**Summary of Calculus VCT PLC Half-Year Financial Report (15 December 2025)**
**Investment Objective**
Calculus VCT PLC aims to
Invest in a portfolio of venture capital investments to maximize dividends and capital growth over the medium to long term.
Generate returns within a tax-efficient vehicle, offering investors tax relief of up to 30% on initial investments and tax-free dividends and capital growth.
Maintain VCT status to retain these tax benefits.
**Financial Overview (6 months to 30 September 2025)**
**Net Asset Value (NAV)** £47.18M (56.43p per share), down from £45.71M (59.04p per share) at 31 March 2025.
**Total Return** Marginal decline of 1.36% in NAV Total Return for the 6-month period.
**Dividends** Paid 1.81p per share in October 2025, maintaining a target dividend yield of 5%.
**Investments** Total cost of new and follow-on investments was £1.08M. Funds raised: £2.0M. Sales: £0.7M.
**Portfolio Companies** 38 at period-end, with notable performances from Quai Administration Services, Optalitix, and Arecor.
**Portfolio Performance**
**Top Performers**
**Quai Administration Services** Uplift in carrying value due to sustained performance and equity funding round.
**Optalitix** 20% increase in Contracted Annual Recurring Revenue, contributing 0.23p to NAV growth.
**Arecor** Share price increase due to improved investor sentiment.
**Challenges**
**Home Team Content** Reduction in carrying value due to development delays.
**IPV** Decline in carrying value due to challenging industry conditions.
**New and Follow-on Investments**
**New Investments** EnsiliTech (life sciences), Grateful Limited (SaaS for hospitality), and Trogenix Limited (drug discovery).
**Follow-on Investments** Laverock Therapeutics (£20M), Quai Administration Services (£500K), and others.
**Exits**
**Rota Geek Ltd** Sold to ELMO Group for £2M (1.3x multiple on cost).
**Mo (Thanksbox Limited)** Acquired by UKG for £1.53M (1.51x return), supporting dividend yield targets.
**Shareholder Value**
**Total Shareholder Value** 86.03p per share (NAV: 56.43p + dividends: 29.60p).
**Buybacks** 1,272,463 shares repurchased during the period.
**Board and Governance**
**Board Changes** Janine Nicholls stepped down
Hemant Mardia succeeded as Chair of the Audit Committee.
**Share Issues** Raised £9.3M through Ordinary share issues in 2024/25.
**Post-Period Developments**
**New Investments** Grateful Limited and Trogenix Limited (£1.7M total).
**Exits** Mo (Thanksbox Limited) exit in November 2025 (1.51x return).
**Dividends** 1.81p per share distributed in October 2025.
**Buybacks** Additional 707,389 shares repurchased post-period end.
**Tax and Regulatory Updates**
**VCT Tax Relief** Reduced from 30% to 20% from April 2026, despite Chancellor’s support for VCTs.
**Dividend Tax** Increase in basic and higher rates by 2% from April 2026, but VCT dividends remain tax-free.
**Conclusion**
Calculus VCT PLC continues to focus on long-term growth, with a well-diversified portfolio and strategic investments in high-potential sectors. Despite challenges in certain holdings, the company has achieved profitable exits, maintained dividend targets, and strengthened its liquidity position. The reduction in VCT tax relief is a concern, but the company remains committed to delivering value to shareholders through its tax-efficient structure and active portfolio management.
| Metric | 6 months to 30-Sep-25 | 12 months to 31-Mar-25 | 6 months to 30-Sep-24 |
|---|---|---|---|
| Opening Net Asset Value (pence) | 59.04 | 61.58 | 61.58 |
| Capital Loss (pence) | (0.60) | 1.50 | (1.74) |
| Revenue Return (pence) | (0.05) | 0.30 | 0.22 |
| Total Return (pence) | (0.65) | 1.80 | (1.52) |
| Dividends Paid (pence) | (1.81) | (3.91) | (2.77) |
| Impact of Share Capital Movements (pence) | (0.15) | (0.43) | (0.09) |
| Closing Net Asset Value (pence) | 56.43 | 59.04 | 57.20 |
| Total Shareholder Value (pence) | 86.03 | - | - |
| Total Net Assets (£'000) | 47,183 | 45,713 | 41,289 |
| Total Cost of New Investments (£'000) | 3,236 | 6,819 | 1,309 |
| Funds Raised (£'000) | 4,336 | 9,306 | 5,574 |
| Total Sales (£'000) | 1,850 | 1,493 | 400 |
| Shares Bought Back | 1,272,643 | 1,232,463 | 472,463 |
| Portfolio Companies at Period-End | 38 | - | - |