REG - Utilico Emerging Mkt - Half-year Financial Report
19/11/2025 09:30
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RNS Number : 1728I Utilico Emerging Markets Trust PLC 19 November 2025
Date: 19 November 2025
UTILICO EMERGING MARKETS TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS TO 30 SEPTEMBER 2025
Utilico Emerging Markets Trust plc ("UEM" or the "Company") today announced
its unaudited financial results for the six months to 30 September 2025.
Highlights of results for the six months to 30 September 2025:
· Net asset value ("NAV") total return per share of 12.7%*
· NAV per share of 285.06p per share, up 10.8%
· Gross assets of £536.6m*, an increase of 7.9%
· Annual compound NAV total return since inception of 9.2%*
· Dividends per share totalled 4.745p for the period, an increase
of 6.0%. Dividends were fully covered by earnings
· Revenue earnings per share ("EPS") increased 24.6% to 8.15p
· Total revenue income increased to £18.1m (2024: £14.7m)
*See Alternate Performance Measures on pages 39 to 41 of the Half-Yearly
Financial Report for the six months to 30 September 2025
The Half-Yearly Financial Report for the six months to 30 September 2025 will
be posted to shareholders in early December 2025. A copy will shortly be
available to view and download from the Company's website at
www.uemtrust.co.uk (http://www.uemtrust.co.uk) and the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . Please click on
the following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/1728I_1-2025-11-19.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1728I_1-2025-11-19.pdf)
Mark Bridgeman, Chairman of UEM said: "UEM celebrated its 20 year anniversary
of listing in July. This milestone is a strong testament to the fund's long
term strategic focus of investing in infrastructure and utilities within
emerging markets and the experience of the dedicated investment management
team. Looking at the Company's long term performance, over a five year period
and since inception, UEM has returned 67.8% and 494.3% (9.2% per annum)
respectively, outperforming the MSCI EM total return index, which was up 34.6%
and 379.5% (8.1% per annum) over the same periods.
"The last six months have been challenging to navigate with heightened
geopolitical and macro volatility. Nevertheless, the investment management
team have continued to identify well managed infrastructure and utilities
companies, offering investors a highly differentiated, benchmark agnostic
portfolio.
"In August we announced a series of shareholder initiatives to enhance
shareholder returns; as part of these, the planned 2026 continuation vote was
brought forward to 2025 with the resolution passed by over 97% of shareholders
voting. The Board would like to thank shareholders sincerely for their
continuing support."
Charles Jillings & Jacqueline Broers, Investment Managers of UEM added:
"UEM's strong performance for the first six months to 30 September 2025 was
overshadowed by the surge in Asian AI and technology stock performances,
witnessed in the latter half of the reporting period, which contrasts with
UEM's highly differentiated portfolio focussed on infrastructure and
utilities.
"Despite the macro and geopolitical backdrop, we are seeing a number of
exciting investment opportunities. UEM's unique focus continues to be on
bottom up investing in emerging markets, predominately in infrastructure and
utilities companies that are well placed to benefit from the four global
infrastructure megatrends (social infrastructure, energy growth &
transition, digital infrastructure and global trade). These trends continue to
be fundamental as infrastructure investment remains crucial for today's needs
and tomorrow's innovation within emerging markets."
Contacts: Joint Portfolio Manager and Company Secretary
ICM Investment Management
Limited
+44(0)1372 271486
Charles Jillings / Jacqueline
Broers / Alastair Moreton
Public Relations
Montfort
Communications
+44(0) 7798 626282
Gay Collins / Alex Everett
utilico@montfort.london (mailto:utilico@montfort.london)
Joint Brokers
Shore
Capital
+44(0)20 7408 4090
Gillian Martin / Daphne Zhang
Barclays
Bank
+44(0)20 7623 2323
Dion Di Miceli / Stuart Muress / James Atkinson
BarclaysInvestmentCompanies@barclays.com
(mailto:BarclaysInvestmentCompanies@barclays.com)
Performance Summary
% Change
Half-year Half-year Annual Mar -
30 Sep 2025 30 Sep 2024 31 Mar 2025 Sep 2025
NAV total return per share1 (%) 12.7 (1.4) (2.9) n/a
Share price total return per share1 (%) 20.3 0.1 1.8 n/a
Annual compound NAV total return1 (since
inception) (%) 9.2 9.1 8.8 n/a
NAV per share (pence) 285.06 266.00 257.28 10.8
Share price (pence) 255.00 217.00 216.00 18.1
Discount1 (%) (10.5) (18.4) (16.0) n/a
Earnings per share
- Capital (pence) 23.31 (10.96) (18.81) 312.73
- Revenue (pence) 8.15 6.54 9.95 24.63
Total (pence) 31.46 (4.42) (8.86) 811.83
Dividends per share (pence) 4.7452 4.475 9.125 6.03
Gross assets1 (£m) 536.6 519.4 497.4 7.9
Equity holders' funds (£m) 515.0 499.9 479.8 7.3
Shares bought back (£m) 14.1 6.5 9.6 116.93
Cash (£m) 4.3 17.8 3.9 10.3
Bank loans (£m) (21.6) (19.5) (17.5) 23.4
Net debt (£m) (17.3) (1.7) (13.6) 27.2
Net gearing1 (%) (3.3) (0.3) (2.8) n/a
Management and administration fees and 3.7 3.8 (2.6)3
other expenses (£m) 7.4
Ongoing charges figure1 (%) 1.54 1.54 1.5 n/a
(1) See Alternative Performance Measures on pages 39 to 41 of the
Half-Yearly Financial Report for the six months to 30 September 2025
(2) The second quarterly dividend declared has not been included as
a liability in the accounts
(3) Percentage change based on comparable six month period to 30
September 2024
(4) For comparative purposes the figures have been annualised
Chairman's Statement
UEM celebrated its 20 year anniversary of listing in July. This milestone is a
strong testament to the fund's long term strategic focus of investing in
infrastructure and utilities within emerging markets and the experience of the
dedicated investment management team.
UEM delivered a NAV total return performance of 12.7% for the six months to 30
September 2025. While the MSCI EM total return Index in Sterling terms was
18.8%, this was driven primarily by a narrow set of technology companies. UEM
focuses on infrastructure and utility stocks and consequently the relative
underexposure to direct Artificial Intelligence ("AI") and technology
investments, especially within the Asian markets, was the main reason for
UEM's underperformance.
