FORESIGHT VCT PLC
LEI: 213800GNTY699WHACF46
17 SEPTEMBER 2026
UNAUDITED HALF-YEARLY FINANCIAL REPORT
30 JUNE 2026
FINANCIAL HIGHLIGHTS
- A final dividend for the year ended 31 December 2025 of 3.6p per share was paid on 26 June 2026, distributing £12.6 million to shareholders.
- Net Asset Value (“NAV”) per share decreased by 5.9p from 71.6p as at 31 December 2025 to 65.7p as at 30 June 2026. After adding back the 3.6p final dividend paid in the period, NAV Total Return per share was (3.2%).
- Three new investments totalling £5.9 million and four follow‑on investments costing £3.2 million were made during the period.
- The value of the investment portfolio increased by £1.5 million in the period to 30 June 2026. This was driven by £9.1 million of new and follow-on investments, offset by a decrease of £7.5 million in the valuation of investments, and a loan repayment of £0.1 million.
- The offer for subscription launched on 14 January 2026 was closed on 20 March 2026 and raised a total of £38.6 million after expenses.
CHAIR’S STATEMENT
The Company’s Net Asset Value (“NAV”) Total Return per share was (3.2%), which is the percentage difference between the Company’s NAV at the start of the year of 71.6p, and the Company’s NAV per share as at 30 June 2026 of 65.7p, after adding back dividends of 3.6p paid during the period.
The first half of 2026 was characterised by a mixed economic environment. Economic growth remained relatively subdued, while business and consumer confidence continued to be affected by ongoing geopolitical tensions and uncertainty surrounding global trade policy. Inflationary pressures eased during the period but remained above the Bank of England’s target, and the Bank maintained interest rates at 3.75% throughout the six months ended 30 June 2026. Against this backdrop, companies continued to face a challenging operating environment, with cautious consumer spending and restrained investment activity. Nevertheless, there have been encouraging signs of increased market and transaction activity compared with recent years, providing grounds for cautious optimism as the year progresses.
The Company’s portfolio in aggregate had a reasonable performance against this challenging backdrop. Some investee companies are flourishing while others are still struggling with weak consumer demand and inflation. The Manager continues to work closely with these companies to help them manage through difficulties and we remain encouraged by the potential for future realisations from a number of more mature portfolio investments.
Strategy
The Board and the Manager continue to pursue a strategy for the Company which includes the following four key objectives:
- Developing Net Asset Value Total Return above a 5% annual target
- Paying annual ordinary dividends of at least 5% of the latest announced NAV
- Implementing a significant number of new and follow‑on investments, exceeding deployment requirements to maintain VCT status
- Maintaining a programme of regular share buybacks at a discount of no more than 7.5% to NAV
The Board and the Manager believe that these key objectives remain appropriate and the Company’s performance in relation to each of them over the past six months is reviewed in more detail on the following pages.
Net Asset Value and dividends
The NAV of the Company increased over the period from £214.0 million as at 31 December 2025 to £231.2 million as at 30 June 2026. This increase was largely a result of the successful fundraise earlier in the year of £38.6 million after expenses, partly offset by the payment of a 3.6p per share final dividend, which was paid on 26 June 2026 at a total cost of £12.6 million (including shares allotted under the dividend reinvestment scheme).
On 14 January 2026, the Company launched an offer for subscription to raise up to £40 million through the issue of new shares. The offer was closed on 20 March 2026 having raised gross proceeds of £40.0 million, £38.6 million after expenses. We would like to thank those existing shareholders who supported the offer and welcome all new shareholders to the Company. Following the period end, the Company announced its intention to launch a further offer for subscription later in the year.
While no exits were completed during the period, there have been a number of significant realisations achieved over the past few years, which generated substantial proceeds and demonstrated the Company’s ability to deliver attractive returns from its portfolio. The Board and Manager remain focused on identifying opportunities to realise value from more mature investments when market conditions and company-specific circumstances are favourable.
The Company continues to exceed its target dividend yield of 5% of NAV. The Board and the Manager hope that this level may continue to be exceeded in future by payment of additional special dividends as and when particularly successful portfolio disposals are achieved.
Investment performance and portfolio activity
A detailed analysis of the investment portfolio performance over the period is given in the Manager’s Review.
During the six months under review, the Manager completed three new investments and follow-on investments in four companies costing £5.9 million and £3.2 million respectively. The Company also received a £0.1 million loan repayment from Positive Response Corporation Ltd. The Board closely monitors the extent and nature of the pipeline of investment opportunities and is reassured by the Manager’s confidence in being able to deploy funds into high-quality investments.
