TIDMFTF
FORESIGHT ENTERPRISE VCT PLC
LEI: 213800MWJNR3WZZ3ZP42
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE PERIODED 30 JUNE 2022
FINANCIAL HIGHLIGHTS
-- Total net assets GBP134.8 million
-- An interim dividend of 3.5p per share was paid on 30 June 2022, returning
GBP6.9 million to Shareholders
-- The portfolio value has increased by GBP4.6 million in the last six
months
-- Net Asset Value per share decreased by 2.3% in the period from 69.1p at
31 December 2021 to 67.5p at 30 June 2022
-- Including the payment of a 3.5p dividend made on 30 June 2022, NAV Total
Return per share at 30 June 2022 was 71.0p, representing a positive total
return of 2.7% in the period
CHAIR'S STATEMENT
I am pleased to present the unaudited Half-Yearly Report for
Foresight Enterprise VCT plc for the period ended 30 June 2022.
The business environment remains challenging after the
substantial impact of the COVID-19 pandemic receded, with the war
in Ukraine, supply chain issues, rapidly rising inflation and
energy prices and the threat of recession looming. I believe that
the careful planning, help and advice the Manager provided the
portfolio companies during the pandemic will continue to be
relevant to the current and future economic situations. While there
will be bumps in the road, the Board believes that the portfolio is
in good shape to withstand what we currently see ahead.
Strategy
The Board believes that it is in the best interests of
Shareholders to continue to pursue a strategy of:
-- Continued enhancement of Net Asset Value Total Return while continuing to
grow the Company's assets
-- Payment of annual dividends of at least 5% of the NAV per share per annum
based on the opening NAV of that financial year
-- Implementation of a significant number of new and follow-on qualifying
investments every year
-- Maintaining a programme of regular share buybacks
Central to the Company being able to achieve these objectives is
the ability of the Manager to source and complete attractive new
qualifying investment opportunities.
Whilst this task has not been made easier by the changes to VCT
legislation since 2015, which, amongst other requirements, place
greater emphasis on growth or development capital investment into
younger companies, the Company is fortunate in that it has pursued
a policy of seeking growth capital investments for several years
prior to the rule changes and the Manager has an established track
record in this area.
Performance and portfolio activity
During the period, Net Asset Value per share decreased by 2.3%
from 69.1p at 31 December 2021 to 67.5p at 30 June 2022. After
adding back the payment of a 3.5p dividend made on 30 June 2022,
NAV Total Return per share at 30 June 2022 was 71.0p, representing
a positive total return of 2.7%.
During the period, the Manager completed new investments of
GBP1.6 million into SO-SURE Limited and GBP1.1 million into
HomeLink Healthcare Limited. The Manager also completed one
follow-on investment costing GBP0.5 million into Rovco Limited.
Additionally, the Manager disposed of two investments, TFC Europe
Limited and Codeplay Software Limited, generating proceeds of
GBP19.7 million with a further GBP0.4 million of deferred
consideration included within debtors at the period end.
After the period end, new investments of GBP1.8 million and
GBP2.5 million were made into Strategic Software Applications Ltd
and Copptech UK Limited respectively. Additionally, a further
follow-on investment of GBP0.7 million was made into Hexarad Group
Limited.
The Board and the Manager are confident that a number of new and
follow-on investments can be achieved this year, particularly with
the increased investment activity noted above. Details of each of
these new, existing and former portfolio companies can be found in
the Manager's Review in the Unaudited Half-Yearly Financial
Report.
The Manager continues to see a strong pipeline of potential
investments sourced through its regional networks and well
developed relationships with advisers and the SME community;
however, it is also focused on supporting the existing portfolio
through the current economic climate. Following the successful
realisations of TFC Europe Limited and Codeplay Software Limited in
June 2022, the Company is in a position to fully support the
portfolio, where appropriate, and exploit potential attractive
investment opportunities.
