Resultados finales
PLC DE VCT DE EMPRESA DE PREVISIÓN
LEI: 213800MWJNR3WZZ3ZP42
26 de abril de 2024
Resultados finales
31 de diciembre 2023
Foresight Enterprise VCT plc, managed by Foresight Group LLP, today announces the final results for the year ended 31 December 2023.
Estos resultados fueron aprobados por el Consejo de Administración el 26 de abril de 2024.
The Annual Report will shortly be available in full at www.foresightenterprisevct.com. All other statutory information can also be found there.
Aspectos financieros más destacados
- After adding back the payments of a 3.3p dividend made on 30 June 2023, NAV Total Return per share as at 31 December 2023 was 68.9p, representing a positive total return of 6.2% in the year.
- Nine new investments costing £11.7 million and eight follow-on investments costing £7.0 million were made during the year.
- The Company fully exited its investments in Datapath Group Limited, Innovation Consulting Group Limited, Protean Software Limited and Luminet Networks Limited, realising gains of £5.4 million in the year and returning proceeds of £20.6 million to the Company.
- In the year, the value of the investment portfolio rose by £9.5 million (2022: £8.7 million).
- An interim dividend of 3.3p per share was paid on 30 June 2023, returning £7.7 million to Shareholders.
- The offer for subscription launched in October 2023 was closed to applications on 30 January 2024 and raised a total of £28.8 million after expenses.
DECLARACIÓN DEL PRESIDENTE
I am pleased to present the audited Annual Report and Accounts for the year ended 31 December 2023 and to report a Net Asset Value Total Return of 6.2% for the year including a dividend yield of 5.7%.
Descripción general de 2023
The business environment remains challenging after the substantial impact of the COVID-19 pandemic receded, with geopolitical tensions, supply chain issues, rapidly rising inflation and energy prices, and the threat of recession the new economic reality. I believe that the careful planning, help and advice the Manager provided the portfolio companies during the pandemic will continue to be relevant to the current and future economic situations. While there will be bumps in the road, the Board believes that the portfolio is in good shape to withstand what we currently see ahead.
The Company’s portfolio in aggregate has remained resilient amid economic and political turmoil which continues. Many of the portfolio companies have successfully adapted to the new economic landscape, with some performing extremely well and demonstrating the strength of their management teams. A minority struggled as a result of a fall in consumer demand, inflationary pressures and a surge in the cost of energy prices.
In the year ended 31 December 2023, 24 companies in the portfolio recorded a combined increase in valuation of £19.4 million, offset by 19 companies recording an aggregate fall in valuation of £9.9 million.
Estrategia
La Junta considera que lo mejor para los Accionistas es continuar aplicando una estrategia de:
- Crecimiento del valor liquidativo neto Rendimiento total por encima del objetivo del 5 % mientras se siguen haciendo crecer los activos de la empresa
- Payment of annual dividends of at least 5% of the NAV per share per annum based on the opening NAV of that financial year
- Implementación de una cantidad significativa de inversiones calificadas nuevas y de seguimiento cada año, superando los requisitos de implementación para mantener el estatus de APV.
- Maintaining a programme of regular share buybacks at a discount of 5%, subject to market conditions
Para que la Compañía pueda alcanzar estos objetivos es fundamental la capacidad del Gestor para buscar y completar nuevas y atractivas oportunidades de inversión calificadas.
Si bien esta tarea no se ha visto facilitada por los cambios en la legislación APV desde 2015, que (entre otros requisitos) ponen un mayor énfasis en el crecimiento o la inversión de capital de desarrollo en empresas más jóvenes, la Compañía tiene la suerte de haber seguido una política de búsqueda de crecimiento. inversiones de capital durante varios años antes de los cambios de reglas y el Gerente tiene un historial establecido en esta área.
Rendimiento y actividad de la cartera
During the year Net Asset Value per share increased by 1.1% from 64.9p at 31 December 2022 to 65.6p at 31 December 2023. After adding back the payments of a 3.3p dividend paid on 30 June 2023, NAV Total Return per share at 31 December 2023 was 68.9p, representing a positive total return of 6.2%. This positive movement is a result of the strategy and business changes throughout the portfolio alluded to above.
During the year the Manager completed nine new investments and eight follow-on investments costing £11.7 million and £7.0 million respectively. The Manager also fully disposed of four investments, generating proceeds of £20.5 million, a £0.1 million loan repayment, and a further £1.8 million of deferred consideration included within debtors at the year end, representing a combined return multiple of 5.8x.
After the year end, the Company made three new and two follow-on investments totalling £8.3 million. Furthermore, in March 2024, the Company realised its holding in Specac International Limited. The exit generated proceeds of £11.2 million at completion. When added to £1.5 million of cash returned to date, this implies a total cash-on-cash return of 10.6 times the initial investment, equivalent to an Internal Rate of Return ("IRR") of 34%. Further details of these investments and realisations can be found in the Manager’s Review.
The Board and the Manager are confident that a number of new and follow‑on investments can be achieved this year, particularly with the increased investment activity noted above. Details of each of these new, existing and former portfolio companies can be found in the Manager’s Review.
The Manager continues to see a strong pipeline of potential investments sourced through its regional networks and well-developed relationships with advisers and the SME community. It is also focused on supporting the existing portfolio through the current economic climate. Following the successful fundraise launched in October 2023, the Company is in a position to fully support the portfolio, where appropriate, and exploit potential attractive investment opportunities.
The offer was closed to applications on 30 January 2024 having raised gross proceeds of £30.0 million, £28.8 million after expenses, as detailed in the post-balance sheet events in note 20. The Board would like to thank those existing Shareholders who have already supported this offer and welcome all new Shareholders to the Company.
Inversión responsable
The analysis of environmental, social and governance (“ESG”) issues is embedded in the Manager’s investment process and these factors are considered key in determining the quality of a business and its long-term success. Central to the Manager’s responsible investment approach are five ESG principles that are applied to evaluate investee companies, acquired since May 2018, throughout the lifecycle of their investment, from their initial review and acquisition to their final sale. Every year, these portfolio companies are assessed and progress measured against these principles. More detailed information about the process can be found on pages 43 to 46 of the Manager’s Review of the Annual Report.
Dividendos
An interim dividend of 3.3p per share was declared on 8 June 2023 based on an ex-dividend date of 15 June 2023 and a record date of 16 June 2023. The dividend was paid on 30 June 2023, returning £7.7 million to Shareholders.
