Half-year Financial Report
Summary by AI BETAClose X
Oberon AIM VCT plc
For the six months to 30 June 2026
Chairman’s Statement
I am pleased to present you with an update for the first six months of our current year.
The high volatility we are seeing in commodity prices and the ongoing geopolitical uncertainty in several regions of the world has not helped the backdrop of our portfolio’s performance during H1’26, which was disappointing, with a decline in value, on a per share basis, of about 16.3% during this period (using our normal statutory bid-price valuation for quoted companies).
However, when you look into the detailed changes in value of some of our larger holdings you can better understand the reasons for this under performance. I have asked Simon Like, our senior fund manager at Oberon, to explain in some detail the reasons for this performance during H1’26 and more importantly why we expect this to improve going forward. He has provided this in the following Investment Managers Review, which I would encourage you to read to better understand the underlying strength of the portfolio, and why we are still very encouraged by the outlook.
In particular, while the short-term dip in performance in the first half is of course concerning, we still firmly believe in the quality of the individual holdings in the portfolio and that the decline in their share prices in this period represents a compelling buying opportunity.
The Company has a share offer available which you can access by visiting our website at https://oberonaimvct.co.uk
We remain committed, subject to having sufficient distributable reserves, to target a 5% tax free yield.
I would like to thank the staff at Oberon and all our other partners and suppliers, and also of course to our new and existing shareholders, who have continued to be very supportive.
Geoffrey Gamble
Chairman
17 September 2026
Investment Manager’s Review
The Net Asset Value (NAV) per share of the fund fell from 26.4p at 31 December 2025 to 22.1p at 30 June 2026 (both on a bid-price basis), a decline of 16.3%. The FTSE AIM All-Share Index rose by 0.75% over the same six months. The AIM All-Share is the most widely quoted reference point for a fund of this type. It is worth remembering that a VCT may only invest in companies meeting a set of statutory conditions. The practical effect is that our investable universe is confined to the younger, smaller and earlier-stage end of the market, while the index is weighted by market capitalisation and driven by its largest and most mature constituents, many of which we could not own.
We are determined to put performance back on track. A decline in quoted prices is not the same as a loss of value, and we set out below why we believe the portfolio at 30 June was materially more attractive than the NAV alone suggests, and why we deployed a substantial proportion of the Company’s cash during the period rather than waiting.
Since the period end the portfolio has recovered a substantial part of the ground lost during the half. At the close of business on 11 September 2026 the NAV (on a mid-price basis) stood at 23.89p, against 23.14p at 30 June (on a mid-price basis), and that is after the payment on 5 August of the 1.35p dividend. Adding back that distribution, the total return to shareholders over the ten weeks following the period end was 9.1%.
The sections that follow set out what drove the decline during H1’26, holding by holding, and what has changed since.
The companies we back are hopefully the 'winners of the future', young, dynamic and supporting growth in UK micro-cap businesses. These companies can be illiquid by nature. However, they also experience periods of considerable liquidity when an investment story begins to capture wider interest. That pattern, long quiet stretches punctuated by sharp re-ratings, is characteristic of this part of the market, and it is the reason a six-month price snapshot can be a poor guide to the value being created. The holding discussed immediately below illustrates the point better than any general argument could.
Light Science Technologies: a case in point
Light Science Technologies shares started the period at 4.7p and ended it at 1.7p. Viewed in isolation that looks like a serious reverse. It is nothing of the kind, and the full history is worth setting out.
We first invested in April 2023, acquiring 5,000,000 shares at 1p for £50,000. Within four months we had sold 2,500,000 shares in three tranches at between 2.208p and 2.5p, realising £56,783, more than the entire original outlay, while still holding half the position at no net cost. In October 2025, as the shares re-rated strongly, we sold a further 1,300,000 shares at prices between 4.58p and 7.00p, realising £66,790.
Across those disposals we sold 3,800,000 shares at an average of 3.25p against a 1p cost, crystallising realised gains of £85,573.
During the period under review the shares fell back sharply and the company sought further growth capital. We were offered the opportunity to re-enter the story at 1p, the same price at which we had first invested three years earlier, and a seventh of the level at which we had been selling only months before. We regarded that as an exceptional entry point and subscribed for 7,500,000 shares at a cost of £75,000. At the period end those shares were carried at 1.7p, 70% above our entry price.
Light Science Technologies since April 2023 |
|
|
Total invested |
|
£125,000 |
Total proceeds realised |
|
£123,573 |
Realised gains |
|
£85,573 |
Shares retained at 30 June 2026 |
8,700,000 |
£147,900 |
Unrealised gain on retained holding |
|
£60,900 |
Total of realised and unrealised gains to date |
|
£146,473 |
The capital originally committed has been returned almost in full, we retain a holding worth more than everything we have ever invested in the company, and the position shows a total gain of £146,473 to date. If you were looking only at the movement from 4.7p to 1.7p, you would conclude that this investment had gone badly. The opposite is true: it has been a highly successful investment, and we have used the weakness to build a holding over 70% larger than the one we originally acquired.
