REG - Value & Index Prop - Half-year Financial Report
17/11/2025 07:00
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RNS Number : 6633H Value and Indexed Prop Inc Tst PLC 17 November 2025
VALUE AND INDEXED PROPERTY INCOME TRUST PLC
Unaudited Half-Yearly Report
For the Six Months Ended 30 September 2025
Value and Indexed Property Income Trust PLC announces its Half Year Results
for the six months to 30 September 2025. A full copy of the 2025 Half-Yearly
Report and Financial Statements will be printed and issued to Shareholders and
is available on the Company's webpages hosted by the Investment Manager, OLIM
Property Limited, at
https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html
(https://www.olimproperty.co.uk/value-and-indexed-property-income-trust.html)
.
Summary
Value and Indexed Property Income Trust PLC (VIP or the Company) became a UK
Real Estate Investment Trust (REIT) on 1 April 2025. The Company invests
directly in UK commercial property to deliver long, strong, indexed income.
Its performance benchmark is the MSCI UK Quarterly Property Index, the main
benchmark for commercial property performance. OLIM Property Limited is the
Manager.
VIP's dividend per share has risen every year since 1986 when OLIM's
management began. It has risen by 1,004% (6.5% p.a.) against the Retail Prices
Index rise of 293% (3.7% p.a.). A first quarterly dividend for the year to 31
March 2026 of 3.6p per share was paid on 31 October 2025. A second quarterly
dividend of 3.6p per share will be paid on 30 January 2026 to all Shareholders
on the register on 30 December 2025 (ex dividend date: 29 December 2025). It
is intended that a third quarterly dividend of 3.6p per share will be paid on
24 April 2026 to all Shareholders on the register on 27 March 2026 (ex
dividend date: 26 March 2026). VIP now normally pays its dividends as a
Property Income Distribution (PID). VIP's medium term dividend policy is for
increases in line with consumer price inflation, underpinned by VIP's indexed
property income.
VIP's property portfolio total return was 2.5% over the six months to 30
September 2025 against 2.7% for the MSCI UK Quarterly Property Index. Over the
past five years, the VIP property return was 4.9% p.a. (Index 2.9% p.a.) and
over 10 years, it was 6.5% p.a. (Index 3.6% p.a.).
VIP sold four properties at valuation - two bowling alleys at Doncaster (held
leasehold) and Stafford and two industrial properties at Aylesford and Thirsk.
Premier Inn's lease at Catterick was extended to 2051 with the break clause
removed.
All 26 properties in the portfolio are now held freehold, and the weighted
average unexpired lease term (WAULT) has increased to 13.5 years to the first
break options. 100% of the portfolio's rental income is index-related and/or
on fixed increases, with an EPC (Energy Performance Certificate) rating of
A-C.
Over the half year, rent increases were achieved on 13 properties, adding
£0.5 million to total contracted rents. The portfolio is fully let, with no
voids (MSCI UK Quarterly Property Index void rate: 9.2%). VIP has no exposure
to offices, 32% of the portfolio is in supermarkets, 20%
industrial/warehouses, 13% garden centre, 11% health club and caravan park,
11% bowling, 10% hotels, and 3% pubs. The top ten tenants have nineteen
leases: Marks & Spencer, Blue Diamond, Premier Inn, Sainsbury's, Parkdean
Resorts, Virgin Active, Cooperative Group, HM Government, Hollywood Bowl and
Tenpin, representing 82% of the contracted rent.
Borrowings
The final £9 million of the loan expiring in March 2026 was repaid by July. A
new £15 million five year Revolving Credit Facility (RCF) was arranged in
August with interest payable at 1.7% per annum over Base Rate on any amounts
drawn down. So far it is undrawn.
Borrowings* 30 September 2025 31 March 2025
Average interest rate* 4.5% (95% fixed) 4.5% (96% fixed)
Total loans (loan to value) £50 million (33%) £59 million (39%)
Loan maturity 7.5 years 6.9 years
* Excluding the RCF
Performance 30 September 2025 31 March 2025
Net Asset Value per Share 211.9p* 214.7p
Ordinary Share Price 205.0p 183.0p
Dividend per Share 7.2p 13.8p
(first and second quarterly) (total)
*This is also the EPRA Net Tangible Asset Value per share - as usually
reported by REITs. EPRA is the European Public Real Estate Association.