As noted in the prior Annual Report and Accounts, and in light of the change in portfolio towards earlier-stage, higher-risk companies as required by the VCT rules, the Board felt it prudent to adjust the dividend policy towards a targeted annual dividend yield of 5% of NAV per annum. The Board and the Manager continue to hope that this may be enhanced by additional 'special' dividends as and when particularly successful portfolio exits are made.
Recompras
The Board is pleased to have achieved an average discount across all buybacks of 5.8% to the Net Asset Value per share in the year as it moved from a target of 7.5% to 5%, and continues to have an objective of maintaining buybacks at a discount of 5%, subject to market conditions.
Management charges and performance incentive
The annual management fee is an amount equal to 2.0% of net assets. This has resulted in ongoing charges for the period ended 31 December 2023 of 2.2% after adding back the performance incentive expense to total expenses for the year, which is at the lower end of the range when compared to competitor VCTs.
As explained in note 13, the Directors have prepared a calculation incorporating estimated future dividends over a three year period and expect a performance incentive fee to become payable during that period. Therefore, a liability of £1,115,000 has been recognised as at 31 December 2023 (2022: £280,000).
Comunicación con los accionistas
We were delighted to meet with some Shareholders in person at the AGM last year. We hope many of you will be available to attend this year’s AGM on 11 June 2024, as detailed on the following page.
Composición de la junta
La Junta continúa revisando su propio desempeño y emprende planes de sucesión para mantener un nivel apropiado de independencia, experiencia, diversidad y habilidades para estar en condiciones de cumplir con todas sus responsabilidades.
We have added two new Board members during the year, Kavita Patel and Ian Harris, in view of the retirement of Simon Jamieson at the AGM held on 8 June 2023 and the intended retirement of Raymond Abbott.
May I thank Simon for his dedication to the Company and the Board over the last nine years, having overseen great change through previously difficult times. I wish him all the best for the future.
On 1 January 2024 Raymond Abbott stepped down as chair after seven years and I was appointed as Chair by the board. Raymond will retire following the AGM being held on 11 June 2024. Myself and the Board thank Raymond for his sterling contribution to the genuine progress that the Company has made in recent years. We will miss his extensive experience and wise counsel.
Reunión general anual
The Company’s Annual General Meeting will take place on 11 June 2024 and we look forward to meeting as many of you as possible in person. Please refer to the formal notice on pages 104 to 107 of the Annual Report for further details in relation to the format of this year’s meeting. We would encourage you to submit your votes by proxy ahead of the deadline of 1:00pm on 7 June 2024 and to forward any questions by email to GME@dhr-rgv.com in advance of the meeting.
Cláusula de caducidad
The "Sunset clause" for EIS and VCT reliefs has now been extended by the government to 6 April 2035. The clause provides that income tax relief will no longer be given to subscriptions made on or after 6 April 2035, unless the legislation is amended to make the scheme permanent, or the “Sunset clause” is extended. The government has the power to extend or remove the sunset clause through secondary legislation, which would allow the VCT and EIS schemes to operate in their current form beyond the current expiry date of the scheme. During the Autumn Statement delivered by the government in November 2023, Chancellor Jeremy Hunt announced the extension of the VCT and EIS clause to April 2035. The UK should be able to extend the scheme without European Commission approval, clarified by the Northern Ireland Protocol, the Windsor Framework.
Outlook
As mentioned in my introduction, while the impact of the pandemic has lessened, wider geopolitical uncertainty is having an impact on economic volatility, including, but not limited to, the significant rise in energy prices, rapid inflation, the cost of living crisis and the potential for a global recession. Supply chains remain under pressure post Brexit and the pandemic, and exacerbated by the well‑publicised transport issues in the Red Sea. Such issues are unlikely to be resolved soon. While the Company’s portfolio has not been materially exposed, we continue to monitor these macroeconomic and geopolitical developments. It is very likely that the economic impacts we are currently experiencing will raise issues and concerns for the individual investee company management teams and the Manager.
However, the portfolio is showing strong signs of resilience and the Manager has been working with management teams to assess business plans, consider funding requirements and help navigate through these difficult times. The portfolio is well diversified in terms of sector, size and number and the Manager’s approach through the pandemic will continue to be valuable to tackle the challenges ahead.
The Company is well positioned to continue to support the portfolio and the fundraising will also provide options to seek new investments and take advantage of the opportunities that are regularly sought by the Manager.
Michael Gray
Presidente
26 de abril de 2024
RESEÑA DEL DIRECTOR
As at 31 December 2023 the Company’s portfolio comprised 46 investments with a total cost of £72.7 million and a valuation of £119.6 million.
Resumen de la cartera
The portfolio is diversified by sector, transaction type and maturity profile. Details of the ten largest investments by valuation, including an update on their performance, are provided on pages 28 to 32 of the Annual Report.
In the year, the valuation of the investment portfolio increased by £7.6 million, as a result of an increase of £9.5 million in the valuation of investments, plus £18.7 million of new and follow-on investments offset by sales of investments totalling £20.6 million. Overall, the portfolio has performed well despite uncertainty in the market with significant geopolitical issues and continued domestic price inflation, coupled with high interest rates.
In line with the Board’s strategic objectives, the Manager remains focused on growing the Company through further development of Net Asset Value Total Return. In the year, net assets increased by 21.7% to £168.5 million after the payment of dividends, meaning that the Company successfully met these this objective in the period under review.
Nuevas inversiones
2023 se caracterizó por tasas de interés más altas e inflación de costos, aunque esto comenzó a estabilizarse durante la última parte del año previo a 2024. Muchos equipos de gestión de las inversiones han dirigido con éxito sus negocios a través de la incertidumbre del año, al tiempo que desarrollaron perspectivas más claras a mediano y largo plazo. planes de crecimiento a plazo.
El Gestor ha seguido invirtiendo en sus capacidades de originación de acuerdos e identificó un gran número de oportunidades de inversión potencialmente atractivas durante el año.
Over the course of 2023, nine new investments were completed; a total investment of £11.7 million. New investments were across recruitment, software, industrials, financial planning, health services, communications and technology. Behind these, there continues to be a strong pipeline of opportunities that the Manager expects to convert during the next 12 months. Follow-on investments totalling £7.0 million were also made into eight existing investee companies.
Sprintroom limitada
En enero de 2023, la empresa invirtió £1.0 millón de libras de capital de crecimiento en Sprintroom, que cotiza como Sprint Electric. La empresa diseña y fabrica accionamientos para controlar motores eléctricos en aplicaciones industriales ligeras y pesadas, además de recuperar y reutilizar la energía que de otro modo se perdería. La inversión se utilizará para seguir desarrollando y comercializando una novedosa tecnología de accionamiento de velocidad variable de corriente alterna.