Since the period end the shares have strengthened further, trading at 1.9p on 11 September 2026. At that level the retained holding is worth £165,300, the 7,500,000 shares subscribed in April stand 90% above cost, and the total gain on the investment since April 2023 rises to £163,873.
Other principal movements
Seven positions account for the majority of the decline in the Company’s NAV, being; Audioboom plc, Verici Dx plc, Aptamer Group plc, Haydale plc, Renalytix plc, SkinBioTherapeutics plc, and Light Science Technologies plc.
Audioboom Group plc
Audioboom shares fell from 760p to 450p over the half, reducing the value of the holding by £41,850. The cause was specific and identifiable. The company had been conducting a strategic review since October 2025, and in June it concluded that process without a transaction, terminating discussions with three interested parties after the Board determined that the indicative offers received undervalued the company and its prospects. The shares had carried a measure of bid speculation through the preceding months and gave that back when the review closed.
We regard a fall of this kind as materially different from one caused by deteriorating trade. Three parties were prepared to make offers for the business, and the Board judged every one of them too low to put to shareholders. That is evidence of value in the company rather than the absence of it.
We have held Audioboom since our first investment in March 2014. Even after the decline, the holding is carried 77% above our book cost and shows an unrealised gain of £26,471. It has been a highly successful investment for the portfolio.
Half-year results published on 15 July, after the period end, supported that view. Revenue for the six months rose 30% to $45.7m, gross profit 33% to $9.9m, and adjusted EBITDA 80% to $3.2m, demonstrating the operating leverage in the business as revenue growth translated into materially faster profit growth. Revenue from Showcase, the company’s advertising marketplace, grew 60% to $18.6m, and average monthly distribution in the second quarter reached 183 million downloads and video views, an increase of 84% on the same quarter a year earlier. The company reported more than $81.0m of revenue already booked for 2026 as at 14 July, ahead of its entire 2025 revenue, with the seasonally strongest period still to come. Cash stood at $5.4m against $2.5m a year earlier, with an overdraft facility available and a new revolving credit facility of up to $10.0m agreed in principle. The company also announced partnerships with Spotify and Apple to support its video monetisation engine, and added a number of tier one podcast partnerships to its creator network.
A common thread runs through several of the others. Verici Dx, Haydale, Aptamer Group and Light Science Technologies all raised growth capital during the period, and in each case we participated. Where a company issues new equity at a discount, the quoted price adjusts towards the issue price and existing holdings are marked down accordingly. That mark-down reflects the terms of the fundraising and the dilution it brings, not a judgement that the underlying business has deteriorated. In each case we took the view that the company’s prospects justified further support and that the price on offer was attractive.
Verici Dx plc
Verici Dx was the largest single detractor of the half. The shares began the period at 0.725p and ended it at 0.375p, a fall of 48%, reducing the value of our opening holding by £88,772.
We used that weakness to add to the position, subscribing for 28,571,429 shares at 0.35p at a cost of £100,000. We now hold 53,934,982 shares. At the period-end price the shares acquired in June stand modestly ahead of cost.
The company’s commercial progress through the period was substantial. In a trading update on 16 April 2026, Verici Dx reported that first-quarter testing volumes for Tutivia, its post-transplant rejection test, rose 32% on the preceding quarter to 392 tests and 34% year on year, a level it described as significantly ahead of management expectations. Seven new transplant centres began ordering during the quarter, six existing centres grew volumes by more than 20%, two of the largest by more than 30%, and a second centre incorporated Tutivia into its standard clinical protocols. Centres using the test now account for approximately 20% of annual kidney transplants in the United States. The test also gained approval under two further State Medicaid programmes, taking the total to seventeen states alongside the Medicare coverage secured in 2025, which the company estimates reaches around 68% of US transplant tests. The commercial team was strengthened with the appointment of an experienced senior sales director.
In May the company announced the publication of a peer-reviewed clinical validation study of its Pre-Transplant Rejection Assessment test, known as PTRA, in Kidney360, published on behalf of the American Society of Nephrology. The study found that PTRA outperformed conventional risk assessment tools in predicting early acute rejection in the two months following transplant, allowing clinicians to identify recipients who might safely receive less aggressive immunosuppressive therapy. Standardised regimens carry risks of toxicity, infection and malignancy where patients are over-suppressed, and the transplant physician quoted by the company described the findings as addressing a long-standing unmet need in transplant medicine. PTRA is commercially marketed by Thermo Fisher Scientific. It is a laboratory developed test and has not been cleared or approved by the US Food and Drug Administration, nor CE marked in the European Union.
This was followed on 2 June by the publication of a health economic analysis of the same test, conducted by Avalon Health Economics and published in the Journal of Health Economics and Outcomes Research. Modelling the effect of incorporating PTRA into standard practice, the authors estimated potential savings of more than $191m across the US standard-risk kidney transplant population over a two-year period, arising from more precisely targeted immunosuppression: escalating treatment for those who need it while avoiding unnecessary exposure for patients at lower risk. Clinical validation and a demonstrated economic case are the two things a diagnostic requires to secure clinical adoption and reimbursement, and both were established for PTRA during the period.