Over the six months to 30 September 2025, VIP's share price increased by
12.0%, while the Net Asset Value per share fell by 1.3%.
Tender offer, fixed life and discount control policy
The Company announced on 1 August its intention to bring forward proposals to
offer Shareholders a cash exit by way of a Tender Offer and to fix the life of
the Company and adopt a discount control policy. After all resolutions were
passed at the general meeting on 25 September, 3.3% of the Company's issued
share capital was validly tendered on 8 October at a total price of £3.05
million. The Company now has a total of 45,549,975 Shares in issue of which
5,032,270 Shares are held in Treasury.
The life of the Company has been fixed and a general meeting will be held on
or before 31 March 2033 to either wind up the Company or propose another form
of exit, having the same effect.
The Board has also adopted a discount control policy aiming to keep the share
price discount to between 0 and 10 percent of Net Asset Value, in normal
circumstances.
The intended retail investor in the Company is a retail investor who is
seeking long-term (at least five years) real growth in dividends and capital
value from investing in directly held UK commercial property, plus cash or
near cash securities, pending re-investment.
Financial Calendar
November 2025: Announcement of Half-Yearly Financial Results for the six
months to 30 September 2025
30 January 2026: Second quarterly dividend payable for the year to 31 March
2026
24 April 2025: Third quarterly dividend payable for the year to 31 March 2026
ENQUIRIES:
Sarah Martin
OLIM Property Limited
Email: sarah.martin@olimproperty.co.uk
Tel: 020 7846 3252
Matthew Oakeshott
OLIM Property Limited
Email: matthew.oakeshott@olimproperty.co.uk
Tel: 020 7846 3252
Louise Cleary
OLIM Property Limited
Email: louise.cleary@olimproperty.co.uk
Tel: 020 7846 3252
Manager's Report
Portfolio summary
VIP invests directly in UK commercial properties to deliver long, strong,
index-related income.
The portfolio comprises 26 properties across 7 well diversified sub-sectors,
let on 28 full repairing and insuring leases (with a Weighted Average
Unexpired Lease Term (WAULT) of 13.5 years to the tenants' first break
options) to 17 different tenant covenants across England and Scotland. All are
freehold.
Portfolio 30 September 2025 31 March 2025
Capital value £132.3m* £146.0m
Contracted income £9.2m £9.8m
(Rent collected 100%)
Net initial yield 6.5% 6.3%
Number of properties: 26* 30
Number of Tenants 28 32
(Portfolio is 100% let)
Indexed-related income 100.0% 100.0%
WAULT 13.5 years 13.3 years
*Four properties sold for £13.0 million.
Performance and independent revaluation
Under new RICS (the Royal Institution of Chartered Surveyors) rotation rules,
VIP's independent valuers, Savills, have been replaced by CBRE as valuers of
three longer held properties, the pubs in London and Canterbury and the Dover
caravan park. Savills' and CBRE's independent valuation as at end September
2025 totalled £132.3 million on 26 properties against £146.0 million on 30
properties as at 31 March 2025. This reflected a net initial yield of 6.5% (31
March 2025: 6.3%) after deducting notional purchaser's costs. The average lot
size is £5.1 million. The valuation reflects a 0.6% like-for like decline in
capital value of the 26 properties held over the six months. The two hotels
and the garden centre rose in value with bowling, industrials, supermarkets
and the health club stable. The new independent valuer, CBRE, took a more
cautious approach to their three properties. In future the portfolio will be
valued quarterly.
Active portfolio recycling and improvement continued over the six months with
the sale of four properties with a WAULT of 12.5 years to first break options,
two bowling alleys at Doncaster (held leasehold) and Stafford, and two
industrial properties at Aylesford and Thirsk. The sale prices, all at their
31 March 2025 valuations, totalled £12.95 million, at an overall net yield of
7.6%. Premier Inn's lease at Catterick was extended to 2051 with the break
clause removed in return for a rent free period of 9 months. This initiative,
plus the sale of shorter let properties, increased the portfolio's WAULT from
13.3 years to 13.5 years over the six month period.
We are actively seeking to upgrade portfolio quality further by reinvesting in
properties with longer leases and strong, long term growth prospects and
continuing to extend leases and sell shorter let properties with less
potential.