Given UEM's focus, where investment in infrastructure and utilities companies
remains fundamental to the advancement of many emerging market economies, it
is important to look at the Company's long term performance. Over a five year
period and since inception, UEM has outperformed the MSCI EM total return
Index reporting a return of 67.8% and 494.3% (9.2% per annum) respectively,
whilst the MSCI EM Index was up 34.6% and 379.5% (8.1% per annum) over the
same periods.
This last six months have continued to be challenging to navigate, with
heightened geopolitical and macro volatility. The markets have witnessed
continual changes to US President Trump's tariff policy; persistent question
marks over the direction of US interest rates and inflation; an export led
Chinese economy; ongoing geopolitical pressures with the Ukraine-Russia war;
and mounting tension in the Middle East.
Nevertheless, the investment management team continues to identify well
managed infrastructure and utilities companies, which offer investors a highly
differentiated, benchmark agnostic portfolio, as reflected in the fund's
active share (a measure of the difference between UEM's holdings and those in
the MSCI EM Index) being over 97%. This bottom-up focus continues to be a key
attribute of the fund, as the team continues to capitalise on the global
infrastructure megatrends that are driving investment into infrastructure and
utilities, and which is imperative to the development of many emerging market
economies.
Shareholder initiatives
In August we announced a series of shareholder initiatives with the intention
of enhancing shareholder returns. These initiatives included:
New conditional tender offer structure: a new performance-related tender offer
benchmarked against the MSCI EM total return Index and measured over the
five-year period to 31 March 2030, for up to 25% of UEM's issued share
capital.
Share buyback commitment: the Board will continue to use its buyback programme
to seek to address the discount to NAV at which UEM's shares may trade from
time to time, with the ambition of maintaining a single digit discount in
normal market conditions on a sustainable basis.
Progressive dividend policy: a continuation of the commitment to increase the
total annual dividend, paid quarterly.
As part of these initiatives, the planned 2026 continuation vote was brought
forward to 2025 and held at a General Meeting on the same day as the Company's
Annual General Meeting ("AGM") in September. I am pleased to report that the
resolutions at the General Meeting were passed by over 97% of shareholders
voting. The Board would like to thank shareholders sincerely for their
continuing support. The next continuation vote will take place at the AGM to
be held in 2030.
Revenue Earnings and Dividend
UEM's revenue earnings per share ("EPS") increased by 24.6% to 8.15p compared
to the six months ended 30 September 2024. The dividend remained fully covered
by earnings.
UEM declared a first quarter dividend of 2.325p per share and an increased
second quarter dividend of 2.42p per share, making a total of 4.745p per share
for the half year. Based on two further quarterly dividends of 2.42p per
share, the full year dividend to 31 March 2026 would amount to 9.585p, an
increase of 5.0% on the prior year. The Board remains committed to pursuing a
progressive dividend policy.
The retained earnings revenue reserves increased by £6.5m, over the six
months to 30 September 2025 to £18.5m, equal to 10.22p per share.
Ongoing Charges
Ongoing charges were unchanged at 1.5% for the half year to 30 September 2025.
This is an area that the Board remains focused on, regularly assessing the
Company's service providers and fees.
Bank Debt
As at 30 September 2025, UEM's bank debt was £21.6m, an increase of £4.1m
from £17.5m as at 31 March 2025. Net gearing stood at 3.3%
(31 March 2025: 2.8%). The increase in the gearing reflects our portfolio
managers' positive views on the outlook for emerging markets and opportunities
available.
Unlisted Investments (Level 3 Investments)
The primary focus for UEM has been, and continues to be, listed investments.
As noted in the Company's annual report as at 31 March 2025, no new unlisted
investment will be made, except in exceptional circumstances.
As at 30 September 2025, the value of the level 3 investments was £9.4m,
representing 1.8% of the portfolio down from £13.4m (2.7% of the portfolio)
as at 31 March 2025. The reduction is primarily due to the decrease in
valuation of Petalite of £2.1m.
Share Buybacks
Over the six months to 30 September 2025, UEM's share price discount has
narrowed from 16.0% to 10.5%. The Company bought back 5.8m shares during the
period, equivalent to 3.1% of the shares in issue as at 31 March 2025 at an
average price of 242.78p per share and a total cost of £14.1m. The share
buybacks contributed 0.4% to UEM's total returns during the six months ended
30 September 2025. Since inception the fund has bought back 96.4m shares, at
an aggregate cost of £187.9m.
Outlook
We continue to be positive on the long term outlook for emerging markets as
the international economic order is realigning, which better reflects the
growing economic weight of emerging markets in the global economy.
Notwithstanding question marks arising around US exceptionalism, in the short
term a slow down in global growth on the back of US tariffs remains a concern,
particularly as China's economic recovery remains sluggish and partially
obscured by the AI euphoria currently being reflected in the market. Trade
tensions, despite thawing, continue to add an additional layer of uncertainty.
Nevertheless, despite higher market volatility, opportunities still remain. We
continue to be confident that our strong management teams across the portfolio
are able to navigate the challenging environment, especially as investments
into infrastructure and utility assets remain critical for many emerging
market economies to become resilient in the longer term.
Mark Bridgeman
Chairman
19 November 2025
Investment Managers' Report
UEM's strong performance for the first six months to 30 September 2025 was
overshadowed by the surge in Asian AI and technology stock performances
witnessed in the latter half of the reporting period. Given UEM's highly
differentiated portfolio (reflected by its active share of over 97%) focused
on infrastructure and utilities and lack of exposure to the technology
euphoria, UEM's total return increased by 12.7% underperforming the MSCI EM
total return Index which increased by 18.8% in Sterling terms. However, UEM's
NAV performance over five years and since inception is ahead of the MSCI EM
total return Index reporting a return of 67.8% and 494.3% (9.2% per annum)
respectively whilst the MSCI EM total return Index was up 34.6% and 379.5%
(8.1% per annum) over the same periods.
Investment Environment
In the six months to 30 September 2025, markets have continued to see
heightened economic and political uncertainty. President Trump's gyrating US
trade policy has not only started to reshape global trade but has also
increased global tensions with tariffs being used not only as an economic
tool, but for geopolitical purposes as well. Both Brazil and India have been
on the receiving end of such actions.
