be vendor-neutral - that is, not tied to any single
provider of AI-powered products or services.
· Real-time fraud prevention software leveraging AI and advanced
data analytics.
· A fintech platform delivering tailored health and financial
products for the 55+ age group, mass affluent market.
· An AI-driven logistics system for automotive dealerships and
transport providers, streamlining vehicle movements.
· A UK healthcare workforce platform providing remote, General
Medical Council-registered GPs to primary and urgent care providers.
Follow-On Investments:
· AeroCloud: AI-powered, cloud-native airport management software.
· Kohort: A machine learning platform for financial forecasting and
revenue prediction.
· Treefera: AI-enabled "data fabric" for carbon projects and
commodity supply chains.
· Paloma Health: Hybrid and remote autism assessments in
partnership with the NHS.
· Nory: An AI-powered operating system for restaurants and
hospitality businesses.
Company Spotlight: Treefera
Treefera delivers an AI-enabled forestry data platform that aggregates global
satellite and drone imagery, transforming it into actionable indicators of
forest volume and health. This enables accurate carbon project assessment,
deforestation risk analysis, and support for project developers entering the
carbon markets.
The team brings exceptional technical and commercial expertise. CEO Jonathan
Horn, a former JP Morgan Managing Director with a PhD in Fluid Dynamics, has
deep expertise in data infrastructure and risk analytics. Chief Revenue
Officer Caroline Grey scaled UiPath from Series A to IPO as Chief Customer
Officer. Together, they bring the execution capability and networks needed to
build a market leader.
Treefera's product integrates seamlessly via API, providing enterprise
customers with reliable insights for compliance, sustainability, and risk
management. By focusing on monitoring, reporting, and verification (MRV),
Treefera occupies a defensible niche within both the carbon markets and supply
chain transparency sectors - two markets undergoing rapid expansion.
The Ventures team first backed Treefera at Series A, when the business was
valued at £63.5m after completion. In May, it closed a $30m Series B round,
and its latest carrying value, following the Series B round, stands at £108
million.
Falling costs of satellite imagery and computer power are enabling rapid
advances in AI and machine learning, which underpin Treefera's product. The
new capital will allow the business to expand across North America,
Asia-Pacific, and Europe while further strengthening its data and AI
capabilities.
Outlook
Our investment strategy continues to rest on three core principles:
· Investing early: Early-stage entry points maximise long-term
return potential.
· Backing B2B companies: This segment consistently delivers
stronger exit outcomes than consumer-focused businesses 2 .
· Diversification: Broad exposure across sectors, stages, and
company vintages reduces risk and enhances resilience.
While some portfolio companies have faced headwinds, the easing base rate
environment, reset valuations, and accelerating demand for AI-driven solutions
create a favourable backdrop for UK seed-stage investing. We expect deal flow
to remain robust, pricing to stay rational, and competition to remain
moderated - conditions that favour active investors with capital, conviction,
and follow-on capacity.
More broadly, venture capital itself is shifting. A decade of "plain vanilla"
software as a service has given way to a new wave of companies where AI is
driving step-changes in efficiency, automation, and decision-making.
Opportunities now lie not just in incremental improvements but in businesses
applying defensible AI to transform industries from healthcare to climate.
These are precisely the kinds of opportunities the Ventures team is focused on
identifying and backing.
As mentioned in the Chair's Statement, the Company launched a new Offer for
Subscription on 5 September 2025. This will provide us with additional capital
to continue supporting the existing portfolio while pursuing fresh investment
opportunities and leveraging the fixed cost base of the Company.
The Venture team remains excited about the outlook, confident in the
resilience of the current portfolio, and committed to sourcing and supporting
the next generation of category-defining B2B software companies.
