Half-year Financial Report

Rights and Issues Inv. Trust PLC

06 August 2026

 

RIGHTS AND ISSUES INVESTMENT TRUST PLC

Legal Entity Identifier (LEI): 2138002AWAM93Z6BP574

Half Yearly Results for the six months ended 30th June 2026

A copy of the Company's Half Yearly Financial Report for the six months ended 30th June 2026 will shortly be available to view and download from https://www.jupiteram.com/uk/e/professional/rights-and-issues-investment-trust-plc/.  Neither the contents of that website nor the contents of any website accessible from hyperlinks on this website (or any other website) is incorporated into or forms part of this announcement.

Printed copies of the Report will be made available to shareholders shortly. Additional copies may be obtained from the Corporate Secretary - Apex Fund Administration Services (UK) Limited, Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY.

INTERIM DIVIDEND

An interim dividend of 12.5p per share has been approved by the Board. The dividend will be paid on 25th September 2026 to shareholders on the register at close of business on 28th August 2026 (ex-dividend 27th August 2026).

The following text is copied from the Half Yearly Financial Report.

HALF YEARLY FINANCIAL REPORT

for the six months ended 30th June 2026

Financial Highlights

Financial Highlights for the six months to 30th June 2026

Capital Performance

	30th June 2026	31st December  2025
Total assets less current liabilities (£'000)	127,458	124,475
Ordinary Share Performance
	30th June 2026	31st December  2025	% change
Mid market price (p)	2,200.0	1,990.0	10.5%
Net asset value per share (p)	2,711.4	2,603.7	4.1%
FTSE All-Share Capital Index	5,635.1	5,350.4	5.3%
Dividends per share (p)	12.5	45.0
Discount to net asset value (%)*	(18.9)	(23.6)
Ongoing charges ratio (%)*	0.96	0.96
*For definitions of the above Alternative Performance Measures please refer to the Glossary of Terms in the Half Yearly Report
Market Data
	30th June 2026
Issued share capital (Ordinary shares of 25p each)	4,700,860
Total investment return†	+5.4%
Total shareholder return††	+9.4%
Annualised dividend yield	+2.0%

†   Source: Jupiter, Morningstar

†† Source: Trustnet

Chairman's Statement

I am pleased to present the Chairman's Statement for the Company's interim report for the six months ended 30th June 2026, together with comments on its progress.

Despite continued global economic uncertainty, particularly in the Middle East, our Company has produced a positive performance. In the period we saw sentiment towards the small cap market continue to improve albeit modestly. These global economic factors as well as competitive pressures will, as ever, challenge the management teams of our portfolio companies. Our performance is largely driven by the highly concentrated and actively managed investment portfolio. Relative performance is mainly driven by stock selection. As such, our Investment Manager continues to monitor our portfolio companies' ability to maintain their margins and market share.

Net Asset Value & Share Price Returns

Over the period the Company generated a capital return of 4.1%, marginally below the return of its benchmark, the FTSE All-Share Index at 5.3%. On a total return basis, the Company's portfolio of investments delivered a positive total return for the period of 5.4% (increase in NAV plus dividends paid). Again, whilst this is behind the total return on the FTSE All-Share Index of 7.2%, it is ahead of the Deutsche Numis Smaller Companies Index (DNSCI) (1.8%) This will be commented on in more detail in the Investment Manager's Review.

The Company's shares performed better in the period as the discount to Net Asset Value narrowed, delivering a total return of 9.4%. An important factor in this result was the Company's renewed ability to buy back its own shares following the approval of the share buyback resolution at our recent Annual General Meeting. During the period since the AGM on 26th March to 30th June 2026 the Company has bought back 79,783 shares and spent £1.7 million on the programme.

Portfolio Activity

The portfolio was little changed over the period, with one holding exited and one new holding added. JTC received a number of takeover bids since we invested in it and, with shares close to the bid price, the position was exited during the period. Mortgage Advice Bureau, a leading network for mortgage brokers in the UK, was added to the portfolio.

You will find more details on stock selection and performance in the Investment Manager's Review below.