Question marks have also started to emerge around US exceptionalism.
Uncertainty over the direction of US monetary policy remains, as US
inflationary pressures have persisted, despite evidence of a slowing labour
market and GDP growth.
Relations between the US and China continue to be precariously balanced with
both sides strategically competitive and distrustful, yet cognisant of the
need to coexist. China continues to see macroeconomic weakness. Whilst China's
GDP growth is likely to reach its annual 'target' of around 5.0%, consumer
confidence remains weak, the property market - once the engine room of growth
- is fragile, and local government debt levels are stressed. This weakness
though is not being reflected in the Chinese markets which are dominated by
the AI euphoria, coupled with a strong belief in the government's
'anti-involutionary policy' which aims to target excessive competition and
overcapacity within certain industries.
Despite the macro and geopolitical backdrop, there continues to be a number of
exciting investment opportunities across emerging markets. It is encouraging
to see so many of UEM's investee companies continuing to be resilient, as well
as adaptive, whilst remaining focused on delivering over the long term.
Portfolio Focus
As at 30 September 2025, UEM's gross assets increased to £536.6m (31 March
2025: £497.4m) reflecting portfolio gains of £47.1m, and share buy backs of
£14.1m during the six months under review.
At the half year, the top ten investments accounted for 41.1% of the total
portfolio (31 March 2025: 37.6%), with the top thirty accounting for 74.8% (31
March 2025 73.7%).
Regardless of all the macro and geopolitical 'noise', UEM's unique focus
continues to be on bottom- up investing in emerging markets, predominately in
infrastructure and utilities companies that are well placed to benefit from
the four global infrastructure megatrends. These trends continue to be
fundamental as infrastructure investment remains crucial for today's needs and
tomorrow's innovation within emerging markets.
In light of the increased geopolitical and macro volatility, it remains
imperative for the investment management team to continue travelling
extensively, visiting existing and potential investee companies to obtain a
first-hand account of current trading and market sentiment. Such meetings and
site visits provide a valuable opportunity to gain an in-depth understanding
of the investments, assessing whether they are operating in line with
expectations and evaluating the mood within the businesses, all of which adds
critical value to investment decisions.
Social Infrastructure - 34.1% of portfolio (31 March 2025: 32.2%)
Social infrastructure continues to be the largest megatrend sector within
UEM's portfolio at 34.1%, as there is still significant investment required
within emerging markets for essential basic social infrastructure.
In the six months to 30 September 2025, UEM increased its position by £4.7m
in Orizon Valorizacao de Residuos ("Orizon"), the Brazilian waste management
operator, participating in the company's follow on fund raising in May 2025.
Orizon continues to capitalise on its leading position in the highly
fragmented waste disposal sector, looking to acquire new waste sites while
adding value to existing assets through initiatives such as biomethane
generation and carbon credit monetisation. Over the period, Orizon's share
price increased by 32.0%, making it the top contributor to UEM's portfolio,
adding 1.9% (£9.7m) to UEM's total return performance.
UEM also increased its position in ASUR by £4.1m. ASUR, the Mexican listed
airport operator with concessions in Mexico, Colombia and Puerto Rico,
continues to benefit from the strong structural growth drivers in its markets,
including rising GDP per capita and the expanding middle class, which is
boosting air travel demand.
UEM made a new investment of £5.5m in Motiva Infraestrutura de Mobilidade
("Motiva"), one of the largest infrastructure groups in LatAm, operating
4,475km of highways, airports, and urban mobility assets. Motiva maintains a
conservative capital allocation approach and has been undergoing a phase of
increasing operational efficiency, while also positioning itself to capture
opportunities from Brazil's robust upcoming infrastructure auction pipeline.
Over the period, UEM reduced its position in Aguas Andinas, the Chilean water
company by £4.3m following strong share price performance and elevated
valuations. Two of UEM's water sanitation companies also delivered strong
gains. Manila Water, the Philippines listed water company, saw its share price
increase by 21.2% over the half year following a stock re-rating, whilst
Sabesp, the Brazilian listed water sanitation company, was up by 29.5% as
results confirmed its turnaround process. As a result, Sabesp contributed 1.8%
(£8.7m) to UEM's total return over the period.
Energy Growth and Transition - 27.5% of portfolio (31 March 2025: 25.6%)
This megatrend continues to be an important segment for UEM, with energy
infrastructure remaining fundamental to the growth of many emerging markets.
In addition, with the rapid advancement and focus on technology, including AI,
it is expected energy demand and intensity for many emerging market countries
will continue to increase in the near term.
During the six months to 30 September 2025, UEM increased its existing
investment in NHPC Limited ("NHPC") by £9.4m. NHPC is an Indian state-owned
hydropower company with 8,247MW of operational capacity. NHPC is undergoing a
transformative growth cycle with capacity expected to more than double by 2032
- all of which is being underpinned by an attractive regulatory model -
playing on 'energy growth and transition' within India.
New LatAm investments over the period within this megatrend included Colbún
(£11.2m) and Copel (£7.1m). Colbún, a Chilean listed electricity generation
company with 5.0GW of installed capacity, is increasingly focused on renewable
energy, while Copel is a Brazilian integrated utility company operating across
generation, transmission, distribution and energy trading, which was
privatised in 2023. Both companies operate in markets with established
regulatory frameworks and inflation-adjusted tariffs, providing resilient
operations and predictable cash flows. Both are capitalising on the ongoing
'energy growth and transition' within LatAm, supported by strong management
teams and solid track records.
Over the period, UEM exited Serena Energia ("Serena"), realising £17.1m.
Serena, a Brazilian listed renewables company, received a takeover offer,
which UEM sold into. Serena added 1.1% (£5.4m) to UEM's total return
contribution to NAV over the half year. Pertamina Geothermal, the geothermal
arm of the state-owned company Pertamina in Indonesia, was also sold, taking
advantage of the increase in share price driven by M&A speculation.
Axia Energia (formerly Eletrobras), was one of UEM's top contributors to
performance over the period, adding 0.8% (£4.0m) to UEM's total return as its
share price rose by 24.9%. Since privatisation, the company has been improving
operational efficiency, while greater clarity has emerged regarding its
capital structure and the government-related disputes has been resolved.