Responsible investing
The assessment of environmental, social and governance (“ESG”) issues is embedded in the Manager’s investment process and these factors are considered a key determinant of the quality of a business and its long-term success. Central to the Manager’s responsible investment approach are five ESG principles that are applied to evaluate investee companies throughout the lifecycle of their investment, from their initial review and acquisition to their final sale. Every year, the portfolio companies are assessed and progress is measured against these principles. More detailed information about the process can be found on pages 24 and 25 of the Manager’s Review in the Unaudited Half-Yearly Financial Report.
Buybacks
During the period, the Company repurchased 4,766,401 shares for cancellation at an average discount of 7.5%, in line with its objective of maintaining regular share buybacks at a discount of no more than 7.5% to the prevailing NAV per share. The Board and the Manager consider that the ability to offer to buy back shares at this level of discount is fair to both continuing and selling shareholders, and helps to underpin the discount to NAV at which the shares trade.
Share buybacks are timed to avoid the Company’s closed periods. Buybacks will generally take place, subject to demand, during the following times of the year:
- April, after the Annual Report has been published
- June, prior to the Half-Yearly reporting date of 30 June
- September, after the Half-Yearly Report has been published
- December, prior to the end of the financial year
Management charges, co-investment and performance incentive
The annual management fee is an amount equal to 2.0% of net assets, excluding cash balances above £20 million, which are charged at a reduced rate of 1.0%, resulting in ongoing charges for the period ended 30 June 2026 of 2.0%, which is at the lower end of the range when compared to recent cost ratios of competitor VCTs.
Since March 2017, co-investments made by the Manager and individual members of the Manager’s private equity team have totalled £1.7 million alongside the Company’s investments of £140.4 million. The Board believes that the co‑investment scheme aligns the interests of the Manager’s team with those of shareholders and has contributed to the gradual improvement in the Company’s investment performance during this time.
In addition to the co-investment scheme, a performance incentive scheme has been in place since 2023. This scheme, in brief, is based on the Company’s investment performance over a rolling five-year period, during which the movement in NAV Total Return per share needs to exceed a hurdle of 25.0% before any performance fee each year can be earned. The annual fee is subject to a cap of 1.0% of the closing NAV at the end of the five-year period. If the return per share for the final year of the five-year period is negative, regardless of whether the five-year hurdle is achieved, no performance fee will be awarded that year. There is the opportunity for the Manager to recover the potential performance fee the following year if certain conditions are met. More details on the calculation of the performance fee can be found in note 8 of this report.
Due to the negative NAV Total Return per share in the first half of the year, no accrual has been made for a performance fee due in respect of the current financial year.
Board composition
The Board continues to review its own performance and undertakes succession planning to maintain an appropriate level of independence, experience, diversity and skills in order to be in a position to discharge its responsibilities. The current six-month period saw some planned changes to the composition of the Board.
After almost nine years as a Non-Executive Director and five years as Chair, Margaret Littlejohns retired at the AGM on 4 June 2026, as planned. On behalf of the Company, I would like to thank Margaret for her invaluable guidance and leadership, from which the Company has benefited enormously. Her insight, commitment and stewardship of the Company have been greatly appreciated by her fellow Directors. I extend our gratitude for her contribution and wish her well for the future.
Shareholder communication
We were delighted to meet with some shareholders in person at our AGM in June this year; it proved to be a well-received event. Following a review of our approach to investor meetings, and with a view to increasing our coverage and reach, we are pleased to announce that an investor forum event will be held later in the year, for which details will be announced in due course. We want to ensure that our Shareholders are kept informed, learn about some of our investee companies from their founders and management, and have the opportunity to provide feedback and ask questions.
Outlook
The UK economic backdrop remains mixed. While inflationary pressures have eased, economic growth remains subdued and business and consumer confidence have yet to recover fully, with the impact of the incoming Burnham government and the impending budget as yet unknown. As a result, the outlook for UK growth over the remainder of 2026 is expected to remain modest.
Global economic conditions also continue to be influenced by geopolitical tensions, changing trade policies and ongoing uncertainty across international markets. These factors may contribute to periods of market volatility and can affect the operating environment for growing businesses.
