Net Asset Value
9 February 2026
NORTHERN VENTURE TRUST PLC
UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2025
Northern Venture Trust PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1995 and advised by Mercia Fund Management Limited. The Company’s objective is to provide long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.
The unaudited net asset value per ordinary share as at 31 December 2025 was 61.4 pence (30 September 2025 (unaudited) 60.7 pence).
The net asset value is stated before deducting the interim dividend of 1.6 pence per share which was paid to eligible shareholders on 21 January 2026.
For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2025 and unquoted investments are carried at fair value as at 31 December 2025 as determined by the directors.
New Investments:
During the three months ended 31 December 2025 one new venture capital investment was completed.
Name of company | Business activity | Amount invested £000 |
| Space and Time (t/a Tessaract) | Cloud based workflow and practice management platform for professional services | 1,336 |
In addition to the new investment above, £2,798,000 was invested in six existing portfolio companies during the quarter.
Realisations:
During the three months ended 31 December 2025 two venture capital investments were realised.
Name of company | Sale proceeds £000 | Original cost £000 | Carrying value at 30 September 2025 £000 |
| The Beauty Tech Group plc (partial sale) | 2,526 | 433 | 2,451 |
| Thanksbox (t/a Mo) | 906 | 1,685 | 722 |
The number of ordinary shares in issue at 31 December 2025 was 240,269,858. During the three months ended 31 December 2025, 25,320,192 shares were issued following the first allotment of the 2025/2026 fundraise, for gross proceeds of £15.9 million. In addition, 1,975,484 shares were purchased for cancellation at a price of 57.67 pence per share.
Enquiries:
James Sly / Sarah Williams, Mercia Asset Management PLC – 0330 223 1430
Website: /vcts
The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, nor forms part of, this announcement.
