Sector Analysis

 

 

The Unquoted Investment Portfolio can be analysed as follows:

 

 

 

 

 

*Under current VCT regulations, the Company has three years before undeployed cash counts towards the qualifying status of the Company. The qualifying status percentage of the Company remains above 80%.

 

 

Investment Manager's Review

 

We are pleased to present the interim review for the six months ended 31 August 2025. Since launching in September 2018, the Venture Share Class has raised net proceeds of £100m. Our first investment was completed in April 2019, and by 31 August 2025 the Ventures team had backed 60 companies. The portfolio is focused primarily on business-to-business (B2B) software and spans multiple sectors, including fintech, healthcare, climate, logistics, HR Tech, cyber security, and education.

 

Over the last six months, the team invested a total of £12.6m across ten opportunities. This included five new investments - a business in AI procurement, a fintech business focused on fraud prevention, a fintech platform focused on health and financial products for over 55s, a car dealership logistics company, and a healthtech platform focused on the recruitment of remote healthcare professionals. Alongside this, we made five follow-on investments into high-performing portfolio companies: AeroCloud, Kohort, Treefera, Paloma Health, and Nory. In a year when the broader venture market has seen a contraction in activity, this level of investment underlines the strength of our origination pipeline and the team's ability to win access to competitive deals.

 

Market environment

 

Despite easing interest rates over the past six months, which have created a slightly more favourable funding backdrop, venture funds have remained more selective in recent years. This places a premium on quality - businesses with exceptional teams, strong execution, and defensible technology are attracting capital, while weaker companies struggle.

 

Against this backdrop, we are encouraged that several of our portfolio leaders have continued to attract top-tier investors. Recent funding rounds in Nory and Treefera have brought in highly regarded institutional backers, validating both the underlying businesses and our ongoing support. Since inception, the Ventures team has now provided over £20m of follow-on funding, reflecting our strategy of backing our winners, where this still meets VCT rules.

 

Portfolio Valuations

 

During the six months to 31 August 2025, seven portfolio companies raised fresh funding. Five of these funding rounds valued the companies at valuation uplifts, one company raised at a flat valuation and one company raised funding via a convertible loan-note which can be converted into equity at a future date. The valuation uplifts from these funding rounds have resulted in upward momentum in the portfolio.

 

The Ventures team also adjusted down the carrying values of 13 companies during the period. While such movements are a natural feature of early-stage investing, they were balanced by the resilience shown across the broader portfolio. Importantly, these losses were not unexpected. The majority of the companies that have been written down had been long-term concerns to the Ventures team, and we already held downward fair value adjustments to the valuations of the majority of these companies.

 

As the portfolio continues to mature, we anticipate that the stronger performers will continue to capitalise on their momentum, raising additional rounds and scaling into new markets. At the same time, it is realistic to expect that some weaker businesses will continue to face difficulty attracting investment, which may ultimately result in further write downs, failures or distressed exits. With an average portfolio company hold period of 3.5 years, we are beginning to observe this pattern, with a divergence between those that accelerate and those that fall behind. While write-downs and losses are disappointing for both us and the founders who have worked tirelessly on their ventures, setbacks are an unavoidable feature of venture investing. The expectation remains that the outperformance of our successful investments will more than compensate for the underperformers.

 

Importantly, TPV's overall NAV has remained stable over the past two years, supported by this disciplined valuation approach and the strong performance of several key holdings. Dividends have continued to be paid consistently. We believe this demonstrates both the resilience of the portfolio and the benefits of diversification across companies, sectors, and the timing of investments over different years.

 

Capital Management

 

Beyond venture investments, the Company continues to hold the majority of its liquid funds in money market and corporate bond vehicles. In today's higher interest rate environment, this provides enhanced returns on cash reserves versus bank deposits while remaining fully compliant with VCT rules.

Investments during the period:

New Investments:

 

·      An enterprise-wide AI procurement and monitoring platform for hospitals, designed to be vendor-neutral - that is, not tied to any single provider of AI-powered products or services.

·      Real-time fraud prevention software leveraging AI and advanced data analytics.

·      A fintech platform delivering tailored health and financial products for the 55+ age group, mass affluent market.

·      An AI-driven logistics system for automotive dealerships and transport providers, streamlining vehicle movements.

·      A UK healthcare workforce platform providing remote, General Medical Council-registered GPs to primary and urgent care providers.

Follow-On Investments:

 

·      AeroCloud: AI-powered, cloud-native airport management software.

·      Kohort: A machine learning platform for financial forecasting and revenue prediction.

·      Treefera: AI-enabled "data fabric" for carbon projects and commodity supply chains.

·      Paloma Health: Hybrid and remote autism assessments in partnership with the NHS.

·      Nory: An AI-powered operating system for restaurants and hospitality businesses.

Company Spotlight: Treefera

Treefera delivers an AI-enabled forestry data platform that aggregates global satellite and drone imagery, transforming it into actionable indicators of forest volume and health. This enables accurate carbon project assessment, deforestation risk analysis, and support for project developers entering the carbon markets.

 

The team brings exceptional technical and commercial expertise. CEO Jonathan Horn, a former JP Morgan Managing Director with a PhD in Fluid Dynamics, has deep expertise in data infrastructure and risk analytics. Chief Revenue Officer Caroline Grey scaled UiPath from Series A to IPO as Chief Customer Officer. Together, they bring the execution capability and networks needed to build a market leader.