We recognise that such conditions may present challenges for our investee companies, which are predominantly unquoted, early-growth businesses and therefore can be more sensitive to economic uncertainty than larger, more established companies. Nevertheless, the Company’s portfolio remains well diversified by sector, stage of development and geography. Its performance during recent periods of economic and market disruption has demonstrated the benefits of this diversified approach, and we believe it provides a strong foundation from which to navigate future uncertainty.
The Manager continues to identify attractive investment opportunities across the UK through its established regional network and is maintaining a healthy pipeline of both new and follow-on investments. While near-term economic conditions may remain uncertain, we believe the Company’s diversified, generalist portfolio is well positioned to support its investee companies and deliver long-term value for shareholders.
Patricia Dimond
Chair
17 September 2026
MANAGER’S REVIEW
Portfolio summary
As at 30 June 2026, the Company’s portfolio comprised 57 investments with a total cost of £118.4 million and a valuation of £159.7 million. The portfolio is diversified by sector, transaction type and maturity profile. Details of the ten largest investments by valuation, including an update on their performance, are provided on pages 17 to 20 in the Unaudited Half-Yearly Financial Report.
During the six months ended 30 June 2026, the value of the investment portfolio increased by £1.5 million, largely as a result of £9.1 million invested in new and follow-on investments, partly offset by a £7.5 million fall in the valuation of investments and a £0.1 million loan repayment.
Overall, the portfolio has performed well despite ongoing uncertainty in the market, including fluctuations in technology valuations driven by changing sentiment towards artificial intelligence, and operational challenges affecting certain portfolio companies.
In line with the Board’s strategic objectives, we remain focused on growing the Company through further development of Net Asset Value Total Return. For the six months ended 30 June 2026, Net Asset Value Total Return was (3.2%) while net assets increased by 8.0% to £231.2 million following the successful fundraise. This means that the Company has further progress to make on this objective, although we were pleased to support delivery of a 5.9% dividend yield.
New investments
Three new investments totalling £5.9 million were completed in the six months ended 30 June 2026. There is a strong pipeline of opportunities to pursue during the second half of 2026.
SAMP Technology Holdings Limited
In February 2026, the Company completed a £2.0 million investment into SAMP Technology Holdings, a technical engineering consultancy with a bespoke asset performance management and risk analysis software platform. The platform enables customers to plan predictive and preventative maintenance events, reducing plant stoppages, extending useful lives of equipment and improving return on investment for the equity owners. The investment will help scale the business and aid in a software platform rollout.
Vestd Ltd
In May 2026, the Company completed a £1.4 million investment into Vestd, a proprietary software platform that enables businesses to establish, manage and report on equity incentive schemes. Founded in 2014, Vestd has developed a proprietary software platform that digitises and automates equity management, replacing manual processes with an integrated, compliant and auditable system. Vestd serves thousands of businesses, predominantly in the UK and India, and has established a strong reputation for ease of use, customer support and deep integrations. The investment will support the company’s next phase of growth, including expansion of its enterprise offering, international growth and the development of additional product functionality for private market participants.
Regenerus Limited
In June 2026, the Company completed a £2.5 million investment into Regenerus, a UK-based diagnostic testing company. Regenerus provides advanced diagnostic testing services designed to support personalised care and evidence-based clinical decision-making. The funding will support the expansion of the company’s diagnostic testing and digital platform capabilities, strengthen its laboratory network and accelerate commercial growth.
Follow-on investments
The Company made follow-on investments in four companies during the six months ended 30 June 2026, totalling £3.2 million. Further details of each of these are provided opposite.
The additional equity injections in the period will be used by the investee companies to support their further growth plans, such as launching new products and expansion of commercial capabilities. We continue to successfully navigate the volatility that has been felt across the markets over the course of the year and remain vigilant about the health of the portfolio and the need for follow-on funding during the second half of 2026. Given the size of the portfolio, further opportunities to deploy capital into growing existing investments are expected.
Post period end activity
After the period end, the Company completed seven follow-on investments totalling £4.1 million into Loopr Ltd, a provider of data analytics to content distributors and video-on-demand streaming services; EnterpriseJungle, Inc, a category leader in corporate alumni engagement software; Live Group Holdings Limited, a communications and events business; Strategic Software Applications Ltd, a London-based SaaS technology provider supporting financial institutions in meeting their regulatory compliance obligations; Sprintroom Limited, which designs and manufactures drives for controlling electric motors; Ad Signal Limited, a provider of digital content management software; and Red Flag Alert Technology Group Limited, a business intelligence platform with modular capabilities spanning compliance, prospecting, risk management and financial health assessments. The Company also completed two new investments totalling £3.0 million into Ekkosense Ltd, a niche provider of risk, capacity and performance monitoring software and sensors focused on data centres, and Round Group Limited, an agency that connects music record labels with the influencer network via a proprietary tech portal.