Grupo de tecnología de alerta de bandera roja limitada
En marzo de 2023, la empresa invirtió £1.8 millones en Reg Flag Alert Technology Group, una plataforma de inteligencia SaaS patentada con sede en Manchester con capacidades modulares que abarcan cumplimiento, prospección, gestión de riesgos y evaluaciones de salud financiera. El capital de crecimiento se utilizará para respaldar un mayor desarrollo de productos y ampliar sus capacidades comerciales.
Firefish Software Ltd.
In March 2023, the Company invested £1.5 million in Firefish Software, a Glasgow based customer relationship management and marketing software platform targeting the recruitment sector. The funding will be used to support the company in its growth plans.
Cinco riqueza limitada
En marzo de 2023, la empresa invirtió £0.7 millones en Five Wealth, una empresa boutique de planificación financiera establecida que opera en el noroeste de Inglaterra. La oferta de servicios de Five Wealth se centra en la prestación de asesoramiento financiero y planificación patrimonial a clientes privados independientes. Esta inversión de capital de crecimiento se utilizará para acelerar la ambición de Five Wealth de ayudar a más personas a alcanzar sus objetivos de planificación financiera.
La clínica KSL limitada
In April 2023, the Company invested £1.0 million in The KSL Clinic, a leading provider of hair replacement treatments, with clinics in Manchester and Kent. The investment will enable the company to grow its medical team and expand its geographic presence.
Loopr Ltd.
In September 2023, the Company invested £1.8 million in Loopr Ltd, trading as Looper Insights, a fast-growing, London-based technology business providing data analytics to digital content distributors and streaming services. The investment will enable Looper to increase the solution’s automation and customer integration and accelerate rollout of its products internationally.
Navitas Digital Seguridad Limitada
In December 2023, the Company invested £1.5 million in Navitas Digital Safety Limited, a digital food safety management business. The company uses a combination of hardware and software to provide a complete food safety management solution to hospitality sector customers. The investment will support the company’s effort to expand its commercial capabilities and further develop the platform.
Kognitiv Spark Inc.
En diciembre de 2023, la empresa invirtió £1.0 millón de libras esterlinas en Kognitiv Spark, un desarrollador de software de realidad aumentada que permite compartir de forma remota datos críticos con los empleados en el sitio. Desarrollado específicamente para comunicaciones industriales, el producto principal de la empresa ofrece un rendimiento superior en términos de compresión y visualización de datos. La financiación se utilizará para ampliar el equipo directivo y explorar nuevas oportunidades comerciales.
Live Group Holdings Limited
In December 2023, the Company invested £1.4 million in Live Group, a global events and communications agency selling digital and live communications and events services. The company has developed a proprietary delegate management platform to collect attendee data, share content and enhance engagement with delegates. The investment will be used to enhance and further develop the platform whilst supporting growth plans, including international growth.
Inversiones posteriores
Dada la expansión de la cartera, ha habido un aumento en las inversiones de seguimiento durante el año. Estas inversiones de seguimiento tienen como objetivo respaldar nuevas iniciativas de crecimiento dentro de la cartera. El Gestor se complace en informar de que, a pesar de la continua incertidumbre macroeconómica y de los persistentemente altos tipos de interés e inflación, la cartera sigue siendo resistente en general.
The Manager made follow-on investments into eight companies during 2023, totalling £7.0 million. Further details of each of these are provided below.
The additional equity injections in the year were used to support further growth plans, such as launching new products or opening new sites and providing cash headroom for further growth. In view of the economic outlook, which remains challenging, the Manager continues to be vigilant about the health of the rest of the portfolio and the need for follow-on funding over the coming months.
Mizaic Ltd (anteriormente IMMJ Systems Limited)
En febrero de 2023, se invirtieron £0.7 millones en Mizaic, una solución de gestión de documentos electrónicos clínicos para el NHS. La inversión se utilizó para respaldar al nuevo equipo de liderazgo y mejorar la hoja de ruta del producto, reforzando la capacidad de la empresa para respaldar la digitalización de registros de pacientes. El principal producto de Mizaic, MediViewer, ahorra tiempo y costes al NHS y mejora los resultados de la experiencia médico-paciente.
Noroeste EHealth Limited ("NWEH")
In March 2023 and October 2023, the Company invested a further £2.5 million in aggregate in NWEH, which provides software and services to the clinical trials market, allowing pharmaceutical companies and contract research organisations to conduct feasibility studies, recruit patients and run trials. The investment provided support to the delivery of a number of new real-world trials, while also enabling the company to complete its ConneXon platform.
Diez salud y fitness limitado
En marzo de 2023, Ten Health & Fitness, un operador multisitio en el mercado boutique de salud, bienestar y fitness, recibió una inversión adicional de £0.4 millones. La financiación permitió a la empresa completar su nuevo sitio emblemático en Kings Cross y respaldar la estrategia de crecimiento de la empresa.
Tecnologías de fabricación aditiva Ltd ("AMT")
En abril de 2023, la empresa invirtió £0.1 millones en AMT, que fabrica sistemas que automatizan el posprocesamiento de piezas impresas en 3D. Consulte la sección Cambios clave de valoración en el período a continuación para obtener más detalles.
viO HealthTech Limited
In September 2023, the Company invested £14k in viO HealthTech Limited, a developer of innovative medical devices that allow women to predict and detect ovulation with a high degree of accuracy. The funding will support the business in the next stage of its market testing.
Weduc Holdings Limited
En octubre de 2023, la empresa invirtió £0.3 millones en Weduc Limited, una plataforma de comunicación que permite una comunicación más fluida entre padres, profesores y estudiantes, aliviando la carga administrativa para los profesores y mejorando la participación de padres y estudiantes. La inversión se utilizará para respaldar el crecimiento continuo de la plataforma.
Clubspark Group Limited
In October 2023, the Company invested £0.6 million in Clubspark Group Limited, a sports club management and reporting platform for local organisations and national governing bodies. The funding will provide further cash headroom to support Clubspark’s continued growth.
Callen-Lenz Associates Limited
In December 2023, the Company invested £2.5 million in Callen-Lenz Associates Limited. Callen-Lenz develops, designs and manufactures air vehicles, vehicle components and navigation and communication software for high performance unmanned aerial vehicles ("UAVs") globally. The investment will fund the pursuit of commercial opportunities.
Realizaciones
The M&A climate has proved more challenging than in recent years in light of the macroeconomic conditions of high interest rates and geopolitical uncertainty. Despite this, the Manager was pleased to report some particularly strong realisations, as well as the disposal of one challenged business within the portfolio. The Manager continues to engage with a range of potential acquirers of several portfolio companies and to carefully consider the timing of exit for each. Demand remains for high‑quality, high-growth businesses from both private equity and trade buyers.
