Albion Enterprise VCT PLC: Interim Management Report
Albion Enterprise VCT PLC
Interim Management Statement
LEI Code: 213800OVSRDHRJBMO720
Introduction
I present Albion Enterprise VCT PLC (the “Company”)’s interim management statement for the period from 1 April 2025 to 30 June 2025.
Performance and dividends
The Company's unaudited net asset value (“NAV”) on 30 June 2025 was £277.3 million or 115.72 pence per share (excluding treasury shares), a decrease of 0.50 pence per share (0.4%) since 31 March 2025.
After accounting for the first dividend for the year ending 31 March 2026 of 2.91 pence per share paid on 29 August 2025 to shareholders on the register on 1 August 2025, the NAV is 112.81 pence per share.
Portfolio
The following investments have been made during the period:
| New investments | £’000 | Activity |
| Total Access Health (T/A Evaro) | 3,385 | Platform for streamlining access to care for minor health issues. |
| Labrys Group Holdings | 2,003 | Communications platform for defence. |
| Revgentic | 267 | Infrastructure for pipeline conversion. |
| Total new investments | 5,655 |
| Further investments | £’000 | Activity |
| Get Least (T/A Kato) | 1,242 | Platform that digitises workflows of Commercial Real Estate. |
| Gravitee TopCo (T/A Gravitee.io) | 1,214 | Application Programming Interface (“API”) management platform. |
| Phasecraft | 1,012 | Software for Quantum Computers. |
| Treefera | 962 | Data platform for forestry and nature-based assets. |
| Open Trade Technology | 349 | Embedded finance to allow fintechs to provide yield products backed by Stablecoins. |
| Runa Network | 146 | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts. |
| Kohort Software | 119 | Software platform automating revenue and customer forecasting. |
| Elliptic Enterprises | 27 | Provider of Anti Money Laundering services to digital asset institutions. |
| Total further investments | 5,071 |
Top ten holdings (as at 30 June 2025)
| Investment | Carrying value £000s | % of net asset value | Activity |
| Quantexa | 54,065 | 19.5% | Decision intelligence platform to help solve challenges across customer intelligence, KYC, financial crime, risk management, fraud, and security. |
| Oviva | 17,239 | 6.2% | A technology enabled service business in medical nutritional therapy (“MNT”). |
| Proveca | 14,837 | 5.3% | Reformulation of medicines for children. |
| Gravitee TopCo (T/A Gravitee.io) | 10,483 | 3.8% | API management platform. |
| Convertr Media | 8,349 | 3.0% | A customer acquisition platform which tracks advertising leads all the way to sale. |
| The Evewell Group | 6,488 | 2.3% | Operator and developer of women’s health centres focusing on fertility. |
| Healios | 5,864 | 2.1% | Provider of an online platform delivering family centric psychological care primarily to children and adolescents. |
| Treefera | 4,660 | 1.7% | Data platform for forestry and nature-based assets. |
| Runa Network | 4,581 | 1.7% | Cloud platform and infrastructure that enables corporates to issue digital incentives and payouts. |
| Panaseer | 4,345 | 1.6% | Provider of cyber security services. |
A full breakdown of the Company’s portfolio can be found on the Company’s webpage on the Manager’s website at l/vct-funds/AAEV.
Share buy-backs
During the period, the Company did not buy back any shares as it was in a close period.
It remains the Board’s policy to buy back shares in the market, subject to the overall constraint that such purchases are in the Company’s interest, including the maintenance of sufficient resources for investment in existing and new portfolio companies and the continued payment of dividends to shareholders.
It is the Board’s intention for buy-backs to be at around a 5% discount to net asset value, so far as market conditions and liquidity permit.
Cancellation of share premium account
The Company obtained authority to cancel the amount standing to the credit of its share premium account at the General Meeting on 11 December 2024. The purpose of the proposal was to increase the distributable reserves available to the Company for the payment of dividends, the buy-back of shares, and for other corporate purposes.
The proposal received the consent of the Court on 13 May 2025, and the changes have been registered at Companies House on 20 May 2025. Over time, this will create additional distributable reserves of £195.5 million.
Material events and transactions after the period end
The Company paid a dividend of 2.91 pence per Ordinary share on 29 August 2025 to shareholders on the register on 1 August 2025. The Company issued the following Ordinary shares of nominal value 1 penny per share under the dividend reinvestment scheme:
| Date of allotment | Number of shares allotted | Issue price (pence per share) | Net invested £’000 |
| 29 August 2025 | 979,850 | 113.31 | 1,110 |
There have been no other material events or transactions after the period end to the date of this announcement.
Further information
Further information regarding historic and current financial performance and other useful shareholder information can be found on the Company’s webpage on the Manager’s website at l/vct-funds/AAEV.
Ben Larkin, Chairman
10 September 2025
For further information please contact:
Vikash Hansrani
Operations Partner
Albion Capital Group LLP - Tel: 020 7601 1850