Seb Wallace
Head of Ventures
For Triple Point Investment Management LLP
11 November 2025
Investment Portfolio Summary
For the six months ended 31 August 2025
Unaudited 31 August 2025 Audited 28 February 2025
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Qualifying unquoted investments 56,572 67.41 65,131 70.34 44,021 59.98 51,410 63.54
Non-qualifying unquoted investments 770 0.92 875 0.95 770 1.05 901 1.11
Financial assets at fair value through profit or loss 57,342 68.33 66,006 71.29 44,791 61.03 52,311 64.65
Cash and permitted liquid investments 26,576 31.67 26,576 28.71 28,601 38.97 28,601 35.35
83,918 100.00 92,582 100.00 73,392 100.00 80,912 100.00
Non-Qualifying Investments
Modern Power Generation Ltd 470 0.56 490 0.53 470 0.64 490 0.61
Degreed Inc 300 0.36 385 0.42 300 0.41 411 0.50
770 0.92 875 0.95 770 1.05 901 1.11
Qualifying Investments
Nory 3,628 4.32 7,798 8.42 2,322 3.16 3,468 4.29
Semble 2,360 2.81 4,444 4.80 2,360 3.22 4,444 5.49
Modo Energy 2,550 3.04 4,008 4.33 2,550 3.47 4,008 4.95
Scan.com 1,800 2.14 3,370 3.64 1,800 2.45 3,370 4.17
Treefera 2,560 3.06 2,964 3.20 1,015 1.38 1,219 1.51
Ably Real Time 1,312 1.57 2,452 2.64 1,312 1.79 2,452 3.03
AeroCloud 2,250 2.68 2,344 2.53 1,500 2.04 1,594 1.97
Pelago 1,245 1.48 2,248 2.43 1,245 1.71 2,401 2.97
SeeChange 1,500 1.79 2,194 2.37 1,500 2.04 1,950 2.41
Heat Geek 2,000 2.38 2,000 2.16 2,000 2.73 2,000 2.47
Jigcar 2,000 2.38 2,000 2.16 - - - -
Newton's Tree 2,000 2.38 2,000 2.16 - - - -
Your Patient Choice 2,000 2.38 2,000 2.16 - - - -
Biorelate 1,500 1.79 1,400 1.51 1,500 2.04 1,400 1.73
Veremark 910 1.08 1,257 1.36 910 1.24 1,676 2.07
Tarabut Gateway 2,212 2.65 1,263 1.36 2,212 3.02 1,498 1.85
Paloma Health 1,250 1.49 1,250 1.35 1,250 1.70 1,250 1.54
Remote Duty Doctor 1,250 1.49 1,250 1.35 - - - -
Fluent 700 0.83 1,117 1.21 700 0.95 1,117 1.38
Knok 684 0.82 1,115 1.20 684 0.93 940 1.16
Ryde 2,000 2.38 1,000 1.08 2,000 2.73 1,700 2.10
OutThink 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24
Fertifa 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24
Electric Car Scheme 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24
Unity Wealth 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24
Live Lateral 900 1.07 900 0.97 - - - -
Konfir 800 0.95 839 0.91 800 1.09 839 1.04
Visibly Tech 541 0.64 837 0.90 541 0.74 1,047 1.28
PetsApp 1,000 1.19 800 0.86 1,000 1.36 1,000 1.24
Sonicjobs 600 0.71 788 0.85 600 0.82 788 0.97
Expression Insurance 1,000 1.19 775 0.84 1,000 1.36 775 0.96
Abtrace 700 0.83 700 0.76 700 0.95 700 0.87
Falkin 700 0.83 700 0.76 - - - -
Kamma 800 0.95 631 0.68 800 1.09 722 0.89
Counting Up 920 1.10 619 0.67 920 1.25 619 0.77
Trumpet 303 0.36 511 0.55 303 0.41 511 0.63
Tuza 300 0.36 470 0.51 300 0.41 470 0.58
Airly 987 1.18 444 0.48 987 1.35 474 0.59
Aptem 150 0.18 441 0.48 150 0.20 441 0.55
Virtual Science AI 182 0.22 409 0.44 182 0.25 409 0.50
Exate 500 0.60 387 0.42 500 0.68 387 0.47
Crowd Data 500 0.60 350 0.38 500 0.68 350 0.43
Shenval 497 0.59 258 0.28 497 0.68 258 0.32
Konstructly 300 0.36 240 0.26 300 0.41 300 0.37
Ramp 409 0.49 205 0.22 309 0.42 247 0.31
Realforce 799 0.95 185 0.20 799 1.10 175 0.22
Learnerbly 200 0.24 118 0.13 200 0.27 176 0.22
Stepex 499 0.59 50 0.05 499 0.69 125 0.15
Catalyst 224 0.27 - 0.00 224 0.31 56 0.07
Sealit 200 0.24 - 0.00 200 0.27 50 0.06
Seedata 150 0.18 - 0.00 150 0.20 4 0.00
Augnet 300 0.36 - 0.00 300 0.41 - 0.00
Bkwai 250 0.30 - 0.00 250 0.34 - 0.00
Artificial Artists 150 0.18 - 0.00 150 0.20 - 0.00
56,572 67.41 65,131 70.34 44,021 59.98 51,410 63.54
Principal Risks and Uncertainties
Principal Risks and Uncertainties and Emerging Risks
The Directors seek to mitigate the Company's principal risks by regularly
reviewing performance and monitoring progress and compliance. In the
mitigation and management of these risks, the Directors carry out a robust
assessment of the Company's emerging and principal risks, including those that
would threaten its business model, future performance, solvency or liquidity
and reputation.
The main areas of risk identified by the Company, including those arising from
its operational and investing activities, are detailed below. The Board
maintains a comprehensive risk register, reviewed at least twice a year by the
Audit Committee, which sets out the risks affecting both the Company and its
investee companies. This forms part of a broader risk management framework
that categorises risks as Strategic, Financial (including Investment and
Liquidity), and Non-Financial (including Operational, Regulatory and
Governance). The risk register also identifies emerging risks to determine
whether any actions are required. As it is not possible to eliminate risks
completely, the purpose of the Company's risk management policies and
procedures is to identify and manage risks, reducing possible adverse impacts.