Innovation Consulting Group Limited (“GovGrant”)
In March 2023, the Company announced the impressive exit of GovGrant to Source Advisors, a US corporate buyer backed by BV Investment Partners. GovGrant is one of the UK’s leading providers of R&D tax relief, patent box relief and other innovation services. The transaction generated proceeds of £6.8 million at completion. When added to £0.7 million of cash returned to date, this implies a total cash-on-cash return of 4.5x the capital of £1.65 million invested in October 2015, equivalent to an IRR of 25%. The Company's accounting cost of £1.94 million included the £0.3 million valuation at which Foresight 3 VCT’s (“F3”) holding was transferred to the Company as part of the merger in June 2017.
Desde la inversión original en 2015, el Gestor había ayudado a GovGrant durante un período de crecimiento material durante el cual apoyó las actividades de I+D de un número creciente de clientes. Los altos niveles de servicio y los productos innovadores de GovGrant, como la creciente oferta de patentes, han contribuido a impulsar la innovación en la economía del Reino Unido. El Gestor había adoptado un enfoque proactivo para apoyar al excepcional equipo directivo superior, todos los cuales conocieron el negocio durante el período de inversión.
Grupo Datapath limitado
In March 2023, the Company exited Datapath, a global leader in the provision of hardware and software solutions for multi-screen displays. The transaction generated proceeds of £10.2 million at completion and a further £0.6 million was received in November 2023. An additional £1.8 million is payable over 24 months following exit.
The investment in Datapath was initially held by F3 and was transferred to the Company on the merger in June 2017. F3 initially invested £2.0 million into the business in 2007. The accounting cost of £11.1 million refers to the value at which F3’s holding was transferred to the Company.
Cuando se suman £10.8 millones de efectivo devuelto antes de la salida, esto implica un retorno total de efectivo sobre efectivo de 11.6 veces la inversión original de £2.0 millón, equivalente a una TIR del 37% desde la inversión inicial en 2007.
Since the original investment, the Manager supported Datapath through a period of material growth with revenues growing from approximately £7 million to £25 million. Datapath has developed a market leading hardware and software product suite for the delivery of multi-screen displays and video walls, which are sold globally to a diverse customer base across a range of sectors.
Software proteico limitado
In July 2023, the Company achieved a successful exit of its holding in Protean Software to Joblogic, a UK based direct provider of Field Service Management software to SMEs and Protean’s direct competitor. The Company invested in Protean in July 2015 as one of the last buyouts prior to the changes in VCT legislation.
Over the holding period the Manager helped Protean transition its highly featured legacy product into modern software sold on a SaaS basis. The transaction generated proceeds of £3.5 million on completion. When added to the £0.1 million cash returned pre-exit, this implies a total cash-on-cash return of 2.4x on the original investment, equivalent to an IRR of 12% since the initial investment. The Company's accounting cost of £1.8 million included the £0.3 million valuation at which F3’s holding was transferred to the Company as part of the merger in June 2017.
Luminet redes limitadas
In October 2023, the Company announced the exit of Luminet, London’s largest fixed wireless network operator and leading business to business internet provider. The transaction generated proceeds of £1.2 million at completion including an exit fee of £71,000. This implies a total cash-on-cash return of 1.2x the original investment, equivalent to an IRR of 4%.
The Company's investment helped the company to scale up by adding additional base stations to the existing infrastructure, as well as navigate through the challenging period of COVID-19-related uncertainty.
Realizaciones en el año finalizado el 31 de diciembre de 2023
Compañía | Detail | Accounting cost at date of disposal (£) | Proceeds4 (£) | Dio cuenta perdida de ganancia) (£) | Valoración en 31 de diciembre 2022 (£) |
Grupo Datapath limitado1 | Eliminación completa | 11,081,243 | 10,099,424 | (981,819) | 10,491,390 |
Grupo de consultoría de innovación limitado2 | Eliminación completa | 1,938,046 | 6,330,446 | 4,392,400 | 5,426,677 |
Software proteico limitado3 | Eliminación completa | 1,795,229 | 3,173,829 | 1,378,600 | 2,629,229 |
Luminet redes limitadas | Eliminación completa | 960,000 | 868,159 | (91,841) | 621,800 |
Corporación de respuesta positiva Ltd | Pago de prestamo | 100,000 | 100,000 | - | 100,000 |
Enajenaciones totales | 15,874,518 | 20,571,858 | 4,697,340 | 19,269,096 |
- Excludes £583,000 of deferred consideration which was received in November 2023. A further £1,750,000 of deferred consideration has been recognised within debtors. The accounting cost of £11.1 million includes the valuation of the F3 investment at the point it was transferred to the Company.
- The accounting cost includes the valuation of the F3 investment at the point it was transferred to the Company.
- The accounting cost includes the valuation of the F3 investment at the point it was transferred to the Company.
- Ingresos por salida, excluyendo intereses, dividendos y tarifas de salida, cuando corresponda.
Tubería
As at 31 December 2023, the Company had cash reserves of £47.8 million, which will be used to fund new and follow‑on investments, buybacks, dividends and corporate expenditure. The Manager is seeing a strong pipeline of potential investments grow and has a number of new opportunities under exclusivity or, with several opportunities in due diligence or in exclusivity, with further deal completions expected to be announced in the coming months.
Stubbornly high interest rates and inflation have created challenging trading conditions for many companies, with inflation of wages and input prices of particular concern. Interest on bank debt remains at a significantly higher level than 18 months ago, however the Manager notes that the cautious approach to leveraging portfolio companies provides some protection here. Continuing geopolitical concern surrounding conflicts in Ukraine and the Middle East have also caused supply chain disruption. These challenges create opportunities to source attractive investments however, with many companies seeking to strengthen their balance sheets.
The Manager continues to see an attractive pipeline of opportunities and does not see this changing in the medium term. The Company is able to access these opportunities through its wide and proprietary network across the country, supported to a greater extent by its network of regional offices. The Manager considers the Company’s strategy to be well-suited to market volatility, due to its balanced mix of companies across sectors and stages, experienced investment team and network of high quality non-executives.
Post-year end activity
Grupo de aventuras familiares limitado
In January 2024, the Company invested £2.5 million of growth capital in Family Adventures Group Limited, a provider of daycare nurseries and children’s leisure sites that combines soft play areas with role play facilities. All inspected sites have been rated “Good” by Ofsted and have an average score of 9.9/10 on daynurseries.co.uk; whilst the leisure sites have market leading Net Promoter Scores (“NPS”) and high repeat visits. The investment will be used to aid the business with a continued rollout of nursery and leisure sites across the South West and Midlands.
