Foresight VCT PLC reported total net assets of £215.5 million for the period ended 30 June 2025. A special dividend of 6.4p per share was paid on 9 May 2025, returning £19.3 million to shareholders. The Net Asset Value per share decreased by 13.5% to 70.9p. The UK economy saw sluggish growth of 0.3% in the second quarter of 2025, with inflation exceeding the Bank of England’s target at 3.8%. The Company’s portfolio performed reasonably well despite challenges, with successful exits and new investments. The Company aims to achieve a Net Asset Value Total Return above 5% annually and pay dividends of at least 5% of the latest NAV.
The Board and Manager believe that key objectives remain appropriate, with focus on new investments and maintaining VCT status. The Company’s total net assets decreased by 3.3% to £215.5 million. A special interim dividend of 6.4p per share was paid in May 2025. The Company completed follow-on investments in seven companies and made one new investment during the period. The Company is committed to responsible investing, with ESG principles guiding their evaluation of investee companies. Share buybacks were conducted at an average discount of 7.5% to NAV.
The Company’s portfolio saw a decrease in value due to successful realizations, with a total valuation of £146.4 million. The Manager completed one new investment and follow-on investments in seven companies, totaling £1.5 million and £6.2 million respectively. The Company exited its holding in Biotherapy Services Limited for a nominal value. The Board continues to monitor and manage principal risks, with a focus on market, strategic, and legislative risks. The Directors confirm their responsibilities for the preparation and publication of the Half-Yearly Financial Report. The Company’s going concern basis of accounting is maintained, and no performance incentive fee was accrued as of 30 June 2025.
The Company’s cash flow from operating activities was positive, with loan interest received and dividends from investments contributing to income. Investments at fair value through profit or loss saw movements due to purchases, disposals, and realized gains. The Company’s Net Asset Value per share was 70.9p as of 30 June 2025. The Manager did not accrue a performance incentive fee for the period, and no Director had an interest in contracts beyond their roles as Directors. Transactions with the Manager and related party transactions were disclosed, with fees earned and amounts due detailed in the report.
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