Discount Control

The Board's authority to extend what had been a routine business practice of share buybacks going back many years lapsed at the AGM in March 2025. A new authority to buy back shares was sought and obtained at the Annual General meeting in March 2026. We were pleased that the vast majority of shareholders supported the renewal of this authority.

Your Board continues to believe strongly that the programme is in the best interests of the majority of shareholders. As we have seen, buying back shares serves to narrow the discount to Net Asset Value at which the shares trade and reduces share price volatility. These buybacks at the margin continue to provide a useful mechanism for those shareholders wanting to realise their investment whilst providing an economic benefit to remaining shareholders.

Dividends

The Directors are very aware of the importance of income to our shareholders. The Board has today declared an interim dividend of 12.5p (2025: 12.25p) per share, an increase of 2.0% over the prior year. The dividend will be paid on 25th September 2026 to shareholders on the register at close of business on 28th August 2026 (ex dividend 27th August 2026).

Shareholder Engagement

Over the first half of the year your Board and its advisors maintained their regular dialogue with major shareholders. In addition, we were pleased to meet with a significant number of shareholders at our AGM. The feedback we received was consistent with previous years. The small size of the Board was greatly appreciated, as was the continued involvement of Simon Knott.

Directorate Changes

Following the AGM on 26th March 2026 we welcomed Ruth Beechey to the Board as a Non-Executive Director and Chair of the Nomination and Remuneration Committee. Ruth brings extensive legal and leadership experience from Deutsche Asset Management and UBS Asset Management UK, and currently serves as a non-executive director at Brown Advisory US Smaller Companies PLC and Legal and General Pensions Management (Assurance) Limited. Concurrently, Mr Jonathan Roper retired from the Board.

Marketing

Our partnership with Jupiter continues to work well and we have seen a good level of marketing activity with the purpose of raising awareness of the Company to a wider audience. This proactive approach aims to enhance visibility and attract potential investors. Over the course of the period, events were held that included wealth managers, professional fund managers and private individuals via a range of traditional in-person activities, as well as digital content and video tools, which you will be able to find on our Investment Manager's website: https://www.jupiteram.com/uk/e/professional/rights-and-issues-investment-trust-plc/.

Consumer Duty Value Assessment

Jupiter Unit Trust Managers Limited ("JUTM"), as the Company's Alternative Investment Fund Manager ("AIFM"), is required under the FCA's Consumer Duty to regularly assess whether the Company provides fair value to retail investors.

The assessment considers a range of factors, including investment performance, costs and charges, the nature of the product and the needs of the target market. It also considers whether the Company is expected to provide fair value over a reasonably foreseeable period.

Following its 2026 assessment, the JUTM Board concluded that Rights and Issues Investment Trust is expected to provide fair value over a reasonably foreseeable period.

The outcome of the assessment is reported to distributors through the European MiFID Template ("EMT") in accordance with regulatory requirements.

Outlook

In the UK we recognise that many economic challenges continue as before. There is little evidence of major reforms, despite the Government's large majority in parliament. There is increased talk of commitments to increasing defence spending that could prove positive for some parts of the UK industrial sector. The bigger picture, however, is that inflation has remained under control and interest rates have remained steady. With the recent change of Prime Minister there is a case to be made for an improvement in sentiment. This seems to have come through in the overall performance of the FTSE All-Share index in the first half of 2026.

Whilst we are aware of these and other factors, we will continue to encourage our Investment Manager to seek out opportunities to invest in differentiated companies operated by good management that they believe to be fundamentally under-valued. Our commitment to rigorous risk management and disciplined investment practices remains steadfast. The Board believes that our Investment Manager has the skills and knowledge to identify these opportunities and to continue to be well placed to deliver value for your Company into the future.

Thank you for your continued support and confidence in Rights and Issues Investment Trust.

Andrew Hosty

Chairman

5th August 2026

You can view or download copies of the Half Yearly and the Annual Reports from the Company's website at https://www.jupiteram.com/uk/e/professional/rights-and-issues-investment-trust-plc/

The Half Yearly Report will also be made available to shareholders and copies are available at the registered office of the Company on request.