The Directors have reviewed the current register and can confirm that the risk
landscape is broadly unchanged and the risks presented remain stable with no
material changes to report.
Summary of Principal Risks and Mitigations
Risk Category Risk Description Mitigation Change in year
VCT Qualifying Status Risk The Company is always required to observe the conditions laid down in the The Investment Manager keeps the Company's VCT-qualifying status under No change.
Income Tax Act 2007 for the maintenance of approved VCT status. The loss of continual review and reports to the Board at Board Meetings. Philip Hare &
such approval could lead to the Company losing its exemption from corporation Associates LLP undertake an independent annual review on the VCT status. Any
tax on capital gains, to investors being liable to pay income tax on dividends new Venture investments are reviewed by legal advisers, and their opinion
received from the Company, and, in certain circumstances, to investors being sought on whether the investment meets the criteria to be a qualifying
required to repay the initial income tax relief on their investment. investment.
Investment Risk The Company's VCT-qualifying investments will be held in small and The Directors and Investment Manager aim to limit the risk attached to the No Change.
medium-sized unquoted investments which, by their nature, entail a higher portfolio by careful selection and timely realisation of investments, by
level of risk and lower liquidity than investments in large, quoted companies, carrying out due diligence procedures appropriate to the size of each
impacting both returns and timings. investment and by maintaining a spread of holdings both in terms of industry
and in terms of the total number of portfolio companies that presently numbers
approximately 50.
The Board reviews the investment portfolio with the Investment Manager on a
regular basis. Where possible, a member of the Investment Manager team either
holds a seat on the board of the portfolio companies or has the right to act
as a board observer. This enables the Investment Manager to observe
developments at the portfolio company and offer assistance when and where this
may be required. The strategy aims to mitigate some of the risks typically
associated with venture capital investing by proactively working with
businesses with the potential for high growth that are typically actively
solving problems for established corporates, increasing their chances of
success.
Financial Risk The Company is exposed to market price risk, interest rate risk, credit risk, At the reporting date, the Company had no borrowings and substantial liquid No Change.
foreign currency risk and liquidity risk. As most of the Company's investments funds.
will involve a medium to long-term commitment and will be relatively illiquid,
the Directors consider that it is inappropriate to finance the Company's
activities through borrowing, other than for short-term liquidity.
Legislation Risk There is a risk of changes to legislation and/or Government Policy, caused by There is a practice of consultation before any major changes are implemented. No Change.
government taking a different approach which could result in changes to the It is important that the Company can respond proactively to any changes and
tax status of or rules governing VCTs. understand what, if any, impact they will have.
Emerging Risks
Climate Change Risk
Due to the medium to long-term time horizon of Climate Change, this risk is
deemed as an emerging risk in the context of the investments made by the VCT.
Climate Change or related legislation is considered unlikely to have a major
near-term impact on the Company, as the vast majority of the portfolio is made
up of a diversified range of software-based businesses. Each prospective new
company holding is considered with regard to how it may be impacted by climate
change, particularly in relation to sources of energy and costs associated
with data storage, and how this could in turn affect future growth. Should it
be relevant, the possible impact of other physical and transitional risks will
be considered.
Triple Point, as Investment Manager, is committed to sound management of
climate risk and opportunity to ensure the long-term protection of asset value
through reduction of exposure to the risk and also to contribute to essential
carbon reduction requirements. The Investment Manager has published near-term
science aligned Net Zero targets. These targets are available in Triple
Point's annual Sustainability Report and also via the Net Zero Asset Managers
Initiative of which Triple Point are signatories. We note that NZAM have been
undergoing a consultation on their structure, in which we have participated.
Results of this consultation will be reviewed to determine if there will be
any change to Triple Point's existing approach. Triple Point also publish a
Carbon Reduction Plan which is available on its website.
Artificial Intelligence (AI) Risk
Artificial Intelligence (AI) continues to evolve rapidly, presenting both
opportunities and emerging risks for the financial services sector. While AI
technologies have the potential to enhance efficiency, improve
decision-making, and create new investment insights, their increasing adoption
also introduces several areas of uncertainty and potential disruption.
Triple Point as Investment Manager continue to monitor developments in AI
closely, both as a source of innovation and as a potential source of
volatility. The Board, in conjunction with the Investment Manager, will remain
vigilant in assessing AI-related exposures and adjusting the risk framework
accordingly to protect shareholder interests.
Macroeconomic Conditions
A turbulent global macroeconomic environment threatens early-stage startups'
growth and fundraising prospects. After the pandemic-era boom, monetary
tightening and inflation have created a "new normal" of higher interest rates
and cautious capital markets.
As a consequence, B2B startups find it harder to win new contracts as
customers tighten spending and therefore face greater challenge in
demonstrating a clear path to profitability. Moreover, higher interest rates
and weaker public markets reduce exit opportunities (fewer IPOs or
acquisitions), potentially lengthening holding periods.