 

Treefera's product integrates seamlessly via API, providing enterprise customers with reliable insights for compliance, sustainability, and risk management. By focusing on monitoring, reporting, and verification (MRV), Treefera occupies a defensible niche within both the carbon markets and supply chain transparency sectors - two markets undergoing rapid expansion.

 

The Ventures team first backed Treefera at Series A, when the business was valued at £63.5m after completion. In May, it closed a $30m Series B round, and its latest carrying value, following the Series B round, stands at £108 million.

 

Falling costs of satellite imagery and computer power are enabling rapid advances in AI and machine learning, which underpin Treefera's product. The new capital will allow the business to expand across North America, Asia-Pacific, and Europe while further strengthening its data and AI capabilities.

 

Outlook

 

Our investment strategy continues to rest on three core principles:

 

·      Investing early: Early-stage entry points maximise long-term return potential.

·      Backing B2B companies: This segment consistently delivers stronger exit outcomes than consumer-focused businesses[2].

·      Diversification: Broad exposure across sectors, stages, and company vintages reduces risk and enhances resilience.

While some portfolio companies have faced headwinds, the easing base rate environment, reset valuations, and accelerating demand for AI-driven solutions create a favourable backdrop for UK seed-stage investing. We expect deal flow to remain robust, pricing to stay rational, and competition to remain moderated - conditions that favour active investors with capital, conviction, and follow-on capacity.

 

More broadly, venture capital itself is shifting. A decade of "plain vanilla" software as a service has given way to a new wave of companies where AI is driving step-changes in efficiency, automation, and decision-making. Opportunities now lie not just in incremental improvements but in businesses applying defensible AI to transform industries from healthcare to climate. These are precisely the kinds of opportunities the Ventures team is focused on identifying and backing.

 

As mentioned in the Chair's Statement, the Company launched a new Offer for Subscription on 5 September 2025. This will provide us with additional capital to continue supporting the existing portfolio while pursuing fresh investment opportunities and leveraging the fixed cost base of the Company.

 

The Venture team remains excited about the outlook, confident in the resilience of the current portfolio, and committed to sourcing and supporting the next generation of category-defining B2B software companies.

 

 

Seb Wallace

Head of Ventures

For Triple Point Investment Management LLP

11 November 2025

 

 

Investment Portfolio Summary

For the six months ended 31 August 2025

 

Unaudited 31 August 2025   Audited 28 February 2025   Cost Valuation   Cost Valuation   £'000 %  £'000 %    £'000 %  £'000 %  Qualifying unquoted investments 56,572 67.41 65,131 70.34 44,021 59.98 51,410 63.54 Non-qualifying unquoted investments 770 0.92 875 0.95 770 1.05 901 1.11 Financial assets at fair value through profit or loss 57,342 68.33 66,006 71.29 44,791 61.03 52,311 64.65 Cash and permitted liquid investments 26,576 31.67 26,576 28.71 28,601 38.97 28,601 35.35 83,918 100.00 92,582 100.00 73,392 100.00 80,912 100.00 Non-Qualifying Investments   Modern Power Generation Ltd 470 0.56 490 0.53 470 0.64 490 0.61 Degreed Inc 300 0.36 385 0.42 300 0.41 411 0.50 770 0.92 875 0.95 770 1.05 901 1.11 Qualifying Investments   Nory 3,628 4.32 7,798 8.42 2,322 3.16 3,468 4.29 Semble 2,360 2.81 4,444 4.80 2,360 3.22 4,444 5.49 Modo Energy 2,550 3.04 4,008 4.33 2,550 3.47 4,008 4.95 Scan.com 1,800 2.14 3,370 3.64 1,800 2.45 3,370 4.17 Treefera 2,560 3.06 2,964 3.20 1,015 1.38 1,219 1.51 Ably Real Time 1,312 1.57 2,452 2.64 1,312 1.79 2,452 3.03 AeroCloud 2,250 2.68 2,344 2.53 1,500 2.04 1,594 1.97 Pelago 1,245 1.48 2,248 2.43 1,245 1.71 2,401 2.97 SeeChange 1,500 1.79 2,194 2.37 1,500 2.04 1,950 2.41 Heat Geek 2,000 2.38 2,000 2.16 2,000 2.73 2,000 2.47 Jigcar 2,000 2.38 2,000 2.16 - - - - Newton's Tree 2,000 2.38 2,000 2.16 - - - - Your Patient Choice 2,000 2.38 2,000 2.16 - - - - Biorelate 1,500 1.79 1,400 1.51 1,500 2.04 1,400 1.73 Veremark 910 1.08 1,257 1.36 910 1.24 1,676 2.07 Tarabut Gateway 2,212 2.65 1,263 1.36 2,212 3.02 1,498 1.85 Paloma Health 1,250 1.49 1,250 1.35 1,250 1.70 1,250 1.54 Remote Duty Doctor 1,250 1.49 1,250 1.35 - - - - Fluent 700 0.83 1,117 1.21 700 0.95 1,117 1.38 Knok 684 0.82 1,115 1.20 684 0.93 940 1.16 Ryde 2,000 2.38 1,000 1.08 2,000 2.73 1,700 2.10 OutThink 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24 Fertifa 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24 Electric Car Scheme 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24 Unity Wealth 1,000 1.19 1,000 1.08 1,000 1.36 1,000 1.24 Live Lateral 900 1.07 900 0.97 - - - - Konfir 800 0.95 839 0.91 800 1.09 839 1.04 Visibly Tech 541 0.64 837 0.90 541 0.74 1,047 1.28 PetsApp 1,000 1.19 800 0.86 1,000 1.36 1,000 1.24 Sonicjobs 600 0.71 788 0.85 600 0.82 788 0.97 Expression Insurance 1,000 1.19 775 0.84 1,000 1.36 775 0.96 Abtrace 700 0.83 700 0.76 700 0.95 700 0.87 Falkin 700 0.83 700 0.76 - - - - Kamma 800 0.95 631 0.68 800 1.09 722 0.89 Counting Up 920 1.10 619 0.67 920 1.25 619 0.77 Trumpet 303 0.36 511 0.55 303 0.41 511 0.63 Tuza 300 0.36 470 0.51 300 0.41 470 0.58 Airly 987 1.18 444 0.48 987 1.35 474 0.59 Aptem 150 0.18 441 0.48 150 0.20 441 0.55 Virtual Science AI 182 0.22 409 0.44 182 0.25 409 0.50 Exate 500 0.60 387 0.42 500 0.68 387 0.47 Crowd Data 500 0.60 350 0.38 500 0.68 350 0.43 Shenval 497 0.59 258 0.28 497 0.68 258 0.32 Konstructly 300 0.36 240 0.26 300 0.41 300 0.37 Ramp 409 0.49 205 0.22 309 0.42 247 0.31 Realforce 799 0.95 185 0.20 799 1.10 175 0.22 Learnerbly 200 0.24 118 0.13 200 0.27 176 0.22 Stepex 499 0.59 50 0.05 499 0.69 125 0.15 Catalyst 224 0.27 - 0.00 224 0.31 56 0.07 Sealit 200 0.24 - 0.00 200 0.27 50 0.06 Seedata 150 0.18 - 0.00 150 0.20 4 0.00 Augnet 300 0.36 - 0.00 300 0.41 - 0.00 Bkwai 250 0.30 - 0.00 250 0.34 - 0.00 Artificial Artists 150 0.18 - 0.00 150 0.20 - 0.00 56,572 67.41 65,131 70.34 44,021 59.98 51,410 63.54