The January 2022 offer is due to close on 30 September 2022
having raised gross funds of GBP5.3 million to date. We would like
to thank those existing Shareholders who have supported this offer
and welcome all new Shareholders to the Company. The Board is also
pleased to announce that a new offer for subscription is due to be
launched in mid-October 2022, providing Shareholders and new
investors with a further opportunity to invest in the Company and
benefit from the VCT tax reliefs available to qualifying
investors.
Responsible investing
The analysis of environmental, social and governance ("ESG")
issues is embedded in the Manager's investment process and these
factors are considered key in determining the quality of a business
and its long-term success. Central to the Manager's responsible
investment approach are five ESG principles that are applied to
evaluate investee companies, acquired since May 2018, throughout
the lifecycle of their investment, from their initial review and
acquisition to their final sale. Every year, these portfolio
companies are assessed and progress measured against these
principles. More detailed information about the process can be
found on page 24 of the Manager's Review in the Unaudited
Half-Yearly Financial Report.
Dividends
An interim dividend of 3.5p per share was declared on 27 May
2022 based on an ex-dividend date of 16 June 2022 and a record date
of 17 June 2022. The dividend was paid on 30 June 2022.
Buybacks
The Board is pleased to have achieved an average discount across
all buybacks of 7.5% to the Net Asset Value per share in the
period, but continues to have an objective of achieving and
maintaining buybacks at a discount of 5% over the medium term,
subject to market conditions.
Shareholder communication
We were delighted to meet once again with some Shareholders in
person at the AGM on 9 June 2022, having long been unable to do so
as a result of the travel restrictions due to COVID-19. Following
the disappointing remote attendance at the hybrid event, the Board
will be reverting to an in person event only in the future. The
Manager is hoping to reintroduce in-person investor forum events in
the winter, which have proven popular with our Shareholders in the
past.
Board composition
The Board continues to review its own performance and undertakes
succession planning to maintain an appropriate level of
independence, experience, diversity and skills in order to be in a
position to discharge all its responsibilities.
Outlook
As mentioned in my introduction, while the impact of the
pandemic has lessened, other economic impacts are being seen after
Russia invaded Ukraine, including, but not limited to, the
significant rise in energy prices, rapid inflation, the cost of
living crisis and the potential for a global recession. Supply
chains remain under pressure post Brexit and pandemic, and after
the Russian invasion, such issues are unlikely to be resolved soon.
While the Company's portfolio has not been materially exposed to
either Russia or Ukraine, it is very likely that the economic
impacts we are currently experiencing will raise issues and
concerns for the individual investee company management teams and
the Manager.
However, the portfolio is showing signs of resilience and the
Manager has been working with management teams to assess business
plans, consider funding requirements and help navigate through
these difficult times. The portfolio is well diversified in terms
of sector, size and number and the Manager's approach through the
pandemic will continue to be valuable to tackle the challenges
ahead.
The Company is well positioned to continue to support the
portfolio and the fundraising that we are making will also provide
the opportunity to seek new investments and take advantage of the
opportunities that will emerge from the current economic
situation.
To date, the impact of both the economic and geopolitical
landscapes have not been considered material to the overall
portfolio. This can be seen in the positive NAV Total Return of
2.7% in the period which includes the 3.5p dividend that was paid
on 30 June 2022.
Raymond Abbott
Chair
30 September 2022
MANAGER'S REVIEW
The Board has appointed Foresight Group LLP ("the Manager") to
provide investment management and administration services
Portfolio summary
As at 30 June 2022, the Company's portfolio comprised 39
investments with a total cost of GBP65.4 million and a valuation of
GBP103.4 million. The portfolio is diversified by sector,
transaction type and maturity profile. Details of the ten largest
investments by valuation, including an update on their performance,
are provided on pages 16 to 20 in the Unaudited Half-Yearly
Financial Report.
During the six months to 30 June 2022, the value of the
portfolio reduced by GBP11.9 million as a result of GBP19.7 million
of successful realisations, partially offset by new investments of
GBP3.2 million and an increase in the value of the investments of
GBP4.6 million. The Company's portfolio continues to recover
following the impact of COVID-19 over the past 24 months. Many of
the portfolio companies have successfully navigated the new
economic landscape, with some performing extremely well, while
others continue to adjust.