In addition to macroeconomic risk, any sustained deterioration of trust,
liquidity or capital in the banking sector could have a material impact on
existing portfolio companies, given their reliance on existing cash reserves
to fund their costs. The Investment Manager continues to closely monitor the
cash position of portfolio companies.
Geopolitical Instability and Supply Chain Disruption
Heightened geopolitical tensions and conflicts worldwide pose an emerging risk
that can ripple into the UK tech startup scene. Ongoing wars and geopolitical
frictions - from the Russia-Ukraine conflict to US-China tech/trade disputes -
have destabilising effects on supply chains, energy prices, and investor
confidence.
Triple Point's diversified sector approach offers some hedge - for instance,
digital health or fintech ventures might be less directly affected by
manufacturing supply shocks - but broad instability and market volatility
caused by geopolitical events can dampen exit markets and investor sentiment
across all sectors.
Directors' Responsibility Statement
The Directors confirm that to the best of their knowledge that:
a) the Interim Report includes a fair review of important events during the
period and their effect on the Condensed Financial Statements and a
description of specific risks and uncertainties for the remainder of the
accounting period as required by DTR 4.2.7;
b) the Condensed Financial Statements, which has been prepared in accordance
with the UK adopted International Accounting Standard 34 "Interim Financial
Reporting" following the same principles for recognising and measuring as when
preparing annual financial reports, give a true and fair view in accordance
with IFRS of the assets, liabilities, financial position and of the results of
the Company for the period as required by DTR 4.2.4 and complies with IFRS and
the Companies Act 2006; and
c) the Interim Report includes a fair review of related party transactions
and changes therein as required by DTR 4.2.8.
This Interim Report has not been audited or reviewed by the auditors.
Jamie Brooke
Chair
11 November 2025
Unaudited Statement of Comprehensive Income
For the six months ended 31 August 2025
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
31 August 2025 28 February 2025 31 August 2024
Note
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment income 5 489 - 489 1,096 - 1,096 584 - 584
Gains on investments - 1,160 1,160 - 1,799 1,799 - 1,303 1,303
Investment return 489 1,160 1,649 1,096 1,799 2,895 584 1,303 1,887
Investment management fees 6 86 778 864 139 1,250 1,389 65 588 653
Other expenses 328 85 413 757 113 870 413 - 413
414 863 1,277 896 1,363 2,259 478 588 1,066
Profit before taxation 75 297 372 200 436 636 106 715 821
Taxation 8 - - - - - - - - -
Profit after taxation 75 297 372 200 436 636 106 715 821
Other comprehensive income - - - - - - - - -
Total comprehensive income 75 297 372 200 436 636 106 715 821
Basic & diluted earnings per share
Venture Shares 9 0.08p 0.31p 0.39p 0.27p 0.59p 0.86p 0.15p 1.02p 1.17p
The total column of this statement is the Statement of Comprehensive Income of
the Company prepared in accordance with UK-adopted International Accounting
Standards (IAS). The supplementary revenue return and capital columns have
been prepared in accordance with the Association of Investment Companies
Statement of Recommended Practice ("AIC SORP" updated July 2022) in so far as
it does not conflict with IAS.
All revenue and capital items in the above statement derive from continuing
operations.
The Company has only one class of business and derives its income from
investments made in shares and securities as well as from bank deposits and
Money Market funds.
Unaudited Statement of Financial Position
At 31 August 2025
Company No: 07324448
Unaudited Audited Unaudited
31 August 2025 28 February 2025 31 August 2024
Note £'000 £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 10 66,006 52,311 48,888
66,006 52,311 48,888
Current assets
Receivables 403 2,379 374
Cash and cash equivalents 11 26,576 28,601 21,665
Deferred proceeds 300 844 841
27,279 31,824 22,880
Total assets 93,285 84,135 71,768
Current liabilities
Payables and accrued expenses 670 588 619
670 588 619
Net assets 92,615 83,547 71,149
Equity attributable to equity holders
Share capital 12 986 875 729
Share premium 58,784 47,472 33,397
Share redemption reserve 191 180 178
Special distributable reserve 30,388 33,126 34,766
Capital reserve 3,852 3,555 3,834
Revenue reserve (1,586) (1,661) (1,755)
Total equity 92,615 83,547 71,149
Shareholders' funds
Net asset value per Venture Share 14 93.94p 95.44p 97.61p
31 August 2025
28 February 2025
31 August 2024
Note
£'000
£'000
£'000
Non-current assets
Financial assets at fair value through profit or loss
10
66,006
52,311
48,888
66,006
52,311
48,888
Current assets
Receivables
403
2,379
374
Cash and cash equivalents
11
26,576
28,601
21,665
Deferred proceeds
300
844
841
27,279
31,824
22,880
Total assets
93,285
84,135
71,768
Current liabilities
Payables and accrued expenses
670
588
619
670
588
619
Net assets
92,615
83,547
71,149
Equity attributable to equity holders
Share capital
12
986
875
729
Share premium
58,784
47,472
33,397
Share redemption reserve
191
180
178
Special distributable reserve
30,388
33,126
34,766
Capital reserve
3,852
3,555
3,834
Revenue reserve
(1,586)
(1,661)
(1,755)
Total equity
92,615
83,547
71,149
Shareholders' funds
Net asset value per Venture Share
14
93.94p
95.44p
97.61p
The statements were approved by the Directors and authorised for issue on 11
November 2025 and are signed on their behalf by:
Jamie Brooke
Chair
11 November 2025
The accompanying notes are an integral part of this statement.
