Triple Point Venture VCT PLC on Wednesday said it has swung to a profit in the first half of its 2025 financial year, as net asset value rises.
The London-based investor in early-stage small and medium-sized enterprises swung to a pretax profit of £821,000 in the six months ended August 31, from a loss of £1.4 million the year before.
Net asset per share on August 31 was 97.61 pence, down 1.0% from 98.55p on February 29 and falling 2.0% from 99.61p on August 31, 2023. Net asset value was £71.1 million, rising 14% from £62.2 million on February 29 and growing 33% from £53.5 million year-on-year.
Total dividends paid during the six-month period was 13.00 pence per share, increasing 44% from 9.00p the year before.
Triple Point Venture also raised £19.0 million in proceeds following its sixth share offer that closed on July 31. This brings the company’s total gross proceeds to date to £76.7 million.
Chair Jamie Brooke said: ‘The UK economy, in which most of our companies operate, continues to show more positive signs of growth, albeit challenges remain around the tight fiscal situation in the next few years. The recent changes of the UK government adds some new uncertainty, but we believe it supports [venture capital trust] and [enterprise investment scheme] schemes for start-up investment, and is focussed on using technology to enhance public services. The investment manager will also be closely monitoring any changes to the research & development tax credit system which supports the growth of so many UK technology start-ups.
‘Investors should remain aware that net asset value volatility may remain high and will be impacted by trends in global venture capital valuations, as well as the portfolio companies’ underlying commercial performance and by geopolitical events.
‘Overall, we remain optimistic both in the growth potential of the company’s existing diverse portfolio of software businesses and in the new opportunities ahead of us. The investment manager reports that deal flow remains strong, including four investments that are in the process of a deal execution.’
Shares in Triple Point Venture were flat at 90.50 pence each in London on Wednesday afternoon.
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