Sure Ventures PLC Reports Interim Results: NAV Down 3% but Getvisibility Exit Delivers 4.4x Return

Sure Ventures’ half-year: NAV dips 3%, Getvisibility exit proves the model

Sure Ventures PLC has posted its unaudited interim results for the six months to 30 September 2025. Headline: NAV per share slipped to 170.03p from 175.79p (-3.28% total return), but the period was marked by a chunky cash distribution from the sale of Getvisibility at a 4.4x cash multiple. The portfolio is maturing in Fund I and building in Fund II, with a deep discount giving investors plenty to chew on.

Quick take: what stands out in these results

• NAV per share down modestly to 170.03p (March 2025: 175.79p).
• Major liquidity event landed: €1.77 million received from the Getvisibility exit at 4.4x.
• Shares trade on a 51.48% discount to NAV (82.50p vs 170.03p) as at 30 September 2025.
• No borrowings outstanding after repaying the loan facility in April 2025.
• Fund I moving through realisations; Fund II has made 14 investments and is deploying steadily.
• Subsequent event: the expected Infinite Reality tender is not now anticipated in 2025.

Key numbers investors will want to see

NAV per share	170.03p (31 March 2025: 175.79p)
Share price	82.50p
Discount to NAV	51.48%
Total net assets	£13,514,566
Cash and cash equivalents	£173,107
Ongoing charges (APM)	2.97%
Shares in issue	7,948,130
Fund I commitment	€7.0 million (drawn €6,886,894; c. €100k remaining)
Fund II commitment	£5.0 million (drawn £1,352,670)
Distribution from Getvisibility	€1.77 million to the Company

Performance context: slight NAV drift after a strong prior year

The half-year delivered a small NAV decline of 3.28% and a share price total return of -3.52%. The Company recorded a total loss after tax of £457,476, driven by a £185,531 capital loss and operating expenses of £353,424, partly offset by an £82,733 management fee rebate.

It is a marked contrast to the same period last year when fair value gains of £4.52 million dominated. Management frames the current movement as normal short-term fluctuation while the funds deploy and portfolio companies mature.

Fund I: realisations progressing, with Getvisibility banked and Landvault in focus

Getvisibility exit delivered hard cash

The sale of Visibility Blockchain Limited (trading as Getvisibility) to Forcepoint closed in March and produced a 4.4x cash multiple. Sure Ventures received a €1.77 million distribution in April 2025. That strengthened liquidity, helped repay the loan facility, and shows the Fund I strategy can crystallise value.

Landvault/Infinite Reality update

The Landvault position was sold in July 2024 to Infinite Reality in an all-share deal. Infinite Reality subsequently grew through acquisitions and funding rounds, reportedly exceeding a US$12 billion valuation at March 2025. However, the Company now says a 2025 tender offer is no longer expected, and it is working with Sure Valley Ventures to monitor the valuation impact. There is no liquidity from this position yet.

Cameramatics momentum and a direct top-up

Cameramatics, Fund I’s leading telematics and fleet management holding, is performing strongly with expansion across Europe and North America and recurring SaaS revenues. The Company also made a direct investment of €200,000 into MySafeDrive Limited (trading as Cameramatics) on 14 July 2025.

Why it matters

• Fund I is in realisation mode with multiple potential exits still to come.
• Getvisibility shows tangible return potential. The Infinite Reality outcome is a swing factor for future distributions.
• No write-offs in the period is reassuring at this stage of the fund life.

Fund II: building a diversified early-stage UK software portfolio

Fund II has a £5 million commitment from Sure Ventures, with £1,352,670 drawn as at 30 September 2025. The fund has made fourteen investments, including during the half-year:

• Literal Labs – Newcastle-based software company (June 2025)
• Elelem AI – Derbyshire-based AI developer (June 2025)
• Complimind AI – London-based AI company (July 2025)

The focus is early-stage AI, AR/VR, IoT and cybersecurity – segments where the Manager argues valuations are supported by adoption and revenue rather than hype. The Fund continues to evaluate additional deals, with a healthy pipeline flagged.

Balance sheet, cash and gearing

Net assets stood at £13.5 million, with cash of £173,107 at period end. There were no borrowings outstanding after the April 2025 repayment of the loan facility. The Company has the ability to use gearing up to 20% of NAV but is unlevered today.

Cash flows benefitted from £1.53 million of investment realisations during the period and were used to repay £440,000 of loans. Purchases of investments were £437,516. Commitments to Fund I (c. €100k remaining) and Fund II will be met from cash, liquid investments, anticipated subscriptions and facilities.

The elephant in the room: a 51% discount to NAV

As at 30 September 2025 the shares traded at 82.50p, a 51.48% discount to the 170.03p NAV per share. That is wide by investment trust standards. It reflects the illiquid, early-stage nature of the assets, the lack of near-term income, and timing uncertainty on exits.

In my view, the discount cuts both ways. If Fund I delivers further exits and Fund II builds value, there is scope for re-rating. If private valuations soften or the Infinite Reality position is marked down, the discount may persist. The Company has flagged potential special dividends when liquidity allows, but none are declared, and none should be assumed.

Costs, dividend and capital

• Ongoing charges reported at 2.97% of average NAV for the period.
• No dividend declared (30 September 2024: £nil). Strategy is capital growth first.
• No new shares were issued in the half. Shares in issue remain 7,948,130.

Risks and what to watch next

• Valuation risk in private holdings, particularly the Infinite Reality position with no tender expected in 2025.
• Exit timing risk in Fund I, though the absence of write-offs and Cameramatics progress are positives.
• Deployment execution in Fund II as it adds early-stage names in AI, AR/VR, IoT and cybersecurity.
• Liquidity and costs management at the PLC level while awaiting further distributions.

My read on the outlook

This is a classic venture portfolio transition: Fund I harvesting, Fund II planting. The 4.4x Getvisibility exit and €1.77 million distribution prove the model can return cash. The lack of a near-term Infinite Reality tender is a disappointment and an uncertainty to monitor.

With no debt, modest cash, and commitments largely covered, Sure Ventures looks sensibly positioned. The huge discount gives patient investors leverage to successful exits, but it exists for a reason. Near-term catalysts would be additional Fund I realisations – Cameramatics looks like a candidate – and clearer visibility on Infinite Reality.

Bottom line

Solid operational progress with one significant cash realisation, a modest NAV step back, and a very wide discount. If you believe in the Manager’s focus on AI, cybersecurity, IoT and immersive tech, this is a geared way to play it via early-stage exposure. Just go in eyes open on timing and valuation risk.