In line with the Board's strategic objectives, the investment
team remains focused on continuing to grow the Company's assets
whilst paying an annual dividend to Shareholders of at least 5% of
the NAV per share per annum based on the opening NAV of that
financial year. The Company has so far achieved this target for the
current year and this objective remains the Manager's focus.
New investments
Since COVID-19 restrictions eased, there has been a shift
towards more in-person events and meetings, and whilst not yet back
to pre-pandemic levels, it is now easier for the private equity
team to meet prospective companies and their teams face to face.
This is an important part of assessing investments and developing
relationships with management teams and other members of the local
investment community. The Manager and SMEs have adjusted to this
new landscape given companies still wish to grow their businesses
and act on opportunities as they arise. The Manager continued to
meet new companies and advisers throughout the period and build its
reputation in each of the regions it operates in.
Two new investments were completed in the six months to 30 June
2022. Further details of each of these are provided below. Behind
these, there is a strong pipeline of opportunities that the Manager
expects to convert during the second half of 2022.
HomeLink Healthcare Limited
In March 2022, the Company invested GBP1.1 million of growth
capital into HomeLink, a specialist provider of clinical services
to patients in their own homes, alleviating pressure on the NHS,
freeing up vital bed space, saving time and reducing costs. The
investment will be used to consolidate HomeLink's position as a
first mover in a sizeable and growing market.
SO-SURE Limited
In May 2022, the Company invested GBP1.6 million into SO-SURE, a
digital insurance platform for consumer mobile phones and home
contents. The investment will be used to scale up operations and
extend the product range, which has shown great potential beyond
the existing lines.
Strategic Software Applications Ltd
Post period end, in August 2022, the Company invested GBP1.8
million of growth capital into Strategic Software Applications,
previously referred to as Axiom HQ but now trading as Ruleguard, a
SaaS technology provider supporting regulatory compliance for
financial institutions. The investment will be used to help the
business maximise opportunities as its target market grows in line
with the adoption of specialised technology as a result of
increasing regulatory complexity.
Copptech UK Limited
Also in August 2022, the Company invested GBP2.5 million of
growth capital into Copptech UK, an innovative anti-microbial
technology company that uses a patented microparticle in polymers,
plastics and building materials to kill bacteria, fungi and viruses
on contact. The investment will be used to help the business grow
sales and market presence in new geographies.
Follow-on investments
The Manager expects to continue to deploy additional capital
into both growing portfolio companies and those that require
support to trade through more uncertain periods. Macro factors such
as wage, commodity price and energy price inflation may impact some
elements of the portfolio, but in general the Manager ensures at
the time of initial investment that investee companies are
well-capitalised to trade through periods of lower market demand or
supply challenges. This is evidenced by the portfolio remaining
relatively resilient over the COVID-19 period, supported by the
Manager, with an active management style to ensure risks are
identified and mitigated early.
The Company made one follow-on investment in the period,
totalling GBP0.5 million, to support further growth opportunities.
Further details are provided below.
Rovco Ltd
In March 2022, Rovco, a developer of 3D computer vision and AI
technology for streamlining and ultimately automating the
monitoring and management of marine infrastructure, received a
GBP0.5 million follow-on investment from the Company as part of a
GBP15.3 million funding round. The investment will be used to
support the growing working capital needs in the contract business
as well as the expansion of Rovco's commercial, operational and
technological capabilities.
Hexarad Group Limited
Post period end, the Company completed a GBP0.7 million
investment into Hexarad as part of a GBP2.1 million funding round.
Hexarad is a high-growth healthcare technology company, delivering
teleradiology services to NHS and private healthcare customers. It
gives healthcare providers access to faster diagnosis of medical
images (CT, MRI and X-Ray), using proprietary allocation tools to
distribute scans to a pool of remote radiologists.
Pipeline
At 30 June 2022, the Company held cash of GBP25.7 million. This
will be used to fund new and follow-on investments, buybacks and
running expenses, and support the Company's dividend objectives.