On 24 June the company received clinical laboratory certification from the New York State Department of Health, under what is widely regarded as the most rigorous laboratory evaluation programme in the United States, together with state approval for Tutivia itself. That completed the company’s authorisation to provide testing services in all fifty states and the District of Columbia, making the test available nationwide. New York is among the most active transplant states, with more than 2,000 kidney transplants performed there during 2025. Beyond the access it confers, certification by a demanding regulator represents independent validation of the company’s laboratory and clinical operations, and the clinicians quoted by the company drew a distinction between Tutivia and the single-parameter cell-free DNA tests more commonly used, which they characterised as lagging indicators of injury already done.
Audited results for 2025, published on 29 June 2026, showed first revenues from Tutivia of $2.9m against nil in the prior year, with 1,173 tests ordered compared with 334 in 2024.
Set against this, the commercial build remains cash-hungry. The loss for 2025 widened to $6.9m and the operating cash outflow to $8.3m, against year-end cash of $3.3m, and the company raised further equity during 2026. It was in the June fundraising, at 0.35p, that we subscribed.
Our judgement is that the share price weakness reflects the dilution arising from successive fundraisings and the length of the commercial build, rather than any failure of the product in the market. The operational trajectory described above is not one we would expect to see in a business whose shares have halved. We were prepared to back that judgement with a further £100,000 of the Company’s capital during the period, which is the clearest way we can express a view of this kind.
Aptamer Group plc
Aptamer shares fell from 1.075p to 0.5p over the half, reducing the value of our opening holding by £44,083. As with several other holdings, the company raised growth capital during the period and the quoted price adjusted towards the issue price.
We first invested in July 2025, acquiring 16,666,667 shares at 0.3p for £50,000. Over the following two months, as the shares re-rated strongly, we sold 9,000,000 shares in four tranches at prices between 0.6p and 0.93p, realising £67,493, more than the entire original outlay, and crystallising realised gains of £40,493 while retaining 7,666,667 shares.
In March we subscribed for a further 8,333,333 shares at 0.6p at a cost of £50,000, supporting the company’s growth plans. Having already generated a substantial return from the investment, we were comfortable adding at that level. At the period end we held 16,000,000 shares, carried at £80,000 against a book cost of £73,372 and showing an unrealised gain of £6,628.
The company’s trading update of 13 July, published after our period end and covering its own financial year to 30 June 2026, reported revenue increasing approximately 25% on the prior year, and a sales pipeline up 55% since January. It also reported its first licensing revenues, following agreements signed in December 2025 with Twist Bioscience and Alphazyme, which the company regards as the beginning of a higher-margin revenue stream. A contracted order book of £0.6m is carried into the new financial year.
Operational delivery through the second half was broad. Optimer binders were delivered to a global life sciences group for customer validation under an agreement carrying a 2% royalty on sales of diagnostic kits incorporating them, subject to successful testing. Binders supplied to Invizius were shown to function in that company’s own assays and are now entering patent filings. The Unilever collaboration has advanced to on-skin testing; work continues on the Metir Cryptosporidium programme, on a food fortification rapid test programme with Imperial College London, and on a radiopharmaceutical programme with a top-three global pharmaceutical company. Contracts worth approximately £769,000 and £190,000 have been signed with top-five and top-ten pharmaceutical partners. The fundraise in which we participated generated net proceeds of £4.1m and extends the company’s funding runway into at least 2028.
Having generated a substantial realised return from our original investment and with the company’s immediate growth plans now funded, we were content to remain invested at the period end.
Haydale Graphene Industries plc
Haydale shares fell from 0.51p to 0.3075p over the half, reducing the value of our opening holding by £62,508. The company raised growth capital in January and we subscribed for a further 10,000,000 shares at 0.5p, at a cost of £50,255.
We built the original position through four purchases between October 2023 and November 2024, at prices ranging from 0.5p down to 0.1325p, and in July 2025 sold 3,000,000 shares at 0.808p, realising £24,114 and a gain of £17,797. At the period end we held 40,867,924 shares at a book cost of £144,453, carried at £125,669.
The company's commercial progress through the period was more encouraging than the share price suggests. In April it announced a multi-year framework agreement with Wave Utilities, the largest business water retailer in England by volume and a joint venture between Anglian Water and Northumbrian Water, serving more than 300,000 business customers. Under the agreement, Haydale's SaveMoneyCutCarbon platform was appointed Wave's exclusive external delivery partner for water efficiency audits, with right of first refusal on the delivery of funded water efficiency projects. The company expects the agreement to generate at least £1.0m of recurring programme-based revenue annually, and has identified a broader pipeline of opportunities which it values at approximately £5.7m over the medium term.
In June the company announced that Lloyds Banking Group, following a regional pilot begun in November 2025, had confirmed its intention to proceed to a national roll-out of the SaveMoneyCutCarbon platform across its SME and mid-corporate customer base. Both agreements reflect the same model: long-term relationships with utilities and financial institutions that provide embedded access to large, pre-qualified customer bases, and which the company expects to convert into recurring, programme-based revenue rather than one-off transactions.
