Foresight Ventures VCT Announces Final Results
Foresight Ventures VCT PLC
LEI: 213800R88MRC4Y3OIW86
Foresight Ventures VCT PLC has corrected its previously announced final results for the fiscal year ending March 31, 2025. The updated results include a revised dividend timetable and reflect the company's financial performance and strategic outlook.
Financial Highlights
- The company completed a significant merger with Thames Ventures VCT 2 PLC, effectively increasing its net assets by £36.9 million.
- New investment of £1.6 million was allocated towards two new ventures, alongside six follow-on investments totaling £3.3 million.
- A full exit from investments including Bulbshare Limited, DSTBTD Limited, Data Center Response Limited, and SF Renewables (Solar) Limited delivered gains of £1.7 million.
- Partial exits from 19 quoted investments resulted in a loss of £1.6 million but generated £4.4 million in proceeds.
- The investment portfolio increased in value by £8.5 million during the year.
- Interim dividends of 4.6p per share were distributed, totaling £4.1 million to shareholders.
- An offer for subscription was launched on October 11, 2024, resulting in a total of £0.9 million raised after expenses during the fiscal year, with an additional £2.5 million raised post-fiscal year.
- A proposed final dividend of 1.8p per share is planned, pending approval at the forthcoming AGM.
Chair’s Statement
Atul Devani, the Chair of Foresight Ventures VCT, remarked, "Despite facing various challenges this year, the board is optimistic about our strategic measures that have fortified the company’s foundation for long-term shareholder value creation."
This merger not only signifies an important milestone for our investors but is expected to result in increased scale for our investments, enhancing liquidity for dividends and share buybacks.
Net Asset Value and Dividend Details
The company’s net asset value (NAV) as of March 31, 2025, was recorded at 90.1p, showing a decrease from 108.1p in the previous year. The decline reflects the broader market conditions; however, the board has continued to focus on maintaining a dividend policy aiming for at least 4% of net assets.
Following the successful merger, total dividends paid since the merger with other entities in previous years now amount to 113.3p per share (rebased).
Investment and Portfolio Activity Overview
This fiscal year, we directed £4.9 million into eight Unquoted Growth companies, while receiving £8.6 million from various full and partial exits across our portfolios. Despite the overall investment climate, certain holdings showed promising growth potential, notably Ayar Labs Inc and Rated People Limited, which garnered £2.5 million and £1.6 million noteworthy increases respectively.
However, challenges were faced; the valuation loss reported was largely driven by volatility in the quoted growth sector, particularly within the AIM market this year.
Responsible Investment Practices
Foresight remains committed to a responsible investment strategy, prioritizing environmental, social, and governance (ESG) criteria in aligning with best practices and enhancing returns for our investors.
Shareholder Engagement
The upcoming Annual General Meeting (AGM) is scheduled for September 22, 2025, where shareholders are encouraged to participate. It’s imperative to forward any queries or concerns in advance to ensure clarity during discussions.
We look forward to engaging with shareholders on our strategic direction at the AGM and during the financial year ahead.
Contact Information
For further inquiries, please reach out to:
Company Secretary
Foresight Group LLP
Contact: Stephen Thayer, Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Andrew James, Tel: 0203 667 8181
Frequently Asked Questions
What is the significance of the merger with Thames Ventures VCT 2 PLC?
The merger significantly strengthened the company's asset base by increasing net assets, enabling greater capital deployment into investments.
What is the proposed final dividend for this year?
The board is proposing a final dividend of 1.8p per share, pending shareholder approval at the upcoming AGM.
How has the company’s investment performance been this year?
While the company faced challenges in the investment climate leading to valuation drops, certain portfolio holdings performed well, contributing positively to overall returns.
When will the Annual General Meeting occur?
The AGM is scheduled for September 22, 2025, where shareholders can discuss the year’s performance and future strategies.
How can shareholders contact the company for inquiries?
Shareholders may reach out to the Company Secretary or Investor Relations via the provided contact details for any inquiries.
