Q1 update for the three months ended 30 April 2025

Blue and yellow balls balanced on wooden platforms
NAV per Share of 2,011p; LTM NAV per Share Total Return of 6.3%

Highlights

  • NAV per Share of 2,011p; LTM NAV per Share Total Return of 6.3% (5 year annualised: 14.8%)
  • Q1 Portfolio Return on a Local Currency Basis of 0.6%, offset by FX, resulting in Portfolio Return on a Sterling Basis of (2.4)% and NAV per Share Total Return of (2.6)%
  • Total Proceeds of £149m, including £62m net proceeds from the sale of a portion of our Portfolio at a 5.5% discount and £48m from sale of Minimax (previously our largest portfolio company holding)1; Total New Investments of £48m
  • £9m of buybacks during the quarter, adding 0.4% (8.4p) to NAV per Share Total Return
  • Robust balance sheet: low gearing ratio (3%); €300m revolving credit facility extended to May 2029
  • Q1 dividend of 9p per share; Board intends to pay total dividends of at least 38p per share for FY26 (FY25: 36p)
  • Secondaries are offering some compelling investment opportunities

1 As announced in April 2025, and includes £3m of further Minimax proceeds received in late April 2025

Presentation

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