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Half-year Report

30th Sep 2025 07:00

 

Oberon AIM VCT plc

For the six months to 30 June 2025

Chairman’s Statement

I am pleased to be able to report to you that the fund increased its Net Asset Value (NAV) from £1.4m to £1.9m in the first six months of this year. This was partly due to the success in attracting new investors into the fund (of circa £350k), but also due to the underlying improvement in fund performance, which on a per share basis generated a return of 9.0% in the first six months of the current year to 28.12p. This is a very satisfactory performance, given that the FTSEAIM Allshare Index increased by only 7.1% in the same period, but is just the start of our long-term strategy to create value for our shareholders and to help to underpin the growth of our fund by attracting new investors.

While the timing of interest rate cuts in the UK is difficult to predict, the consensus is that the direction of movement is downwards. This makes our 5% target dividend yield, subject to having sufficient distributable reserves, very attractive. When you couple this tax-free yield with the 30% tax relief available to investors who purchase new shares in the fund, the case, we think, becomes compelling.

With the FTSE100 index near its all-time high, and while still looking relatively good value versus other international markets, we believe that there is likely to be a move in investor activity towards smaller growth orientated businesses, which should continue to generate further good performance from the Company’s portfolio. In addition, the mitigation of risk offered by the upfront tax incentive and the tax-free dividend yield gives us confidence that we can continue to grow the fund.

As you may be aware we are currently promoting a prospectus which was published earlier this year, and the offer is still open for either new investors or current shareholders to make applications to invest in new shares. As we grow the fund our cost base will reduce on a per share basis thus enhancing value for our investors. Further details are available on our website at oberonaimvct.com.

I would like to thank the staff at Oberon and all our other partners and suppliers, and also of course to our new and existing shareholders, who have continued to be very supportive.

Geoffrey Gamble

Chairman

29 September 2025

Investment Manager’s Review

We are pleased to report a solid first half performance for the six-month period to 30 June 2025, during which your VCT’s Net Asset Value (NAV) increased from 25.8p to 28.1p, representing a 9.0% gain.

In comparison, the FTSE AIM All-Share Index rose by 7.1% increase over the same period. The VCT’s outperformance was helped by targeted investment activity and selective realisations.

We made two new investments and two follow-on investments during the period:

New Investments:GeninCode plc – a precision medicine company focused on cardiovascular disease prevention through genetic testing. Oxford Biodynamics plc – a biotechnology firm developing epigenetic biomarkers for precision medicine. It has a lead product called EpiSwitch PSE which is an effective prostate cancer detection test that identifies an individual’s current likelihood of prostate cancer from blood. Follow-on Investments:SEEEN plc – a video technology platform enabling AI-driven content monetisation. Belluscura plc – a medical device company focused on portable oxygen concentrators.

These investments reflect our continued focus on high-growth, innovation-led businesses listed on AIM, particularly in the healthcare and technology sectors.

We exited or top-sliced eight investments during the period. These actions were taken to crystallise gains, rebalance the portfolio, and manage risk. The proceeds have enhanced the VCT’s liquidity and will be redeployed into new opportunities in line with our investment strategy.

Outlook

We remain optimistic about the outlook for the second half of 2025. Market sentiment towards UK smaller companies has improved, with the AIM Index showing signs of recovery following a challenging few years. This rebound has been supported by interest rate cuts and stabilising inflation, which may provide a more favourable environment for growth-oriented businesses.

The AIM market remains a fertile ground for growth capital investment, particularly in sectors where UK companies demonstrate competitiveness.

We maintain a disciplined and selective approach to capital deployment, focusing on companies with strong management, good fundamentals, resilient business models, and clear scalable paths to growth. We continue to see exciting investments opportunities for the fund with companies seeking growth capital at very attractive prices.

While volatility may persist, the VCT is well-positioned to take advantage of attractive opportunities within the AIM market, supported by a diversified portfolio and a long-term investment horizon. We believe that although AIM has started to improve, this represents only a small recovery so far compared to the declines we have experienced over the previous 4 years. Helping this improvement has been the M&A activity within small cap companies, which is a good sign that value exists within AIM and will hopefully be a catalyst for further market recovery.