 

Principal Risks and Uncertainties

 

Principal Risks and Uncertainties and Emerging Risks

 

The Directors seek to mitigate the Company's principal risks by regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Directors carry out a robust assessment of the Company's emerging and principal risks, including those that would threaten its business model, future performance, solvency or liquidity and reputation.

 

The main areas of risk identified by the Company, including those arising from its operational and investing activities, are detailed below. The Board maintains a comprehensive risk register, reviewed at least twice a year by the Audit Committee, which sets out the risks affecting both the Company and its investee companies. This forms part of a broader risk management framework that categorises risks as Strategic, Financial (including Investment and Liquidity), and Non-Financial (including Operational, Regulatory and Governance).  The risk register also identifies emerging risks to determine whether any actions are required. As it is not possible to eliminate risks completely, the purpose of the Company's risk management policies and procedures is to identify and manage risks, reducing possible adverse impacts.

 

The Directors have reviewed the current register and can confirm that the risk landscape is broadly unchanged and the risks presented remain stable with no material changes to report.

 

Summary of Principal Risks and Mitigations

 

Risk Category	Risk Description	Mitigation	Change in year
VCT Qualifying Status Risk	The Company is always required to observe the conditions laid down in the Income Tax Act 2007 for the maintenance of approved VCT status. The loss of such approval could lead to the Company losing its exemption from corporation tax on capital gains, to investors being liable to pay income tax on dividends received from the Company, and, in certain circumstances, to investors being required to repay the initial income tax relief on their investment.	The Investment Manager keeps the Company's VCT-qualifying status under continual review and reports to the Board at Board Meetings. Philip Hare & Associates LLP undertake an independent annual review on the VCT status. Any new Venture investments are reviewed by legal advisers, and their opinion sought on whether the investment meets the criteria to be a qualifying investment.	No change.
Investment Risk	The Company's VCT-qualifying investments will be held in small and medium-sized unquoted investments which, by their nature, entail a higher level of risk and lower liquidity than investments in large, quoted companies, impacting both returns and timings.	The Directors and Investment Manager aim to limit the risk attached to the portfolio by careful selection and timely realisation of investments, by carrying out due diligence procedures appropriate to the size of each investment and by maintaining a spread of holdings both in terms of industry and in terms of the total number of portfolio companies that presently numbers approximately 50.   The Board reviews the investment portfolio with the Investment Manager on a regular basis. Where possible, a member of the Investment Manager team either holds a seat on the board of the portfolio companies or has the right to act as a board observer. This enables the Investment Manager to observe developments at the portfolio company and offer assistance when and where this may be required. The strategy aims to mitigate some of the risks typically associated with venture capital investing by proactively working with businesses with the potential for high growth that are typically actively solving problems for established corporates, increasing their chances of success.	No Change.
Financial Risk	The Company is exposed to market price risk, interest rate risk, credit risk, foreign currency risk and liquidity risk. As most of the Company's investments will involve a medium to long-term commitment and will be relatively illiquid, the Directors consider that it is inappropriate to finance the Company's activities through borrowing, other than for short-term liquidity.	At the reporting date, the Company had no borrowings and substantial liquid funds.	No Change.
Legislation Risk	There is a risk of changes to legislation and/or Government Policy, caused by government taking a different approach which could result in changes to the tax status of or rules governing VCTs.	There is a practice of consultation before any major changes are implemented. It is important that the Company can respond proactively to any changes and understand what, if any, impact they will have.	No Change.