The Manager has a number of opportunities under exclusivity or in
due diligence. The Company remains well positioned to continue
pursuing these potential investment opportunities.
Exits and realisations
The M&A climate has remained buoyant during the period but
it may be cooling. In June 2022, the Company successfully realised
investments in Codeplay Software Limited and TFC Europe
Limited.
Codeplay is one of the leading solutions providers to the
semiconductor industry. During the investment period, the Manager
helped the business reframe its strategy to offer a suite of
services rather than standalone products, which made it an
important player in an ecosystem of high-performance computing. It
evolved its technology and developed new routes to market.
The Manager also introduced a chairperson and through the
Manager's joint venture with Williams Advanced Engineering, the
business was able to access the automotive market. The business was
sold to a leading computer chip developer in a transaction that
generated proceeds of GBP4.3 million at completion, an exceptional
return on an investment of GBP0.3 million.
The sale of industrial fastener products supplier TFC generated
proceeds of GBP15.4 million, another strong performance. Since the
original investment, the Company helped to extend TFC's network in
the UK and Germany.
TFC also rapidly expanded its vendor managed inventory service,
growing the customer base, so it now provides a market-leading
service to SMEs and international global businesses operating
across a range of industries. The Company supported three
acquisitions as well as considerable investment in new and existing
facilities, opening new sites in England, Northern Ireland and
Europe.
Disposals in the period ended 30 June 2022
Valuation
Accounting at
cost at
date Realised 31 December
of disposal Proceeds gain 2021
Company Detail (GBP) (GBP) (GBP) (GBP)
------------ ------------ ----------- ---------- ------------ -----------
TFC Europe Full
Limited disposal 2,149,307 15,407,883 13,258,576 10,330,550
Codeplay
Software Full
Limited disposal 300,000 4,300,599 4,000,599(1) 1,697,425
------------ ------------ ----------- ---------- ------------ -----------
2,449,307 19,708,482 17,259,175 12,027,975
1. A further GBP411,936 of deferred consideration has been reflected in the
accounts.
Key portfolio developments
In the first six months of the year, the portfolio has shown
further recovery, which started in the second half of 2021, as
businesses adapt to the new economic climate.
The value of investments held reduced by GBP11.9 million in the
six months to 30 June 2022, driven largely by realisations of
GBP19.7 million, offset partially by deployment of GBP3.2 million
and an increase in the value of existing investments of GBP4.6
million.
Material changes in valuation, defined as increasing or
decreasing by GBP1.0 million or more since 31 December 2021, are
detailed below. Updates on these companies are included in the Top
Ten Investments section on pages 16 to 20 in the Unaudited
Half-Yearly Financial Report.
Key valuation changes in the period
Valuation
Company Valuation (GBP) change (GBP)
------------------------------------ --------------- ------------
Hospital Services Group Limited 6,864,934 1,188,621
Biofortuna Ltd 3,580,838 (2,011,013)
Innovation Consulting Group Limited 5,104,469 (2,025,094)
Datapath Group Limited 10,671,763 (3,491,763)
Outlook
The global and UK markets have experienced a volatile past 12
months following a strong recovery in consumer and business demand
after the COVID-19 pandemic. At the same time, supply chains
remained constrained by continued lockdowns in China and Europe and
the cautious return of labour to the UK workforce, as lockdowns and
furlough schemes altered people's working patterns. All these
factors began to drive price inflation in late 2021 -- a symptom
that was further compounded by the war in Ukraine -- causing the
prices of gas, electricity, precious metals and food, amongst other
commodities, to soar in Q1 2022.
The Bank of England responded by raising the base interest rate
from 0.1% in December 2021 to 2.25% in September 2022 to help
reduce inflation, which has increased from 7.5% in December 2021 to
12.3%(1) by August 2022 and most analysts expect further increases
to both inflation and interest rates in the medium term. The Bank
of England now forecasts that the UK will enter a recession later
in 2022.