Consequently, we remain confident in the VCT’s ability to deliver value to shareholders through a combination of capital growth and tax-efficient income, while continuing to support innovative UK businesses.

Oberon AIM VCT plc

For the six months to 30 June 2025

Unaudited Balance Sheet

Interim Accounts

Final Accounts

Interim Accounts

as at 30 June2025

as at 31 December 2024*

as at 30 June2024

£'000

£'000

£'000

£'000

£'000

£'000

Fixed Assets

Investments

1,635

1,449

1,686

Current Assets

Debtors

312

312

16

16

172

172

Current Liabilities

Creditors: amounts due

within one year

(22)

(27)

(8)

1,925

1,438

1,850

Capital and Reserves

Share capital

684

557

557

Share premium

770

547

547

Capital redemption reserve

171

171

171

Special distributable reserve

2,636

2,636

2,775

Capital reserve - realised

(426)

(130)

(227)

Capital reserve - unrealised

(1,540)

(2,014)

(1,695)

Revenue reserve

(370)

(329)

(278)

1,925

1,438

1,850

Net Asset Value per share

28.1p

25.8p

33.2p

*Audited

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

6 month period ended 30 June 2025

Year to 31 December 2024*

6 month period ended 30 June 2024

Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(losses) on investments

Realised

-

18

18

-

61

61

-

6

6

Unrealised

-

159

159

-

(599)

(599)

-

(324)

(324)

Income

6

-

6

24

-

24

11

-

11

Investment management fees

-

-

-

(3)

(10)

(13)

(2)

(7)

(9)

Other expenses

(47)

-

(47)

(103)

-

(103)

(40)

-

(40)

Return on ordinary activities

(41)

177

136

(82)

(548)

(630)

(32)

(325)

(357)

Tax on ordinary activities

-

-

-

-

-

-

-

-

-

Return on ordinary activities

after taxation

(41)

177

136

(82)

(548)

(630)

(32)

(325)

(357)

Return per ordinary share in pence

(0.69)

2.98

2.29

(1.48)

(9.82)

(11.30)

(0.57)

(5.84)

(6.41)

*Audited

All revenue and capital items in the above statement are from continuing operations in the current six month period. No operations were acquired or discontinued in the current period. Other than that shown above, the Company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period.

The weighted average number of shares in issue during the period was 5,956,160.

 

Unaudited Consolidated Statement of Changes in Equity

Called-up share capital

£’000

Share Premium account £’000

Capital Redemption reserve £’000

Special distributable reserve £’000

Capital

realised £’000

Capital

unrealised £’000

Revenue reserve £’000

Total

£’000

As at 1 January 2025

557

547

171

2,636

(130)

(2,014)

(329)

1,438

Realised gains on disposals in period

-

-

-

-

18

-

-

18

Unrealised gains

-

-

-

-

-

159

-

159

Transfer of unrealised gain to realised on disposal of investment

-

-

-

-

(314)

314

-

-

Net revenue before tax

-

-

-

-

-

-

(41)

(41)

New shares issued

127

223

-

-

-

-

-

350

Capital element of investment management fee

-

-

-

-

-

-

-

-

________

________

_________

_________

_______

________

________

________

At 30 June 2025

684

770

171

2,636

(426)

(1,540)

(370)

1,925

As at 1 January 2024

557

547

171

2,775

(287)

(1,309)

(247)

2,207

Realised loss on disposals

-

-

-

-

61

-

-

61

Unrealised losses

-

-

-

-

-

(599)

-

(599)

Transfer of unrealised gain to realised on disposal of investment

-

-

-

-

106

(106)

-

-

Net revenue before tax

-

-

-

-

-

-

(82)

(82)

New shares issued

-

-

-

-

-

-

-

-

Capital element of investment management fee

-

-

-

-

(10)

-

-

(10)

Dividends paid

-

-

-

(139)

-

-

-

(139)

________

________

_________

_________

________

________

________

________

At 31 December 2024

557

547

171

2,636

(130)

(2,014)

(329)

1,438

 

