18th Jul 2025 13:16
(Alliance News) - Sure Ventures PLC on Friday reported a "remarkable turnaround" during its most recent financial year, as it swung to profit following two exits from its Fund I portfolio.
The venture capital fund backing early-stage artificial intelligence, augmented and virtual reality, and internet of things companies said net asset value per share at March 31 was 175.79 pence, more than doubled from 82.53p a year earlier.
NAV total return was 113% against a negative 31.25% a year prior.
It swung to pretax profit of GBP7.4 million from a GBP2.5 million loss the year before, as total net income increased to GBP8.0 million from a GBP2.1 million loss.
This was primarily driven by "two key exits" from the Fund I portfolio, Sure Ventures said.
In July 2024, Infinite Reality bought Landvault, in which Fund I held a 7.1% stake. The takeover deal, valued at USD450 million, delivered an around 10x return on Fund I's original investment.
In addition, in March this year, Getvisibility was acquired by Forcepoint in a deal that returned around 4.5x of Sure Venture's total investment. This generated GBP1.5 million in net proceeds upon completion of the sale in April.
Total operating expenses increased 21% to GBP524,534 from GBP434,586.
"Investment in AI is expected to command around 40% of all venture capital funding in 2025, with a global annual investment estimated to exceed USD100 billion. AI remains the dominant force among investment themes. The company is well placed to capitalise on its early-mover advantage in this sector and benefit from the solid reputation of the AIFM in building out the Fund II portfolio and extracting value from the remaining Fund I investments," said Chair Perry Wilson.
"Despite ongoing geopolitical uncertainty and the potential for market volatility, the company remains confident that its high-tech AI-focused portfolio will deliver long-term value. The company is working actively toward additional liquidity events from Fund I, and subject to positive outcomes, it expects to consider a special dividend as a reward to shareholders for their continued support and patience."
The company declared no dividend for financial 2025, unchanged from the year before as "the company's strategy is focused on capital growth rather than income".
Shares in Sure Ventures were down 3.0% at 80.00 pence in London on Friday afternoon. The stock is down 17% over the past year.
By Emily Parsons, Alliance News reporter
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