Resi Design Limited
In January 2026, the Company made a £0.7 million follow‑on investment into Resi Design, a technology-enabled architectural business that manages structural home improvement projects from concept through to planning, design, build and sign-off. This latest investment is expected to support the refreshed management team in implementing an improved business plan.
Evolve Dynamics Limited
In March 2026, the Company completed a £0.3 million follow-on investment into Evolve Dynamics (“Evolve”). This was followed by a further £0.2 million in June 2026. These investments will support the company’s working capital and research and development initiatives as the business continues to target both private and public sector contracts. Evolve develops and manufactures Unmanned Aircraft Systems and, since investment, it has developed and begun to commercialise two new systems.
Fourth Wall Creative Limited
In February 2026, the Company completed a £1.6 million follow‑on investment into Fourth Wall Creative to support the continued growth of the business. For further details on Fourth Wall Creative, please see page 19 in the Unaudited Half-Yearly Financial Report.
Sprintroom Limited
In March 2026, the Company completed a £0.4 million follow‑on investment into Sprintroom, which trades as Sprint Electric. The business develops and produces drives used to control electric motors across both light and heavy industrial applications, while also enabling the recovery and reuse of energy that would otherwise be wasted. The investment will support ongoing revenue growth and the development of additional iterations within the new product range.
Realisations
No realisations were completed during the period, following some years of significant realisations. The Company did, however, receive a £0.1 million loan repayment from Positive Response Corporation Ltd. While M&A activity continues to be influenced by prevailing macroeconomic conditions and geopolitical uncertainty, levels of engagement from both private equity and trade buyers remain encouraging and transaction activity has shown signs of improvement. We continue to work closely with the management teams of our portfolio companies to maximise value and are actively assessing potential exit opportunities across a number of investments. We remain focused on achieving attractive realisations at the appropriate time and valuation for shareholders.
Realisations in the period ended 30 June 2026
| Exit proceeds | |||||
| Accounting cost | excluding | Valuation at | |||
| at date | deferred | Realised | 31 December | ||
| of disposal | consideration1 | gain/(loss) | 2025 | ||
| Company | Detail | (£) | (£) | (£) | (£) |
| Positive Response Corporation Ltd | Loan repayment | 125,000 | 125,000 | — | 125,000 |
| 125,000 | 125,000 | — | 125,000 |
- Proceeds on exit excluding interest, dividends and exit fees where applicable.
Pipeline
As at 30 June 2026, the Company had cash reserves of £70.5 million, which will be used to fund new and follow‑on investments, buybacks, dividends and corporate expenditure. We are seeing a strong pipeline of new opportunities, with several opportunities in due diligence or in exclusivity.
The global economic and geopolitical environment remains volatile and uncertain, both through the tariffs instigated by the US and ongoing conflicts in Europe and the Middle East. Markets are, however, showing strong resilience in the face of these challenges, with many indices performing well in the year to date overall.
Against this unsettled backdrop, the UK economy is performing reasonably well, with interest rates remaining steady and a strong performance by the FTSE.
With a broad network of deal introducers across the UK and internationally, and through our growing network of regional offices, we continue to see a large volume of attractive investment opportunities. This is not expected to change in the medium term. We continue to pursue a balanced strategy, targeting companies from a range of sectors and at different stages of maturity to combat market volatility.
Key portfolio developments
Material changes in valuation, defined as increasing or decreasing by £1.0 million or more since 31 December 2025, are detailed below. Updates on these companies are included on the following page, or in the Top Ten Investments section on pages 17 to 20 in the Unaudited Half-Yearly Financial Report.