Offsetting this strong performance, Pampa Energia, an integrated energy
conglomerate in Argentina, reduced UEM's total return contribution to NAV by
0.3%, as its share price was affected by political uncertainty ahead of
Argentina's midterm elections.
Digital Infrastructure - 24.2% of portfolio (31 March 2025: 25.0%)
Digital infrastructure remains a fundamental global megatrend for UEM as
digital connectivity becomes more important to everyday life and a fundamental
backbone of many emerging market economies. In addition, with the increasing
focus and investment on AI, digital infrastructure remains key to digital
development within emerging markets.
To capitalise on this, UEM invested £5.0m over the six months to 30 September
2025 in Trip.com, the Hong Kong listed leading Chinese online travel agent,
which is benefitting from both the growth in the Chinese and ASEAN travel
market and the increasing propensity to book online. Further, Helios Towers,
the UK listed telecom tower company operating in ten countries in Africa and
the Middle East, saw strong share price performance over the period, up by
39.8%.
FPT Corporation ("FPT"), the Vietnamese listed technology and
telecommunications company, previously one of the strong contributors to UEM's
total return in the year ended 31 March 2025, detracted 0.7% of UEM's
performance. FPT's share price was down by 23.1% over the half year due to
global macro uncertainty causing delays in contract awards, as well as market
concerns of the impact that AI might have on the IT outsourcing industry.
InPost, the e-commerce logistics infrastructure company listed on Euronext,
also detracted 0.5% of UEM's performance, as its share price was down by
22.5%. The fall reflected mounting concerns about its future relationship with
one of its key clients, Allegro in Poland. Converge Information and
Communications Technology, the Philippines based fibre broadband operator,
also reduced total return contribution to NAV by 0.5%. Its share price was
down by 33.1% over the six months as it warned a series of typhoons and
shortages of technical staff to undertake repairs would impact its second half
results.
Global Trade - 14.2% of portfolio (31 March 2025: 17.2%)
Global trade continues to be a key focus for UEM despite all the ongoing
geopolitical and macroeconomic noise. The ongoing tariff changes, though
delaying corporate investment decisions due to the uncertainty that it is
creating, continues to present opportunities as well as challenges.
International Container Terminal Services ("ICT"), the Philippines listed
container port operator, is one investment among many in the portfolio that
has been able to navigate these challenges well. As the operator of 33
terminals in 19 countries, ICT continues to deliver operationally and
financially, resulting in its share price being up by 32.8% and contributing
1.0% to UEM's total return over the period. Piraeus Port Authority has also
benefitted from its port location as the transhipment hub in the Mediterranean
Sea, seeing its share price up by 27.2% over the half year to 30 September
2025.
UEM's exposure to the global trade megatrend declined from 17.2% as at 31
March 2025 to 14.2% as at 30 September 2025. This is primarily the result of
UEM exiting two key investments. Firstly, Ocean Wilsons, realising £11.4m.
Ocean Wilsons, the UK listed investment company, operated as a maritime
service provider through its Brazilian subsidiary Wilson Sons and had been in
UEM's portfolio since inception. In July, Ocean Wilsons launched a tender
offer into which UEM tendered most of its holding, selling the remainder of
its position ahead of Ocean Wilsons' proposed merger with Hansa Investment
Company. Secondly, UEM sold Rumo, the Brazilian rail-based logistics operator,
due to weak outlook, realising £9.1m.
Unlisted Investments (Level 3 Investments)
UEM ended the half year to 30 September 2025, with unlisted investments
totalling £9.4m (31 March 2025: £13.4m), representing 1.8% of total
investments (31 March 2025: 2.7%). UEM's unlisted investments reduced mainly
as a result of the reduction of Petalite's valuation by £2.1m to £1.4m.
Subsequent to the half year end, given ongoing difficulties, Petalite has been
written down to zero.
Conversant Solutions was also written down to zero from £1.3m, following poor
performance.
Revenue Return
Revenue income increased by 23.1% to £18.1m for the half year to 30 September
2025, from £14.7m in the prior half year. This reflected a higher dividend
distribution from Umeme Limited, Uganda's electricity distribution company
following the conclusion of its concession on 28 February 2025.
Management fees and other expenses were unchanged at £1.5m in the half year
to 30 September 2025. Finance costs increased due to utilisation of the bank
facility. Taxation increased to £1.4m during the half year (30 September
2024: £0.8m) reflecting withholding tax on the Umeme Limited dividend.
As a result, revenue return for the half year increased by 21.0% to £15.0m
from £12.4m for the half year to 30 September 2024. EPS increased by 24.6% to
8.15p compared to the prior half year of 6.54p, reflecting the increase in
profit and the reduced average number of shares in issue following buybacks.
Dividends per share ("DPS") of 4.745p were covered by earnings.
Retained revenue reserves rose to £18.5m as at 30 September 2025, equal to
10.22p per share.
Capital Return
Portfolio gains amounted to £47.1m on the capital return during the half year
to 30 September 2025 (30 September 2024: losses of £17.4m) reflecting a
relatively strong portfolio performance. Losses on foreign exchange were
£0.7m and the resultant total income gain on the capital account was £46.4m
against prior year loss of £17.5m.
Management and administration fees were flat at £2.2m.
Finance costs increased to £0.6m from £34k as a result of the use of the
bank facility. There was a taxation charge of £0.8m (30 September 2024:
£0.9m) which arose from Indian capital gains tax. The net effect of the above
was a capital return gain of £42.9m compared to a loss of £20.7m for
30 September 2024.
Charles Jillings & Jacqueline Broers
ICM Investment Management Limited and ICM Limited
19 November 2025
Half-Yearly Financial Report And Responsibility Statement
The Chairman's Statement and the Investment Managers' Report give details of
the important events which have occurred during the period and their impact on
the financial statements.
Principal Risks and Uncertainties
Most of UEM's principal risks and uncertainties are market related and are
similar to those of other investment companies investing mainly in listed
equities in emerging markets.
The principal risks and uncertainties were described in more detail under the
heading "Principal Risks and Risk Mitigation" within the Strategic Report
section of the Annual Report and Accounts for the year ended 31 March 2025 and
have not changed materially since the date of that document.