Despite this backdrop, the Company's portfolio is well
positioned to withstand the market volatility. We have worked to
balance risk, with the portfolio exposed to a broad base of both
well-established and earlier-stage growth companies across a range
of sectors. Over the past 12 months, the portfolio continued to
perform well, with the Company realising five investments in this
time.
Notable examples that demonstrate our ability to capitalise on
high-quality regional opportunities in a variety of sectors are the
sale of Codeplay, an Edinburgh-based software tool developer, to a
US corporate buyer delivering an impressive 16.1x return, and the
sale of TFC, an East Sussex distributor of specialist fixings and
industrial fasteners, that generated a 12.6x return on investment.
The current portfolio has a good mix of earlier stage and more
mature investments, which are expected to generate both income and
capital returns for investors over time.
The Manager continues to leverage its regional offices to source
the highest quality growth companies where we can employ our
extensive advisory network and proactive portfolio management style
to drive growth and add value to each investee company. There
remains a strong appetite for funding from the smaller UK
businesses with growth potential, which manifested itself in a
number of exciting deals completed in the past year. Despite shifts
in the investment landscape, we continue to see excellent
opportunities to support small companies in many sub--sectors, such
as health, technology and compliance systems, amongst others.
While the macro environment is precarious, we believe that the
Company's portfolio is well placed to cope with a period of
uncertainty. The UK undoubtedly remains an exceptional place to
start, fund and grow a small business, and the Manager remains
committed to supporting the best UK entrepreneurs on their
journey.
James Livingston
on behalf of Foresight Group LLP
30 September 2022
1. Bank of England, RPI December 2021 to August 2022
www.ons.gov.uk/economy/inflationandpriceindices/timeseries/czbh/mm23
UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES
STATEMENTS
Principal risks and uncertainties
The principal risks faced by the Company are as follows:
-- Market risk
-- Strategic and performance risk
-- Internal control risk
-- Legislative and regulatory risk
-- VCT qualifying status risk
-- Investment valuation and liquidity risk
The Board reported on the principal risks and uncertainties
faced by the Company in the Annual Report and Accounts for the
period ended 31 December 2021. A detailed explanation can be found
on pages 36 to 37 of the Annual Report and Accounts, which is
available on Foresight Enterprise VCT's website
www.foresightenterprisevct.com or by writing to Foresight Group LLP
at The Shard, 32 London Bridge Street, London, SE1 9SG. The Board
considers that these principal risks and uncertainties are equally
applicable to the remaining six months of the financial year as
they were to the six months under review.
In the view of the Board, there has been a further change to the
fundamental nature of these risks since the previous report, given
prolonged market volatility over the previous 12 months. While
there was a strong recovery in consumer and business demand after
the COVID-19 pandemic, supply chains have remained constrained by
the Brexit transition period, continued lockdowns in China and
Europe and the change in working patterns of the UK workforce
post-COVID-19. All these factors began to drive price inflation in
late 2021, a symptom that was further compounded by Russia's
invasion of Ukraine, causing the prices of gas, electricity,
precious metals and food, amongst other commodities, to soar in Q1
2022. The Board and the Manager continue to follow all emerging
risks closely with a view to identifying where changes affect the
areas of the market in which portfolio companies operate. This
enables the Manager to work closely with portfolio companies,
preparing them to the best extent possible to ensure they are well
positioned to endure potential volatility.
Directors' responsibility statement
The Disclosure and Transparency Rules ("DTR") of the UK Listing
Authority require the Directors to confirm their responsibilities
in relation to the preparation and publication of the Half-Yearly
Financial Report and financial statements.
The Directors confirm to the best of their knowledge that:
a) The summarised set of financial statements has been prepared in accordance with FRS 104
b) The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)
c) The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R
d) The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein)
Going concern
The Company's business activities, together with the factors
likely to affect its future development, performance and position,
are set out in the Strategic Report of the Annual Report. The
financial position of the Company, its cash flows, liquidity
position and borrowing facilities are described in the Chair's
Statement, Strategic Report and Notes to the Accounts of the 31
December 2021 Annual Report.
