Interim Management Statement

Income & Growth VCT (The) PLC

20 September 2023

 

The Income & Growth VCT plc

("the Company")

LEI:  213800FPC15FNM74YD92

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2023

The Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 June 2023. The statement also includes relevant financial information between the end of the period and the date of this statement.

NET ASSET VALUE AND TOTAL RETURN PER SHARE

	At 30 June 2023 (unaudited)	At 31 March 2023 (unaudited)
Net assets attributable to shareholders	£120,329,226	£122,928,699
Shares in issue	155,576,127	154,857,033
Net asset value (NAV) per share	77.34p	79.38p
Cumulative dividends paid	152.50p	148.50p
Cumulative Total return (net asset value basis) per share since inception	229.84p	227.88p

The NAV per share has decreased by 2.04 pence in the quarter (a decrease of 2.6% upon the opening NAV per share). This decrease was principally due to a dividend payment of 4.00 pence per share on 26 May 2023 (further details below), but this was partially offset by a rise in the unrealised valuation of the portfolio. On a NAV total return basis, after adding back the dividend of 4.00 pence per share, there was an increase of 2.5%.

INVESTMENT ACTIVITY DURING THE PERIOD

New investments during the period

On 3 May 2023, a new equity investment of £0.63 million was made into Dayrize B.V., a provider of a rapid sustainability impact assessment tool.

DIVIDENDS PAID DURING THE PERIOD

On 26 May 2023, an interim dividend of 4.00 pence per ordinary share in respect of the year ending 30 September 2023 was paid to all Shareholders whose names were on the Register on 21 April 2023. 

SHARE BUY-BACKS

On 27 June 2023, the Company purchased 758,018 of its own ordinary shares at a price of 71.61 pence per share.

All shares bought back by the Company were subsequently cancelled.

INVESTMENT ACTIVITY AFTER THE PERIOD

New investments after the period end

On 26 July 2023, a new equity investment of £0.55 million was made into Mable Therapy Limited, a digital health platform for speech therapy and counselling for children and young adults.

On 3 August 2023, a new equity investment of £0.54 million was made into Branchspace, a digital retailing consultancy and software provider to the aviation and travel industry.

Follow-on investments after the period end

On 4 July 2023, a follow on equity investment of 0.45 million was made into Legatics Holdings Limited, a SaaS LegalTech software provider.

On 11 August 2023, a follow on loan investment of £0.17 million was made into Orri, an intensive day care provider for adults with eating disorders.

Please note that all of the above information is unaudited.

Other than as described above, there were no material events during the period and to the date of this announcement.

For further information, please contact:

Gresham House Asset Management Limited

Company Secretary

020 7382 0999

 

END