The principal risks faced by UEM include not achieving long term total returns
for its shareholders, adverse market conditions leading to a fall in NAV, loss
of key management, its shares trading at a discount to NAV, losses due to
inadequate controls of third party service providers, gearing risk and
regulatory risk. In addition, the Board continues to monitor a number of
emerging risks that could potentially impact the Company, the principal ones
being geopolitical risk and climate change risk.
The Annual Report and Accounts is available on the Company's website,
www.uemtrust.co.uk
Related Party Transactions
Details of related party transactions in the six months to 30 September 2025
are set out in note 9 to the accounts and details of the fees paid to the
Investment Managers are set out in note 2 to the accounts. Directors' fees
were increased by approximately 2.6% with effect from 1 April 2025 to:
Chairman £55,400 per annum; Chair of Audit & Risk Committee £51,800 per
annum; Senior Independent Director £43,100 per annum; and other Directors
£41,100 per annum.
The net fee entitlement of each Director is satisfied in shares of the
Company, purchased in the market by each Director at around each quarter end.
Directors' Responsibility Statement
In accordance with Chapter 4 of the Disclosure Guidance and Transparency
Rules, the Directors confirm that to the best of their knowledge:
• the condensed set of financial statements contained within the report
for the six months to 30 September 2025 has been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting" on a going
concern basis and gives a true and fair view of the assets, liabilities,
financial position and return of the Company;
• the half-yearly report, together with the Chairman's Statement and
Investment Managers' Report, includes a fair review of the important events
that have occurred during the first six months of the financial year and their
impact on the financial statements as required by DTR 4.2.7R;
• the Directors' statement of principal risks and uncertainties above
is a fair review of the principal risks and uncertainties for the remainder of
the year as required by DTR 4.2.7R; and
• the half-yearly report includes a fair review of the related party
transactions that have taken place in the first six months of the financial
year as required by DTR 4.2.8R.
On behalf of the Board
Mark Bridgeman
Chairman
19 November 2025
Condensed Statement of Comprehensive Income (Unaudited)
Six months to Six months to
30 September 2025 30 September 2024
Notes Revenue Capital Total Revenue Capital Total
return return return return return return
£'000s £'000s £'000s £'000s £'000s £'000s
Gains/(losses) on investments - 47,103 47,103 - (17,438) (17,438)
Foreign exchange losses - (675) (675) - (100) (100)
Investment and other income 18,077 - 18,077 14,738 - 14,738
Total income/(loss) 18,077 46,428 64,505 14,738 (17,538) (2,800)
2 Management and administration fees (700) (2,151) (2,851) (723) (2,239) (2,962)
Other expenses (807) - (807) (824) - (824)
Profit/(loss) before finance costs and taxation 16,570 44,277 60,847 13,191 (19,777) (6,586)
Finance costs (151) (603) (754) (8) (34) (42)
Profit/(loss) before taxation 16,419 43,674 60,093 13,183 (19,811) (6,628)
3 Taxation (1,428) (789) (2,217) (805) (921) (1,726)
Profit/(loss) for the period 14,991 42,885 57,876 12,378 (20,732) (8,354)
4 Earnings per share (basic) - pence 8.15 23.31 31.46 6.54 (10.96) (4.42)
All items in the above statement derive from continuing operations.
The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information prepared under guidance issued by the Association of Investment
Companies.
The net return on ordinary activities after taxation represents the profit for
the period and also the total comprehensive Income.
Condensed Statement of Changes in Equity (Unaudited)
for the six months to 30 September 2025
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2025 1,865 76,706 480 397,556 (8,796) 12,011 479,822
7 Shares purchased by the (58) - 58 (14,143) - - (14,143)
Company and cancelled
Profit for the period - - - - 42,885 14,991 57,876
5 Dividends paid in the period - - - - - (8,534) (8,534)
Balance as at 30 September 2025 1,807 76,706 538 383,413 34,089 18,468 515,021
for the six months to 30 September 2024
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2024 1,909 76,706 436 407,180 26,603 10,099 522,933
7 Shares purchased by the (29) - 29 (6,527) - - (6,527)
Company and cancelled
(Loss)/profit for the period - - - - (20,732) 12,378 (8,354)
5 Dividends paid in the period - - - - - (8,119) (8,119)
Balance as at 30 September 2024 1,880 76,706 465 400,653 5,871 14,358 499,933
for the year to 31 March 2025
Ordinary Capital Retained earnings
Notes share Merger redemption Special Capital Revenue
capital reserve reserve reserve reserves reserve Total
£'000s £'000s £'000s £'000s £'000s £'000s £'000s
Balance as at 31 March 2024 1,909 76,706 436 407,180 26,603 10,099 522,933
7 Shares purchased by the (44) - 44 (9,624) - - (9,624)
Company and cancelled
(Loss)/profit for the year - - - - (35,399) 18,723 (16,676)
5 Dividends paid in the year - - - - - (16,811) (16,811)
Balance as at 31 March 2025 1,865 76,706 480 397,556 (8,796) 12,011 479,822
Condensed Statement of Financial Position (Unaudited)
Notes as at 30 Sep 2025 30 Sep 2024 31 Mar 2025
£'000s £'000s £'000s
Non-current assets
11 Investments 534,169 502,949 495,154
Current assets
Other receivables 1,731 2,654 1,008
Cash and cash equivalents 4,324 17,826 3,933
6,055 20,480 4,941
Current liabilities
Other payables (2,175) (3,156) (2,055)
6 Bank loans (21,574) (19,503) (17,553)
(23,749) (22,659) (19,608)
Net current liabilities (17,694) (2,179) (14,667)
Total assets less current liabilities 516,475 500,770 480,487
Non-current liabilities
Deferred tax (1,454) (837) (665)
Net assets 515,021 499,933 479,822
Equity attributable to equity holders
7 Ordinary share capital 1,807 1,880 1,865
Merger reserve 76,706 76,706 76,706
Capital redemption reserve 538 465 480
Special reserve 383,413 400,653 397,556
Capital reserves 34,089 5,871 (8,796)
Revenue reserve 18,468 14,358 12,011
Total attributable to equity holders 515,021 499,933 479,822
8 Net asset value per share
Basic - pence 285.06 266.00 257.28
Condensed Statement of Cash Flows (Unaudited)
Six months to Six months to Year to
30 Sep 2025 30 Sep 2024 31 Mar 2025
£'000s £'000s £'000s
Operating activities
Profit/(loss) before taxation 60,093 (6,628) (14,092)
Deduct investment income - dividends (17,608) (13,750) (22,293)
Deduct investment income - interest (454) (935) (1,463)
Deduct bank interest received (15) (53) (84)
Add back interest charged 754 42 960