The property portfolio total return on all assets, taking capital and income
together and deducting all costs, was +2.5% over the six months, against +2.7%
for the MSCI UK Quarterly Property Index.
Portfolio update since 30 September 2025
A short-let supermarket at Blandford Forum was sold in early November for
£3.1 million, in line with valuation. At the industrial property in Milton
Keynes, the tenant's option to break the lease was moved from 2030 to 2035,
with the lease extended by 10 years to 2045, in exchange for six months' rent
free. The portfolio's WAULT has, therefore, increased from 13.5 years to 13.9
years.
Responsible impact based ESG management and EPCs
OLIM Property has always taken a cautious and responsible approach to managing
VIP's property portfolio, with environmental impact, social responsibility and
governance (ESG) taken fully into account in selecting high quality properties
with suitable tenants for acquisition, long term management and disposal.
Occupier relationships are crucial. We engage with our tenants to understand
and establish sustainable rental levels and grow future income streams. All
VIP's properties are regularly reviewed, Energy Performance Certificates
(EPCs) and ESG improvements implemented wherever possible, and properties sold
where performance may be negatively impacted by ESG factors. 100% of the
portfolio has EPC ratings A to C (31 March 2025: 100%). We continue to work
with our tenants to upgrade properties and improve energy efficiency.
Index-related rent reviews
Contracted income from the 26 properties is £9.2 million per annum as at 30
September 2025. 100% (28 tenancies) have index-related or fixed increases. 86%
of the rental income is linked to RPI, 11% linked to CPI, and 3% with fixed
increases. Seven tenancies (30%) have annual rent reviews and twenty-one (70%)
have five yearly reviews.
Rent increases were completed at thirteen properties over the six months with
an average annual uplift of +3.3% on their passing rents (one annual fixed
uplift, six annual RPI, four five yearly RPI and two five yearly CPI
increases), contributing to a +5.4% increase in contracted rents on all held
properties over the six months.
Market Report
UK commercial property capital values, as measured by the MSCI UK Quarterly
Property Index, the main benchmark for institutional property performance,
stabilised in mid 2024 after two years of steep declines. The recovery so far
has been slow and cautious. Total returns have come mainly from growing rents.
Capital values are still only up by 2% on average since the market trough, led
by industrials and retail property, while valuation yields have hardly
changed.
MSCI UK Quarterly Property Index - 12 months to September 2025
Sector Capital Value Growth % Rental Value Growth % Total Return %
Retail 3.1 3.2 9.2
Office -1.2 2.8 3.2
Industrial 4.4 4.7 9.1
Alternatives -1.2 2.6 4.1
All Property 1.6 3.5 6.6
Source: MSCI UK Quarterly Property Index September 2025
Retail and industrial have outperformed the market over the past year for
different reasons: retail's high income yield became attractive after rents
stopped falling, while industrials offered above average rental growth.
Capital values in the various alternatives sectors have been broadly flat,
while most office capital values are still under pressure from high vacancy
rates and low net income yields.
Analysing the returns by subsector, retail warehouses, supermarkets and
shopping centres all outperformed standard shops. In office, London West End
was the bright spot amid the general gloom. In industrial, tenants'
affordability problems are now starting to make London and the South East
underperform the rest of the UK, while residential and hotels have
outperformed in alternatives. The later sections of this report dig deeper
behind these numbers.
Global upheavals in both politics and economics since the arrival of President
Trump have cast their shadow over the nascent recovery in UK property. It was
an unusually long, quiet summer in the market, with transactions down to a
trickle, delays between deals going under offer and completing, and frequent
attempts to "chip" the agreed price down at the end. Some private equity
houses have been targeting big corporate deals at clear discounts to asset
valuations, mainly in the industrial sector, but quoted property companies are
at last starting to fight back against these bargain basement offers. The
market is likely to stay thin and cautious, until after the late November
Budget and into the New Year.
MSCI UK Quarterly Property Index - Average annualised % growth rates to
September 2025
1 year 3 years
6 months 5 years 10 years
Capital values All property 1.6 -6.0
0.8 -1.5 -1.1
Rental values All property 3.5 3.6
2.9 3.0 1.7
Total returns All property 6.6 -1.4
5.6 3.1 3.6
Source: MSCI UK Quarterly Property Index September 2025
Underlying property rental values are still generally rising, by about 3% a
year on average. Most sectors are showing some growth, but industrial rental
value rises are decelerating.