Unaudited Consolidated Statement of Changes in Equity (continued)

Called-up share capital

£’000

Share Premium account £’000

Capital Redemption reserve £’000

Special distributable reserve £’000

Capital

realised £’000

Capital

unrealised £’000

Revenue reserve £’000

Total

£’000

As at 1 January 2024

557

547

171

2,775

(287)

(1,309)

(247)

2,207

Realised gains on disposals

-

-

-

-

6

-

-

6

Unrealised gains

-

-

-

-

-

(325)

-

(325)

Transfer of unrealised loss to realised on disposal of investment

-

-

-

-

61

(61)

-

-

Net revenue before tax

-

-

-

-

-

-

(32)

(32)

New shares issued

-

-

-

-

-

-

-

-

Capital element of investment management fee

-

-

-

-

(7)

-

-

(7)

________

________

_________

_________

_______

________

________

________

At 30 June 2024

557

547

171

2,775

(227)

(1,695)

(278)

1,850

Oberon AIM VCT plc

For the six months to 30 June 2025

Investment Portfolio

Security

Cost

Valuation

%

%

30 June 2025

Cost

Valuation

Qualifying Investments

3,144,483

1,626,326

90.74

84.49

Non-qualifying Investments

31,273

8,934

0.90

0.46

Uninvested funds

289,755

289,755

8.36

15.05

3,465,511

1,925,016

100.00

100.00

Qualifying Investments

AIM Quoted

Abingdon Health plc

58,129

17,568

1.68

0.91

Actual Experience plc

63,174

0

1.82

0.00

AFC Energy plc

50,254

47,375

1.45

2.46

Audioboom Group plc

39,287

53,106

1.13

2.76

Aurrigo International plc

75,387

67,500

2.18

3.51

Belluscura plc

102,517

19,486

2.96

1.01

Brighton Pier Group plc

35,379

1,760

1.02

0.09

Clean Power Hydrogen plc

50,253

6,222

1.45

0.32

Cloudbuy plc

41,896

0

1.21

0.00

Cloudified Holdings plc

85,234

2,532

2.46

0.13

Coral Products plc

25,104

14,800

0.72

0.77

Cordel Group plc

30,656

37,871

0.88

1.97

Creo Medical Group plc

20,504

3,543

0.59

0.18

CyanConnode Holdngs plc

204,219

6,322

5.89

0.33

Deepverge plc

93,203

0

2.69

0.00

Destiny Pharma

175,882

9,775

5.08

0.51

Direct Plus plc

30,158

25,000

0.87

1.30

DP Poland plc

25,631

17,850

0.74

0.93

Earnz plc

50,254

34,667

1.45

1.80

Eden Research plc

29,852

15,992

0.86

0.83

Feedback plc

130,665

29,267

3.77

1.52

Fusion Antibodies plc

7,540

536

0.22

0.03

Genincode plc

50,003

27,027

1.44

1.40

Getech Group plc

23,750

21,263

0.69

1.10

Haydale Graphine Industries plc

100,516

208,288

2.90

10.82

I-Nexus Global plc

30,153

570

0.87

0.03

Inspired Energy plc

33,641

83,475

0.97

4.34

Kinovo plc

43,721

64,500

1.26

3.35

Libertine Holdings plc

125,628

0

3.63

0.00

Lifesafe Holdings plc

75,387

30,469

2.18

1.58

Light Science Technologies plc

25,127

85,000

0.73

4.42

Lunglife AI Inc

20,104

469

0.58

0.02

M.Winkworth plc

28,140

70,700

0.81

3.67

Marechale Capital plc

50,501

10,000

1.46

0.52

Investment Portfolio continued

Security

Cost

Valuation

%

%

30 June 2025

Cost

Valuation

MyHealthChecked plc

103,202

38,766

2.98

2.01

N4 Pharma plc

40,204

1,400

1.16

0.07

Nexteq plc

8,091

11,690

0.23

0.61

Oxford Biodynamics plc

50,255

32,400

1.45

1.68

PHSC plc

15,076

8,940

0.44

0.46

Polarean Imaging plc

7,539

650

0.22

0.03

Property Franchise Group plc

14,511

71,500

0.42

3.71

Pulsar Group plc

10,053

9,500

0.29

0.49

Renalytix plc

100,002

77,778

2.89

4.04

Rosslyn Data Technologies plc

98,606

10,549

2.85

0.55

SEEEN plc

163,332

90,867

4.71

4.72

Skinbiotherapeutics plc

75,383

64,145

2.18

3.33

Solid State plc

15,810

65,000

0.46

3.38

Strip Tinning plc

66,148

33,386

1.91

1.73

Sysgroup plc

45,232

15,225

1.31

0.79