Add back (gains)/losses on investments (47,103) 17,438 29,007
Add back foreign currency losses 675 100 590
Decrease in other receivables 13 51 30
(Decrease)/increase in other payables (182) 870 881
Net cash outflow from operating activities (3,827) (2,865) (6,464)
before dividends and interest
Dividends received 16,739 13,921 22,874
Investment income - interest received 422 698 824
Bank interest received 15 53 84
Taxation paid (1,421) (2,400) (3,426)
Net cash inflow from operating activities 11,928 9,407 13,892
Investing activities
Purchases of investments (81,808) (55,563) (128,323)
Sales of investments 89,869 53,665 123,128
Net cash inflow/(outflow) from investing activities 8,061 (1,898) (5,195)
Financing activities
Repurchase of shares for cancellation (13,825) (6,421) (9,624)
Dividends paid (8,534) (8,119) (16,811)
Drawdown of bank loans 9,987 19,306 28,524
Repayment of bank loans (6,314) - (11,913)
Interest paid (585) - (806)
Net cash (outflow)/inflow from financing activities (19,271) 4,766 (10,630)
Increase/(decrease) in cash and cash equivalents 718 12,275 (1,933)
Cash and cash equivalents at the start of the period 3,933 5,751 5,751
Effect of movement in foreign exchange (327) (200) 115
Cash and cash equivalents at the end of the period 4,324 17,826 3,933
Notes To The Accounts (Unaudited)
1. Accounting Policies
The Company is an investment company incorporated in the United Kingdom listed
in the closed ended investment funds category of the Official List of the
Financial Conduct Authority and whose shares are admitted to trading on the
London Stock Exchange's Main Market for listed securities.
The unaudited condensed accounts have been prepared in accordance with UK
adopted International Accounting Standards, which comprise standards and
interpretations approved by the IASB and International Accounting Standards
and Standing Interpretations Committee interpretations approved by the IASC
that remain in effect and to the extent that they are in conformity with the
requirement of the Companies Act 2006 ("IFRS"), IAS 34 "Interim Financial
Reporting" and the accounting policies set out in the audited statutory
accounts for the year ended 31 March 2025.
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates. The significant
judgements made by the Directors in applying the accounting policies and key
sources of uncertainty were the same as those applied to the financial
statements as at and for the year ended 31 March 2025.
The condensed accounts do not include all of the information required for full
annual accounts and should be read in conjunction with the accounts of the
Company for the year ended 31 March 2025, which were prepared under full IFRS
requirements.
2. Management And Administration Fees
The Company has appointed ICM Investment Management Limited ("ICMIM") as its
Alternative Investment Fund Manager and joint portfolio manager with ICM
Limited ("ICM"), for which they are entitled to a management fee. The
aggregate fees payable by the Company are apportioned between the Investment
Managers as agreed by them.
The relationship between ICMIM and ICM is compliant with the requirements of
the UK version of the EU Alternative Investment Fund Managers Directive as it
forms part of UK domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended, and also such other requirements applicable to ICMIM by
virtue of its regulation by the Financial Conduct Authority.
The annual management fee is a tiered structure as follows: 1.0% of NAV up to
and including £500m; 0.9% of NAV exceeding £500m up to and including £750m;
0.85% of NAV exceeding £750m up to and including £1,000m; and 0.75% of NAV
exceeding £1,000m, payable quarterly in arrears. The management fee is
allocated 80% to capital return and 20% to revenue return. The investment
management agreement may be terminated upon six months' notice.
ICMIM also provides company secretarial services to the Company, with the
Company paying £35,000 (30 September 2024: £35,000 and 31 March 2025:
£70,000) equivalent to 45% of the costs associated with this office and
recharges research fees to the Company based on a budget of £0.3m per annum,
paid quarterly in arrears. These charges are allocated 80% to capital return
and 20% to revenue return.
JPMorgan Chase Bank N.A. - London Branch has been appointed Administrator and
ICMIM has appointed Waverton to provide certain support services (including
middle office, market dealing and information technology support services).
3. Taxation
The revenue return taxation charge of £1,428,000 (30 September 2024:
£805,000 and 31 March 2025: £1,834,000) relates to irrecoverable overseas
taxation suffered on dividend and interest income.
The capital return taxation expense of £789,000 (30 September 2024: £921,000
and 31 March 2025: £750,000) relates to capital gains on realised gains on
sale of overseas investments and deferred tax in respect of capital gains tax
on overseas unrealised investment gains that may be subject to taxation in
future years.
4. Earnings Per Share
Earnings per share is the profit attributable to shareholders and based on the
following data:
Six months to Six months to Year to
30 Sep 2025 30 Sep 2024 31 Mar 2025
£'000s £'000s £'000s
Revenue return 14,991 12,378 18,723
Capital return 42,885 (20,732) (35,399)
Total return 57,876 (8,354) (16,676)
Number Number Number
Weighted average number of ordinary shares in issue 183,942,178 189,171,264 188,115,133
during the period for basic earnings per share calculations
Pence Pence Pence
Revenue return per share 8.15 6.54 9.95
Capital return per share 23.31 (10.96) (18.81)
Total profit/(loss) per share* 31.46 (4.42) (8.86)
*Represents both the basic and diluted earnings per share
5. Dividends
Record date Payment date 30 Sep 30 Sep 2024 £'000s 31 Mar 2025 £'000s
2025
£'000s
2024 Fourth quarterly dividend of 2.15p per share 07-Jun-24 28-Jun-24 - 4,072 4,072
2025 First quarterly dividend of 2.15p per share 06-Sep-24 27-Sep-24 - 4,047 4,047
2025 Second quarterly dividend of 2.325p per share 29-Nov-24 19-Dec-24 - - 4,352
2025 Third quarterly dividend of 2.325p per share 07-Mar-25 28-Mar-25 - - 4,340
2025 Fourth quarterly dividend of 2.325p per share 06-Jun-25 27-Jun-25 4,309 - -
2026 First quarterly dividend of 2.325p per share 05-Sep-25 26-Sep-25 4,225 - -
8,534 8,119 16,811
The Directors have declared a second quarterly dividend in respect of the year
ending 31 March 2026 of 2.42p per share payable on 23 December 2025 to
shareholders on the register at close of business on 5 December 2025. The
total cost of the dividend, which has not been accrued in the results for the
six months to 30 September 2025, is £4,323,000 based on 178,629,391 shares in
issue as at 17 November 2025.
