THE INCOME & GROWTH VCT
PLC
("the Company")
LEI: 213800FPC15FNM74YD92
INTERIM MANAGEMENT
STATEMENT
For the quarter ended 31 December
2024
The Income & Growth VCT plc
presents an Interim Management Statement for the quarter ended 31
December 2024. The statement also includes relevant financial
information between the end of the period and the date of this
statement.
NET
ASSET VALUE AND TOTAL RETURN PER SHARE
|
|
At 31 December 2024
(unaudited)
|
At 30 September 2024
(audited)
|
|
Net assets attributable to
shareholders
|
£223.06 million
|
£188.70 million
|
|
Shares in issue
|
330,684,390
|
266,136,776
|
|
Net asset value (NAV) per
share
|
67.46 pence
|
70.90 pence
|
|
Cumulative dividends paid
|
165.50 pence
|
162.50 pence
|
|
Cumulative Total return (net asset
value basis) per share since inception
|
232.96 pence
|
233.40 pence
|
The NAV per share has decreased by
3.44 pence in the quarter (a decrease of 4.9% from the NAV per
share at 30 September 2024). This decrease was principally due to a
dividend payment of 3.00 pence per share on 18 October 2024
(further details below). On a NAV total return basis, after adding
back the dividend of 3.00 pence per share, the adjusted decrease
for the quarter was 0.6%.
INVESTMENT ACTIVITY DURING THE PERIOD
New
Investment during the period
On 28 October 2024, the Company
completed a new investment of £0.55 million into Mobility Mojo (UK)
Limited, a software platform supporting accessibility
audits.
On 12 November 2024, the Company
completed a new investment of £1.25 million into Gentianes
Solutions Limited (trading as Much Better Adventures), an adventure
travel marketplace.
Further Investments during the period
On 18
November 2024, a follow on investment
of £0.31
million was made into Branchspace Limited, a
digital retail software provider to the aviation and travel
industry.
On 18
December 2024, a
follow on investment of £0.54 million was made into Preservica
Limited, a seller of proprietary digital archiving
software.
On 20
December 2024, a
follow on investment of £0.12 million was made into FocalPoint
Positioning Limited, a GPS enhancement software
provider.
Realisations during the period
Following the sale of Master
Removers Group 2019 Limited (trading as Anthony Ward Thomas,
Bishopsgate and Aussie Man & Van) in February 2024, a further
£0.82 million was received in October 2024. The multiple on cost
over the life of this investment was 3.3x.
DIVIDEND PAID DURING THE PERIOD
On 16 October 2024, a second interim
dividend of 3.00 pence per share in respect of the year ended 30
September 2024 was paid to all Shareholders whose names were on the
Register on 20 September 2024.
FUNDRAISING AND DIVIDEND INVESTMENT SCHEME
On 2 September 2024, the Company
launched an Offer for Subscription of £45 million (including
over-allotment amounts), alongside Offers from the Mobeus Income
& Growth VCT Plc. The Company received subscriptions amounting
to the full amount and was subsequently then closed to further
applications. In accordance with the Offers' prospectus, an
allotment of 39,623,337 Ordinary shares took place on 1 October
2024 raising net funds (after costs) of £27.48 million for the
Company and on 28 October 2024 a second allotment of 22,939,334
Ordinary Shares took place for net funds raised (after costs) of
£15.91 million.
On 18 October 2024, the Company
allotted 1,984,943 new Ordinary Shares under the Dividend
Investment Scheme for net funds of £1.38 million.
INVESTMENT ACTIVITY AFTER THE PERIOD END
Further Investments after the period end
On 27 January 2025, the Company
completed a follow on investment of £0.09 million into Orri
Limited, an intensive day care provider for adults with eating
disorders.
SHARE BUYBACK AFTER THE PERIOD END
On 20 January 2025, the Company
purchased 3,307,425 of its own ordinary shares at a price
of 64.51 pence per share.
All shares bought back by the
Company were subsequently cancelled.
DIVIDEND DECLARED AFTER THE PERIOD END
On 5 March 2025, an interim dividend
of 2.50 pence per share in respect of the year ending
30 September 2025 was declared and will be paid on 11 April
2025 to all Shareholders whose names were on the register on 13
March 2025. Payment of this interim dividend will reduce NAV per
share (shown above) to 64.96 pence and increase cumulative
dividends paid to 168.00 pence per share.
Please note that all of the above
information is unaudited.
Other than as described above, there
were no material events during the period and to the date of this
announcement.
For further information,
please contact:
Gresham House Asset Management
Limited
Company Secretary: 020 7382
0999