 

Emerging Risks

 

Climate Change Risk

 

Due to the medium to long-term time horizon of Climate Change, this risk is deemed as an emerging risk in the context of the investments made by the VCT.

 

Climate Change or related legislation is considered unlikely to have a major near-term impact on the Company, as the vast majority of the portfolio is made up of a diversified range of software-based businesses. Each prospective new company holding is considered with regard to how it may be impacted by climate change, particularly in relation to sources of energy and costs associated with data storage, and how this could in turn affect future growth. Should it be relevant, the possible impact of other physical and transitional risks will be considered.

 

Triple Point, as Investment Manager, is committed to sound management of climate risk and opportunity to ensure the long-term protection of asset value through reduction of exposure to the risk and also to contribute to essential carbon reduction requirements. The Investment Manager has published near-term science aligned Net Zero targets. These targets are available in Triple Point's annual Sustainability Report and also via the Net Zero Asset Managers Initiative of which Triple Point are signatories. We note that NZAM have been undergoing a consultation on their structure, in which we have participated. Results of this consultation will be reviewed to determine if there will be any change to Triple Point's existing approach. Triple Point also publish a Carbon Reduction Plan which is available on its website.

 

Artificial Intelligence (AI) Risk

 

Artificial Intelligence (AI) continues to evolve rapidly, presenting both opportunities and emerging risks for the financial services sector. While AI technologies have the potential to enhance efficiency, improve decision-making, and create new investment insights, their increasing adoption also introduces several areas of uncertainty and potential disruption.

 

Triple Point as Investment Manager continue to monitor developments in AI closely, both as a source of innovation and as a potential source of volatility. The Board, in conjunction with the Investment Manager, will remain vigilant in assessing AI-related exposures and adjusting the risk framework accordingly to protect shareholder interests.

 

Macroeconomic Conditions

 

A turbulent global macroeconomic environment threatens early-stage startups' growth and fundraising prospects. After the pandemic-era boom, monetary tightening and inflation have created a "new normal" of higher interest rates and cautious capital markets.

 

As a consequence, B2B startups find it harder to win new contracts as customers tighten spending and therefore face greater challenge in demonstrating a clear path to profitability. Moreover, higher interest rates and weaker public markets reduce exit opportunities (fewer IPOs or acquisitions), potentially lengthening holding periods.

 

In addition to macroeconomic risk, any sustained deterioration of trust, liquidity or capital in the banking sector could have a material impact on existing portfolio companies, given their reliance on existing cash reserves to fund their costs. The Investment Manager continues to closely monitor the cash position of portfolio companies.

 

Geopolitical Instability and Supply Chain Disruption

 

Heightened geopolitical tensions and conflicts worldwide pose an emerging risk that can ripple into the UK tech startup scene. Ongoing wars and geopolitical frictions - from the Russia-Ukraine conflict to US-China tech/trade disputes - have destabilising effects on supply chains, energy prices, and investor confidence.

 

Triple Point's diversified sector approach offers some hedge - for instance, digital health or fintech ventures might be less directly affected by manufacturing supply shocks - but broad instability and market volatility caused by geopolitical events can dampen exit markets and investor sentiment across all sectors.

 

 

Directors' Responsibility Statement

 

The Directors confirm that to the best of their knowledge that:

a)  the Interim Report includes a fair review of important events during the period and their effect on the Condensed Financial Statements and a description of specific risks and uncertainties for the remainder of the accounting period as required by DTR 4.2.7;

b)  the Condensed Financial Statements, which has been prepared in accordance with the UK adopted International Accounting Standard 34 "Interim Financial Reporting" following the same principles for recognising and measuring as when preparing annual financial reports, give a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period as required by DTR 4.2.4 and complies with IFRS and the Companies Act 2006; and

c)  the Interim Report includes a fair review of related party transactions and changes therein as required by DTR 4.2.8.

 

This Interim Report has not been audited or reviewed by the auditors.

 

Jamie Brooke

Chair

11 November 2025

 

Unaudited Statement of Comprehensive Income

For the six months ended 31 August 2025

 

		Unaudited				Audited				Unaudited
		Six months ended				Year ended				Six months ended
		31 August 2025				28 February 2025				31 August 2024
	Note
		Revenue	Capital	Total		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	5	489	-	489		1,096	-	1,096		584	-	584
Gains on investments		-	1,160	1,160		-	1,799	1,799		-	1,303	1,303
Investment return		489	1,160	1,649		1,096	1,799	2,895		584	1,303	1,887
Investment management fees	6	86	778	864		139	1,250	1,389		65	588	653
Other expenses		328	85	413		757	113	870		413	-	413
		414	863	1,277		896	1,363	2,259		478	588	1,066
Profit before taxation		75	297	372		200	436	636		106	715	821
Taxation	8	-	-	-		-	-	-		-	-	-
Profit after taxation		75	297	372		200	436	636		106	715	821
Other comprehensive income		-	-	-		-	-	-		-	-	-
Total comprehensive income		75	297	372		200	436	636		106	715	821
Basic & diluted earnings per share
Venture Shares	9	0.08p	0.31p	0.39p		0.27p	0.59p	0.86p		0.15p	1.02p	1.17p

 

The total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with UK-adopted International Accounting Standards (IAS). The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice ("AIC SORP" updated July 2022) in so far as it does not conflict with IAS.