Investment Manager's Review

Introduction

We are pleased to present our investment report for the first half of 2026 to shareholders of the Company. Overall, the Company's portfolio of investments delivered a positive total return for the period, modestly behind its formal benchmark but ahead of the more representative smaller companies index (see below). The Company's shares performed better as the discount to NAV narrowed. One position was sold from the portfolio during the period, with one new holding being added.

 

Market backdrop

The UK equity market performed well over the period as a whole, with the FTSE All-Share Total Return Index¹ ("FTAS") returning 7.2% and the Deutsche Numis Smaller Companies Index¹ ("DNSCI") 1.8%. As was the case last year, this overall performance disguised significant volatility at times, especially around the outbreak of hostilities in the Middle East. Unsurprisingly the market has worried about the impact of higher energy prices on inflation and hence interest rates, although this never translated into outright panic. At the time of writing a fragile peace agreement had broken down, casting doubt on efforts to secure a lasting peace.

 

Elsewhere, equity markets have been very focused on both the risks and opportunities springing from the growth in Artificial Intelligence (AI). While we suspect that the more extreme assumptions about both are overdone, there are likely to be important and enduring effects that we need to consider. At the very least, spending on AI (and hence energy) infrastructure is likely to remain highly elevated for some time to come.

 

At the end of the period, the UK parted company with yet another prime minister. While Andy Burnham's full policy agenda remains somewhat unclear, we believe the bond market is likely to limit any major policy divergence under a new administration. Unfortunately, we will no doubt see a further period of uncertainty until leadership and policy direction is resolved over the summer.

 

Performance

The Company's investment portfolio delivered a total return² of 5.4% for the period. This was behind the Company's formal benchmark (FTAS, 7.2%) but ahead of the DNSCI (1.8%), which we believe is more representative of the portfolio's small and mid-cap investment universe. Given a narrowing of the discount between the share price and NAV, the Company's shares performed better, delivering a return of 9.4% (including dividends).

 

Given the highly concentrated nature of the portfolio, relative performance is principally a function of stock selection as opposed to sector or factor weights. The following individual investments were among the most significant contributors to performance.

 

Keller (+63%)

Leading global groundworks contractor Keller was the most significant contributor to performance over the period, having been added to the portfolio in the second half of last year. After a significant period of transformation under high quality leadership, the business now produces strong returns and margins. This in turn has led to a material increase in valuation over recent months.

 

Colefax (+51%)

Longstanding holding Colefax designs and sells luxury fabrics and wallcoverings, mainly in the UK and USA. The latter market has been extremely strong in recent years, propelled by the performance of the US stock market. Management remain cautious about a potential normalisation in demand and, given that the shares are very illiquid, we have taken the opportunity presented by share buybacks to moderate the position.

 

Oxford Instruments (+49%)

High-tech scientific equipment maker Oxford Instruments was also an important contributor to performance. After a more challenging year negotiating tariffs and an uncertain trade environment, the company now has a more positive outlook, especially for its advanced semiconductor manufacturing equipment.

 

Telecom Plus (-45%)

Multi-utility provider Telecom Plus, which trades as Utility Warehouse, was again a significant detractor from performance. While financial results have continued to track broadly in line with expectations, concerns about the company's business model have driven a dramatic decline in valuation. Late in the period, Telecom Plus announced a significant investment in growth initiatives which lowered short-term profit expectations and drove further weakness in the share price.

 

GB Group (-21%)

Identity verification and fraud detection business GB Group also detracted from performance despite solid financial performance. We believe that investors are concerned about the impact of AI on GB's business; an extension of the widespread theme of potential disruption to software companies in general. While the situation will no doubt involve some complexity, we think that businesses using proprietary data, providing business critical services and employing deep domain expertise will be relative winners. In our view GB fits this model and will be rewarded as this becomes more apparent in time.

 

Portfolio changes

One position was sold during the period and one new holding added.