Taken as a whole, with that realised gain set against the unrealised deficit, the investment stands close to the cost of the capital we have committed to it. The larger part of the holding, acquired at an average of 0.267p, remains above the price we paid; it is the two tranches subscribed at 0.5p, including January’s, that are below it. We recognise that the most recent subscription is the one currently showing the greatest deficit, and we will be judged on whether the company delivers from here. On the evidence of the agreements signed during the period, that delivery is underway; the share price has yet to reflect it.
Renalytix plc
Renalytix shares fell from 5.9p to 2.3p over the half, a decline of 61%. It was the second largest detractor of the period, reducing the value of the holding by £77,895. The company raised capital during the period and, as elsewhere in the portfolio, the quoted price adjusted to reflect the terms on which it did so.
The position has changed materially since the period end. On 1 September the company announced a multi-year agreement with Quest Diagnostics to make its kidneyintelX.dkd blood test available to physicians and patients served by Quest across the United States. Quest serves approximately half of all physicians and hospitals in the country. Under the agreement, physicians will be able to order the test directly through their existing Quest account and electronic health record, with blood draws available through Quest’s 2,000 patient service centres and 6,000 in-office phlebotomists, while Renalytix continues to perform and bill for the test from its New York laboratory. kidneyintelX.dkd is the first and only test to have received FDA authorisation and Medicare reimbursement for predicting the risk of progressive decline in kidney function, in a population the company estimates at 15 million US adults with type 2 diabetes and early-stage chronic kidney disease, a group whose later-stage care drives Medicare spending on chronic kidney disease now exceeding $130 billion a year. The test is expected to become available for ordering through Quest during the first quarter of 2027, and Quest holds an option to in-license it once certain commercialisation milestones are achieved.
Following that announcement the company raised further capital at 6p, a substantial premium to the period-end price, in an issue well supported by existing institutional shareholders. We did not participate. Renalytix was already a position of meaningful size within the portfolio, and we judged that adding to it would concentrate risk further than we considered appropriate, notwithstanding our view of the opportunity. The shares traded at 6.35p on 11 September, materially above the 2.3p at which the holding was carried at 30 June, and we regard the business as now well funded. We should be clear that the holding remains below our average cost of 9.27p and continues to show an unrealised loss. But we regard the Quest agreement as a material development for the company, and the market’s response to it suggests we are not alone in that view.
Of the remaining positions, SkinBioTherapeutics was sold outright during the period, realising £24,370, and Fortis Frontier was exited in May for £30,081; in both cases we concluded that the capital was better deployed elsewhere.
Positive contributors
Against these, a number of holdings performed strongly on their own merits, without any support from further investment on our part:
- Cordel Group plc rose 91% over the six months, adding £29,229 to the value of the portfolio and making it the largest single positive contributor of the half. During the period the company received a cash takeover offer at 12.4p per share, a premium of approximately 95% to the price at which the shares stood on 31 December. We regard that premium as the clearest illustration available of the argument set out in our outlook below: UK smaller companies are trading at such depressed levels that acquirers with full information are willing to pay very substantial premiums to buy them outright.
- Clean Power Hydrogen plc more than doubled, gaining 127%.
- Abingdon Health plc advanced 60%, adding £10,406.
- Solid State plc gained 28%, adding £12,375.
- XP Factory plc rose 56% and Creo Medical plc 48%.
Portfolio activity
We were active buyers through the period, deploying £373,045 and reducing cash from 17.1% of net assets at 31 December to 8.1% at 30 June. We regard the prices available during the half as among the most attractive we have seen, and we chose to put capital to work rather than hold it.
New investments
- Time To Act plc: 500,000 shares acquired in April at a cost of £30,155. An engineering-led group focused on the energy transition supply chain, operating through two divisions: Diffusion Alloys, which supplies high-temperature corrosion-protection diffusion coatings for applications including blue hydrogen and nuclear components, and GreenSpur, which develops electrical generators that require no rare earth magnets, for uses such as wind. The company was raising growth capital to pursue what it described as a number of opportunities across both businesses. Time To Act is quoted on the Aquis Stock Exchange rather than AIM.
- RentGuarantor Holdings plc: 229,861 shares acquired in June at a cost of £66,997. A UK online rent-guarantee provider, acting as guarantor for tenants who cannot meet standard referencing or upfront rent requirements and giving landlords and letting agents secured rental income in return for a fee. The company was raising growth capital in anticipation of an expected increase in trading.
Follow-on investments
- Haydale Graphene Industries plc: 10,000,000 shares, £50,255, in January.
- Aptamer Group plc: 8,333,333 shares, £50,255, in March.
- Light Science Technologies plc: 7,500,000 shares, £75,000, in April.
- Verici Dx plc: 28,571,429 shares, £100,000, in June.
Realisations totalled £78,822, comprising the exits from Fortis Frontier and SkinBioTherapeutics described above. We did not trim any holding during the period; where we sold, we sold in full.