In addition, the Annual Report includes the Company's
objectives, policies and processes for managing its capital; its
financial risk management objectives; details of its financial
instruments; and its exposures to credit risk and liquidity
risk.
The Company has considerable financial resources together with
investments and income generated therefrom across a variety of
industries and sectors. As a consequence, the Directors believe
that the Company is well placed to manage its business risks
successfully.
The Directors have reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the annual financial
statements.
The Half-Yearly Financial Report has not been audited nor
reviewed by the auditors.
On behalf of the Board
Raymond Abbott
Chair
30 September 2022
UNAUDITED INCOME STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2022
Six months ended Six months ended Year ended
30 June 2022 30 June 2021 31 December 2021
(Unaudited) (Unaudited) (Audited)
--------------------------- ------------------------- -------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
Realised gains
on
investments -- 17,283 17,283 -- 4,280 4,280 -- 5,763 5,763
Investment
holding
(losses)/gains -- (12,158) (12,158) -- 8,253 8,253 -- 17,449 17,449
Income 264 -- 264 190 -- 190 1,408 -- 1,408
Investment
management
fees (332) (995) (1,327) (290) (871) (1,161) (604) (1,812) (2,416)
Other expenses (309) -- (309) (291) -- (291) (627) -- (627)
--------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
on ordinary
activities
before
taxation (377) 4,130 3,753 (391) 11,662 11,271 177 21,400 21,577
Taxation -- -- -- -- -- -- -- -- --
--------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
on ordinary
activities
after
taxation (377) 4,130 3,753 (391) 11,662 11,271 177 21,400 21,577
--------------- ------- -------- -------- ------- ------- ------- ------- ------- -------
(Loss)/return
per share (0.2)p 2.1p 1.9p (0.2)p 6.0p 5.8p 0.1p 11.1p 11.2p
The total columns of this statement are the profit and loss
account of the Company and the revenue and capital columns
represent supplementary information.
All revenue and capital items in the above Income Statement are
derived from continuing operations. No operations were acquired or
discontinued in the period.
The Company has no recognised gains or losses other than those
shown above, therefore no separate statement of total recognised
gains and losses has been presented.
The Company has only one class of business and one reportable
segment, the results of which are set out in the Income Statement
and Balance Sheet.
There are no potentially dilutive capital instruments in issue
and, therefore, no diluted earnings per share figures are relevant.
The basic and diluted earnings per share are, therefore,
identical.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE SIX MONTHSED 30 JUNE 2022
Called-up Share Capital Special
share premium redemption distributable Capital Revaluation
capital account reserve reserve(1) reserve(1) reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------ --------- ------- ---------- ------------- ---------- ----------- --------
As at 1
January
2022 1,928 52,996 549 74,246 (47,963) 51,490 133,246
Share issues
in the
period 76 5,219 -- -- -- -- 5,295
Expenses in
relation to
share
issues -- (147) -- -- -- -- (147)
Repurchase
of shares (8) -- 8 (487) -- -- (487)
Realised
gains on
disposal of
investments -- -- -- -- 17,283 -- 17,283
Investment
holding
losses -- -- -- -- -- (12,158) (12,158)
Dividends
paid -- -- -- (6,903) -- -- (6,903)
Management
fees
charged to
capital -- -- -- -- (995) -- (995)
Revenue loss
for the
period -- -- -- (377) -- -- (377)
------------ --------- ------- ---------- ------------- ---------- ----------- --------
As at 30
June 2022 1,996 58,068 557 66,479 (31,675) 39,332 134,757
1. Reserve is available for distribution, total distributable reserves at 30
June 2022 are GBP34,804,000 (31 December 2021: GBP26,283,000).