 

All revenue and capital items in the above statement derive from continuing operations.

 

The Company has only one class of business and derives its income from investments made in shares and securities as well as from bank deposits and Money Market funds.

 

 

Unaudited Statement of Financial Position

At 31 August 2025

 

Company No: 07324448

		Unaudited		Audited		Unaudited
		31 August 2025		28 February 2025		31 August 2024
	Note	£'000		£'000		£'000
Non-current assets
Financial assets at fair value through profit or loss	10	66,006		52,311		48,888
		66,006		52,311		48,888
Current assets
Receivables		403		2,379		374
Cash and cash equivalents	11	26,576		28,601		21,665
Deferred proceeds		300		844		841
		27,279		31,824		22,880
Total assets		93,285		84,135		71,768
Current liabilities
Payables and accrued expenses		670		588		619
		670		588		619
Net assets		92,615		83,547		71,149
Equity attributable to equity holders
Share capital	12	986		875		729
Share premium		58,784		47,472		33,397
Share redemption reserve		191		180		178
Special distributable reserve		30,388		33,126		34,766
Capital reserve		3,852		3,555		3,834
Revenue reserve		(1,586)		(1,661)		(1,755)
Total equity		92,615		83,547		71,149
Shareholders' funds
Net asset value per Venture Share	14	93.94p		95.44p		97.61p

 

 

 

The statements were approved by the Directors and authorised for issue on 11 November 2025 and are signed on their behalf by:

 

 

Jamie Brooke

Chair

11 November 2025

 

  The accompanying notes are an integral part of this statement.

 

Unaudited Statement of Changes in Shareholders' Equity

For the six months ended 31 August 2025

 

		Issued Capital		Share Premium		Share Redemption Reserve		Special Distributable Reserve		Capital Reserve		Revenue Reserve	Total
		£'000		£'000		£'000		£'000		£'000		£'000	£'000
Six months ended 31 August 2025
Opening balance		875		47,472		180		33,126		3,555		(1,661)	83,547
Issue of Share Capital		119		11,297		-		-		-		-	11,416
Cost of issue of Shares		-		(275)		-		-		-		-	(275)
Dividend reinvestment scheme		3		290		-		-		-		-	293
Share buybacks		(11)		-		11		(987)		-		-	(987)
Dividends paid		-		-		-		(1,751)		-		-	(1,751)
Transactions with owners		111		11,312		11		(2,738)		-		-	8,696
Total comprehensive income for the period		-		-		-		-		297		75	372
Balance at 31 August 2025		986		58,784		191		30,388		3,852		(1,586)	92,615
The Capital Reserve consists of:
Investment holding gains										8,876
Other realised losses										(5,024)
										3,852
	Issued Capital		Share Premium		Share Redemption Reserve		Special Distributable Reserve		Capital Reserve		Revenue Reserve		Total
	£'000		£'000		£'000		£'000		£'000		£'000		£'000
Year ended 28 February 2025
Opening balance	632		23,714		174		36,418		3,119		(1,861)		62,196
Issue of Share Capital	244		23,863		-		-		-		-		24,107
Dividend reinvestment scheme	5		480		-		-		-		-		485
Cost of issue of Shares	-		(585)		-		-		-		-		(585)
Share buybacks	(6)		-		6		(467)		-		-		(467)
Dividends paid	-		-		-		(2,825)		-		-		(2,825)
Transactions with owners	243		23,758		6		(3,292)		-		-		20,715
Total comprehensive loss for the period	-		-		-		-		436		200		636
Balance at 28 February 2025	875		47,472		180		33,126		3,555		(1,661)		83,547
The Capital Reserve consists of:
Investment holding gains									7,732
Other realised losses									(4,177)
									3,555

 

 

	Issued Capital	Share Premium	Share Redemption Reserve	Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Six months ended 31 August 2024
Opening balance	632	23,714	174	36,418	3,119	(1,861)	62,196
Issue of Share Capital	101	9,960	-	-	-	-	10,061
Cost of issue of Shares	-	(277)	-	-	-	-	(277)
Share buybacks	(4)	-	4	(390)	-	-	(390)
Dividend paid	-	-	-	(1,262)	-	-	(1,262)
Transactions with owners	97	9,683	4	(1,652)	-	-	8,132
Total comprehensive loss for the period	-	-	-	-	715	106	821
Balance at 31 August 2023	729	33,397	178	34,766	3,834	(1,755)	71,149
The Capital Reserve consists of:
Investment holding gains					6,817
Other realised losses					(2,983)
					3,834

 

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve under company law are distributable by way of dividend.

 

At 31 August 2025 the total reserves available for distribution under the Companies Act are £23.8 million (28 February 2025: £27.3 million). This consists of the special distributable reserve less realised capital losses and the revenue loss.