Evolucionar dinámica limitada
In March 2024, the Company completed a £2.0 million investment in Evolve Dynamics Limited. Founded in 2016, the company designs and manufactures smaller Unmanned Aerial Systems (“UAS”) with capabilities for Intelligence, Surveillance, Target Acquisition and Reconnaissance (“ISTAR”). The investment will help to scale the business and aid in new product launches.
Grupo Lepide Holding Company Ltd
En marzo de 2024, la empresa invirtió £2.0 millones de libras esterlinas en Lepide, una solución de software de ciberseguridad que ayuda a las organizaciones a proteger sus datos no estructurados. Lepide monitorea activamente los registros de eventos dentro de Windows Active Directory para detectar actividades sospechosas y ayudar a las organizaciones a gestionar la sobreexposición de datos. La inversión ayudará a escalar el negocio y acelerar las iniciativas de crecimiento.
Homelink Healthcare Limited
In March 2024, the Company completed a £1.0 million follow-on investment in Homelink Healthcare Limited. Foresight first invested in HomeLink in March 2022. Contracting with the NHS, the business provides patients with wound care, physiotherapy and intravenous therapies in their own home. HomeLink is also a leader in remote monitoring practice and offers a virtual ward solution. The investment will support the organic expansion of the company.
Sprintroom limitada
En marzo de 2024, la Compañía completó una inversión de seguimiento de £0.8 millones en Sprintroom Limited, que cotiza como Sprint Electric. La empresa diseña y fabrica accionamientos para controlar motores eléctricos en aplicaciones industriales ligeras y pesadas, además de recuperar y reutilizar la energía que de otro modo se perdería. La inversión se utilizará para impulsar un crecimiento continuo de los ingresos.
Specac Internacional Limitada
In March 2024, the Manager announced the sale of Specac International, a leading manufacturer of high specification sample analysis and preparation equipment used in testing and research laboratories worldwide, primarily supporting infrared spectroscopy. The transaction generated proceeds of £11.2 million at completion. When added to £1.5 million of cash returned pre-exit, this implies a total cash-on-cash return of 10.6x, equivalent to an IRR of 34%. Since investment, the business has grown to sell globally through both original equipment manufacturers and distributors. The Manager also engaged with the team to support management changes, improvements in governance, increases in headcount and numerous product launches. The exit will facilitate the continued growth of the business.
Desarrollos clave de la cartera
Material changes in valuation, defined as increasing or decreasing by £1.0 million or more since 31 December 2022, are detailed below. Updates on these companies are included below, or in the Top Ten Investments section on pages 28 to 32 of the Annual Report.
Cambios de valoración clave en el año
Compañía | Metodología de valoración | Movimiento neto (£) |
Callen-Lenz Associates Limited | Oferta con descuento recibida | 9,648,664 |
Copptech Reino Unido Limitado | Múltiplo de ingresos descontados | (1,023,465) |
Crosstown Dough Ltd | Múltiplo de ingresos descontados | (1,159,058) |
Tan seguro limitado | valor nulo | (1,600,000) |
Aeroespacial herramientas Corporation Limited | Múltiplo de ganancias descontadas | (1,786,770) |
Tecnologías de fabricación aditiva Ltd | Precio de la última ronda de financiación | (1,796,806) |
Copptech Reino Unido Limitado
Copptech ha desarrollado una serie de tecnologías antimicrobianas utilizando cobre, zinc e ingredientes activos orgánicos. El ingrediente activo se añade a polímeros, plásticos o dispersiones como barnices y mata bacterias, hongos y virus al contacto.
Actualización del 31 de diciembre de 2023
Sales in the 12 months to 31 December 2023 were in line with the prior year. The company’s EBITDA loss was driven by investment in overhead and a drop in gross margin as finished goods sales were prioritised to build strategic relationships. The management team continue to review costs and level of R&D.
Tan seguro limitado
So-Sure is an insurance technology company acting as “Managing General Agent“ for insurers, offering a more trusted proposition, greater pricing transparency and improved customer experience through its customer-centric digital platform.
Actualización del 31 de diciembre de 2023
So-Sure no se desempeñó de acuerdo con el plan de gestión presentado al Comité de Inversiones del Administrador en el momento de la inversión inicial y fue cancelado por completo en el trimestre.
Crosstown Dough Ltd
Crosstown began trading in 2014 and has a portfolio of 31 sites, including a mix of bricks and mortar, food trucks and market stalls. Crosstown’s core products are fresh sourdough doughnuts made at its central production unit in Battersea. Crosstown has also developed an online presence, via its website and other delivery providers, as well as a wholesale offering.
Actualización del 31 de diciembre de 2023
Crosstown participated in The Mother of the Nation Festival in Abu Dhabi in December, helping to build the brand internationally and presenting future growth opportunities. Management continues to focus on improvements to the existing retail network to return to like-for-like growth, as well as selective new site opportunities. Crosstown continues to invest in its digital business, following the recruitment of a new Head of Ecommerce.
Aeroespacial herramientas Corporation Limited
ATL ofrece servicios especializados de inspección, mantenimiento, reparación y revisión ("MRO") para componentes de motores de turbina y aeroespaciales de alta especificación.
Actualización del 31 de diciembre de 2023
Sales were in line with prior year. ATL has implemented improvements in its processes and internal systems which have led to improvements in gross margin but there remains a focus on the delivery of a growing order book, which is expected to result in an uplift in sales for 2024. Some challenges remain over equipment reliability issues and the board has implemented a plan to resolve these.
Tecnologías de fabricación aditiva limitada
AMT está desarrollando máquinas para la postproducción de piezas impresas en 3D: eliminación del exceso de polímero ("desempolvado"), alisado/pulido de superficies, coloración e inspección. El objetivo de AMT es proporcionar un sistema de postproducción de extremo a extremo totalmente automatizado, el "DMS", con robots que conectan cada etapa.
Actualización del 31 de diciembre de 2023
A significant cost reduction exercise has been implemented, with the full impact continuing to be realised in the business. The Manager continues to support the business with the restructuring plan and its progress towards a break‑even position.
Outlook
Global economies demonstrated some recovery in 2023 with signs of stability returning, however the UK is proving slower to recover. The FTSE 100 grew by just 4%, whilst the MCSI World Index grew by c.20% during the year and many global indexes surpassed this, including the S&P 500 and NASDAQ – the latter seeing 45% growth.