Comparative investment yields - End December (except 2025 end September)
2024 2023 2022 2021 2020 2011 2008 2006
2025
Property (equivalent yield) 6.6 6.6 6.5 6.1 5.1 5.8 6.9 8.3 5.4
Long Gilts: Conventional 4.7 4.6 3.6 3.8 1.0 0.2 2.5 3.7 4.6
Index-linked 1.7 1.1 0.2 0.3 -2.6 -2.6 -0.2 0.8 1.1
UK Equities 3.3 3.6 3.8 3.6 3.1 3.4 3.5 4.5 2.9
RPI (annual rate) 4.5 3.5 5.2 13.4 7.5 1.2 4.8 0.9 4.4
Yield gaps: Property less 1.9 2.0 2.9 2.3 4.1 5.6 4.4 4.6 0.8
Conventional Gilts
Property less 4.9 5.5 6.3 5.8 7.7 8.4 7.1 7.5 4.4
Index Linked Gilts
Property less 3.3 3.0 2.7 2.5 2.0 2.4 3.4 3.8 2.5
Equities
Source: MSCI UK Quarterly Property Index and ONS for the RPI
As the chart in the Half-Yearly Report shows, the All Property vacancy rate
reached an all time high of 12.4% in February 2025, mainly due to office
vacancies doubling to 26.0 % from 12.0% in December 2019 pre-Covid. The
September All Property rate of 11.7% is still above the previous record of
10.7% in November 2009. In 2025, industrial vacancies have risen steadily to
10.2% against a low of 5.2% in 2021, and retail vacancies are stable around
6%. Office vacancies have slipped back slightly to 24.7% as unlettable empty
offices are knocked down or converted to other uses.
The Government is proposing to ban upwards only rent review clauses in new
(but not existing) leases for commercial properties in England and Wales as
part of the English Devolution and Community Empowerment Bill. This change
would be unhelpful to most investors, but should benefit holders of existing
property on long, especially index-related, leases because they would hold an
investment with growing scarcity value. The change would not affect the
Government's stated target of making high street shop rents more affordable
because long leases there are virtually extinct. But it will increase
uncertainty for developers and owners of new and unlet property in other
sectors such as out of town retail, industrials, alternatives and offices, at
least at the higher value, "prime" end of the market where longer leases are
still the norm, and it may reduce residual site values.
The change may also put some upward pressure on valuation yields, and downward
pressure on prices of investments with short, unexpired leases where rental
income would gradually become less secure as upwards and downwards rent
reviews kick in at lease renewal. The intended legislation would, however,
permit new leases to contain fixed or stepped increases throughout their term,
although upward only rent reviews in market or inflation linked leases, where
rents cannot fall, would be banned. Investors should, therefore, focus on
negotiating with tenants to extend their leases now where the tenant and
location are strong enough and the rent level sustainable for the long term.
UK commercial property, with its high running yield and growing rental income,
offers good value against UK equities (at almost double their yield) and
conventional gilts; it is particularly attractive at a yield premium around 5%
over index-linked gilts, which represent a considerable capital risk, as shown
by their poor performance since 2020 and the UK Government's above average
issuance of index-linked stock.
Reliably growing rental income from existing long leases to strong tenants
would be especially valuable after upwards only rent review clauses are not
allowed in new leases. Outperformance and attractive real returns in UK
property over the next few years will come from concentrating on long, strong,
preferably indexed or fixed increase income and ruthlessly recycling
portfolios out of riskier properties where returns may fall at review or lease
end. UK inflation is not dead in a dangerous world.
Sarah Martin, Matthew Oakeshott and Louise Cleary
OLIM Property Limited
14 November 2025
Interim Board Report
Management and administration of VIP
The Company's Alternative Investment Fund Manager (AIFM) is OLIM Property
Limited (OLIM Property).
The Manager is responsible for the management of the investment of the assets
of the Company in accordance with the Company's investment objective and
policy.
BNP Paribas, London Branch is the Company's Depositary and oversees the
Company's custody and cash arrangements.
Principal and Emerging Risks and Uncertainties
The Board carries out a regular review and robust assessment of the principal
and emerging risks facing the Company, including those that would threaten its
business model, future performance, solvency or liquidity. These principal and
emerging risks and uncertainties are set out in full in the Strategic Report
within the 2024 Annual Report and remain applicable to the rest of the
financial year.
