Interim Management Statement

Gresham House Income & Growth VCT

17 September 2026

 

GRESHAM HOUSE INCOME & GROWTH VCT PLC

("the Company")

LEI:  213800FPC15FNM74YD92

INTERIM MANAGEMENT STATEMENT

For the quarter ended 30 June 2026

Gresham House Income & Growth VCT plc presents an Interim Management Statement for the quarter ended 30 June 2026. 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 2026 (unaudited)	At 31 March 2026 (unaudited)
Net assets attributable to shareholders	£217.34 million	£196.58 million
Shares in issue	361,236,492	316,972,590
Net asset value (NAV) per share	60.17p	62.02p
Cumulative dividends paid	173.00p	170.50p
Cumulative Total return (net asset value basis) per share since inception	233.17p	232.52p

The NAV per share has decreased by 1.85 pence in the quarter. This decrease was principally due to a dividend payment of 2.50 pence per share paid on 10 April 2026 which was partially offset by an increase in the unrealised valuation of the portfolio. Adjusting for the dividend payment, on a total return basis, the NAV per share increased by 0.65 pence, or 1.0% during the quarter.

INVESTMENT ACTIVITY DURING THE PERIOD

New Investments during the period

On 8 April 2026, a new investment of £2.48 million was made into BBLHD Ltd (trading as 01Health), a healthcare platform.

Further investments during the period

On 28 April 2026, the Company completed a follow on investment of £0.07 million into Penfold Technology Ltd, a pension platform for customers to manage and consolidate their pensions.

On 11 May 2026, the Company completed a follow on investment of £0.25 million into OnSecurity Technology Ltd, which provides penetration testing services.

On 18 May 2026, the Company completed a follow on investment of £0.03 million into Veremark Ltd, a background screening check provider.

Realisations during the period

On 10 April 2026, following an acquisition offer, the Company realised its remaining holding in IDOX plc for proceeds of £2.98 million which, including amounts received over the life of this investment, generated a multiple on cost of 5.2x. 

On 22 April 2026, a loan repayment totalling £2.28 million was received from EOTH Limited (trading as Rab/Lowe Alpine). This loan repayment, combined with proceeds received over the life of the investment realised a multiple on cost of 8.2x.

SHARE ALLOTMENT

On 1 April 2026, the Company allotted 44,745,151 Ordinary Shares of 1.00 pence each pursuant to the offer for subscription launched on 2 February 2026 (the "Offer"). The shares were issued at an average issue price of 61.71 pence per share, raising gross funds of £27.61 million and £26.69 million after expenses. Following the allotment, the Offer was closed.

DIVIDENDS PAID DURING THE PERIOD

On 2 March 2026, an interim dividend of 2.50 pence per share in respect of the year ending 30 September 2026 was declared. This dividend was paid on 10 April 2026 to all Shareholders whose names were on the register on 13 March 2026.

DIVIDEND INVESTMENT SCHEME ("DIS")

Following the dividend paid in April as detailed above, the Company subsequently allotted 1,967,881 new Ordinary Shares of 1.00 pence each under the Company's DIS at a price of 59.65 pence per share.

INVESTMENT ACTIVITY AFTER THE PERIOD END

Further investments after the period end

On 20 August 2026, the Company completed a follow on investment of £0.23 million into Branchspace Ltd, a provider of cloud-based enterprise software to the aviation industry.

On 25 August 2026, the Company completed a new investment of £3.04 million into a financial services company.

On 8 September 2026, the Company completed a new investment of £2.46 million into EAS Technologies Ltd (t/a Accredit Solutions), a SaaS accreditation platform provider for event venues.

SHARE BUYBACK AFTER THE PERIOD END

On 27 July 2026, the Company purchased 2,335,110 of its own ordinary shares at a price of 56.54 pence per share.

All shares bought back by the Company were subsequently cancelled.

DIVIDEND DECLARED AFTER THE PERIOD END

On 17 September 2026, a second interim dividend of 2.25 pence per share in respect of the year ending 30 September 2026 was declared and will be paid on 30 October 2026 to all Shareholders whose names were on the register on 25 September 2026. Payment of this interim dividend will reduce NAV per share (shown above) to 57.92 pence and increase cumulative dividends paid to 175.25 pence per share.

Together with the first interim dividend of 2.50 pence per share paid on 10 April 2026, total dividends declared and payable in respect of the year ending 30 September 2026 amount to 4.75 pence per share which achieves the Board's annual dividend target of 7% of opening NAV per share.

Shareholders can now register for the Dividend Investment Scheme ("DIS") which will allow Shareholders to receive additional shares in the Company by re-investing their total dividend payment into new shares at the latest published NAV.

See the Company's website https://greshamhouse.com/gresham-house-income-growth-vct-plc/ for further details. 

The dividend declared above is eligible for the DIS. Elections to join the DIS must be received by City Partnership by 16 October 2026.

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