Unaudited Statement of Changes in Shareholders' Equity
For the six months ended 31 August 2025
Issued Capital Share Premium Share Redemption Reserve Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31 August 2025
Opening balance 875 47,472 180 33,126 3,555 (1,661) 83,547
Issue of Share Capital 119 11,297 - - - - 11,416
Cost of issue of Shares - (275) - - - - (275)
Dividend reinvestment scheme 3 290 - - - - 293
Share buybacks (11) - 11 (987) - - (987)
Dividends paid - - - (1,751) - - (1,751)
Transactions with owners 111 11,312 11 (2,738) - - 8,696
Total comprehensive income for the period - - - - 297 75 372
Balance at 31 August 2025 986 58,784 191 30,388 3,852 (1,586) 92,615
The Capital Reserve consists of:
Investment holding gains 8,876
Other realised losses (5,024)
3,852
Issued Capital Share Premium Share Redemption Reserve Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Year ended 28 February 2025
Opening balance 632 23,714 174 36,418 3,119 (1,861) 62,196
Issue of Share Capital 244 23,863 - - - - 24,107
Dividend reinvestment scheme 5 480 - - - - 485
Cost of issue of Shares - (585) - - - - (585)
Share buybacks (6) - 6 (467) - - (467)
Dividends paid - - - (2,825) - - (2,825)
Transactions with owners 243 23,758 6 (3,292) - - 20,715
Total comprehensive loss for the period - - - - 436 200 636
Balance at 28 February 2025 875 47,472 180 33,126 3,555 (1,661) 83,547
The Capital Reserve consists of:
Investment holding gains 7,732
Other realised losses (4,177)
3,555
Issued Capital Share Premium Share Redemption Reserve Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Six months ended 31 August 2024
Opening balance 632 23,714 174 36,418 3,119 (1,861) 62,196
Issue of Share Capital 101 9,960 - - - - 10,061
Cost of issue of Shares - (277) - - - - (277)
Share buybacks (4) - 4 (390) - - (390)
Dividend paid - - - (1,262) - - (1,262)
Transactions with owners 97 9,683 4 (1,652) - - 8,132
Total comprehensive loss for the period - - - - 715 106 821
Balance at 31 August 2023 729 33,397 178 34,766 3,834 (1,755) 71,149
The Capital Reserve consists of:
Investment holding gains 6,817
Other realised losses (2,983)
3,834
The capital reserve represents the proportion of Investment Management fees
charged against capital and realised/unrealised gains or losses on the
disposal/revaluation of investments. The unrealised capital reserve is not
distributable. The special distributable reserve was created on court
cancellation of the share premium account. The revenue reserve, realised
capital reserve and special distributable reserve under company law are
distributable by way of dividend.
At 31 August 2025 the total reserves available for distribution under the
Companies Act are £23.8 million (28 February 2025: £27.3 million). This
consists of the special distributable reserve less realised capital losses and
the revenue loss.
The Special Distributable Reserve was created following the cancellation of
the Share Premium Account. The VCT Regulations restrict the distribution of
this Special Distributable Reserve until a date at least three years after the
financial year in which the funds were originally raised. On 31 August 2025
£15.8 million (28 February 2025: £7.0 million) of the Special Distributable
Reserve was available for distribution.
Unaudited Statement of Cash Flows
For the six months ended 31 August 2025
Unaudited Audited Unaudited
Six months ended Year ended Six months ended
31 August 2025 28 February 2025 31 August 2024
£'000 £'000 £'000
Cash flows from operating activities
Profit before taxation 372 636 821
Net gain on investments during the period (1,160) (1,799) (1,303)
Adjustment for: Interest on fixed deposits and Money Market funds (422) (999) (512)
Cash flow used in operations (1,210) (2,162) (994)
(Increase)/decrease in receivables 1,976 (2,023) (18)
Increase in payables 82 105 135
Net cash flows generated/(used) in operating activities 848 (4,080) (877)
Cash flows from investing activities
Purchase of financial assets at fair value through profit or loss (12,551) (7,693) (4,302)
Disposal of financial assets at fair value through profit or loss 560 461 -
Interest on fixed deposits and Money Market funds 422 999 512
Net cash flows used in investing activities (11,569) (6,233) (3,790)
Cash flows from financing activities
Issue of Shares* 11,141 23,522 9,566
Buyback of Shares (987) (467) (390)
Dividends paid (1,458) (2,340) (1,043)
Net cash flows from financing activities 8,696 20,715 8,133
Net (decrease)/increase in cash and cash equivalents (2,025) 10,402 3,466
Reconciliation of net cash flow to movements in cash and cash equivalents
Cash and cash equivalents at 1 March 2025 28,601 18,199 18,199
Net increase/(decrease) in cash and cash equivalents (2,025) 10,402 3,466
Cash and cash equivalents at 31 August 2025 26,576 28,601 21,665
* Net of Share issue costs.