 

The Special Distributable Reserve was created following the cancellation of the Share Premium Account. The VCT Regulations restrict the distribution of this Special Distributable Reserve until a date at least three years after the financial year in which the funds were originally raised. On 31 August 2025 £15.8 million (28 February 2025: £7.0 million) of the Special Distributable Reserve was available for distribution.

 

 

Unaudited Statement of Cash Flows

For the six months ended 31 August 2025

 

	Unaudited		Audited		Unaudited
	Six months ended		Year ended		Six months ended
31 August 2025			28 February 2025		31 August 2024
	£'000		£'000		£'000
Cash flows from operating activities
Profit before taxation	372		636		821
Net gain on investments during the period	(1,160)		(1,799)		(1,303)
Adjustment for: Interest on fixed deposits and Money Market funds	(422)		(999)		(512)
Cash flow used in operations	(1,210)		(2,162)		(994)
(Increase)/decrease in receivables	1,976		(2,023)		(18)
Increase in payables	82		105		135
Net cash flows generated/(used) in operating activities	848		(4,080)		(877)
Cash flows from investing activities
Purchase of financial assets at fair value through profit or loss	(12,551)		(7,693)		(4,302)
Disposal of financial assets at fair value through profit or loss	560		461		-
Interest on fixed deposits and Money Market funds	422		999		512
Net cash flows used in investing activities	(11,569)		(6,233)		(3,790)
Cash flows from financing activities
Issue of Shares*	11,141		23,522		9,566
Buyback of Shares	(987)		(467)		(390)
Dividends paid	(1,458)		(2,340)		(1,043)
Net cash flows from financing activities	8,696		20,715		8,133
Net (decrease)/increase in cash and cash equivalents	(2,025)		10,402		3,466
Reconciliation of net cash flow to movements in cash and cash equivalents
Cash and cash equivalents at 1 March 2025	28,601		18,199		18,199
Net increase/(decrease) in cash and cash equivalents	(2,025)		10,402		3,466
Cash and cash equivalents at 31 August 2025	26,576		28,601		21,665

 

* Net of Share issue costs.

 

 

The accompanying notes are an integral part of this statement.

 

 

 

Condensed Notes to the Unaudited Interim Financial Statements

For the six months ended 31 August 2025

 

 

1.      Corporate information             

                                                                                                                 

The Unaudited Interim Report of the Company for the six months ended 31 August 2025 was authorised for issue in accordance with a resolution of the Directors on 11 November 2025.

 

Triple Point Venture VCT plc is incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the Company's registered office is The Scalpel 18th Floor, 52 Lime Street, London, EC3M 7AF. The principal place of business is the office of the Investment Manager whose address is 1 King William Street, London, EC4N 7AF.

 

The functional and reporting currency is pounds sterling (£), reflecting the primary economic environment in which the Company operates.

 

The principal activity of the Company is investment. The Company's investment strategy is to offer exposure to venture capital investments and to maintain liquidity in cash or cash-based funds.

                                     

2.      Basis of preparation and accounting policies                                      

                                                                                                 

Basis of preparation

 

The Unaudited Interim Financial Statements of the Company for the six months ended 31 August 2025 has been prepared in accordance with IAS 34, Interim Financial Reporting and in compliance with the principles of recognising and measurement in the Statement of Recommended Practice ("SORP"): "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued by the Association of Investment Companies ("AIC") in July 2022.

 

The principal accounting policies and methods of computation remain unchanged from those set out in the Company's 2025 Annual Report and Accounts. The Interim Report does not include all the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 28 February 2025.

                                    

Estimates

 

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. It is possible that actual results may differ from these estimates.

 

The estimates and underlying assumptions underpinning our investments are reviewed on an ongoing basis by both the Board and the Investment Manager. Revisions to any accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Going Concern

 

The Company's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager's Review. The Company faces a number of risks and uncertainties, as set out on pages 15 to 16.

 

The Company continues to meet day-to-day liquidity needs through its cash resources on hand, with a cash and cash equivalents balance of £26.6m. The Company's revenue comes predominantly from interest earned on its cash and liquid resources and to a lesser extent from the investments in Shenval (Hydroelectric power) and Modern Power Generation ("MPG"), a small lending business. The Company takes an active approach to manage liquidity and increase the return on cash held.

 

The major cash outflows of the Company continue to be the payment of dividends to Shareholders, costs relating to the funding of investments and investment management fees due to the Investment Manager. Dividends and new investments are discretionary and, in a time of stress, the Investment Manager may allow the Company to defer payment of management fees.

 

The Directors have reviewed cash flow projections which show the Company has sufficient financial resources to meet its obligations for at least 12 months from the date of this report. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

 

 

 

3.      Segmental reporting

                                                                                                                                             

The Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. 

 

4.      Significant risk changes in the current reporting period

 

The Company has reviewed its exposure to climate related and other emerging business risks, but has not identified any new significant risks that could impact the financial performance or position of the Company as at 31 August 2025.