Key valuation changes in the period
| Net movement | ||
| Company | Valuation methodology | (£) |
| Aquasium Technology Limited | Discounted earnings multiple | 1,579,523 |
| Aerospace Tooling Corporation Limited | Discounted offer | 1,032,256 |
| Steamforged Holdings Limited | Discounted revenue multiple | (1,630,360) |
| Spektrix Limited | Discounted revenue multiple | (2,196,572) |
| Ten Health Holdings Limited | Discounted revenue multiple | (3,326,187) |
Outlook
The first half of 2026 has continued to be characterised by uncertainty across global markets. While equity markets recovered from the volatility experienced earlier in the year, investor sentiment has remained sensitive to developments in international trade policy, geopolitical tensions and broader macroeconomic conditions. In particular, technology valuations have experienced periods of volatility as investor sentiment towards artificial intelligence has evolved. Domestically, these dynamics have been exacerbated by political uncertainty, including the recent change in UK political leadership, and cost-of-living concerns. Looking ahead, investors will continue to monitor the developing policy agenda of the new government and the implications of the forthcoming Autumn Budget. Although markets have proved resilient, the longer-term economic effects of these developments remain unclear and may continue to contribute to periods of volatility. This volatility is reflected in the valuation multiples used to value portfolio companies, which are derived from the market valuations of similar quoted companies. These multiples fell by 5.5% between December 2025 and March 2026 before recovering by 4.8% between March and June 2026.
Against this uncertain backdrop, the Company has continued to demonstrate resilience. While NAV Total Return was (3.2%) in the six months to 30 June 2026, longer-term performance remains positive, with a NAV Total Return of 10.8% over three years and 34.3% over five years. The Company maintains a balanced portfolio across different sectors and stages of the business lifecycle, which should stand it in good stead to face the volatility ahead. Our hands-on approach to challenges and exit planning continues to add value to portfolio companies.
Looking to the remainder of 2026 and beyond, it would be reasonable to expect further volatility given the geopolitical and economic environment. However, there have been encouraging signs of increased market and transaction activity, which provide grounds for cautious optimism. The UK remains an attractive location in which to start, grow and scale innovative businesses, supported by a strong entrepreneurial culture, world-class universities and access to experienced management talent.
The Company has completed another highly successful fundraise, thanks to the strong track record delivered over a number of years, and post period end the Board announced its intention to launch a further offer for subscription later in the year. The Company continues to deploy into high potential new investments, and a growing portfolio of assets at varying stages of the lifecycle. The portfolio remains diversified across sectors, with a mix of higher-growth and cash-generative business, and has proven to be resilient over many years and through various cycles and economic shocks. Nonetheless, certain portfolio companies face particular challenges, offset by others which are seeing strong growth in their markets. The Company remains one of the premier players in the VCT market, an important source of capital for UK entrepreneurs.
James Livingston
on behalf of Foresight Group LLP
Co-Head of Private Equity
17 September 2026
UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES STATEMENTS
Principal risks and uncertainties
The principal risks faced by the Company are as follows:
- Market risk
- Strategic and performance risk
- Internal control risk
- Legislative and regulatory risk
- VCT qualifying status risk
- Investment valuation and liquidity risk
The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Accounts for the year ended 31 December 2025. A detailed explanation can be found on pages 57 to 61 of the Annual Report and Accounts, which is available on the Company’s website www.foresightvct.com or by writing to Foresight Group at The Shard, 32 London Bridge Street, London SE1 9SG.
In the view of the Board, there have been no changes to the fundamental nature of these risks since the previous report. The emerging risks identified in the previous report included those of artificial intelligence, cyber security and geopolitical risks. These emerging risks continue to apply and be monitored. The Board and the Manager continue to follow all emerging risks closely with a view to identifying where changes affect the areas of the market in which portfolio companies operate. This enables the Manager to work closely with portfolio companies, preparing them so far as possible to ensure they are well positioned to endure potential volatility.
Directors’ responsibility statement
The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Half-Yearly Financial Report.
The Directors confirm to the best of their knowledge that:
a) The summarised set of financial statements has been prepared in accordance with FRS 104
b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)
c) The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R
d) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein)
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 Strategic Report of the Annual Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Chair’s Statement, Strategic Report and Notes to the Accounts of the 31 December 2025 Annual Report. In addition, the Annual Report includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.
The Company has considerable financial resources together with investments and income generated therefrom across a variety of industries and sectors. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The Half-Yearly Financial Report has not been audited nor reviewed by the auditors.