UNAUDITED BALANCE SHEET
AT 30 JUNE 2022
Registered number: 03506579
As at As at As at
30 June 30 June 31 December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ----------- ----------- -----------
Fixed assets
Investments held at fair value through
profit or loss 103,365 104,338 115,238
--------------------------------------- ----------- ----------- -----------
Current assets
Debtors 5,836 149 1,028
Cash and cash equivalents 25,730 19,258 17,113
--------------------------------------- ----------- ----------- -----------
Total current assets 31,566 19,407 18,141
Creditors
Amounts falling due within one year (174) (214) (133)
--------------------------------------- ----------- ----------- -----------
Net current assets 31,392 19,193 18,008
--------------------------------------- ----------- ----------- -----------
Net assets 134,757 123,531 133,246
--------------------------------------- ----------- ----------- -----------
Capital and reserves
Called-up share capital 1,996 1,938 1,928
Share premium account 58,068 68,344 52,996
Capital redemption reserve 557 539 549
Special distributable reserve 66,479 58,921 74,246
Capital reserve (31,675) (48,505) (47,963)
Revaluation reserve 39,332 42,294 51,490
--------------------------------------- ----------- ----------- -----------
Equity Shareholders' funds 134,757 123,531 133,246
--------------------------------------- ----------- ----------- -----------
Net Asset Value per share 67.5p 63.8p 69.1p
UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHSED 30 JUNE 2022
Six months Six months Year
ended ended ended
31
30 June 30 June December
2022 2021 2021
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
----------------------------------------------------- ----------- ----------- ---------
Cash flow from operating activities
Loan interest received from investments 193 205 346
Dividends received from investments 26 21 1,022
Deposit and similar interest received 19 1 2
Investment management fees paid (1,330) (1,161) (2,416)
Secretarial fees paid (83) (79) (161)
Other cash payments (191) (216) (447)
----------------------------------------------------- ----------- ----------- ---------
Net cash outflow from operating activities (1,366) (1,229) (1,654)
----------------------------------------------------- ----------- ----------- ---------
Cash flow from investing activities
Purchase of investments (3,202) (5,087) (13,163)
Net proceeds on sale of investments 15,408 5,652 12,700
Net proceeds on deferred consideration 24 -- --
----------------------------------------------------- ----------- ----------- ---------
Net cash inflow/(outflow) from investing activities 12,230 565 (463)
----------------------------------------------------- ----------- ----------- ---------
Cash flow from financing activities
Proceeds of fundraising 4,469 -- --
Expenses of fundraising (98) (32) (36)
Repurchase of own shares (525) (756) (1,444)
Equity dividends paid (6,093) (7,152) (7,152)
----------------------------------------------------- ----------- ----------- ---------
Net cash outflow from financing activities (2,247) (7,940) (8,632)
----------------------------------------------------- ----------- ----------- ---------
Net inflow/(outflow) of cash in the period 8,617 (8,604) (10,749)
----------------------------------------------------- ----------- ----------- ---------
Reconciliation of net cash flow to movement in net
funds
Increase/(decrease) in cash and cash equivalents for
the period 8,617 (8,604) (10,749)
Net cash and cash equivalents at start of period 17,113 27,862 27,862
----------------------------------------------------- ----------- ----------- ---------
Net cash and cash equivalents at end of period 25,730 19,258 17,113
Analysis of changes in net debt
At 1 January At 30 June
2022 Cash flow 2022
GBP'000 GBP'000 GBP'000
-------------------------- ------------ --------- ----------
Cash and cash equivalents 17,113 8,617 25,730
NOTES TO THE UNAUDITED HALF-YEARLY RESULTS
FOR THE SIX MONTHSED 30 JUNE 2022
1. The Unaudited Half-Yearly Financial Report has been prepared on the basis
of the accounting policies set out in the statutory accounts of the
Company for the year ended 31 December 2021. Unquoted investments have
been valued in accordance with IPEV Valuation Guidelines.
1. These are not statutory accounts in accordance with S436 of the Companies
Act 2006 and the financial information for the six months ended 30 June
2022 and 30 June 2021 has been neither audited nor formally reviewed.
Statutory accounts in respect of the year ended 31 December 2021 have
been audited and reported on by the Company's auditors and delivered to
the Registrar of Companies and included the report of the auditors which
was unqualified and did not contain a statement under S498(2) or S498(3)
of the Companies Act 2006. No statutory accounts in respect of any period
after 31 December 2021 have been reported on by the Company's auditors or
delivered to the Registrar of Companies.