La confianza del consumidor se ha mantenido relativamente débil frente a la inflación, que cayó de manera constante a lo largo de 2023 hasta el 4.2%, pero se mantuvo alta en comparación con los estándares recientes. Para combatir esto, las tasas de interés aumentaron del 3% al 5.25% a lo largo del año, erosionando el poder adquisitivo de los consumidores y sometiendo a presión financiera a las empresas apalancadas. A nivel global, el conflicto actual en Ucrania y el conflicto emergente en Medio Oriente han llevado a una continua incertidumbre en la cadena de suministro y volatilidad en los precios del petróleo y el gas. En general, la economía del Reino Unido experimentó un estancamiento durante 2023 y entró en una recesión técnica en la segunda mitad del año, aunque muchos comentaristas esperaban que fuera superficial en comparación con los estándares históricos. Como resultado de estos factores, los volúmenes de fusiones y adquisiciones cayeron notablemente en 2023.
Despite this challenging backdrop, the Company has performed well in the year, achieving a 6.2% NAV Total Return for Shareholders. Strong exits were achieved, to both trade and PE buyers and across various sectors, demonstrating that demand remains for high-quality assets that are well prepared for sale. The exits of Datapath Group Limited and Innovation Consulting Group Limited from across a range of sectors, significantly contributed to the Company’s dividend of 3.3p per share for the year, delivering an attractive dividend yield of 5.8% and exceeding the Company’s target.
The Company retains a portfolio that is well balanced across sectors and stages, with some companies delivering strong profitability whilst other earlier-stage investments continue to display strong growth. The Manager’s cautious approach to taking on leverage has protected many portfolio companies from concerns surrounding rising interest rates.
Looking forward to 2024, considerable uncertainty remains in the UK economy. The UK’s economic activity was subdued during 2023. This had an effect on lenders’ confidence which had also been challenged by high interest rates and inflation. Interest rates are also set to remain well above recent norms for the foreseeable future, impacting consumer spending power. The forthcoming general election, which will be announced at some point this year, will only add to the sense of uncertainty, although it seems likely the government will seek to reduce the tax burden to the degree possible in the run up to an election.
More broadly there is cause for optimism, however. The UK continues to be a global leader in key sectors such as technology, life sciences and financial services. There is a strong and established network of support for growing young companies and world-class universities continue to nurture exciting spin-outs. Multinationals continue to see the UK as an attractive place to invest and grow their businesses. The strength of the US technology and finance sectors in recent years has made UK valuations seem relatively cheap by comparison, offering attractive opportunities for sale to international buyers.
The Manager is pleased with the performance in the year, especially against the backdrop of a challenging macroeconomic picture. Looking forward, the economy returning to growth and interest rates and inflation having passed their peak has potential for continued good performance over the medium term. The Company’s strong performance has improved its position in the VCT market, which is an increasingly attractive and visible source of capital for the UK’s ambitious entrepreneurs. The portfolio remains diversified and resilient to macroeconomic headwinds, supported by a collaborative, hands-on approach from the Manager.
james livingston
en nombre de Foresight Group LLP
Codirector de Capital Privado
26 de abril de 2024
ESTADO DE RESULTADOS
Por el año terminado el 31 de diciembre de 2023
Año terminado el 31 de diciembre de 2023 | Año terminado el 31 de diciembre de 2022 | ||||||
Ingresos £ 000 | Capital £ 000 | Total £ 000 | Ingresos £ 000 | Capital £ 000 | Total £ 000 | ||
Ganancias realizadas en inversiones | - | 5,366 | 5,366 | - | 17,493 | 17,493 | |
Ganancias/(pérdidas) por tenencia de inversiones | - | 6,405 | 6,405 | - | (8,465) | (8,465) | |
por | 2,683 | - | 2,683 | 871 | - | 871 | |
Tarifas de gestión de inversiones | (759) | (3,845) | (4,604) | (681) | (2,323) | (3,004) | |
Otros gastos | (790) | - | (790) | (673) | - | (673) | |
Rentabilidad / (pérdida) de actividades ordinarias antes de impuestos | 1,134 | 7,926 | 9,060 | (483) | 6,705 | 6,222 | |
Taxation | (225) | 225 | - | - | - | - | |
Rendimiento/(pérdida) de actividades ordinarias después de impuestos | 909 | 8,151 | 9,060 | (483) | 6,705 | 6,222 | |
Rentabilidad / (pérdida) por acción | 0.4p | 3.5p | 3.9p | (0.2) p | 3.3p | 3.1p |
Las columnas totales de este estado son la cuenta de pérdidas y ganancias de la Compañía y las columnas de ingresos y capital representan información complementaria.
Todos los ingresos y partidas de capital en el Estado de Resultados anterior se derivan de operaciones continuas. No se adquirieron ni discontinuaron operaciones en el año.
La Compañía no tiene ganancias o pérdidas reconocidas distintas a las mostradas anteriormente, por lo que no se ha presentado un estado separado de resultado integral total.
La Compañía tiene una sola clase de negocio y un segmento reportable, cuyos resultados se exponen en el Estado de Resultados y el Balance General.
No existen instrumentos de capital potencialmente dilutivos en emisión y, por lo tanto, no son relevantes las cifras de ganancias por acción diluidas. Por tanto, el beneficio por acción básico y diluido es idéntico.
The notes on pages 86 to 103 of the Annual Report form part of these financial statements.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
Año terminado el 31 de diciembre de 2023 | Called-up share capital £’000 | Compartir producto de más alta calidad. cuenta £ 000 | Capital redención reserva £ 000 | Distribuible reserva1 £ 000 | Capital reserva1 £ 000 | Revalorización reserva £ 000 | Total £ 000 | |
Al 1 de enero de 2023 | 2,133 | 68,203 | 573 | 57,309 | (32,793) | 43,025 | 138,450 | |
Compartir emisiones en el año2 | 540 | 36,127 | - | - | - | - | 36,667 | |
Gastos relacionados con la emisión de acciones3 | - | (1,529) | - | - | - | - | (1,529) | |
Recompra de acciones | (106) | - | 106 | (6,480) | - | - | (6,480) | |
Ganancias realizadas por enajenación de inversiones | - | - | - | - | 5,366 | - | 5,366 | |
Pérdidas por tenencia de inversiones | - | - | - | - | - | 6,405 | 6,405 | |
Dividendos pagados | - | - | - | (7,692) | - | - | (7,692) | |
Comisiones de gestión con cargo al capital | - | - | - | - | (3,845) | - | (3,845) | |
Revenue return for the year before taxation | - | - | - | 1,134 | - | - | 1,134 | |
Impuestos del año. | - | - | - | (225) | 225 | - | - | |
Al 31 de diciembre de 2023 | 2,567 | 102,801 | 679 | 44,046 | (31,047) | 49,430 | 168,476 |
- La reserva está disponible para su distribución; Las reservas totales distribuibles al 31 de diciembre de 2023 ascienden a £12,999,000 (2022: £24,516,000).