On behalf of the Board
Patricia Dimond
Chair of Foresight VCT plc
17 September 2026
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2026
| Six months ended 30 June 2026 (Unaudited) |
Six months ended 30 June 2025 (Unaudited) |
Year ended 31 December 2025 (Audited) |
|||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| (Losses)/gains on investments | — | (7,414) | (7,414) | — | (3,600) | (3,600) | — | 686 | 686 |
| Income | 1,891 | — | 1,891 | 4,191 | — | 4,191 | 5,979 | — | 5,979 |
| Investment management fees | (521) | (1,565) | (2,086) | (520) | (1,559) | (2,079) | (1,002) | (4,991) | (5,993) |
| Other expenses | (357) | — | (357) | (251) | — | (251) | (652) | — | (652) |
| Return/(loss) on ordinary activities before taxation | 1,013 | (8,979) | (7,966) | 3,420 | (5,159) | (1,739) | 4,325 | (4,305) | 20 |
| Taxation | (251) | 251 | — | (571) | 571 | — | (785) | 785 | — |
| Return/(loss) on ordinary activities after taxation | 762 | (8,728) | (7,966) | 2,849 | (4,588) | (1,739) | 3,540 | (3,520) | 20 |
| Return/(loss) per share | 0.2p | (2.5p) | (2.3p) | 0.9p | (1.5p) | (0.6p) | 1.2p | (1.2p) | 0.0p |
The total columns of this statement are the profit and loss account of the Company and the revenue and capital columns represent supplementary information.
All revenue and capital items in the above Statement of Comprehensive Income are derived from continuing operations. No operations were acquired or discontinued in the period.
The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total recognised gains and losses has been presented.
The Company has only one class of business and one reportable segment, the results of which are set out in the Statement of Comprehensive Income and Balance Sheet.
There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
For the six months ended 30 June 2026
| Called-up share capital |
Share premium account |
Capital redemption reserve £’000 |
Distributable reserve1 £’000 |
Capital reserve1 £’000 |
Revaluation reserve £’000 |
Total £’000 |
|
| £’000 | £’000 | ||||||
| As at 1 January 2026 | 2,990 | 48,977 | 176 | 49,618 | 61,001 | 51,287 | 214,049 |
| Share issues in the period2 | 577 | 41,579 | — | — | — | — | 42,156 |
| Expenses in relation to share issues3 | — | (1,342) | — | — | — | — | (1,342) |
| Repurchase of shares | (47) | — | 47 | (3,080) | — | — | (3,080) |
| Realised gains on disposal of investments | — | — | — | — | 741 | — | 741 |
| Investment holding losses | — | — | — | — | — | (8,155) | (8,155) |
| Dividends paid | — | — | — | (12,611) | — | — | (12,611) |
| Management fees charged to capital | — | — | — | — | (1,565) | — | (1,565) |
| Revenue return for the period before taxation | — | — | — | 1,013 | — | — | 1,013 |
| Taxation for the period | — | — | — | (251) | 251 | — | — |
| As at 30 June 2026 | 3,520 | 89,214 | 223 | 34,689 | 60,428 | 43,132 | 231,206 |
- Distributable reserve accounts as at 30 June 2026 total £95,117,000 (31 December 2025: £110,619,000). Share premium cancelled in prior years included amounts arising on share allotments less than three years old, which are not legally distributable. Amounts available for distribution as at 30 June 2026 are therefore £58,666,000 (31 December 2025: £74,167,000). The remaining cancelled share premium will become distributable on the third anniversary of the share allotment on which it arose.
- Includes the dividend reinvestment scheme.
- Includes trail commission for prior years’ fundraising.
UNAUDITED BALANCE SHEET
As at 30 June 2026
Registered number: 03421340
| As at | As at | As at | |
| 30 June | 30 June | 31 December | |
| 2026 | 2025 | 2025 | |
| (Unaudited) | (Unaudited) | (Audited) | |
| £’000 | £’000 | £’000 | |
| Fixed assets | |||
| Investments held at fair value through profit or loss | 159,683 | 146,449 | 158,163 |
| Current assets | |||
| Debtors | 2,212 | 2,575 | 2,876 |
| Cash and cash equivalents | 70,527 | 69,189 | 55,168 |
| Total current assets | 72,739 | 71,764 | 58,044 |
| Creditors | |||
| Amounts falling due within one year | (1,216) | (2,697) | (2,158) |
| Net current assets | 71,523 | 69,067 | 55,886 |
| Total assets less current liabilities | 231,206 | 215,516 | 214,049 |