The accompanying notes are an integral part of this statement.
Condensed Notes to the Unaudited Interim Financial Statements
For the six months ended 31 August 2025
1. Corporate information
The Unaudited Interim Report of the Company for the six months ended 31 August
2025 was authorised for issue in accordance with a resolution of the Directors
on 11 November 2025.
Triple Point Venture VCT plc is incorporated and domiciled in the United
Kingdom and registered in England and Wales. The address of the Company's
registered office is The Scalpel 18th Floor, 52 Lime Street, London, EC3M 7AF.
The principal place of business is the office of the Investment Manager whose
address is 1 King William Street, London, EC4N 7AF.
The functional and reporting currency is pounds sterling (£), reflecting the
primary economic environment in which the Company operates.
The principal activity of the Company is investment. The Company's investment
strategy is to offer exposure to venture capital investments and to maintain
liquidity in cash or cash-based funds.
2. Basis of preparation and accounting
policies
Basis of preparation
The Unaudited Interim Financial Statements of the Company for the six months
ended 31 August 2025 has been prepared in accordance with IAS 34, Interim
Financial Reporting and in compliance with the principles of recognising and
measurement in the Statement of Recommended Practice ("SORP"): "Financial
Statements of Investment Trust Companies and Venture Capital Trusts" issued by
the Association of Investment Companies ("AIC") in July 2022.
The principal accounting policies and methods of computation remain unchanged
from those set out in the Company's 2025 Annual Report and Accounts. The
Interim Report does not include all the information required for full
Financial Statements and should be read in conjunction with the Financial
Statements for the year ended 28 February 2025.
Estimates
In the application of the Company's accounting policies, the Directors are
required to make judgements, estimates and assumptions that affect the
reported amounts of assets, liabilities, income and expenses. It is possible
that actual results may differ from these estimates.
The estimates and underlying assumptions underpinning our investments are
reviewed on an ongoing basis by both the Board and the Investment Manager.
Revisions to any accounting estimates are recognised in the period in which
the estimate is revised if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current
and future periods.
Going Concern
The Company's business activities, together with the factors likely to affect
its future development, performance and position, are set out in the
Investment Manager's Review. The Company faces a number of risks and
uncertainties, as set out on pages 15 to 16.
The Company continues to meet day-to-day liquidity needs through its cash
resources on hand, with a cash and cash equivalents balance of £26.6m. The
Company's revenue comes predominantly from interest earned on its cash and
liquid resources and to a lesser extent from the investments in Shenval
(Hydroelectric power) and Modern Power Generation ("MPG"), a small lending
business. The Company takes an active approach to manage liquidity and
increase the return on cash held.
The major cash outflows of the Company continue to be the payment of
dividends to Shareholders, costs relating to the funding of investments and
investment management fees due to the Investment Manager. Dividends and new
investments are discretionary and, in a time of stress, the Investment Manager
may allow the Company to defer payment of management fees.
The Directors have reviewed cash flow projections which show the Company has
sufficient financial resources to meet its obligations for at least 12 months
from the date of this report. Accordingly, the Directors continue to adopt the
going concern basis in preparing the financial statements.
3. Segmental reporting
The Directors are of the opinion that the Company only has a single operating
segment of business, being investment activity.
4. Significant risk changes in the current reporting period
The Company has reviewed its exposure to climate related and other emerging
business risks, but has not identified any new significant risks that could
impact the financial performance or position of the Company as at 31 August
2025.
5. Investment income
Unaudited Audited Unaudited
Six months ended 31 August 2025 Year Ended 28 February 2025 Six months ended 31 August 2024
Total Total Total
£'000 £'000 £'000
Interest receivable on bank balances 3 1 -
Money Market funds 445 1,023 542
Loan interest 41 72 42
489 1,096 584
6. Investment management fees
Unaudited Six months ended
31 August 2025 Audited Year ended Unaudited Six months ended
28 February 2025 31 August 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Management fees 86 778 864 139 1,250 1,389 65 588 653
Total management fees 86 778 864 139 1,250 1,389 65 588 653
TPIM provides investment management services to the Company under an
Investment Management Agreement dated 12 September 2023. From 12 September
2023, the Investment Manager was appointed AIFM and is responsible for risk
management and portfolio management.
The Investment Manager has full discretion under the Investment Management
Agreement to make investments in accordance with the Company's Investment
Policy from time to time. The agreement provides for an investment management
fee of 2.00% per annum of net assets, payable quarterly in arrears. The
Investment Management Agreement may be terminated by either the Investment
Manager or the Company by providing the other party with no less than 12
calendar months' written notice.