Dividend
On 5 August 2026, after the period end, the Company paid a dividend of 1.35p per share out of its distributable reserves, bringing cumulative dividends paid since launch to 35.61p per share, all of it free of income tax. On the 30 June NAV the latest distribution represents a yield of 6.1%. The Board maintained the distribution through a difficult half because it continues to believe shareholders should be rewarded for their support, and because tax-free dividend income is one of the principal benefits of holding a VCT. That treatment was left unchanged by the Autumn Budget 2025 and is unaffected by the changes described below.
Outlook
We enter the second half with the portfolio more fully invested, at lower prices, and in a smaller number of more strongly supported positions than six months ago. That is a deliberate outcome rather than an accident of markets.
The Light Science Technologies holding demonstrates what this strategy looks like when it works: an initial investment repaid in full within months, gains realised into strength, and the position rebuilt at a fraction of the price when the opportunity re-presented itself. We have applied the same discipline to three further holdings during this half, at prices we believe will look similarly attractive with the benefit of time.
UK smaller companies remain markedly cheap against their own history and against international comparators. Trade buyers and private equity have continued to acquire AIM-quoted businesses at substantial premiums, and several companies moved up from AIM to the Main Market during the period. Acquirers with access to full information are paying well above public market prices, which is the clearest evidence available that value exists in this market and has not yet been recognised by it. The cash offer for Cordel Group during the period, at a premium of approximately 95% to its December price, is a direct example from within the portfolio itself.
The recovery in NAV since the period end, set out at the start of this review, is not the product of a general movement in the FTSE AIM All-Share Index (which increased by 2.4% from the period end to 11 September 2026). It reflects developments in the specific holdings described above.
Renalytix has re-rated sharply following the Quest Diagnostics agreement and a subsequent fundraising at a substantial premium to the period-end price. Light Science Technologies has continued to appreciate, trading at 1.9p on 11 September. Audioboom and Aptamer Group have each reported materially improved trading since the half-end. These are the same holdings whose share price falls drove the decline in NAV during the period, and the speed of the recovery illustrates the point made at the outset of this review: in micro-cap markets, quoted prices can diverge from underlying value for extended stretches and then close that gap quickly.
Both of the new investments made during the half have also begun well. We subscribed for RentGuarantor at 29p in June and the shares stood at 93p on 11 September; we invested in Time To Act at 6p in April and the shares stood at 27.5p on the same date. These remain young positions and holdings of this size can move sharply in either direction, but both illustrate what is available when capital is committed at the right price to companies at the right stage.
These are small businesses and their shares can be relatively illiquid for extended periods. They are also capable of re-rating quickly once progress becomes visible, as several holdings demonstrated during this half. We continue to back dynamic growth companies with capable management, defensible positions and a credible route to scale, and we are prepared to be patient where the value is evident, but the market has yet to agree.
We are conscious that the first half has not performed as hoped, however we firmly believe the portfolio is well positioned to recover ground and more, as we are currently witnessing post period end. We remain confident and excited in the Company’s ability to deliver medium and long-term value through a combination of capital growth and tax-free dividends while continuing to support innovative UK businesses.
Oberon AIM VCT plc
For the six months to 30 June 2026
Unaudited Balance Sheet
|
|
Interim Accounts |
|
Final Accounts |
|
Interim Accounts |
||||||
|
|
as at 30 June
|
|
as at 31 December