 

 

5.           Investment income

 

		Unaudited		Audited		Unaudited
		Six months ended 31 August 2025		Year Ended 28 February 2025		Six months ended 31 August 2024
		Total		Total		Total
		£'000		£'000		£'000
Interest receivable on bank balances		3		1		-
Money Market funds		445		1,023		542
Loan interest		41		72		42
		489		1,096		584

 

 

6.      Investment management fees

 

Unaudited Six months ended 31 August 2025

Audited Year ended 28 February 2025

Unaudited Six months ended 31 August 2024

 

	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Management fees	86	778	864	139	1,250	1,389	65	588	653
Total management fees	86	778	864	139	1,250	1,389	65	588	653

 

 

TPIM provides investment management services to the Company under an Investment Management Agreement dated 12 September 2023. From 12 September 2023, the Investment Manager was appointed AIFM and is responsible for risk management and portfolio management.

 

The Investment Manager has full discretion under the Investment Management Agreement to make investments in accordance with the Company's Investment Policy from time to time. The agreement provides for an investment management fee of 2.00% per annum of net assets, payable quarterly in arrears. The Investment Management Agreement may be terminated by either the Investment Manager or the Company by providing the other party with no less than 12 calendar months' written notice.

 

Performance fee

 

TPIM earns a performance fee if the total return (net asset value plus distributions made) to holders of the Venture Shares exceeds their net initial subscription price by an annual threshold of 3% per annum, calculated on a compound basis. To the extent that the total return exceeds the threshold over the relevant period then a performance incentive fee of 20% of the excess is payable to TPIM.

 

Performance fees are assessed based on the VCT's audited year-end valuations (i.e. in February each year) and will be accrued in the accounts of the Company. High water marks apply. No performance fees have been earned by TPIM in the current period or prior year.

 

The Investment Manager did not receive fees for services to investee companies in the current period or prior year.

 

                                                                                                        

         7.       Directors' remuneration

 

		Unaudited Six months ended 31 August 2025		Audited Year ended 28 February 2025		Unaudited Six months ended 31 August 2024
		Total		Total		Total
		£'000		£'000		£'000
Julian Bartlett		11		22		11
Jamie Brooke		13		23		11
Sam Smith*		10		20		10
Jane Owen**		-		10		10
		34		75		42

 

* Appointed as a Director effective 8 February 2024

 

** Resigned as a Director effective 23 July 2024

 

 

The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors.

 

8.      Taxation

 

	Unaudited Six months 31 August 2025	Audited Year ended 28 February 2025	Unaudited Six months 31 August 2024
	Total	Total	Total
	£'000	£'000	£'000
Profit on ordinary activities before tax	372	636	821
Corporation tax @ 25% Effect of:	93	159	205
Capital gains not taxable	(290)	(449)	(326)
Disallowed expenditure	21	28	20
Excess management expenses on which deferred tax not recognised	176	262	101
Tax charge for the period	-	-	-

 

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

 

 

9.      Earnings per share

 

The earnings per Venture Share is 0.39p (31 August 2024: 1.17p) and is based on a profit from ordinary activities after tax of £372,000 (31 August 2024: £821,000) and on the weighted average number of Venture Shares in issue during the period of 95,269,590 (31 August 2024: 70,375,801).

 

 

10.    Financial assets at fair value through profit or loss

 

		Cost	Cumulative Gains	Fair Value
		£'000	£'000	£'000
Six months ended 31 August 2025:
Opening cost		44,791	-	44,791
Opening investment holding gains		-	7,520	7,520
Opening value at 1 March 2025		44,791	7,520	52,311
Purchases at cost		12,551	-	12,551
Net gains on held investments		-	1,144	1,144
Closing value at 31 August 2025		57,342	8,664	66,006

                                           

		Cost	Cumulative Gains	Fair Value
		£'000	£'000	£'000
Year ended 28 February 2025:
Opening cost		38,896	-	38,896
Opening investment holding gains		-	4,928	4,928
Opening value at 1 March 2024		38,896	4,928	43,824
Purchases at cost		9,905	-	9,905
Net gains on held investments		-	1,373	1,373
Less: investments disposed of during the period
Original cost		(4,010)	-	(4,010)
Derecognition of unrealised net cumulative losses		-	1,219	1,219
Closing value at 28 February 2025		44,791	7,520	52,311

 

                        

		Cost	Cumulative Gains	Fair Value
		£'000	£'000	£'000
Six months ended 31 August 2024:
Opening cost		38,896	-	38,896
Opening investment holding gains		-	4,928	4,928
Opening value at 1 March 2024		38,896	4,928	43,824
Purchases at cost		4,302	-	4,302
Net gains on held investments		-	1,249	1,249
Less: investments disposed of during the period
Original cost		(915)	-	(915)
Derecognition of unrealised net cumulative losses		-	428	428
Closing value at 31 August 2024		42,283	6,605	48,888

 

11.    Cash and cash equivalents

 

	31 August 2025	28 February 2025	31 August 2024
	£'000	£'000	£'000
Cash at bank	5,672	7,988	765
Money Market funds	20,904	20,613	20,900
	26,576	28,601	21,665

 

Cash and cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to a lower risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months or less from the date of acquisition.