- Incluye el esquema de reinversión de dividendos.
- Los gastos relacionados con la emisión de acciones incluyen la comisión de seguimiento por la recaudación de fondos de años anteriores.
Las notas de las páginas 86 a 103 del Informe Anual forman parte de estos estados financieros.
Compartir | Capital | |||||||
Convocado | producto de más alta calidad. | redención | Distribuible | Capital | Revalorización | |||
Capital social | cuenta | reserva | reserva1 | reserva1 | reserva | Total | ||
Año terminado el 31 de diciembre de 2022 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | £ 000 | |
Al 1 de enero de 2022 | 1,928 | 52,996 | 549 | 74,246 | (47,963) | 51,490 | 133,246 | |
Compartir emisiones en el año2 | 229 | 15,681 | - | - | - | - | 15,910 | |
Gastos relacionados con la emisión de acciones3 | - | (474) | - | - | - | - | (474) | |
Recompra de acciones | (24) | - | 24 | (1,471) | - | - | (1,471) | |
Ganancias realizadas por enajenación de inversiones | - | - | - | - | 17,493 | - | 17,493 | |
Pérdidas por tenencia de inversiones | - | - | - | - | - | (8,465) | (8,465) | |
Dividendos pagados | - | - | - | (14,983) | - | - | (14,983) | |
Comisiones de gestión con cargo al capital | - | - | - | - | (2,323) | - | (2,323) | |
Pérdida de ingresos del año | - | - | - | (483) | - | - | (483) | |
Al 31 de diciembre de 2022 | 2,133 | 68,203 | 573 | 57,309 | (32,793) | 43,025 | 138,450 |
- La reserva está disponible para su distribución; Las reservas totales distribuibles al 31 de diciembre de 2023 ascienden a £12,999,000 (2022: £24,516,000).
- Incluye el esquema de reinversión de dividendos.
- Los gastos relacionados con la emisión de acciones incluyen la comisión de seguimiento por la recaudación de fondos de años anteriores.
Las notas de las páginas 86 a 103 del Informe Anual forman parte de estos estados financieros.
HOJA DE BALANCE
Al 31 de diciembre de 2023
Número de registro: 03506579
Como en | Como en | ||
31 diciembre | 31 diciembre | ||
2023 | 2022 | ||
£ 000 | £ 000 | ||
Activos fijos | |||
Inversiones mantenidas a valor razonable con cambios en resultados | 119,587 | 111,966 | |
Activos circulantes | |||
Deudores | 2,726 | 2,152 | |
Efectivo y equivalentes de efectivo | 47,843 | 24,814 | |
50,569 | 26,966 | ||
Acreedores | |||
Cantidades que vencen dentro de un año | (1,680) | (482) | |
Activos corrientes netos | 48,889 | 26,484 | |
Activos netos | 168,476 | 138,450 | |
Capital y reservas | |||
Llamado capital social | 2,567 | 2,133 | |
Compartir cuenta premium | 102,801 | 68,203 | |
Reserva de amortización de capital | 679 | 573 | |
Reserva distribuible | 44,046 | 57,309 | |
Reserva capital | (31,047) | (32,793) | |
Reserva de revalorización | 49,430 | 43,025 | |
Fondos propios | 168,476 | 138,450 | |
Valor liquidativo por acción | 65.6p | 64.9p |
Los estados financieros fueron aprobados por el Directorio y autorizados para su emisión el 26 de abril de 2024 y fueron firmados en su nombre por:
Michael Gray
Presidente
Las notas de las páginas 86 a 103 del Informe Anual forman parte de estos estados financieros.
ESTADO DE FLUJO DE EFECTIVO
Por el año terminado el 31 de diciembre de 2023
Año terminado | Año terminado | ||
31 diciembre | 31 diciembre | ||
2023 | 2022 | ||
£ 000 | £ 000 | ||
El flujo de efectivo de las actividades de operaciones | |||
Intereses de préstamos recibidos de inversiones. | 1,238 | 653 | |
Dividendos recibidos de inversiones | 175 | 38 | |
Otros ingresos recibidos de inversiones | 71 | - | |
Depósito e intereses similares recibidos | 1,190 | 202 | |
Gastos de gestión de inversiones pagados | (3,029) | (2,766) | |
Performance incentive fee paid | (734) | - | |
Honorarios de secretaría pagados | (197) | (178) | |
Otros pagos en efectivo | (549) | (433) | |
Salida neta de efectivo de las actividades operativas | (1,835) | (2,484) | |
Flujo de caja de las actividades de inversión | |||
Compra de inversiones | (17,652) | (9,987) | |
Producto de la venta de inversiones | 20,572 | 20,951 | |
Producto de consideración diferida | 669 | 234 | |
Net cash inflow from investing activities | 3,589 | 11,198 | |
Flujo de caja de actividades de financiación | |||
Ingresos de la recaudación de fondos | 34,910 | 13,987 | |
Gastos de recaudación de fondos | (474) | (361) | |
Recompra de acciones propias | (6,504) | (1,467) | |
Dividendos de capital pagados | (6,657) | (13,172) | |
Entradas / (salidas) netas de efectivo de actividades de financiación | 21,275 | (1,013) | |
Net inflow of cash for the year | 23,029 | 7,701 | |
Conciliación del flujo de caja neto con el movimiento de los fondos netos | |||
Aumento del efectivo y equivalentes de efectivo en el año | 23,029 | 7,701 | |
Efectivo neto y equivalentes de efectivo al inicio del año | 24,814 | 17,113 | |
Efectivo neto y equivalentes de efectivo al final del año | 47,843 | 24,814 |
Análisis de cambios en la deuda neta
At 1 enero 2023 £ 000 | Flujo de fondos £ 000 | At 31 diciembre 2023 £ 000 | |
Efectivo y equivalentes de efectivo | 24,814 | 23,029 | 47,843 |
Las notas de las páginas 86 a 103 del Informe Anual forman parte de estos estados financieros.
