Primorus Investments final results 2025: the headline numbers retail investors need to know
Primorus Investments plc has delivered a profit for 2025, but the quality of that profit matters. Profit before tax came in at £0.902 million, down from £2.689 million in 2024, while net assets rose to £6.117 million from £5.788 million.
So, on the surface, this is still a profitable and solvent small investment company. But the mix behind the numbers is more important than the headline, especially because some ugly post year-end developments mean the 31 December 2025 snapshot already looks a bit dated.
| Key figure | 2025 | 2024 |
|---|---|---|
| Profit before tax | £0.902 million | £2.689 million |
| Net profit after tax | £0.902 million | £2.689 million |
| Total assets | £6.259 million | £5.930 million |
| Net assets | £6.117 million | £5.788 million |
| Cash balance | £19,000 | £42,000 |
| Basic EPS | 0.674p | 1.923p |
Why Primorus profit fell in 2025 despite higher net assets
The biggest reason profit fell is simple: 2024 was boosted by very strong disposal gains, while 2025 was not. Primorus recorded a realised loss on financial investments of £243,000 in 2025 versus a realised gain of £3.168 million in 2024.
That does not mean the whole portfolio had a bad year. The company also booked an unrealised gain of £1.263 million, which means some investments were revalued higher on paper, and it recorded an impairment reversal of £248,000.
Administrative expenses also improved sharply, falling to £390,000 from £720,000. That is a genuine positive because cost control matters a lot for a small investment company – every pound spent at head office is a pound not compounding in the portfolio.
My take: this was a respectable year, but not a barnstormer. The result is decent, though it leans more on valuation movements than hard cash generation.
Primorus portfolio update: Fresho, Virtualstock, Interpac and Pri0r1ty drove the story
There were some clear positives in the portfolio. Fresho continued to grow and expanded into the US during 2025, with Primorus holding approximately 5% on a fully diluted basis – meaning the percentage after allowing for options and similar rights that could convert into shares.
Interpac also looks encouraging. Primorus invested a further £275,000 in March 2025 as part of a £3.6 million funding round, taking its holding to 79,610 shares, or approximately 5.1% of issued share capital and 4.3% on a fully diluted basis.
That fundraise was done at £10.00 per share, which the company says was a 25% premium to Primorus’ previous participation and a 71% premium to its initial investment. That suggests external investors were willing to back Interpac at a higher valuation, which is usually a good sign.
Virtualstock was sold to Logicbroker, and Primorus expects consideration of up to approximately £720,000. The important catch is that only £112,000 was cash on completion, with the rest made up of deferred consideration, earn-out and an equity stake in the buyer valued at £193,000.
In plain English, that means some of the value is not in the bank yet. Investors should treat the full £720,000 as potential value, not guaranteed cash today.
Primorus also exited Pri0r1ty Intelligence Group in June 2025 for gross proceeds of £977,000. It still holds 1,800,000 warrants, exercisable at £0.003 until July 2027, so there is still some optional upside if that story improves.
Primorus balance sheet and liquidity: profitable, yes, but cash is very thin
This is where things get more nuanced. Primorus had only £19,000 of cash at 31 December 2025, down from £42,000 a year earlier.
That is obviously a tiny cash balance, and on its own it would look uncomfortable. The company’s defence is that it also held £976,000 of listed investments within current assets, which are much easier to sell than private holdings, and the board says those liquid funds are enough to support the business for at least 12 months.
I think that is a fair argument, but it is not the same as having cash in the bank. Liquidity exists, but it depends on being able to sell listed holdings at sensible prices when needed.
The board also points to a flexible cost base and says there is no immediate need to raise capital. That is reassuring, although it is worth remembering that investment companies can look liquid until markets turn nasty.
Share buyback, director buying and strategy shift all point to a tighter Primorus approach
One of the more shareholder-friendly developments was the buyback programme. Following a Rule 9 waiver approved by shareholders, Primorus has so far repurchased 15,330,968 ordinary shares, with £573,000 spent on share repurchases during 2025.
That matters because buybacks can improve value per share if shares are bought below net asset value. Directors also continued making on-market purchases, which suggests alignment with shareholders is more than just talk.
The strategy itself is becoming more disciplined too. Primorus says new investments must offer a meaningful stake, a realistic exit route, the chance for board involvement, strategic alignment with management and a sensible risk-reward balance.
That is the right direction. The company openly admits some older private investments came with weak oversight and patchy disclosure, and it wants to avoid repeating that.
WeShop share price collapse and CPH2 suspension are the big warnings after the year end
This is the section investors really need to read. Since the year end, WeShop’s NASDAQ share price has fallen from US$95.00 to US$6.85 as at 28 May 2026.
Primorus holds its WeShop exposure indirectly through Community Social Investment Limited, and the company says the calculated value of that investment had reduced by £1.961 million since the year end. For a business with net assets of £6.117 million at 31 December 2025, that is a very significant hit.
There is also fresh trouble at Clean Power Hydrogen plc. Following an incident during testing of its MFE220 1MW unit, CPH2 requested a suspension of its AIM shares on 29 May 2026, and Primorus’ holding had been valued at £120,000 at year end.
This does not automatically rewrite the 2025 accounts, but it absolutely changes how investors should read them. The year-end net asset value is no longer the full story.
What Primorus shareholders should watch in 2026
The good news is that Primorus is simplifying the portfolio, controlling costs and showing more discipline over capital allocation. Fresho, Interpac and the Virtualstock exit are all constructive signs, and the buyback gives some support to shareholder returns.
The less good news is that post year-end portfolio damage looks material, especially around WeShop. Add in wafer-thin cash and the usual valuation uncertainty that comes with private investments, and this remains a higher-risk, higher-volatility investment company.
My view is that this RNS is mildly positive on operations but clearly mixed overall. The business looks better organised than it used to, but the 2026 reality check means shareholders should focus less on the reported £0.902 million profit and more on what the portfolio is worth now.
One final practical point: Primorus says non-material portfolio changes will be posted on its website under AIM Rule 26 rather than always announced by RNS. For retail investors, that means keeping an eye on company updates will matter more than usual.