 

JTC, a leading global administrator of institutional and private investment funds, was added to the portfolio in the first half of last year. Soon after we added the position, the company was in receipt of a number of takeover approaches, culminating in an agreed deal in December. While positive for performance as noted in the full year results, we have mixed feelings about takeovers of high quality companies, as they remove attractive investments from the UK market. With the shares trading close to the bid price, we sold the position over the period.

 

Mortgage Advice Bureau is a leading network for mortgage brokers in the UK. Its hybrid model provides a range of technology, services and lender relationships to both directly employed and affiliated brokers. As well as its stable broker base, MAB now benefits from an offering that includes refinancing and product transfers (i.e. refinancing with the same lender) as well as traditional new purchase deals. This means that it is much less dependent on activity in the housing market than it used to be. After a long period of attractive growth, MAB is now focused on margin expansion and earnings progression. At the same time the equity market has taken a negative view of its prospects, creating what we view as an attractive entry point for an investment.

 

Summary and Outlook

As mentioned above, a fragile truce had broken down in the Middle East at the time of writing. Whether the situation can be recovered to move towards a more durable peace, or is more likely to regress into renewed hostilities, is impossible to predict and not something we are taking a view on. In the longer term we simply note that ongoing trade disruption suits very few countries around the world so it is likely that some kind of accommodation will eventually be reached.

 

In the UK we await Andy Burnham's early weeks in Downing Street with interest. The realities of the bond market, parliamentary Labour party and a ticking electoral clock mean that he may have no greater scope for policy manoeuvre than his ill-fated predecessor. However, he may prove a more adept politician and therefore create space to address some of the most pressing issues of the day, including welfare reform, defence spending and our relationship with the EU. Given the challenges of the last ten years, we think that any improvement in the way the UK is governed would be taken well by the equity market, especially if accompanied by a recovery (from a very low base) in consumer and business sentiment.

 

In the meantime, we continue to look for opportunities to add holdings in high quality businesses at attractive valuations. We believe that this is the best way to create value for shareholders in the long term.

 

 

Matt Cable
Lead Manager

Tim Service
Investment Manager

5th August 2026

1 Both benchmarks excluding Investment Trusts

2 Increase in NAV plus dividends paid

PORTFOLIO STATEMENT

Details of the investments held within the portfolio as at 30th June 2026 are given below by market value: 

		30th June 2026			31st December 2025
UK Investments	Holdings	Market Value £'000	% of Net Assets	Holdings	Market Value £'000	% of Net Assets
Hill & Smith	301,269	8,270	6.49	377,437	8,058	6.47
IMI	263,985	7,819	6.13	292,263	7,272	5.84
Keller	287,587	7,633	5.99	334,421	5,565	4.47
Foresight	1,493,491	6,534	5.13	1,045,334	4,484	3.60
Oxford Instruments	207,858	6,335	4.97	280,450	5,749	4.62
Ashtead Technology	1,521,488	6,307	4.95	1,612,703	5,000	4.02
Johnson Service	3,822,793	6,234	4.89	3,836,307	5,171	4.15
Colefax	398,447	5,578	4.38	555,952	5,170	4.15
Norcros	1,895,605	5,554	4.36	1,555,605	5,180	4.16
Gamma Communications	644,419	5,416	4.25	541,130	5,000	4.02
OSB	1,029,022	5,341	4.19	1,072,110	6,835	5.49
XPS Pensions	1,687,730	5,190	4.07	1,112,439	3,771	3.03
Jet2	399,296	5,159	4.05	399,296	5,606	4.50
GB Group	2,572,443	5,078	3.98	2,226,691	5,711	4.59
Eleco	4,273,001	4,957	3.89	4,026,834	4,913	3.95
Vp	997,487	4,788	3.76	997,487	5,287	4.25
Macfarlane	6,437,647	4,062	3.19	6,437,647	4,622	3.71
Mortgage Advice Bureau Holdings	744,328	3,833	3.00	-	-	-
Sthree	2,233,484	3,524	2.76	2,233,484	4,266	3.43
RS	604,401	3,515	2.76	604,401	3,756	3.02
Marshalls	2,299,139	3,449	2.70	2,299,139	4,152	3.34
Telecom Plus	444,484	3,298	2.59	398,587	5,413	4.35
Morgan Advanced Materials	1,534,766	3,261	2.56	1,500,000	3,270	2.63
Videndum	424,172	1,760	1.38	959,582	106	0.09
Dyson Group	1,000,000	-	-	1,000,000	31	0.02
JTC	-	-	-	554,724	7,123	5.72
Total Investments		122,895	96.42		121,511	97.62
Net current assets		4,563	3.58		2,964	2.38
Net Assets		127,458	100.00		124,475	100.00