|
|
as at 30 June
|
||||||
|
|
£'000 |
£'000 |
|
£'000 |
£'000 |
|
£'000 |
£'000 |
|||
Fixed Assets |
|
|
|
|
|
|
|
|
||||
|
Investments |
|
1,571 |
|
|
|
1,559 |
|
|
|
1,635 |
|
|
|
|
|
|
|
|
|
|
|
|||
Current Assets |
|
|
|
|
|
|
|
|
||||
|
Debtors |
175 |
175 |
|
|
334 |
334 |
|
|
312 |
312 |
|
|
|
|
|
|
|
|
|
|
|
|||
Current Liabilities |
|
|
|
|
|
|
|
|
||||
|
Creditors: amounts due |
|
|
|
|
|
|
|
|
|||
|
within one year |
|
(24 |
) |
|
|
(39 |
) |
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,722 |
|
|
|
1,854 |
|
|
|
1,925 |
|
Capital and Reserves |
|
|
|
|
|
|
|
|
||||
|
Share capital |
|
778 |
|
|
|
701 |
|
|
|
684 |
|
|
Share premium |
|
232 |
|
|
|
111 |
|
|
|
770 |
|
|
Capital redemption reserve |
|
215 |
|
|
|
215 |
|
|
|
171 |
|
|
Special distributable reserve |
|
3,207 |
|
|
|
3,207 |
|
|
|
2,636 |
|
|
Capital reserve - realised |
|
(698 |
) |
|
|
(317 |
) |
|
|
(426 |
) |
|
Capital reserve - unrealised |
|
(1,522 |
) |
|
|
(1,621 |
) |
|
|
(1,540 |
) |
|
Revenue reserve |
|
(490 |
) |
|
|
(442 |
) |
|
|
(370 |
) |
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
1,722 |
|
|
|
1,854 |
|
|
|
1,925 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net Asset Value per share |
|
22.1p |
|
|
26.4p |
|
|
28.1p |
||||
|
|
|
|
|
*Audited |
|
|
|
||||
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
|
|
|
6 month period ended 30 June 2026 |
Year to 31 December 2025* |
6 month period ended 30 June 2025 |
||||||||||
|
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
||||
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
||||
Gains/(losses) on investments |
|
|
|
|
|
|
|
|
|
|
|||||
Realised |
|
- |
(10) |
(10) |
- |
213 |
213 |
- |
18 |
18 |
|||||
Unrealised |
|
- |
(272) |
(272) |
- |
(6) |
(6) |
- |
159 |
159 |
|||||
Income |
|
|
6 |
- |
6 |
11 |
- |
11 |
6 |
- |
6 |
||||
Investment management fees |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||
Other expenses |
|
(54) |
- |
(54) |
(124) |
- |
(124) |
(47) |
- |
(47) |
|||||
Return on ordinary activities |
(48) |
(282) |
(230) |
(113) |
207 |
94 |
(41) |
177 |
136 |
||||||
Tax on ordinary activities |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||
Return on ordinary activities |
|
|
|
|
|
|
|
|
|
||||||
after taxation |
|
(48) |
(282) |
(230) |
(113) |
207 |
94 |
(41) |
177 |
136 |
|||||
Return per ordinary share in pence |
(0.63) |
(3.75) |
(4.38) |
(1.76) |
3.21 |
1.45 |
(0.69) |
2.98 |
2.29 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
*Audited |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
All revenue and capital items in the above statement are from continuing operations in the current six month period. No operations were acquired or discontinued in the current period. Other than that shown above, the Company had no recognised gains or losses. Accordingly, the above represents the total comprehensive income for the period. |
|||||||||||||||
The weighted average number of shares in issue during the period was 7,532,871. |
|||||||||||||||
Unaudited Consolidated Statement of Changes in Equity
|
Called-up
|
Share
|
Capital
|
Special
|
|
Capital
|
Capital
|
|
Revenue
|
|
Total
|
||||
As at 1 January 2026 |
701 |
111 |
215 |
3,207 |
|
(317) |
(1,621) |
|
(442) |
|
1,854 |
||||
Realised (losses)/gains on disposals in period |
- |
- |
- |
- |
|
(10) |
- |
|
- |
|
(10) |
||||
Unrealised (losses)/gains |
- |
- |
- |
- |
|
- |
(272) |
|
- |
|
(272) |
||||
Trf of unrealised losses to realised on disposal |
- |
- |
- |
- |
|
(371) |
371 |
|
- |
|
- |
||||
Net revenue before tax |
- |
- |
- |
- |
|
- |
- |
|
(48) |
|
(48) |
||||
New shares issued |
77 |
121 |
- |
- |
|
- |
- |
|
- |
|
198 |
||||
Capital element of investment management fee |
- |
- |
- |
- |
|
- |
- |
|
- |
|
- |
||||
|
________ |
________ |
_________ |
_________ |
|
_______ |
________ |
|
________ |
|
________ |
||||
At 30 June 2026 |
778 |
232 |
215 |
3,207 |
|
(698) |
(1,522) |
|
(490) |
|
1,722 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
As at 1 January 2025 |
557 |
547 |
171 |
2,636 |
|
(130) |
(2,014) |
|
(329) |
|
1,438 |
||||
Share buy back |
(44) |
- |
44 |
(101) |
|
- |
- |
|
- |
|
(101) |
||||
Capital reduction |
- |
(761) |
- |
761 |
|
- |
- |
|
- |
|
- |
||||
Realised gain on disposals |
- |
- |
- |
- |
|
213 |
- |
|
- |
|
213 |
||||
Unrealised (losses)/gains |
- |
- |
- |
- |
|
- |
(6) |
|
- |
|
(6) |
||||