Climate Change and Social Responsibility Risk
The Board recognises that climate change is an important emerging risk that
all companies should take into consideration within their strategic planning,
but as an investment trust company, the Company has no direct employee or
environmental responsibilities. The Board encourages the Manager to take
environmental, social and governance matters fully into account, as set out in
the Half-Yearly Report.
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge:
• the condensed set of Financial Statements within the Half-Yearly
Financial Report has been prepared in accordance with International Accounting
Standard 34 'Interim Financial Reporting'; and
• the Interim Report includes a true and fair review of the
information required by 4.2.7R and 4.2.8R of the FCA's Disclosure, Guidance
and Transparency Rules.
For and on behalf of the Board of Value and Indexed Property Income Trust PLC
David Smith
Chairman
14 November 2025
Group Statement of Comprehensive Income
6 months ended 6 months ended Year ended
30 September 2025 (unaudited) 30 September 2024 (unaudited) Restated* 31 March 2025 (audited)
Note Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Rental income 2 4,327 - 4,327 4,226 - 4,226 9,406 - 9,406
Other income 2 202 - 202 144 - 144 564 - 564
4,529 - 4,529 4,370 - 4,370 9,970 - 9,970
Gains and losses on investments
Realised (losses)/gains on held-at-fair-value investment properties - (194) (194) - 309 309 - 455 455
Unrealised (losses)/ gains on held-at-fair-value investment properties - (421) (421) - 939 939 - 2,492 2,492
Total income 4,529 (615) 3,914 4,370 1,248 5,618 9,970 2,947 12,917
Expenses
Investment management fees (423) - (423) (437) - (437) (888) - (888)
Other operating expenses (433) - (433) (448) - (448) (962) - (962)
Finance costs (1,303) - (1,303) (1,267) - (1,267) (2,731) - (2,731)
Total expenses (2,159) - (2,159) (2,152) - (2,152) (4,581) - (4,581)
Profit/(loss) before taxation 2,370 (615) 1,755 2,218 1,248 3,466 5,389 2,947 8,336
Taxation - - - (1,042) - (1,042) (2,276) - (2,276)
Profit/(loss) attributable to equity shareholders of parent company
2,370 (615) 1,755 1,176 1,248 2,424 3,113 2,947 6,060
Earnings per Ordinary Share (pence)
5.64 (1.46) 4.18 2.77 2.94 5.71 7.35 6.95 14.30
3
*As explained in Note 11 to the Financial Statements in the Half-Yearly
Report.
The total column of this statement represents the Statement of Comprehensive
Income of the Group, prepared in accordance with IFRS. The revenue return and
capital return columns are supplementary to this and are prepared under
guidance issued by the Association of Investment Companies. All items in the
above statement derive from continuing operations.
All income is attributable to the equity holders of Value and Indexed Property
Income Trust PLC, the parent company. There are no minority interests.
The Board has declared a first quarterly dividend of 3.60p per share (2024 -
3.40p), which was paid on 31 October 2025 to all Shareholders on the register
on 3 October 2025 (ex-dividend date of 2 October 2025). A second quarterly
dividend of 3.60p per share (2024 - 3.40p) will be paid on 30 January 2026 to
those Shareholders on the register on 30 December 2025 with and ex-dividend
date of 29 December 2025. The third quarterly dividend of 3.60p (2024 - 3.40p)
will be paid on 24 April 2026 to those Shareholders on the register on 27
March 2026. The ex-dividend date will be 26 March 2026.
The Notes to these Financial Statements can be found in the Half-Yearly
Report.
