Resultados del 3er trimestre
Empresas británicas más pequeñas VCT plc
Declaración de gestión interina
Por el trimestre terminado el 31 de diciembre de 2023
British Smaller Companies VCT plc (la "Compañía") presenta su declaración de gestión intermedia para el trimestre finalizado el 31 de diciembre de 2023. La declaración también incluye información financiera relevante entre el final del trimestre y la fecha de esta declaración. Se puede encontrar una copia de esta declaración de gestión provisional en www.bscfunds.es.
General
In the quarter to 31 December 2023, the Company's Net Asset Value per share was up by 3.3 pence, or 4.0 per cent of the opening NAV, prior to the payment of the interim dividend of 2.0 pence on 8 December 2023. The FTSE Small Cap Index rose by 5.4 per cent during the period.
The Company's Total Return at 31 December 2023 was up 3.3 pence, to 262.6 pence per ordinary share.
During the quarter, the Company invested a further £0.8 million into Force24 and £0.5 million into Vuealta. Subsequent to the quarter end, the Company has invested £1.8 million into three follow on investments; Outpost, Relative Insight and SharpCloud.
In November 2023 the Company exited its investment in E2E for £2.0 million, representing a 2.5x return on the Company's cost. Also in November, the investment in MacroArt was realised for £1.5 million, representing a 2.0x return on cost for the Company.
The Company has seen further realisations post-quarter-end, partially realising its investments in KeTech and Arcus in January 2024, and fully exiting its investment in Displayplan in February 2024, all at valuations in line with fair value at 31 December 2023.
To maximise shareholder value, the KeTech business was split into its two component parts, Rail and Defence. The Defence business subsequently sold in January 2024, generating proceeds of £1.5 million. To date, the Company has realised proceeds of £4.1 million from its KeTech investment, a 2.0x return on cost, while still retaining its investment in the Rail Business, which at the period end was valued at £1.3 million.
In February 2024, the Company sold its investment in Displayplan for £9.0 million. Total proceeds received over the life of the investment are £12.5 million, an excellent 9.6x return on the Company's cost. There is the potential for further deferred proceeds in due course.
Rendimiento
La siguiente tabla establece los movimientos en las métricas clave para la Compañía.
| 30 Septiembre 2023 | Aumento en el valor | Shares issued/dividend paid | Recompra de acciones | Movimiento En período | 31 de diciembre 2023 |
Activos netos (millones de libras esterlinas) | 198.6 | 7.8 | (3.8) | (0.8) | 3.2 | 201.8 |
NAV por acción (PPS) | 82.4 | 3.3 | (2.0) | - | 1.3 | 83.7 |
Dividendos acumulados pagados (PPS) | 176.9 | - | 2.0 | - | 2.0 | 178.9 |
Rendimiento total (PPS) | 259.3 | 3.3 | - | - | 3.3 | 262.6 |
Acciones en emisión | 240,991,484 | - | 1,220,008 | (975,567) | 244,441 | 241,235,925 |
Cumulative dividends paid at 31 December 2023 were 178.9 pence per ordinary share (30 September 2023: 176.9 pence per ordinary share) following the interim dividend of 2.0 pence paid on 8 December 2023.
Los movimientos en NAV y NAV por acción ordinaria se detallan en la siguiente tabla:
| £ m | Peniques por acción ordinaria | ||
Valor liquidativo a 30 de septiembre de 2023 | 198.6 | 82.4 | ||
Incremento del valor de la cartera | 7.6 | 3.2 | ||
El margen de explotación | 0.2 | 0.1 | ||
7.8 | 3.3 | |||
Emisión/recompra de acciones | 0.2 | - | ||
Rentabilidad Total en el periodo | 8.0 | 3.3 | ||
NAV before dividends | 206.6 | 85.7 | ||
Dividendos pagados | (4.8) | (2.0) | ||
Valor liquidativo a 31 de diciembre de 2023 |
| 201.8 |
| 83.7 |
Dividendos y acciones en circulación
On 8 December 2023 the Company issued 1,220,008 shares under the Company's Dividend Re-investment Scheme (DRIS).
Under its standing buyback authority, on 18 December 2023 the Company purchased 975,567 shares at 76.88 pence per share at a cost of £0.8 million. These shares are held in treasury.
On 30 January 2024 the Company issued 22,560,594 shares in relation to its 2023/24 fundraising, following which the Company's issued share capital consists of 263,796,519 ordinary shares with voting rights and 24,501,263 shares held in treasury.
Activos netos
Los activos netos al 31 de diciembre de 2023 comprendían lo siguiente:
£000 | % de activos netos | |
Inversiones no cotizadas a valor razonable | 135,649 | 67.2 |
Cash and money market funds | 63,490 | 31.5 |
Otros activos netos | 2,655 | 1.3 |
Activos netos | 201,794 | 100.0 |
Inversiones
La cartera de inversiones a 31 de diciembre de 2023 estaba compuesta por:
Valuación £000 | Valoración acumulada como % de los activos netos | |
matillion | 26,440 | 13.1% |
Imparcial | 12,545 | 19.3% |
Avanzada | 8,819 | 23.7% |
plan de visualización | 8,806 | 28.1% |
Elucidat | 6,596 | 31.3% |
Force24 | 6,189 | 34.4% |
Wooshii | 5,457 | 37.1% |
SharpCloud | 4,965 | 39.6% |
Vypr | 4,834 | 41.9% |
ACC Aviación | 4,340 | 44.1% |
88,991 | 44.1% | |
Otras inversiones | 46,658 | 67.2% |
Inversiones totales | 135,649 | 67.2% |
Desempeño de la cartera
Over the quarter to 31 December 2023, the aggregate unquoted portfolio valuation has increased by £7.6 million.
Levantamiento de fondos
The Company announced a new share offer on 20 September 2023, alongside British Smaller Companies VCT2 plc, with the intention of raising up to £90 million, in aggregate, which included an over-allotment facility of £25 million, in aggregate. The offers closed to new Applications on 16 February 2024. Gross Applications of £90 million have been received, of which c.£55.5 million relate to the Company. The first allotment of £30 million (£18.6 million relating to the Company) took place on 30 January 2024; the second and final allotment will take place in early April 2024.
Outlook
In the last quarter of the year, there was a notable upturn in the economic forecast. We witnessed a decline in inflation rates and a growing consensus that interest rates might be lowered in 2024. Nevertheless, we're keeping a close eye on any potential shifts, particularly given recent instability in the Middle East, which have raised concerns about a resurgence in input costs. Additionally, upcoming elections in both the UK and US in 2024 may influence the economic outlook.
The portfolio has demonstrated robust revenue growth in an efficient manner through a tough trading period, which should leave portfolio companies well positioned to continue their positive trajectory as the economic environment improves. Moreover, the close of the Company's 2023/24 fundraising in February positions the Company strongly to continue supporting the portfolio and to invest further in new opportunities in the year ahead.
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en las Regulaciones de abuso de mercado (UE No. 596/2014). Tras la publicación de este anuncio a través del Servicio de información regulatoria, esta información privilegiada ahora se considera de dominio público.
15 de marzo de 2024
Para más información, póngase en contacto con:
David Hall YFM Private Equity Limited Tel: 0113 244 1000
Alex Collins Panmure Gordon (Reino Unido) Limited Tel: 0207 886 2767
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