Notas
1. Estas no son cuentas estatutarias de conformidad con S436 de la Ley de Sociedades de 2006. Las cuentas auditadas completas para el año que finalizó el 31 de diciembre de 2023, que no estaban calificadas y no contenían declaraciones según S498 (2) de la Ley de Sociedades de 2006 o S498 ( 3) de la Ley de Sociedades de 2006, se presentará en el Registro de Sociedades. Las cuentas estatutarias para el año que finalizó el 31 de diciembre de 2023, incluido un informe de auditoría sin reservas y que no contiene declaraciones en virtud de la Ley de Sociedades de 2006, se entregarán al Registro de Sociedades a su debido tiempo.
2. El Informe Financiero Anual auditado se ha preparado sobre la base de las políticas contables establecidas en las cuentas estatutarias de la Empresa para el año finalizado el 31 de diciembre de 2023. Todas las inversiones mantenidas por la Empresa se clasifican como "valor razonable con cambios en pérdidas y ganancias". '. Las inversiones no cotizadas han sido valoradas de acuerdo con las directrices del IPEV. Las inversiones cotizadas se expresan a precios de oferta de acuerdo con las directrices del IPEV y las Prácticas Contables Generalmente Aceptadas.
3. Se enviarán copias del Informe Anual a los accionistas y se podrá acceder a él en el siguiente sitio web: www.foresightenterprisevct.com
4. Valor liquidativo por acción
El valor liquidativo por acción se basa en los activos netos al final del año y en el número de acciones emitidas en esa fecha.
31 diciembre | 31 diciembre | |
2023 | 2022 | |
Activos netos | £168,476,000 | £138,450,000 |
Nº de acciones al cierre del año | 256,728,468 | 213,316,422 |
Valor liquidativo por acción | 65.6p | 64.9p |
5. Rentabilidad por acción
Año terminado | Año terminado | |
31 diciembre | 31 diciembre | |
2023 | 2022 | |
£ 000 | £ 000 | |
Rentabilidad total después de impuestos | 9,060 | 6,222 |
Rentabilidad total por acción (nota a) | 3.9p | 3.1p |
Rentabilidad/(pérdida) de actividades ordinarias después de impuestos | 909 | (483) |
Rendimiento/(pérdida) de ingresos por acción (nota b) | 0.4p | (0.2) p |
Rentabilidad del capital procedente de actividades ordinarias después de impuestos | 8,151 | 6,705 |
Rentabilidad del capital por acción (nota c) | 3.5p | 3.3p |
Weighted average number of shares in issue in the year (note d) | 230,692,970 | 198,639,819 |
Notas:
- Total return per share is total return after taxation divided by the weighted average number of shares in issue during the year.
- Revenue return/(loss) per share is revenue return/(loss) after taxation divided by the weighted average number of shares in issue during the year.
- Capital return per share is capital return after taxation divided by the weighted average number of shares in issue during the year.
- The weighted average number of shares is calculated by taking the number of shares issued and bought back during the year, multiplying each by the percentage of the year for which that share number applies and then totalling with the number of shares in issue at the beginning of the year.
6. Reunión general anual
La Asamblea General Anual de la Compañía se llevará a cabo en las oficinas de Foresight Group LLP, The Shard, 32 London Bridge Street, SE1 9SG el 11 de junio de 2024 a las 1.00:XNUMX p.m. Los detalles se publicarán en el sitio web de la Compañía y del Gerente en www.foresightenterprisevct.com.
7. Ingresos
Año terminado | Año terminado | |
31 diciembre | 31 diciembre | |
2023 | 2022 | |
£ 000 | £ 000 | |
Intereses de acciones de préstamo | 1,247 | 631 |
Depósito e intereses similares recibidos | 1,190 | 202 |
Dividendos por cobrar | 175 | 38 |
Otros ingresos | 71 | - |
2,683 | 871 |
8. Inversiones mantenidas a valor razonable con cambios en resultados
31 diciembre | 31 diciembre | |
2023 | 2022 | |
£ 000 | £ 000 | |
Inversiones no cotizadas | 119,587 | 111,966 |
£ 000 | ||
Book cost at 1 January 2023 | 69,921 | |
Ganancias por tenencia de inversiones | 42,045 | |
Valoración a 1 de enero de 2023 | 111,966 | |
Movimientos en el año: | ||
Compras al costo | 18,652 | |
La eliminación procede1 | (20,572) | |
Ganancias obtenidas² | 4,697 | |
Investment holding gains³ | 4,844 | |
Valoración a 31 de diciembre de 2023 | 119,587 | |
Reservar coste a 31 de diciembre de 2023 | 72,698 | |
Ganancias por tenencia de inversiones | 46,889 | |
Valoración a 31 de diciembre de 2023 | 119,587 |
- La Compañía recibió £20,572,000 (2022: £20,951,000) por la enajenación de inversiones durante el año. El coste contable de estas inversiones cuando se compraron fue de £15,875,000 2022 3,692,000 (XNUMX: £XNUMX XNUMX XNUMX). Estas inversiones se han revaluado con el tiempo y hasta que se vendieron, cualquier ganancia o pérdida no realizada se incluía en el valor razonable de las inversiones.
- Realised gains in the Income Statement include deferred consideration receipts from Accrosoft Limited (£6,000), Datapath Group Limited (£583,000), and completion proceeds received from Datapath Group Limited (£78,000) and Protean Software Limited (£2,000).
- Investment holding gains in the Income Statement include the deferred consideration debtor increase of £1,561,000. The debtor movement reflects the recognition of amounts receivable from Datapath Group Limited (£1,750,000), offset by a receipt from Accrosoft Limited (£6,000). The Codeplay Software Limited debtor increased due to its foreign exchange movement (£46,000), and provisions have been made against balances potentially due from Mologic Ltd (£105,000), Ixaris Systems Limited (£89,000) and FFX Group Limited (£36,000).
9. Transacciones con partes relacionadas
No Director has an interest in any material contract to which the Company is a party other than their appointment and remuneration as Directors. Please refer to page 69 of the Annual Report for the Directors’ remuneration tables.
10. Transactions with the Manager
Foresight Group LLP earned fees of £3,035,000 in the year ended 31 December 2023 (2022: £2,724,000). Additionally, a performance fee of £734,000 was paid in the year (2022: £nil), and a liability of £1,115,000 has been recognised as at 31 December 2023 (2022: £280,000).
Foresight Group LLP is the Company Secretary and received accounting and company secretarial services fees of £197,000 during the year (2022: £178,000).
As at 31 December 2023, the amount due to Foresight Group LLP was £8,000 (2022: £nil).
Durante el ejercicio no se han dado de baja importes correspondientes a deudas contraídas con o con la Sociedad Gestora.
FIN
Para más información, póngase en contacto con:
Gary Fraser, Grupo de prospectiva: 020 3667