| Net assets | 231,206 | 215,516 | 214,049 |
| Capital and reserves | |||
| Called-up share capital | 3,520 | 3,039 | 2,990 |
| Share premium account | 89,214 | 48,980 | 48,977 |
| Capital redemption reserve | 223 | 127 | 176 |
| Distributable reserve | 34,689 | 52,150 | 49,618 |
| Capital reserve | 60,428 | 65,894 | 61,001 |
| Revaluation reserve | 43,132 | 45,326 | 51,287 |
| Equity shareholders’ funds | 231,206 | 215,516 | 214,049 |
| Net Asset Value per share | 65.7p | 70.9p | 71.6p |
UNAUDITED CASH FLOW STATEMENT
For the six months ended 30 June 2026
| Six months | Six months | Year ended | |
| ended | ended | 31 December | |
| 30 June 2026 | 30 June 2025 | 2025 | |
| (Unaudited) | (Unaudited) | (Audited) | |
| £’000 | £’000 | £’000 | |
| Cash flow from operating activities | |||
| Loan interest received from investments | 596 | 1,210 | 1,974 |
| Dividends received from investments | 10 | 1,136 | 1,186 |
| Deposit and similar interest received | 1,293 | 1,686 | 2,817 |
| Investment management fees paid | (2,086) | (3,097) | (5,021) |
| Performance incentive fee paid | (1,986) | — | (2,030) |
| Secretarial fees paid | (65) | (65) | (130) |
| Other cash payments | (258) | (314) | (619) |
| Net cash (outflow)/inflow from operating activities | (2,496) | 556 | (1,823) |
| Cash flow from investing activities | |||
| Purchase of investments | (9,156) | (7,703) | (15,589) |
| Proceeds on sale of investments | 125 | 24,413 | 24,413 |
| Proceeds on deferred consideration | 741 | 1,070 | 1,079 |
| Net cash (outflow)/inflow from investing activities | (8,290) | 17,780 | 9,903 |
| Cash flow from financing activities | |||
| Proceeds of fundraising | 39,485 | 24,575 | 24,575 |
| Expenses of fundraising | (845) | (434) | (437) |
| Repurchase of own shares | (2,056) | (3,185) | (6,947) |
| Equity dividends paid | (10,439) | (26,025) | (26,025) |
| Net cash inflow/(outflow) from financing activities | 26,145 | (5,069) | (8,834) |
| Net inflow/(outflow) of cash in the period | 15,359 | 13,267 | (754) |
| Reconciliation of net cash flow to movement in net funds | |||
| Increase/(decrease) in cash and cash equivalents for the period | 15,359 | 13,267 | (754) |
| Net cash and cash equivalents at start of period | 55,168 | 55,922 | 55,922 |
| Net cash and cash equivalents at end of period | 70,527 | 69,189 | 55,168 |
NOTES TO THE UNAUDITED HALF-YEARLY RESULTS
For the six months ended 30 June 2026
1
The Unaudited Half-Yearly Financial Report has been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2025. Unquoted investments have been valued in accordance with IPEV Valuation Guidelines.
2
These are not statutory accounts in accordance with s.436 of the Companies Act 2006 and the financial information for the six months ended 30 June 2026 and 30 June 2025 has been neither audited nor formally reviewed. Statutory accounts in respect of the year ended 31 December 2025 have been audited and reported on by the Company’s auditors and delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under s.498(2) or s.498(3) of the Companies Act 2006. No statutory accounts in respect of any period after 31 December 2025 have been reported on by the Company’s auditors or delivered to the Registrar of Companies.
3
Copies of the Unaudited Half-Yearly Financial Report will be sent to shareholders via their chosen method and will be available for inspection at the Registered Office of the Company at The Shard, 32 London Bridge Street, London SE1 9SG.
4 Net Asset Value per share
The Net Asset Value per share is based on net assets at the end of the period and on the number of shares in issue at the date.
| Number of | ||
| Net assets | shares in issue | |
| 30 June 2026 | £231,206,000 | 351,918,283 |
| 30 June 2025 | £215,516,000 | 303,914,083 |
| 31 December 2025 | £214,049,000 | 299,028,488 |
5 Return per share
The weighted average number of shares used to calculate the respective returns are shown in the table below.
| Shares | |
| Six months ended 30 June 2026 | 340,281,754 |
| Six months ended 30 June 2025 | 296,454,588 |
| Year ended 31 December 2025 | 299,513,568 |
Earnings for the period should not be taken as a guide to the results for the full year.
