Intuitive Investments Group Reports Strong Half-Year Results as Hui10 Scaling Rapidly and Eyes Main Market Move

Intuitive Investments Group’s half-year report is, in simple terms, a story about one asset doing a lot of the heavy lifting. That asset is Hui10, and it now accounts for substantially all of the portfolio. The headline numbers look strong, but investors should remember that most of the jump comes from valuation gains rather than cash profits landing in the bank.

Still, there is real operational progress underneath the accounting uplift. Hui10’s network, users and transaction activity all moved sharply higher, and the proposed combination with Acceler8 Ventures plc could give the business a cleaner route to the London Main Market and a wider investor audience.

Intuitive Investments Group half-year results: the big numbers investors need to know

Metric	31 March 2026	30 September 2025
Net assets	£498.1 million	£328.0 million
Investments	£496.3 million	£326.9 million
Cash	£1.3 million	£1.2 million
NAV per share	207.5p	150.3p
Profit for the period	£156.0 million	Loss of £0.1 million
Basic earnings per share	71.4p	(0.1)p

The standout figure is the 38.0% rise in NAV per share since the September 2025 year end. NAV, or net asset value, is the value of the company’s assets minus liabilities. For an investment company like IIG, that is the main scorecard.

On the face of it, that is a very strong six months. But the reason matters, and it mostly comes down to a revaluation of Hui10 rather than a broad uplift across a diversified portfolio.

Why the IIG NAV jumped: Hui10 valuation does the heavy lifting

IIG said the fair value of Hui10 rose to £455.6 million from £299.4 million at 30 September 2025. That is an increase of £156.2 million, and it is the main reason the group reported a £156.0 million profit for the period.

That is important because this is not the same thing as Hui10 generating £156.0 million of operating profit. It is an accounting fair value gain. In plain English, the board thinks Hui10 is worth a lot more than it was six months ago, and that higher paper value feeds through the income statement.

The valuation approach is also worth noting. The primary method used was a market approach, based in part on IIG’s own share price, adjusted for a 33.5% NAV discount. A discounted cash flow model was only used as a cross-check because it relies on significant assumptions. That makes this a Level 3 valuation – finance speak for a valuation based on judgement and models rather than a quoted market price.

That does not make it wrong, but it does mean investors should treat it with healthy respect. If sentiment changes, these gains can reverse just as quickly as they appeared.

Hui10 operational growth: lottery shops, users and transaction value all surged

Hui10 metric	31 March 2026	2025 comparator
Connected Lucky World lottery shops	9,543	2,563
UGO UnionPay POS terminals	753	323
Total registered users	1,161,063	344,207
Lottery transaction value through Lucky World	RMB 674,364,565	RMB 15,289,951
UGO scratchcard sales	RMB 9,656,594	RMB 4,501,000
Lucky World merchandise revenue	RMB 1,309,387	RMB 285,873

This is the part of the RNS that really matters. Those are not tiny incremental improvements. They suggest Hui10 is moving from early rollout into proper scaling mode.

The jump in lottery transaction value through Lucky World is especially eye-catching, rising to RMB 674,364,565 over the twelve months to 31 March 2026 from RMB 15,289,951 a year earlier. That is a massive increase, even allowing for the fact that the business was coming from a relatively early base.

The expansion to 9,543 connected lottery shops also matters because network businesses get stronger as they get bigger. More shops, more users and more transactions can create a flywheel effect if execution remains solid.

What is not disclosed, however, is full Hui10 revenue, profit or cash flow. So while the operating indicators are clearly strong, investors still do not have a complete picture of the underlying earnings quality of the asset.

China lottery strategy and CFCA partnership: why paperless lottery could be the prize

Hui10 describes itself as a technology company helping digitise the Chinese lottery market. The big strategic opportunity appears to be paperless lottery play, and management says Hui10 is positioning itself for a future pilot, subject to regulatory direction.

The agreement with the China Financial Certification Authority is therefore a meaningful development. It gives Hui10 a stronger link into national digital authentication and security infrastructure, which sounds technical but is exactly the sort of plumbing needed if lottery products move further online.

The TEAM CHINA relationship also adds credibility. It ties Hui10 into a recognised national sports brand ecosystem and could help with store rollouts and merchandising. Commercially, that is useful. Politically and institutionally, it may be even more useful.

Acceler8 Ventures deal and London Main Market move: why this could reshape IIG

Post period end, IIG announced a possible all-share combination with Acceler8 Ventures plc under Rule 2.4 of the Takeover Code. There is no firm offer yet, and the company is right to stress that there can be no certainty a deal will happen.

Even so, the strategic logic is fairly clear. IIG is currently on the Specialist Fund Segment, while the proposed enlarged group would seek admission to the Equity Shares (Commercial Companies) category of the Official List and trade on the Main Market. That could broaden the shareholder base and improve access to institutional investors.

For retail investors, the key point is this: if Hui10 is becoming less like a passive investment holding and more like the core operating story, a Main Market structure may make more sense. The board also noted that the possible combination implied a value for IIG of approximately £600 million, which it says offers further external validation of value. Helpful, yes – but it is still only indicative until something firm lands.

Funding, portfolio focus and the risks investors should not ignore

There is good news on funding. IIG said £20 million of equity was raised in January 2026 and on-lent to Hui10, with a further £25 million committed. Over the past 12 months, a total of £56 million of equity funding has been raised and committed, and the board does not currently expect additional funding to be needed for Hui10’s near-term strategic objectives.

That takes some pressure off. Early-stage growth stories often stumble because the next fundraising arrives before the business has earned the right to ask for it. IIG is saying that, for now, Hui10 is funded for the next leg.

But there are still clear risks. First, concentration risk is huge. Hui10 represents substantially all of portfolio value, while the remaining non-core investments make up only 0.2% of total asset valuation after the sale of Touchless Innovations Limited.

Second, some of the smaller legacy holdings have gone the wrong way. Momentum Bioscience and PneumoWave were written down to nil after liquidation and administration respectively. That does not change the main Hui10 story, but it is a reminder that venture-style investing is never tidy.

Third, cash at period end was only £1.3 million. The board says working capital is adequate, and the company has raised capital, but it is still not a balance sheet stuffed with spare liquidity.

What Intuitive Investments Group shareholders should watch next

• Whether the possible Acceler8 Ventures combination becomes a firm offer
• Further evidence that Hui10’s operational growth translates into disclosed revenue and cash generation
• Progress towards any paperless lottery pilot in China, which remains subject to regulatory direction
• Whether the sharp uplift in Hui10’s valuation continues to hold up under market scrutiny

My verdict on the Intuitive Investments Group half-year report

This is a positive update overall. Hui10’s operating metrics are moving fast, the valuation has risen sharply, funding appears stronger and the possible Main Market move could be a genuine catalyst.

That said, this is not a low-risk, plain-vanilla investment case. IIG is now basically a one-asset story, and the reported profit is driven by fair value accounting rather than disclosed operating earnings from Hui10. If you like high-upside special situations, this report gives you plenty to work with. If you prefer boring certainty, this one is not built for that crowd.

The next update matters a lot. Investors will want to see whether Hui10 can keep converting impressive activity numbers into a clearer, more durable financial picture.