Transfer of unrealised gain to realised on disposal |
- |
- |
- |
- |
|
(399) |
399 |
|
- |
|
- |
||||
Net revenue before tax |
- |
- |
- |
- |
|
- |
- |
|
(113) |
|
(113) |
||||
New shares issued |
187 |
325 |
- |
- |
|
- |
- |
|
- |
|
512 |
||||
Capital element of investment management fee |
- |
- |
- |
- |
|
- |
- |
|
- |
|
- |
||||
Dividends paid |
- |
- |
- |
(89) |
|
- |
- |
|
- |
|
(89) |
||||
|
________ |
________ |
_________ |
_________ |
|
________ |
________ |
|
________ |
|
________ |
||||
At 31 December 2025 |
701 |
111 |
215 |
3,207 |
|
(317) |
(1,621) |
|
(442) |
|
1,854 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statement of Changes in Equity (continued)
|
Called-up
|
Share
|
Capital
|
Special
|
Capital
|
Capital
|
Revenue
|
Total
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
As at 1 January 2025 |
557 |
547 |
171 |
2,636 |
(130) |
(2,014) |
(329) |
1,438 |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Realised gains on disposals |
- |
- |
- |
- |
18 |
- |
- |
18 |
|||||||
Unrealised gains |
- |
- |
- |
- |
- |
159 |
- |
159 |
|||||||
Transfer of unrealised loss to realised on disposal of investment |
- |
- |
- |
- |
(314) |
314 |
- |
- |
|||||||
Net revenue before tax |
- |
- |
- |
- |
- |
- |
(41) |
(41) |
|||||||
New shares issued |
127 |
223 |
- |
- |
- |
- |
- |
350 |
|||||||
Capital element of investment management fee |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||
|
________ |
________ |
_________ |
_________ |
_______ |
________ |
________ |
________ |
|||||||
At 30 June 2025 |
684 |
770 |
171 |
2,636 |
(426) |
(1,540) |
(370) |
1,925 |
|||||||
|
|
|
|
|
|
|
|
|
Oberon AIM VCT plc
For the six months to 30 June 2026
Investment Portfolio
|
Security |
|
Valuation |
% |
% |
|
|
|
30 June 2026 |
Cost |
Valuation |
|
|
|
|
|
|
|
Qualifying Investments |
3,082,576 |
1,561,998 |
95.47 |
91.54 |
|
Non-qualifying Investments |
11,015 |
9,020 |
0.34 |
0.53 |
|
Uninvested funds |
135,316 |
135,316 |
4.19 |
7.93 |
|
|
3,228,907 |
1,706,335 |
100.00 |
100.00 |
|
Qualifying Investments |
|
|
|
|
|
AIM Quoted |
|
|
|
|
|
Abingdon Health plc |
58,129 |
27,028 |
1.80 |
1.58 |
|
Aptamer Group plc |
73,372 |
79,680 |
2.27 |
4.67 |
|
Audioboom Group plc |
33,110 |
58,960 |
1.03 |
3.46 |
|
Aurrigo International plc |
65,335 |
43,550 |
2.02 |
2.55 |
|
Belluscura plc |
102,517 |
0 |
3.17 |
0.00 |
|
Brighton Pier Group plc |
35,379 |
2,530 |
1.10 |
0.15 |
|
Clean Power Hydrogen plc |
50,253 |
15,056 |
1.56 |
0.88 |
|
Cloudified Holdings plc |
85,234 |
1,096 |
2.64 |
0.06 |
|
Coral Products plc |
25,104 |
9,620 |
0.78 |
0.56 |
|
Cordel Group plc |
30,656 |
61,000 |
0.95 |
3.57 |
|
Creo Medical Group plc |
20,504 |
3,825 |
0.64 |
0.22 |
|
CyanConnode Holdngs plc |
204,219 |
6,322 |
6.32 |
0.37 |
|
Destiny Pharma |
175,882 |
0 |
5.45 |
0.00 |
|
Direct Plus plc |
30,158 |
11,250 |
0.93 |
0.66 |
|
DP Poland plc |
25,631 |
11,900 |
0.79 |
0.70 |
|
Earnz plc |
50,254 |
22,000 |
1.56 |
1.29 |
|
Eden Research plc |
29,852 |
13,250 |
0.92 |
0.78 |
|
Feedback plc |
130,665 |
14,633 |
4.05 |
0.86 |
|
Genincode plc |
42,603 |
10,685 |
1.32 |
0.63 |
|
Getech Group plc |
23,750 |
22,444 |
0.74 |
1.32 |
|
H-Power plc |
50,254 |
36,375 |
1.56 |
2.13 |
|
Haydale Graphine Industries plc |
141,867 |
124,647 |
4.39 |
7.30 |
|
I-Nexus Global plc |
30,153 |
380 |
0.93 |
0.02 |
|
Lifesafe Holdings plc |
75,387 |
65,625 |
2.33 |
3.85 |
|
Light Science Technologies plc |
87,445 |
147,465 |
2.71 |
8.64 |
|
Lunglife AI Inc |
20,104 |
341 |
0.62 |
0.02 |
|
M.Winkworth plc |
24,120 |
51,450 |
0.75 |
3.02 |
|
Nexteq plc |
8,091 |
9,450 |
0.25 |
0.55 |
|
Oxford Biodynamics plc |
75,384 |
24,750 |
2.33 |
1.45 |
|
PHSC plc |
15,077 |
4,200 |
0.47 |
0.25 |
|
Property Franchise Group plc |
14,511 |
61,880 |
0.45 |
3.63 |
|
Pulsar Group plc |
10,053 |
9,250 |
0.31 |
0.54 |
|
Renalytix plc |
200,511 |
49,550 |
6.21 |
2.90 |
|
Rentguarantor Holdings plc |
66,997 |
66,660 |
2.07 |
3.91 |
Investment Portfolio continued
|
Security |
|
Valuation |
% |
% |
|
|
|
30 June 2026 |
Cost |
Valuation |
|
Rosslyn Data Technologies plc |
98,606 |
5,425 |
3.05 |
0.32 |
|
SEEEN plc |
163,332 |
104,444 |
5.06 |
6.12 |
|
Solid State plc |
13,378 |
55,000 |
0.41 |
3.22 |
|
Strip Tinning plc |
66,148 |
22,703 |
2.05 |
1.33 |
|
Sysgroup plc |
45,232 |
12,750 |
1.40 |
0.75 |
|
Thalia Therapeutics plc |
40,204 |
2,400 |
1.25 |
0.14 |
|