Unless otherwise specified, the actual holdings are, in each case, of ordinary shares or stock units and of the nominal value for which listing has been granted.

Risks and uncertainties
Principal risks

The principal and emerging risks and uncertainties that could have a material impact on the Company's performance have not changed from those set out on pages 18 to 20 of the Annual Report for the year ended 31st December 2025.

Cautionary statement

This Half Yearly Report contains forward-looking statements that involve risk and uncertainty. These have been made by the Directors in good faith based on the information available to them at the time of their approval of this Report.

The Board is mindful of the continuing uncertain outlook for the global economy arising from the ongoing conflicts in Ukraine and the Middle East. The Company's assets and the potential level of revenue derived from the portfolio remain exposed to macro-economic deteriorations. The Directors, having considered the nature and liquidity of the portfolio, the Company's investment objectives and projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and is financially sound.

Directors' Statement of Responsibility for the Half Yearly Financial Report

The Directors are responsible for preparing the Half Yearly financial report in accordance with applicable law and regulations.

The Directors confirm that to the best of their knowledge:

·      the condensed set of financial statements has been prepared in accordance with UK adopted International Accounting Standard 34 "Interim Financial Reporting"; and

·      the Half Yearly management report includes a fair review of the information required by DTR 4.2.7R and 4.2.8R. This report was approved on 5th August 2026.

 

Andrew Hosty

Chairman

Statement of Comprehensive Income

for the six months ended 30th June 2026

	Notes	Six months ended 30th June 2026			Six months ended 30th June 2025			Year ended 31st December 2025
		Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment income	2	2,331	-	2,331	1,808	-	1,808	3,403	-	3,403
Other operating income	2	2	-	2	28	-	28	120	-	120
Total income		2,333	-	2,333	1,836	-	1,836	3,523	-	3,523
Gains on fair value through profit and loss assets		-	4,595	4,595	-	3,585	3,585	-	2,392	2,392
		2,333	4,595	6,928	1,836	3,585	5,421	3,523	2,392	5,915
Expenses
Investment management fee		314	-	314	289	-	289	603	-	603
Other expenses		324	-	324	279	15	294	565	1	566
		638	-	638	568	15	583	1,168	1	1,169
Profit before finance costs and taxation		1,695	4,595	6,290	1,268	3,570	4,838	2,355	2,391	4,746
Finance costs		-	-	-	-	-	-	-	-	-
Profit before tax		1,695	4,595	6,290	1,268	3,570	4,838	2,355	2,391	4,746
Tax		-	-	-	-	-	-	-	-	-
Profit after tax		1,695	4,595	6,290	1,268	3,570	4,838	2,355	2,391	4,746
Return per Ordinary share		35.6p	96.4p	132.0p	26.4p	74.4p	100.8p	49.2p	49.9p	99.1p

Return per share is calculated using the weighted average number of Ordinary shares in issue during the period ended 30th June 2026 of 4,766,726 (30th June 2025: 4,795,594, 31st December 2025: 4,788,055).

The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards as adopted by the UK. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement are those of the single entity and derive from continuing operations.

The gain for the period disclosed above represents the Company's total Comprehensive Income. The Company does not have any other Comprehensive Income.

An interim dividend of 12.5p (2025: 12.25p) per share and amounting to £583,000 (calculated as at 4th August 2026) (2025: £586,000) is payable on 25th September 2026 to shareholders on the register as at 28th August 2026 (ex-dividend 27th August 2026).

