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British Smaller Companies VCT reports 1% NAV growth, announces £60M fundraising, and holds £125M cash. Read the latest quarterly RNS update.
This article covers information on British Smaller Companies VCT PLC.
LON:BSVBritish Smaller Companies VCT plc has nudged NAV per share up by 0.80p in the quarter to 30 June 2025, a 1.0% gain, taking NAV to 81.35p. Total Return – the sum of NAV plus all dividends ever paid – rose by the same 0.80p to 265.50p per share.
Behind the steady headline, there were chunky capital inflows, active buybacks, fresh investments, and a new fundraising initiative announced for the 2025/26 tax year.
NAV (net asset value) is the per-share value of the VCT’s assets after liabilities. Total Return adds all dividends paid over time to today’s NAV – a useful long-term yardstick for VCT investors.
During the quarter, the unquoted portfolio added £2.7 million of value, with a further £0.2 million of net operating income. That delivered the 0.80p uplift in NAV per share. The total NAV in pounds also reflected capital movements: a £29.6 million share allotment, partly offset by £1.2 million of buybacks.
The final allotment from the 2024/25 fundraise landed on 1 April 2025, issuing 36,799,582 shares and bringing in £29.6 million. The Company also bought back 1,495,509 shares at 77.02p, costing £1.2 million, and held them in treasury. Versus the 30 June NAV of 81.35p, that buyback was at roughly a 5% discount – supportive for shareholders who remain invested.
At 30 June 2025, shares in issue stood at 354,482,730. Post period end, the 2.00p dividend triggered 1,515,132 shares via the dividend reinvestment scheme (DRIS), taking issued share capital to 355,997,862 ordinary shares with voting rights, with 35,694,505 shares held in treasury.
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Cumulative dividends at 30 June were 184.15p per share. The 2.00p interim dividend was paid on 25 July 2025, lifting cumulative dividends to 186.15p and reducing the last reported NAV by the same amount to 79.35p per share on an adjusted basis.
Cash and money market funds totalled £125.1 million, representing 43.4% of net assets. That is a substantial buffer to support follow-on rounds and new opportunities without needing to rush additional fundraising.
| Metric | 30 June 2025 |
|---|---|
| NAV per share | 81.35p |
| Total Return per share | 265.50p |
| Net assets | £288.4 million |
| Unquoted investments | £159.0 million (55.2% of net assets) |
| Cash and money market funds | £125.1 million (43.4%) |
| Other net assets | £4.2 million (1.4%) |
Deployment continued at a measured pace. In the quarter, £2.4 million went into a new investment, S4labour, with £0.6 million across existing portfolio companies Force24 and Relative Insight. After the quarter end, £1.8 million was invested into new portfolio company DynaRisk, and £3.9 million into AutomatePro, Fuuse and Panintelligence. That takes investment year-to-date to £8.7 million.
There was also a clean-up exit: the sale of the trade and liabilities of Wooshii was completed post period end with no proceeds, consistent with its minimal carrying value at 30 June.
The ten largest holdings total £99.1 million, or 34.4% of net assets. Headline positions by valuation include:
The aggregate unquoted valuation was up £2.7 million over the quarter. Several assets saw positive uplifts on the back of revenue growth, offset by downward moves in Matillion (currency headwinds), Outpost (sector-specific pressures) and Wooshii (written down ahead of the disposal).
On 22 August, the Company announced its intention to launch a new joint offer for the 2025/26 tax year alongside British Smaller Companies VCT2 plc. The plan is to raise up to £60 million in aggregate, with over-allotment facilities of up to a further £25 million before issue costs (use of the over-allotment is at the boards’ discretion).
A prospectus is expected on or around 25 September, with applications opening one week later. Once available, documents will be on the BSC VCTs’ website: www.bscfunds.com.
This is a quietly constructive update. NAV inched up, portfolio momentum delivered a £2.7 million uplift, and the cash pile puts the Company in a strong position. The forthcoming joint offer – up to £60 million with a potential £25 million over-allotment across the BSC VCTs – signals continued ambition to scale, with a prospectus due around 25 September.
On the flip side, mark-downs in Matillion and Outpost show the environment remains patchy, and the nil-proceeds Wooshii tidy-up offers no boost to distributions. Even so, the combination of steady progress, disciplined buybacks and ample liquidity supports a cautiously optimistic stance, in line with the Manager’s own outlook.
| Item | Figure |
|---|---|
| NAV per share (30 June 2025) | 81.35p (+0.80p in the quarter) |
| Total Return per share | 265.50p |
| Net assets | £288.4 million |
| Cash and money market funds | £125.1 million (43.4% of net assets) |
| Investments at fair value | £159.0 million (55.2%) |
| Quarterly portfolio uplift | £2.7 million |
| Net operating income | £0.2 million |
| Shares issued (1 April 2025) | 36,799,582 for £29.6 million |
| Shares bought back (23 June 2025) | 1,495,509 at 77.02p; £1.2 million cost |
| Dividend paid (25 July 2025) | 2.00p per share; cumulative now 186.15p |
| Adjusted NAV post dividend | 79.35p per share |
| YTD investment deployed | £8.7 million |
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