Performance fee
TPIM earns a performance fee if the total return (net asset value plus
distributions made) to holders of the Venture Shares exceeds their net initial
subscription price by an annual threshold of 3% per annum, calculated on a
compound basis. To the extent that the total return exceeds the threshold over
the relevant period then a performance incentive fee of 20% of the excess is
payable to TPIM.
Performance fees are assessed based on the VCT's audited year-end valuations
(i.e. in February each year) and will be accrued in the accounts of the
Company. High water marks apply. No performance fees have been earned by TPIM
in the current period or prior year.
The Investment Manager did not receive fees for services to investee companies
in the current period or prior year.
7. Directors' remuneration
Unaudited Audited Unaudited
Six months ended Year ended Six months ended 31 August 2024
31 August 2025 28 February 2025
Total Total Total
£'000 £'000 £'000
Julian Bartlett 11 22 11
Jamie Brooke 13 23 11
Sam Smith* 10 20 10
Jane Owen** - 10 10
34 75 42
* Appointed as a Director effective 8 February 2024
** Resigned as a Director effective 23 July 2024
The only remuneration received by the Directors was their Directors' fees. The
Company has no employees other than the Non-Executive Directors.
8. Taxation
Unaudited Audited Unaudited
Six months 31 August 2025 Year ended 28 February 2025 Six months 31 August 2024
Total Total Total
£'000 £'000 £'000
Profit on ordinary activities before tax 372 636 821
Corporation tax @ 25% 93 159 205
Effect of:
Capital gains not taxable (290) (449) (326)
Disallowed expenditure 21 28 20
Excess management expenses on which deferred tax not recognised 176 262 101
Tax charge for the period - - -
Capital gains and losses are exempt from corporation tax due to the Company's
status as a Venture Capital Trust.
9. Earnings per share
The earnings per Venture Share is 0.39p (31 August 2024: 1.17p) and is based
on a profit from ordinary activities after tax of £372,000 (31 August 2024:
£821,000) and on the weighted average number of Venture Shares in issue
during the period of 95,269,590 (31 August 2024: 70,375,801).
10. Financial assets at fair value through profit or loss
Cost Cumulative Gains Fair Value
£'000 £'000 £'000
Six months ended 31 August 2025:
Opening cost 44,791 - 44,791
Opening investment holding gains - 7,520 7,520
Opening value at 1 March 2025 44,791 7,520 52,311
Purchases at cost 12,551 - 12,551
Net gains on held investments - 1,144 1,144
Closing value at 31 August 2025 57,342 8,664 66,006
Cost Cumulative Gains Fair Value
£'000 £'000 £'000
Year ended 28 February 2025:
Opening cost 38,896 - 38,896
Opening investment holding gains - 4,928 4,928
Opening value at 1 March 2024 38,896 4,928 43,824
Purchases at cost 9,905 - 9,905
Net gains on held investments - 1,373 1,373
Less: investments disposed of during the period
Original cost (4,010) - (4,010)
Derecognition of unrealised net cumulative losses - 1,219 1,219
Closing value at 28 February 2025 44,791 7,520 52,311
Cost Cumulative Gains Fair Value
£'000 £'000 £'000
Six months ended 31 August 2024:
Opening cost 38,896 - 38,896
Opening investment holding gains - 4,928 4,928
Opening value at 1 March 2024 38,896 4,928 43,824
Purchases at cost 4,302 - 4,302
Net gains on held investments - 1,249 1,249
Less: investments disposed of during the period
Original cost (915) - (915)
Derecognition of unrealised net cumulative losses - 428 428
Closing value at 31 August 2024 42,283 6,605 48,888
11. Cash and cash equivalents
31 August 2025 28 February 2025 31 August 2024
£'000 £'000 £'000
Cash at bank 5,672 7,988 765
Money Market funds 20,904 20,613 20,900
26,576 28,601 21,665
Cash and cash equivalents are short term, highly liquid investments that are
readily convertible to known amounts of cash and that are subject to a lower
risk of changes in value. Therefore, an investment normally qualifies as a
cash equivalent only when it has a short maturity of, say, three months or
less from the date of acquisition.