 

 

12.    Share Capital

 

Ordinary shares of £0.01
Six months ended 31 August 2025
As at 1 March 2025		No. of Venture Shares	Amount (£'000)
		87,542,533	875
Allotted during the period
11 March 2025		966,588	10
17 March 2025 (DRIS)		310,830	3
28 March 2025		2,702,634	27
3 April 2025		2,832,655	28
4 April 2025		1,907,382	19
8 April 2025		164,425	2
4 July 2025		1,688,981	17
31 July 2025		1,574,215	16
Shares bought back and cancelled
11 March 2025		(389,041)	(4)
04 July 2025		(427,212)	(4)
08 August 2025		(286,072)	(3)
Ordinary Share Capital 31 August 2025		98,587,918	986

 

Year ended 28 February 2025
As at 1 March 2024		No. of Venture Shares	Amount (£'000)
		63,113,620	631
Allotted during the period
5 March 2024		879,639	9
18 March 2024 (DRIS)		241,772	2
2 April 2024		3,769,252	38
4 April 2024		1,954,264	20
5 April 2024		1,285,315	13
27 June 2024		1,365,747	14
31 July 2024		705,100	7
29 October 2024		3,451,232	34
12 November 2024		1,818,892	18
2 December 2024 (DRIS)		278,603	3
19 December 2024		3,537,826	35
10 February 2025		3,183,619	32
26 February 2025		2,465,470	25
Shares bought back and cancelled
4 July 2024		(367,609)	(4)
9 August 2024		(55,800)	(1)
18 November 2024		(84,409)	(1)
Ordinary Share Capital 28 February 2025		87,542,533	875

 

 

Six months ended 31 August 2024
As at 1 March 2024		No. of Venture Shares	Amount (£'000)
		63,113,620	631
Allotted during the period
5 March 2024		879,639	9
18 March 2024 (DRIS)		241,772	2
2 April 2024		3,769,252	38
4 April 2024		1,954,264	20
5 April 2024		1,285,315	13
27 June 2024		1,365,747	14
31 July 2024		705,100	7
Shares bought back and cancelled
4 July 2024		(367,609)	(4)
9 August 2024		(55,800)	(1)
Ordinary Share Capital 31 August 2024		72,891,300	729

 

 

13.    Dividends

 

	Six Months ended 31 August 2025	Year ended 28 February 2025	Six Months ended 31 August 2024
	£'000	£'000	£'000
Venture Share Dividend 2.00p per share (Period ended 31 August 2025 2.00p)	1,751	-	-
Venture Share Dividend 2.00p per share (Year ended 28 February 2025 2.00p)	-	1,262	1,262
Venture Share Dividend 2.00p per share (Year ended 28 February 2025: 2.00p)	-	1,563	-
Total Dividend Paid	1,751	2,825	1,262

 

 

The Board announced an interim dividend of 2 pence per share, equivalent to £2 million, to Shareholders on 29 September 2025. The dividend is due to be paid on or around 1 December 2025 to Shareholders on the register at the close of business on 14 November 2025, and as a result is not included in the table above.

 

14.    Net asset value per share

 

	Six months ended 31 August 2025	Year ended 28 February 2025	Six months ended 31 August 2024
Net asset value per Venture Share (p)	93.94	95.44	97.61

 

The net asset value per Venture Share is 93.94p (28 February 2025: 95.44p) and is calculated on net assets of £92.6 million divided by the 98,587,918 Venture Shares in issue as at 31 August 2025.

 

15.    Ongoing Charges Ratio (annualised)

 

	Six months to 31 August 2025		Year to 28 February 2025		Six months to 31 August 2024
	£'000		£'000		£'000
Management fees	864		1,389		653
Other operating expenses	413		870		413
Less: Non-recurring legal & professional fees	(51)		(113)		(80)
Total ongoing charges	1,226		2,146		986
Average undiluted net assets*	82,673		72,121		62,150
Ongoing Charges ratio (annualised)	2.97%		2.98%		3.17%

 

The annualised ongoing charges represent the total expense for the year with the exclusion of performance fees payable by Triple Point Investment Management LLP and certain non-recurring expenses, calculated using to AIC guidance from the Association of Investment Companies. TPV's annual running costs will continue to be capped at 3.5% of TPV's NAV (excluding VAT and also any performance fees payable to TPIM). Any excess will be met by TPIM by way of a reduction in future investment management fees.

 

*Average net assets is calculated from overall average of quarterly net asset value.

 

 

16.    Related party transactions                         

 

There were no related party transactions during the period as defined in International Accounting Standards.

 

 

17.    Post balance sheet events

 

The following events occurred between the balance sheet date and the signing of this interim report:

 

The Company has made one investment since the period end:

·   £1.0 million new investment into Chalkie AI Limited

 

 

Shareholder Information

 

Directors   Julian Bartlett Jamie Brooke Sam Smith	Solicitors   Howard Kennedy LLP No. 1 London Bridge London SE1 9BG
Administrator, Company Secretary and Registered Office      JTC (UK) Limited The Scalpel 18th Floor 52 Lime Street London EC3M 7AF	Registrars   Computershare Investor Services plc The Pavilions Bridgwater Road Bristol BS99 6ZY
Registered Number   07324448	VCT Taxation Advisers   Philip Hare & Associates LLP 6 Snow Hill London EC1A 2AY
Investment Manager and AIFM   Triple Point Investment Management LLP 1 King William Street London EC4N 7AF   Tel: 020 7201 8989	Bankers   The Royal Bank of Scotland plc 54 Lime Street London EC3M 7NQ
Independent Auditor   Deloitte LLP The Silver Fin Building 8th Floor 455 Union Street Aberdeen AB11 6DB	Depositary   Indos Financial Limited The Scalpel 18th Floor 52 Lime Street London EC3M 7AF