Foresight Technology VCT PLC Announces Final Results
Foresight Technology VCT PLC
LEI: 21380013CXOR8N6OD977
Final results
Year Ended 31 March 2025
Foresight Technology VCT PLC, overseen by Foresight Group LLP, is excited to announce its compelling financial results for the year that concluded on March 31, 2025. These results received the Board of Directors' approval on July 31, 2025.
The comprehensive Annual Report will soon be accessible in full at www.foresightgroup.eu, along with all requisite statutory information.
Financial Highlights
The financial highlights are impressive:
- Total Net Assets as of March 31, 2025, amounted to £38.4 million, a notable rise from £32.1 million in 2024.
- Net Asset Value per share as of March 31, 2025, stood at 91.4p compared to 98.8p in 2024.
In the year under review, the Company raised £9.8 million from new funds through its subscription offers held on September 6, 2023, and September 5, 2024. Investments were made in six new portfolio companies, supplemented by eleven follow-on investments into nine existing enterprises.
On October 1, 2024, the Company successfully acquired 88,986 of its own shares at a nil discount as part of its buyback program, which reflects a flexible approach to share management.
Since the reporting period's conclusion, an additional £3.0 million was raised, boosting the total funds raised to an impressive £45.2 million. Moreover, a new investment and three follow-on investments totaling £3.2 million have been executed, culminating in total deployment reaching £33.2 million.
Chairman’s Communique
On behalf of the Board, I am pleased to share the Audited Annual Report and Accounts for Foresight Technology VCT PLC for the fiscal year concluded on March 31, 2025. This report outlines significant developments and strategic directions that the Company is undertaking.
Our FWT share class, introduced in December 2019, has emerged as an attractive investment avenue. It offers an opportunity for investors to engage with a portfolio of early-stage companies exhibiting high growth potential through innovative and transformative technologies across various sectors.
Fundraising and Share Issuance Insights
The Company’s subscription offers to raise up to £15 million (with an extra £10 million available through an overallotment facility), launched on September 6, 2023, and relaunched on September 5, 2024, were met with enthusiasm. In total, around 9.7 million shares were allotted, acquiring an additional £9.8 million and lifting total funds raised beyond £42 million. After the reporting period, an additional 3.0 million FWT shares were issued, pushing the overall funds raised to £45.2 million.
Portfolio Developments and Investment Activity
A detailed evaluation of the investment portfolio's performance over the past year can be found in the Investment Manager’s Review included in the Annual Report. Throughout the fiscal year, six new investments were made across various dynamic technologies and eleven follow-on investments into nine promising enterprises totaling £9.8 million.
New investments comprised companies such as Cavero Quantum Limited, Xim Limited, and Bitfount Limited. Existing companies benefiting from follow-on investments included Acu-flow Limited, VividQ Limited, and Zero Point Motion Limited. As at March 31, 2025, the Company had deployed £30 million across 36 evolving portfolio companies.
The Investment Manager continues to cultivate a robust pipeline of potential investments through extensive regional networks and cohesive relationships with advisers and the SME community. As fundraising progresses, the Company is well-equipped to support the existing portfolio amidst economic challenges while exploring attractive investment opportunities.
Management Fees and Investor Value
The annual management fee, set at 2.0% of Net Assets, amounted to £721,000 for the year. The Board believes this fee structure provides exceptional value for investors.
Commitment to Responsible Investing
The Board recognizes the Investment Manager's dedication to responsible investment practices. Foresight prioritizes environmental, social, and governance (ESG) considerations in all business dealings to enhance value for investors and maintain the highest standards.
Looking Ahead
Given the persistent geopolitical turmoil and rising inflation, the world economy faces several challenges. The UK has experienced a slow recovery, with small businesses grappling with increased labor costs and consumer confidence remaining volatile. However, there are optimistic indicators, particularly for UK high-tech companies, supported by new governmental frameworks aimed at fostering R&D and innovation.
The Board is optimistic about upcoming ventures and remains committed to positioning the Company to leverage favorable market conditions as opportunities arise.
Frequently Asked Questions
1. What are the latest financial results for Foresight Technology VCT PLC?
The latest financial results show total net assets of £38.4 million, an increase from £32.1 million the previous year, with a net asset value per share of 91.4p.
2. How much funding was raised during the past year?
During the year, the Company raised £9.8 million through share subscriptions, with total funds raised amounting to £45.2 million post-period.
3. What new investments were made by the Company?
The Company made investments in six new companies during the year, including Cavero Quantum Limited and Bitfount Limited.
4. When is the Annual General Meeting scheduled?
The Annual General Meeting is set to take place at 12:30 pm on September 18, 2025.
5. How is the management fee structured?
The annual management fee is calculated at 2.0% of Net Assets, amounting to £721,000 for the year, seen as providing good value for investors.