12. Share Capital
Ordinary shares of £0.01
Six months ended 31 August 2025
As at 1 March 2025 No. of Venture Shares Amount (£'000)
87,542,533 875
Allotted during the period
11 March 2025 966,588 10
17 March 2025 (DRIS) 310,830 3
28 March 2025 2,702,634 27
3 April 2025 2,832,655 28
4 April 2025 1,907,382 19
8 April 2025 164,425 2
4 July 2025 1,688,981 17
31 July 2025 1,574,215 16
Shares bought back and cancelled
11 March 2025 (389,041) (4)
04 July 2025 (427,212) (4)
08 August 2025 (286,072) (3)
Ordinary Share Capital 31 August 2025 98,587,918 986
Year ended 28 February 2025
As at 1 March 2024 No. of Venture Shares Amount (£'000)
63,113,620 631
Allotted during the period
5 March 2024 879,639 9
18 March 2024 (DRIS) 241,772 2
2 April 2024 3,769,252 38
4 April 2024 1,954,264 20
5 April 2024 1,285,315 13
27 June 2024 1,365,747 14
31 July 2024 705,100 7
29 October 2024 3,451,232 34
12 November 2024 1,818,892 18
2 December 2024 (DRIS) 278,603 3
19 December 2024 3,537,826 35
10 February 2025 3,183,619 32
26 February 2025 2,465,470 25
Shares bought back and cancelled
4 July 2024 (367,609) (4)
9 August 2024 (55,800) (1)
18 November 2024 (84,409) (1)
Ordinary Share Capital 28 February 2025 87,542,533 875
Six months ended 31 August 2024
As at 1 March 2024 No. of Venture Shares Amount (£'000)
63,113,620 631
Allotted during the period
5 March 2024 879,639 9
18 March 2024 (DRIS) 241,772 2
2 April 2024 3,769,252 38
4 April 2024 1,954,264 20
5 April 2024 1,285,315 13
27 June 2024 1,365,747 14
31 July 2024 705,100 7
Shares bought back and cancelled
4 July 2024 (367,609) (4)
9 August 2024 (55,800) (1)
Ordinary Share Capital 31 August 2024 72,891,300 729
13. Dividends
Six Months ended 31 August 2025 Year ended 28 February 2025 Six Months ended 31 August 2024
£'000 £'000 £'000
Venture Share Dividend 2.00p per share (Period ended 31 August 2025 2.00p) 1,751 - -
Venture Share Dividend 2.00p per share (Year ended 28 February 2025 2.00p) - 1,262 1,262
Venture Share Dividend 2.00p per share (Year ended 28 February 2025: 2.00p) - 1,563 -
Total Dividend Paid 1,751 2,825 1,262
The Board announced an interim dividend of 2 pence per share, equivalent to
£2 million, to Shareholders on 29 September 2025. The dividend is due to be
paid on or around 1 December 2025 to Shareholders on the register at the close
of business on 14 November 2025, and as a result is not included in the table
above.
14. Net asset value per share
Six months ended 31 August 2025 Year ended 28 February 2025 Six months ended 31 August 2024
Net asset value per Venture Share (p) 93.94 95.44 97.61
The net asset value per Venture Share is 93.94p (28 February 2025: 95.44p) and
is calculated on net assets of £92.6 million divided by the 98,587,918
Venture Shares in issue as at 31 August 2025.
15. Ongoing Charges Ratio (annualised)
Six months to 31 August 2025 Year to 28 February 2025 Six months to 31 August 2024
£'000 £'000 £'000
Management fees 864 1,389 653
Other operating expenses 413 870 413
Less: Non-recurring legal & professional fees (51) (113) (80)
Total ongoing charges 1,226 2,146 986
Average undiluted net assets* 82,673 72,121 62,150
Ongoing Charges ratio (annualised) 2.97% 2.98% 3.17%
The annualised ongoing charges represent the total expense for the year with
the exclusion of performance fees payable by Triple Point Investment
Management LLP and certain non-recurring expenses, calculated using to AIC
guidance from the Association of Investment Companies. TPV's annual running
costs will continue to be capped at 3.5% of TPV's NAV (excluding VAT and also
any performance fees payable to TPIM). Any excess will be met by TPIM by way
of a reduction in future investment management fees.
*Average net assets is calculated from overall average of quarterly net asset
value.
16. Related party
transactions
There were no related party transactions during the period as defined in
International Accounting Standards.
17. Post balance sheet events
The following events occurred between the balance sheet date and the signing
of this interim report:
The Company has made one investment since the period end:
· £1.0 million new investment into Chalkie AI Limited
Shareholder Information
Directors Solicitors
Julian Bartlett Howard Kennedy LLP
Jamie Brooke No. 1 London Bridge
Sam Smith London
SE1 9BG
Administrator, Company Registrars
Secretary and Registered Office
Computershare Investor Services plc
JTC (UK) Limited The Pavilions
The Scalpel Bridgwater Road
18th Floor Bristol
52 Lime Street BS99 6ZY
London
EC3M 7AF
Registered Number VCT Taxation Advisers
07324448 Philip Hare & Associates LLP
6 Snow Hill
London
EC1A 2AY
Investment Manager and AIFM Bankers
Triple Point Investment Management LLP The Royal Bank of Scotland plc
1 King William Street 54 Lime Street
London London
EC4N 7AF EC3M 7NQ
Tel: 020 7201 8989
Independent Auditor Depositary
Deloitte LLP Indos Financial Limited
The Silver Fin Building The Scalpel
8th Floor 18th Floor
455 Union Street 52 Lime Street
Aberdeen London EC3M 7AF
AB11 6DB
1 Source: Pitchbook-NVCA Venture Monitor (April 2025)
2 Source: Beauhurst (2025).
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