Tan Delta Systems plc

11,239

8,170

0.32

0.42

Verici Dx plc

101,505

3,636

2.93

0.19

XP Factory plc

31,006

2,856

0.89

0.15

2,989,041

1,559,387

86.25

81.00

Qualifying Investments

AQSE Quoted

EDX Medical Group plc

25,001

26,042

0.72

1.35

Truspine Technology

100,283

23,250

2.89

1.21

125,284

49,292

3.61

2.56

Qualifying Investments

Unlisted Investments

LightwaveRF plc

30,158

17,647

0.87

0.92

30,158

17,647

0.87

0.92

Total qualifying investments

3,144,483

1,626,326

90.73

84.48

Investment Portfolio continued

Security

Cost

Valuation

%

%

30 June 2025

Cost

Valuation

Non Qualifying Investments

AIM Quoted

Audioboom Group plc

1,163

334

0.03

0.02

1,163

334

0.03

0.02

Non Qualifying Investments

UK Listed

Twentyfour Income Fund Ltd

9,852

8,600

0.28

0.44

9,852

8,600

0.28

0.44

Non Qualifying Investments

Unlisted Investments

Mar City plc

10,053

0

0.29

0.00

Sorbic International plc

10,205

0

0.29

0.00

20,258

0

0.58

0.00

Total non-qualifying investments

31,273

8,934

0.90

0.46

Notes to the Accounts

This interim financial information and the unaudited interim accounts for the six months to 30 June 2025 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 September 2025, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.

The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.

The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ended 31 December 2024, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Company considers these accounting policies will be used in the accounts for the year ending 31 December 2025.

Listed, AIM or AQUIS Markets - traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.

At the 1 January 2025 there were 5,574,403 shares in issue and following the issue of 1,271,264 shares during H1’25, the number of shares in issue at 30 June 2025 was 6,845,667. The average weighted number of shares in issue in the period was 5,956,160.

Net Asset Value per share at 30 June 2025 was 28.1p (at 31 December 2024: 25.8p; 30 June 2024: 33.2p).

No dividend was paid in the period, but a final dividend for the year ended 31 December 2024, of 1.3p per share (totaling £88,993) was paid on 30 July 2025.

Oberon AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under the terms of the management agreement, OIL is entitled to a fee (exclusive of VAT) equal to 2.0% of net assets from the 1 October 2025. From 1 October 2024 to 30 September 2025 no management fee is being charged by Oberon for its investment management services. During the period the management fee was £nil (the year ended 31 December 2024, £13.8k; the period ended 30 June 2024, £9.8k).

Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.

Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s Registered Office: 5 Duke Street St James’s, London SW1H 0DB.

Oberon AIM VCT plc

Directors, Investment Managers and Advisors

  

Directors

  

Geoffrey Charles Gamble (Chairman)

  

John Beaumont

  

Christopher Andrew

  

Registered Office

  

2nd Floor

  

6 Duke Street St James’s

  

London

SW1Y 6BN

  

Company Secretary

  

John Beaumont

  

6 Duke Street St James’s

  

London

SW1Y 6BN

Investment Manager and Broker

  

Oberon Investments Limited

  

1st Floor

12 Hornsby Square

Southfields Business Park

  

Basildon

Essex

SS15 6SD

  

Auditor

  

Royce Peeling Green LimitedThe Copper Room

Deva City Office ParkTrinity WayManchesterM3 7BG

  

View source version on businesswire.com: https://www.businesswire.com/news/home/20250929068608/en/

Copyright Business Wire 2025


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