Maven Income & Growth VCT PLC Reports Strong Interim Results with Dividend Increase and New Investments

Maven Income & Growth VCT’s half‑year: resilient NAV, higher dividend and more deal flow

Maven Income & Growth VCT PLC has posted a steady set of interim results for the six months to 31 August 2025. Despite choppy markets, the private company portfolio did the heavy lifting, an exit delivered real cash, and the Board upped the dividend in line with a newly enhanced policy.

Quick jargon refresher: NAV is net asset value per share. VCTs (Venture Capital Trusts) give investors tax benefits to back smaller UK companies. ARR is annual recurring revenue. AIM is London’s junior market for growth companies.

Headline numbers investors should know

• NAV per share at 31 August 2025: 36.36p (39.37p at 28 February 2025).
• NAV total return since launch: 147.82p per Ordinary Share.
• Increased interim dividend paid: 1.50p per share on 29 August 2025.
• Offer for Subscription closed early and fully subscribed: £10 million raised; new offer launched on 2 October 2025 targeting £12.5 million (including a £5 million over‑allotment facility).
• Exit of Horizon Ceremonies generated an initial 2.1x return and over £1.8 million in cash, with potential deferred proceeds.
• Two new private holdings added; follow-on funding provided to 15 portfolio companies.
• Share buy-backs: 3,485,586 shares purchased for £1.28 million; policy aims to keep the share price around a 5% discount to NAV, market conditions permitting.

Metric	Six months to 31 Aug 2025
Net assets	£65.738 million
NAV per share	36.36p
Total investment purchases	£4.311 million
Realisations (sales proceeds)	£2.126 million
Cash at period end	£7.739 million
Revenue income	£575,000
Total EPS	-0.22p (revenue 0.21p; capital -0.43p)

What drove performance: private companies up, AIM still a drag

Maven describes the period as “resilient”, and the numbers back that up. Valuations of several private holdings were marked up on good trading, while the small quoted sleeve saw further declines as AIM sentiment and liquidity remained poor. That mix left a modest capital loss of £226,000 for the half year, largely offset by income of £575,000.

The NAV per share fell to 36.36p, but remember two things. First, the 1.50p dividend reduces NAV by the amount paid. Second, the team is continuing to recycle capital into higher‑growth opportunities, which should show up at exit rather than quarter by quarter.

Standout exit: Horizon Ceremonies at 2.1x cost

The big corporate action was the sale of Horizon Ceremonies to Railpen. The VCT realised an initial 2.1x cost and banked over £1.8 million in cash, with more potentially to come depending on planning approvals at two sites. On the flip side, a legacy position in ISN Solutions was rolled into Kube Networks via an all‑share deal, giving the VCT a fresh equity stake in the combined business.

Why it matters: realisations fund dividends and recycling. This exit underpinned the increased interim dividend and shows there is still appetite from institutional buyers for quality private assets.

Dividend policy lifted to a 6% NAV target

The Board has enhanced the policy to target 6% of the prior year‑end NAV, up from 5%. That is a target, not a promise; timing depends on exits, distributable reserves and VCT qualifying levels. The 1.50p interim – paid on 29 August – keeps the VCT on track. Since launch, cumulative tax‑free dividends now total 111.46p per share.

Investors who like compounding can opt into the Dividend Investment Scheme to reinvest payouts into new shares, free of dealing costs.

Strong fundraising and ample liquidity

The 2024/25 offer closed early, fully subscribed, bringing in £10 million. A new offer launched on 2 October 2025 aims to raise £12.5 million including a £5 million over‑allotment facility. More capital should help sustain the deal pipeline and buy‑back policy, and spread costs across a larger asset base.

Cash stood at £7.739 million, with a diversified treasury book in money market funds, OEICs and investment trusts. The blended annualised yield on treasury assets and uninvested cash is currently over 3%, while meeting the VCT “Nature of Income” rules.

New investments: AI underwriting meets precision optics

• Digilytics (Arimon) – £484,000 across two tranches. An AI‑enabled platform that automates loan application processing and screens for fraud. Funding will support sales, marketing and product development, with a near‑term push into the US.
• PowerPhotonic – £325,000. A specialist in precision micro‑optics for lasers, with strong IP and exposure to defence, life sciences and advanced manufacturing. Funding supports sales expansion in the UK and US.

Alongside the two new positions, Maven provided follow‑on capital to 15 existing holdings. In total, £2.4 million was deployed into VCT‑qualifying private companies during the period, while total investment purchases including treasury assets were £4.311 million.

Portfolio progress: several names hitting scale

• Manufacture 2030 – ARR more than doubled in two years, six new enterprise clients this year, and plans to push harder into North America.
• Summize – over 100% ARR growth in two years and trading ahead of budget, with the US now more than half of sales.
• Bud Systems – ARR and learner numbers have doubled since September 2022; benefits from the Growth and Skills Levy changes.
• CYSIAM – sustained demand for its cyber security MDR service; awarded European Rising Star Partner of the Year by CrowdStrike.
• Liftango – live projects on six continents; targeting wins in the Middle East and the Americas.
• RiskSmart – over 70 clients and ARR up more than 100% in 12 months.

There are, inevitably, a handful of holdings behind plan where valuations have been marked down. That is normal in a broad growth portfolio.

Buy-backs and discount control

To support an orderly market, the VCT repurchased 3,485,586 shares for cancellation or treasury at a cost of £1.28 million during the half. The stated intention is to buy back around a 5% discount to the latest published NAV, subject to liquidity, VCT rules and closed periods.

Risks, governance and valuations

The Board continues to use the IPEV Guidelines for private valuations and closing bid prices for quoted holdings. The VCT remains fully compliant with the scheme’s qualifying tests. The Risk Register now explicitly covers global conflict and AI usage, reflecting higher cyber, data protection and IP risks across the ecosystem.

My take: steady execution, healthy pipeline, watch the AIM sleeve

This is a workmanlike half year. The private book is progressing, a chunky exit funded a higher dividend, buy‑backs continue, and the new offer brings fresh firepower. The dip in NAV per share is explained by the dividend and a weak AIM market, which is a small part of the portfolio but still unhelpful.

What could move the dial next? More exits like Horizon Ceremonies, continued ARR milestones across core holdings, and deployment of the new fundraising into high‑recurrence software and services. On the risk side, smaller quoted holdings may stay volatile, and realisations can be lumpy. Overall, the strategy remains on track to support the new 6% dividend target while building towards future exits.

Bottom line: a resilient interim from Maven Income & Growth VCT PLC with cash generation, sensible deployment and a growing portfolio of scaling businesses. If the exit market keeps thawing, shareholders should benefit through both distributions and NAV progression.