1. Copies of the Unaudited Half-Yearly Financial Report will be sent to
Shareholders via their chosen method and will be available for inspection
at the Registered Office of the Company at The Shard, 32 London Bridge
Street, London, SE1 9SG.
1. Net Asset Value per share
The Net Asset Value per share is based on net assets at the end
of the period and on the number of shares in issue at the date.
Number of
Net assets shares in issue
----------------- --------------- ---------------
30 June 2022 GBP134,757,000 199,590,704
30 June 2021 GBP123,531,000 193,758,305
31 December 2021 GBP133,246,000 192,806,963
1. Return per share
The weighted average number of shares used to calculate the
respective returns are shown in the table below.
Shares
------------------------------ -----------
Six months ended 30 June 2022 195,162,969
Six months ended 30 June 2021 193,660,150
Year ended 31 December 2021 193,445,500
Earnings for the period should not be taken as a guide to the
results for the full year.
1. Income
Six months Six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -----------
Loan stock interest 207 168 381
Dividends receivable 38 21 1,025
Deposit and similar interest received 19 1 2
-------------------------------------- ---------- ---------- -----------
Total income 264 190 1,408
1. Investments held at fair value through profit or loss
GBP'000
--------------------------------- --------
Book cost as at 1 January 2022 64,626
Investment holding gains 50,612
--------------------------------- --------
Valuation at 1 January 2022 115,238
Movements in the period:
Purchases at cost 3,202
Disposal proceeds(1) (19,708)
Realised gains(2) 17,259
Investment holding losses(3) (12,626)
--------------------------------- --------
Valuation at 30 June 2022 103,365
--------------------------------- --------
Book cost at 30 June 2022 65,379
Investment holding gains 37,986
--------------------------------- --------
Valuation at 30 June 2022 103,365
1. The Company generated GBP19,708,000 from the disposal of investments
during the period. Proceeds of GBP4,301,000 million from the Codeplay
Software Limited disposal were received post period end in early July
2022 and are shown in debtors as at the date of this report. The book
cost of these investments when they were purchased was GBP2,449,000.
These investments have been revalued over time and until they were sold
any unrealised gains or losses were included in the fair value of the
investments.
2. Realised gains in the Income Statement includes deferred consideration of
GBP23,000 received from Accrosoft Limited and GBP1,000 from Hallmarq
Veterinary Imaging Limited in the period.
3. Investment holding losses in the Income Statement include the deferred
consideration debtor increase of GBP468,000. The debtor movement reflects
the recognition of amounts receivable from Codeplay Software Limited
(GBP412,000) and FFX Group Limited (GBP79,000), offset by a receipt from
Accrosoft Limited (GBP23,000).
1. Related party transactions
No Director has an interest in any contract to which the Company
is a party other than their appointment and payment as
Directors.
1. Transactions with the Manager
Foresight Group LLP acts as Manager to the Company and was
appointed on 27 January 2020. During the period, services of a
total cost of GBP1,327,000 (30 June 2021: GBP1,161,000; 31 December
2021: GBP2,416,000) were purchased by the Company from Foresight
Group LLP.
During the period, administration services of a total cost of
GBP83,000 (30 June 2021: GBP79,000; 31 December 2021: GBP161,000)
were delivered to the Company by Foresight Group LLP, Company
Secretary.
At 30 June 2022, the amount due to Foresight Group LLP was
GBP43,000 (30 June 2021: GBPnil; 31 December 2021: GBPnil).
END
For further information, please contact:
Company Secretary
Foresight Group LLP
Contact: Gary Fraser Tel: 0203 667 8100
Investor Relations
Foresight Group LLP
Contact: Ellie Kakoulli Tel: 0203 667 8181
(END) Dow Jones Newswires
September 30, 2022 08:32 ET (12:32 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Foresight Enterprise Vct (LSE:FTF)
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Foresight Enterprise Vct (LSE:FTF)
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