6. Bank Loans
The Company has a secured multicurrency revolving credit facility of
£50,000,000 with Barclays Bank PLC expiring on 30 August 2026. Secured
investments are held within a UEM segregated account at the Custodian. The
main covenants are: secured investments to have constituents of the FTSE All
World index of at least 1.5 times greater than the loans drawn; and the loans
drawn to the secured investments to be a maximum of 50%. The terms of the loan
facility, including those related to accelerated repayment and costs of
repayment, are typical of those normally found in facilities of this nature.
The Company has the option each quarter to request an extension to the expiry
date of the facility subject to the commitment period being no more than 365
days. Subsequent to the period end, the Company requested an extension of the
expiry date to 30 November 2026 which was agreed, effective on and from 30
November 2025. Commitment fees are charged on any undrawn amounts at
commercial rates.
As at 30 September 2025 £21,574,000 (30 September 2024: £19,503,000 and 31
March 2025: £17,553,000) was drawn down. The value of the investments held
within the segregated secured account as at 30 September 2025 was
£158,506,000 (30 September 2024: £153,859,000 and 31 March 2025:
£143,024,000).
7. Ordinary Share Capital
Issued, called up and fully paid
Ordinary shares of 1p each Number £'000s
Balance as at 31 March 2025 186,495,391 1,865
Purchased for cancellation by the Company (5,824,000) (58)
Balance as at 30 September 2025 180,671,391 1,807
During the period the Company bought back for cancellation 5,824,000 (30
September 2024: 2,897,524 and 31 March 2025: 4,347,112) ordinary shares at a
total cost of £14,143,000 (30 September 2024: £6,527,000 and 31 March 2025:
£9,624,000).
A further 2,042,000 ordinary shares have been purchased for cancellation at a
total cost of £5,256,000 since the period end to 17 November 2025 (the latest
practicable date to finalise these accounts).
8. Net Asset Value Per Share
The NAV per share is based on the net assets attributable to the equity
shareholders of £515,021,000 (30 September 2024: £499,933,000 and 31 March
2025 £479,822,000) and on 180,671,391 ordinary shares, being the number of
ordinary shares in issue at the period end (30 September 2024: 187,944,979
and 31 March 2025: 186,495,391).
9. Related Party Transactions
The following are considered related parties of the Company during the period:
the subsidiary undertaking (UEM (HK) Limited), the associates of the Company
(EBP Holdings Limited ("EBP") and Pitch Hero Holdings Limited), the Board of
UEM, ICM and ICMIM (the Company's joint portfolio managers), Mr Saville, Mr
Jillings and Ms Broers (key management persons of ICMIM) and UIL Limited.
As at 31 March 2025 the fair value of the loan held with UEM (HK) Limited was
£3,272,000 and loan interest accrued was £nil. As at 30 September 2025 the
fair value of the loan held with UEM (HK) Limited was £2,655,000 and loan
interest accrued was £nil.
There were no transactions with EBP.
Pursuant to an extension and amendment (dated 16 June 2025) of a loan
agreement dated 1 March 2021 under which UEM has agreed to loan monies to
Pitch Hero, as at 30 September 2025 the balance of the loan and interest
outstanding was £631,000 (31 March 2025: £695,000). In the period Pitch Hero
repaid £63,000 and paid interest to UEM of £32,000. The loan bears interest
at an annual rate of 10%. The final repayment date was extended to 25 August
2029.
The Board received aggregate remuneration of £96,000 (30 September 2024:
£96,000 and 31 March 2025: £198,000) included within "Other expenses" for
services as Directors. As at the period end, £nil (30 September 2024: £nil
and 31 March 2025: £nil) remained outstanding to the Directors. In addition
to their fees, the Directors received dividends totalling £9,000 (30
September 2024: £13,000 and 31 March 2025: £25,000) during the period under
review in respect of their shareholdings in the Company. There were no further
transactions with the Board during the period.
There were no transactions with ICM and ICMIM other than investment
management, secretarial costs, research fees as set out in note 2 of
£2,689,000 (30 September 2024: £2,799,000 and 31 March 2025: £5,355,000)
and reimbursed expenses included within Other Expenses of £34,000 (30
September 2024: £46,000 and 31 March 2025: £101,000). As at the period end
£1,310,000 (30 September 2024: £1,290,000 and 31 March 2025: £1,248,000)
remained outstanding in respect of management, company secretarial and
research fees.
Mr Jillings and Ms Broers received dividends, respectively, totalling £27,000
(30 September 2024: £20,000 and 31 March 2025: £49,000) and £500 (30
September 2024: £500 and 31 March 2025: £1,000) and UIL Limited received
dividends totalling £431,000 (30 September 2024: £399,000 and 31 March 2025:
£830,000).
10. Going Concern
Notwithstanding that the Company has reported net current liabilities of
£17,694,000 as at 30 September 2025 (30 September 2024: £2,179,000 and 31
March 2025: £14,667,000), the financial statements have been prepared on a
going concern basis which the Directors consider to be appropriate for the
following reasons. The Board's going concern assessment has focused on the
forecast liquidity of the Company for at least twelve months from the date of
approval of the financial statements. This analysis assumes that the Company
would, if necessary, be able to meet some of its short term obligations
through the sale of listed securities, which represented 98.2% of the
Company's total portfolio as at 30 September 2025. As part of this assessment
the Board has considered a severe but plausible downside that reflects the
impact of the Company's key risks and an assessment of the Company's ability
to meet its liabilities as they fall due assuming a significant reduction in
asset values and accompanying currency volatility.
The Board also considered reverse stress testing to identify the reduction in
the valuation of liquid investments that would cause the Company to be unable
to meet its net liabilities, being primarily the bank loan. The Board is
confident that the reduction in asset values implied by the reverse stress
test is not plausible even in the current volatile environment. Consequently,
the Directors believe that the Company will have sufficient funds to continue
to meet its liabilities as they fall due for at least twelve months from the
date of approval of the financial statements.