Time to Act plc |
30,155 |
62,500 |
0.93 |
3.66 |
|
Verici Dx plc |
326,514 |
188,772 |
10.11 |
11.06 |
|
XP Factory plc |
31,006 |
4,581 |
0.96 |
0.27 |
|
|
|
|
|
|
|
|
2,927,134 |
1,525,426 |
90.65 |
89.40 |
|
Qualifying Investments |
|
|
|
|
|
AQSE Quoted |
|
|
|
|
|
EDX Medical Group plc |
25,001 |
15,625 |
0.77 |
0.92 |
|
TSP Advanced Technologies plc |
100,283 |
3,300 |
3.11 |
0.19 |
|
|
125,284 |
18,925 |
3.88 |
1.11 |
|
Qualifying Investments |
|
|
|
|
|
Unlisted Investments |
|
|
|
|
|
LightwaveRF plc |
30,158 |
17,647 |
0.93 |
1.03 |
|
|
30,158 |
17,647 |
0.93 |
1.03 |
|
|
|
|
|
|
|
Total qualifying investments |
3,082,576 |
1,561,998 |
95.47 |
91.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Qualifying Investments |
|
|
|
|
|
AIM Quoted |
|
|
|
|
|
Audioboom Group plc |
1,163 |
440 |
0.03 |
0.03 |
|
|
1,163 |
440 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Non Qualifying Investments |
|
|
|
|
|
UK Listed |
|
|
|
|
|
Twentyfour Income Fund Ltd |
9,852 |
8,580 |
0.31 |
0.50 |
|
|
9,852 |
8,580 |
0.31 |
0.50 |
|
|
|
|
|
|
|
Total non-qualifying investments |
11,015 |
9,020 |
0.34 |
0.53 |
Notes to the Accounts
This interim financial information and the unaudited interim accounts for the six months to 30 June 2026 from which it has been extracted, are the responsibility of the directors and were approved by them on 17 September 2026, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies.
The Company is an investment company as defined in Section 833 of the Companies Act 2006. The unaudited interim accounts have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (January 2022) and with the Statement of Recommended Practice for Investment Companies re-issued by the Association of Investment Companies in November 2014 and updated in July 2022.
The unaudited interim accounts have been prepared using accounting policies that the Company applied in the accounts for the year ended 31 December 2025, incorporating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Company considers these accounting policies will be used in the accounts for the year ending 31 December 2026.
Listed, AIM or AQUIS Markets - traded investments are stated at market value, which is based upon market bid prices in an active market at the balance sheet date. These would all meet tier 1 of the fair value hierarchy.
At the 1 January 2026 there were 7,010,058 shares in issue and following the issue of 774,342 shares during H1’26, the number of shares in issue at 30 June 2026 was 7,784,400. The average weighted number of shares in issue in the period was 7,532,871.
Net Asset Value per share at 30 June 2026 was 22.1p (at 31 December 2025: 26.4p; 30 June 2025: 28.1p).
No dividend was paid in the period, but a final dividend for the year ended 31 December 2025, of 1.35p per share (totaling £105,089) was paid on 5 August 2025.
Oberon AIM VCT plc is managed by Oberon Investments Limited (‘OIL’). Under the terms of the management agreement, OIL is entitled to a fee (exclusive of VAT) equal to 2.0% of net assets from the 1 October 2025. However, Oberon has agreed to charge no fee from 1 October 2025 to 30 September 2026 for its investment management services. During the period the management fee was £nil (the year ended 31 December 2025, £nil; the period ended 30 June 2025, £nil).
Bearing in mind that the assets of the Company consist mainly of marketable securities, the directors are of the opinion that at the time of approving this interim financial information, the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing this interim financial information.
Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company’s Registered Office: 5 Duke Street St James’s, London SW1H 0DB.
Oberon AIM VCT plc
Directors, Investment Managers and Advisors
|
|
|
|
Directors |
Geoffrey Charles Gamble (Chairman) |
|
John Beaumont |
|
Christopher Andrew
|
|
|
Registered Office |
2nd Floor |
|
6 Duke Street St James’s |
|
London SW1Y 6BN |
|
|
Company Secretary |
John Beaumont |
|
6 Duke Street St James’s |
|
London
SW1Y 6BN
|
Investment Manager and Broker |
Oberon Investments Limited |
|
1st Floor 12 Hornsby Square Southfields Business Park |
|
Basildon Essex SS15 6SD |
|
|
Auditor |
Royce Peeling Green Limited
Deva City Office Park
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260917356213/en/
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