6 Income
| Six months | Six months | Year ended | |
| ended | ended | 31 December | |
| 30 June 2026 | 30 June 2025 | 2025 | |
| £’000 | £’000 | £’000 | |
| Deposit and similar interest received | 1,293 | 1,686 | 2,817 |
| Loan stock interest | 588 | 1,369 | 1,976 |
| Dividends receivable | 10 | 1,136 | 1,186 |
| 1,891 | 4,191 | 5,979 |
7 Investments at fair value through profit or loss
| £’000 | |
| Book cost as at 1 January 2026 | 109,383 |
| Investment holding gains | 48,780 |
| Valuation as at 1 January 2026 | 158,163 |
| Movements in the period: | |
| Purchases | 9,156 |
| Disposal proceeds1 | (125) |
| Realised gains | — |
| Investment holding losses | (7,511) |
| Valuation as at 30 June 2026 | 159,683 |
| Book cost as at 30 June 2026 | 118,414 |
| Investment holding gains | 41,269 |
| Valuation as at 30 June 2026 | 159,683 |
- The Company received £125,000 from the repayment of a loan during the period. The book cost of this loan was £125,000.
Reconciliation of realised gains and investment holding losses to the Statement of Comprehensive Income:
| Six months | Six months | Year ended | |
| ended | ended | 31 December | |
| 30 June 2026 | 30 June 2025 | 2025 | |
| £’000 | £’000 | £’000 | |
| Realised gains | — | 18,773 | 17,089 |
| Investment holding losses | (7,511) | (22,184) | (16,672) |
| Deferred consideration receipts | 741 | 1,070 | 1,079 |
| Deferred consideration debtor movement | (644) | (1,259) | (810) |
| (Losses)/gains on investments per the Statement of Comprehensive Income | (7,414) | (3,600) | 686 |
Breakdown of deferred consideration movements in the six months ended 30 June 2026:
| Deferred | ||
| Deferred | consideration | |
| consideration | debtor | |
| receipts | movements | |
| £’000 | £’000 | |
| Specac International Limited | 449 | (428) |
| Callen-Lenz Associates Limited | 292 | (238) |
| Ollie Quinn Limited | — | 22 |
| 741 | (644) |
8 Performance incentive fee
In order to incentivise the Manager to generate enhanced returns for shareholders, they are entitled to performance incentive payments in respect of each financial year where the Company achieves an average annual NAV Total Return per share, over a rolling five-year period, in excess of an average annual hurdle of 5% (simple not compounded). If the hurdle is met, the Manager will be entitled to an amount equal to 20% of the excess over the hurdle subject to a cap of 1% of the closing Net Asset Value for the relevant financial year (and no fee will be due in excess of this cap).
Where there is a negative return in the relevant financial year, no fee shall be payable even if the hurdle is exceeded. However, the potential fee will be carried forward and will become due at the end of the next financial year if the performance hurdle described above for that next financial year is achieved and the negative return in the preceding financial year is recovered in that next financial year. Any such catch-up fees shall be paid alongside any fee payable for the next financial year subject to the 1% cap applying to both fees in aggregate. Any such catch-up fees cannot be rolled further forward to subsequent financial years.
Estimation of the financial effect
As at 30 June 2026, the NAV Total Return since 31 December 2021 was 18.0p (being the aggregation of NAV per share as at 30 June 2026, before any performance incentive provision, of 65.7p and dividends paid per share in the five-year period totalling 42.4p less the NAV per share as at 31 December 2021 of 90.1p) giving an average annual NAV Total Return per share of 3.6p. This compares to the average annual hurdle of 4.5p based on the opening NAV per share of 90.1p as at 31 December 2021. Therefore the average annual NAV Total Return per share has not surpassed the hurdle as at 30 June 2026 and no performance incentive fee has been accrued.
9 Related party transactions
No Director has an interest in any contract to which the Company is a party other than their appointment and payment as Directors.
10 Transactions with the Manager
Foresight Group LLP was appointed as Manager on 27 January 2020 and earned fees of £2,086,000 in the six months ended 30 June 2026 (30 June 2025: £2,079,000, 31 December 2025: £4,007,000). No performance incentive fees have been accrued as at 30 June 2026 (30 June 2025: £nil, 31 December 2025: £2,160,000).
Foresight Group LLP is the Company Secretary (appointed in November 2017) and received, directly and indirectly, for accounting and company secretarial services, fees of £65,000 during the period (30 June 2025: £65,000, 31 December 2025: £130,000).
At the balance sheet date there was £nil due to Foresight Group LLP (30 June 2025: £nil, 31 December 2025: £nil).
In accordance with UK Listing Rules 11.4.1R, 6.4.1R and 6.4.3R, a copy of the Half-Yearly Report and Accounts will be submitted to the Financial Conduct Authority via the National Storage Mechanism.
END