Accordingly, the Board considers it appropriate to continue to adopt the going
concern basis in preparing the accounts.
11. Fair Value Hierarchy
IFRS 13 'Financial Instruments: Disclosures' require an entity to classify
fair value measurements using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. The fair value
hierarchy shall have the following levels:
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables include only data
from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data.
The financial assets and liabilities measured at fair value in the statement
of financial position are grouped into the fair value hierarchy as follows:
Level 1 Level 2 Level 3 30 Sep 2025
£'000s £'000s £'000s Total
£'000s
Investments 502,967 21,849 9,353 534,169
Level 1 £'000s Level 2 £'000s Level 3 £'000s 30 Sep 2024
Total
£'000s
Investments 476,827 10,242 15,880 502,949
Level 1 £'000s Level 2 £'000s Level 3 £'000s 31 Mar 2025
Total
£'000s
Investments 472,111 9,663 13,380 495,154
During the period two holdings with a value of £19.2m were transferred from
level 1 to level 2 due to the investee company shares trading irregularly. The
book cost and fair value was transferred using the,31 March 2025 balances, and
all subsequent trades are therefore disclosed in the level 2 column (30
September 2024: one holding with a value of £7.0m was transferred from level
1 to level 2 due to the investee company shares trading irregularly. The book
cost and fair value was transferred using the,31 March 2024 balances, and all
subsequent trades are therefore disclosed in the level 2 column and 31 March
2025: one holding with a value of £5.9m was transferred from level 1 to level
2 due to the investee company shares trading irregularly in the year. The book
cost and fair value were transferred using the 31 March 2024 balances).
A reconciliation of fair value measurements in level 3 is set out in the
following table:
Six months to Six months to Year to
30 Sep 2025 30 Sep 2024 31 Mar 2025
£'000s £'000s £'000s
Valuation brought forward 13,380 23,114 23,114
Purchases 37 1,306 4,780
Sales (62) (951) (4,051)
(Losses)/gains on sale of investments - (26) (26)
Losses on investments held at end of period (4,002) (7,563) (10,437)
Valuation carried forward 9,353 15,880 13,380
Analysed
Cost of investments 24,069 23,720 24,094
(Losses)/gains on investments (14,716) (7,840) (10,714)
Valuation carried forward 9,353 15,880 13,380
12. Financial Risk Management - Level 3 Financial Instruments
Valuation methodology
The objective of using valuation techniques is to arrive at a fair value
measurement that reflects the price that would be received to sell the asset
or paid to transfer the liability in an orderly transaction between market
participants at the measurement date. The Company uses proprietary valuation
models, which are compliant with IPEV guidelines and IFRS 13 and which are
usually developed from recognised valuation techniques.
The Directors have satisfied themselves as to the methodology used, the
discount rates and key assumptions applied, and the valuations. The
methodologies used to determine fair value are described in the 2025 Report
and Accounts. The level 3 assets comprise a number of unlisted investments at
various stages of development and each has been assessed based on its
industry, location and business cycle. The valuation methodologies include net
assets, discounted cash flows, cost of recent investment or last funding round
and listed peer comparison or peer group multiple, as appropriate. Where
applicable, the Directors have considered observable data and events to
underpin the valuations. A discount has been applied, where appropriate, to
reflect both the unlisted nature of the investments and business risks.
Sensitivity of level 3 financial investments measured at fair value to changes
in key assumptions
Level 3 inputs are sensitive to assumptions made when ascertaining fair value.
While the Directors believe that the estimates of fair value are appropriate,
the use of different methodologies or assumptions could lead to different
measurements of fair value. The sensitivities shown in the table below give an
indication of the effect of applying reasonable and possible alternative
assumptions.
In assessing the level of reasonably possible outcomes consideration was also
given to the impact on valuations of the level of volatility in equity markets
during the period, principally reflecting concerns about trade tariff
uncertainty, geopolitical tensions, high rates of inflation, tightening energy
supplies, higher interest rates and the Ukraine and Middle East conflicts. The
impact on the valuations has been varied and largely linked to their relevant
sectors and this has been reflected in the level of sensitivities applied.
The following table shows the sensitivity of the fair value of level 3
financial investments to changes in key assumptions.
As at 30 September 2025
Investment Investment Valuation Risk Sensitivity Carrying Sensitivity
type methodology weighting +/- amount £'000s
£'000s
EBP Equity Fair value of net assets Medium 20% 3,300 660
UEM (HK) Limited Loan NAV Low 10% 2,655 266
Petalite Limited Equity Last funding Medium 20% 1,438 288
round
Other investments Equity Peer multiples Medium 20% 1,334 267
Other investments Loan Discounted Medium 20% 626 125
cash flows
Total 9,353 1,606
As at 30 September 2024
Investment Investment Valuation Risk Sensitivity Carrying Sensitivity
type methodology weighting +/- amount £'000s
£'000s
Petalite Limited Equity/Loan Last funding High 70% 4,227 2,959
round
UEM (HK) Limited Loan NAV Low 10% 3,617 362
EBP Equity Fair value of Medium 20% 2,998 600
net assets
Other investments Equity Various Medium 20% 4,349 870
Other investments Loan Discounted Medium 20% 689 138
cash flows
Total 15,880 4,929
As at 31 March 2025
Investment Investment Valuation Risk Sensitivity Carrying Sensitivity
type methodology weighting +/- amount £'000s
£'000s
Petalite Limited Equity Last funding Medium 20% 3,583 717
round
UEM (HK) Limited Loan NAV Low 10% 3,272 327
EBP Equity Fair value of net assets Medium 20% 3,211 642
Other investments Equity Various Medium 20% 2,626 525
Other investments Loan Discounted Medium 20% 688 138
cash flows
Total 13,380 2,349
13. Results
The financial information contained in this half yearly financial report does
not constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The financial information for the six months ended 30
September 2025 and 30 September 2024 have neither been audited nor reviewed by
the Company's auditors.
The information for the year ended 31 March 2025 has been extracted from the
latest published audited financial statements which have been filed with the
Registrar of Companies. The report of the auditor on those accounts contained
no qualification or statement under Section 498(2) or (3) of the Companies Act
2006.
Legal Entity Identifier: 2138005TJMCWR2394O39
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