Group Statement of Financial Position
As at As at As at
30 September 2025 31 March 2025 30 September 2024
(unaudited) (audited) (unaudited)
Restated
Note £'000 £'000 £'000 £'000 £'000 £'000
Assets
Non current assets
Investment properties 8 126,973 140,344 140,741
Deferred tax asset - - 1,186
Receivables 5,145 5,496 5,266
132,118 145,840 147,193
Current assets
Cash and cash equivalents 6,305 4,459 8,326
Receivables 2,392 924 2,494
8,697 5,383 10,820
Total assets 140,815 151,223 158,013
Current liabilities
Payables (2,692) (2,979) (3,806)
Corporation tax (48) (48) -
Borrowings - (8,961) -
(2,740) (11,988) (3,806)
Total assets less current liabilities 138,075 139,235 154,207
Non-current liabilities
Payables - - -
Borrowings (49,051) (49,024) (63,941)
(49,051) (49,024) (63,941)
Net assets 89,024 90,211 90,266
Equity attributable to equity shareholders
Called up share capital 4,555 4,555 4,555
Share premium 18,446 18,446 18,446
Retained earnings 6 66,023 67,210 67,265
Total equity 89,024 90,211 90,266
Net asset value per Ordinary Share (pence) 3
211.90p 214.72p 212.65p
These Financial Statements were approved by the Board on 14 November 2025 and
were signed on its behalf by:
David Smith
Chairman
The Notes to these Financial Statements can be found in the Half-Yearly
Report.
Group Statement of Changes in Equity
6 months ended 30 September 2025 (unaudited)
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2025 4,555 18,446 67,210 90,211
Profit for the period - - 1,755 1,755
Dividends paid 4 - - (2,942) (2,942)
Buyback of Ordinary Shares for Treasury - - - -
Net assets at 30 September 2025 4,555 18,446 66,023 89,024
Year ended 31 March 2025 (audited)
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2024 4,555 18,446 68,099 91,100
Profit for the period - - 6,060 6,060
Dividends paid 4 - - (5,775) (5,775)
Buyback of Ordinary Shares for Treasury - - (1,174) (1,174)
Net assets at 31 March 2025 4,555 18,446 67,210 90,211
6 months ended 30 September 2024 (unaudited) Restated
Note Share capital Share premium Retained earnings Total
£'000 £'000 £'000 £'000
Net assets at 31 March 2024 4,555 18,446 68,099 91,100
Profit for the period - - 2,424 2,424
Dividends paid 4 - - (2,894) (2,894)
Buyback of Ordinary Shares for Treasury - - (364) (364)
Net assets at 30 September 2024 4,555 18,446 67,265 90,266
The Notes to these Financial Statements can be found in the Half-Yearly
Report.
Group Statement of Cashflows
6 months ended 6 months ended Year ended
30 September 2025 (unaudited) 30 September 2024 (unaudited) 31 March 2025
(audited)
Note £'000 £'000 £'000 £'000 £'000 £'000
Cash flows from operating activities
Rental income received 3,116 3,524 9,198
Interest and other income received 43 144 360
Operating expenses paid (869) (893) (1,758)
Taxation paid - - -
Net cash inflow from operating activities 2,290 2,775 7,800
Cash flows from investing activities
Purchase of investment properties (100) (17,511) (17,512)
Sale of investment properties 12,756 9,849 11,935
Net cash inflow/(outflow) from investing activities 12,656 (7,662) (5,577)
Cash flow from financing activities
Drawdown of loan - 15,000 15,000
Loan repayment (9,000) - (6,000)
Fees received 159 - 204
Fees paid on new loan (251) - -
Interest paid on loans (1,272) (1,208) (2,697)
Finance cost of leases - (8) (8)
Payments of lease liabilities - (9) (9)
Dividends paid (2,701) (2,893) (5,775)
Costs of tender offer (35) - -
Buyback of Ordinary Shares for Treasury - (364) (1,174)
Net cash inflow/(outflow) from financing activities (13,100) 10,518 (459)
Net increase in cash and cash equivalents 1,846 5,631 1,764
Cash and cash equivalents at the start of the period
4,459 2,695 2,695
Cash and cash equivalents at the end 6,305 8,326 4,459
of the period
The Notes to these Financial Statements can be found in the Half-Yearly
Report.
The financial information contained in the Half-Yearly 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 has not been audited.
The information for the year ended 31 March 2025 has been extracted and
abridged from the latest published audited financial statements and do not
constitute the statutory accounts for that year. Those Financial Statements
have been filed with the Registrar of Companies and included the Report of the
Independent Auditor, which contained no qualification or statement under
section 498 of the Companies Act 2006.
The Half-Yearly Report was approved by the Board on 14 November 2025.
Other information
The 2025 Half-Yearly Report and Financial Statements will be submitted to the
National Storage Mechanism and will be available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.
Neither the content of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
By order of the Board
Maven Capital Partners UK LLP
Company Secretary
0141 306 7400
14 November 2025
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