The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The information for the six months to 30th June 2026 has not been audited.

The information for the year ended 31st December 2025 has been extracted from the latest published audited accounts which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2) or (4) of the Companies Act 2006.

Statement of Financial Position

as at 30th June 2026

	30th June 2026 £'000	30th June 2025 £'000	31st December  2025 £'000
Non-current assets
Investments - fair value through profit or loss	122,895	119,027	121,511
Current assets
Other receivables	1,109	844	442
Cash and cash equivalents	3,889	5,575	2,809
	4,998	6,419	3,251
Total assets	127,893	125,446	124,762
Current liabilities
Other payables	435	278	287
Total assets less current liabilities	127,458	125,168	124,475
Net assets	127,458	125,168	124,475
Equity attributable to equity holders
Called up share capital	1,175	1,195	1,195
Capital redemption reserve	1,080	1,060	1,060
Retained reserves:
Capital reserve	107,426	83,652	101,898
Revaluation reserve	14,695	36,809	17,369
Revenue reserve	3,082	2,452	2,953
Total equity	127,458	125,168	124,475
Net asset value per share
Ordinary shares	2,711.4p	2,618.2p	2,603.7p

The number of Ordinary shares in issue as at 30th June 2026 was 4,700,860 (30th June 2025: 4,780,643, 31st December 2025: 4,780,643).

  Statement of Changes in Equity

for the six months ended 30th June 2026

	Share capital £'000	Capital Redemption reserve £'000	Capital reserve £'000	Revaluation reserve £'000	Revenue reserve £'000	Total £'000
For the six months ended 30th June 2026
Balance at 31st December 2025	1,195	1,060	101,898	17,369	2,953	124,475
Profit for the period	-	-	7,269	(2,674)	1,695	6,290
Total recognised income and expense	1,195	1,060	109,167	14,695	4,649	130,765
Ordinary shares bought back and cancelled	(20)	20	(1,741)	-	-	(1,741)
Dividends (Note 3)	-	-	-	-	(1,566)	(1,566)
Balance at 30th June 2026	1,175	1,080	107,426	14,695	3,082	127,458

	Share capital £'000	Capital Redemption reserve £'000	Capital reserve £'000	Revaluation reserve £'000	Revenue reserve £'000	Total £'000
For the six months ended 30th June 2025
Balance at 31st December 2024	1,210	1,045	81,693	36,483	2,716	123,147
Profit for the period	-	-	3,244	326	1,268	4,838
Total recognised income and expense	1,210	1,045	84,937	36,809	3,984	127,985
Ordinary shares bought back and cancelled	(15)	15	(1,285)	-	-	(1,285)
Dividends (Note 3)	-	-	-	-	(1,532)	(1,532)
Balance at 30th June 2025	1,195	1,060	83,652	36,809	2,452	125,168

	Share capital £'000	Capital Redemption reserve £'000	Capital reserve £'000	Revaluation reserve £'000	Revenue reserve £'000	Total £'000
For the year ended 31st December 2025
Balance at 31st December 2024	1,210	1,045	81,693	36,483	2,716	123,147
Profit for the year	-	-	21,505	(19,114)	2,335	4,746
Total recognised income and expense	1,210	1,045	103,198	17,369	5,071	127,893
Ordinary shares bought back and cancelled*	(15)	15	(1,300)	-	-	(1,300)
Dividends (Note 3)	-	-	-	-	(2,118)	(2,118)
Balance at 31st December 2025	1,195	1,060	101,898	17,369	2,953	124,475

Cash Flow Statement

for the six months ended 30th June 2026

	30th June 2026 £'000	30th June 2025 £'000	31st December 2025 £'000
Cashflows from operating activities
Profit before tax	6,290	4,838	4,746
Adjustments for:
Gains on investments	(4,595)	(3,585)	(2,392)
Purchases of investments	(14,891)	(940)	(34,648)
Proceeds on disposal of investments	18,102	6,783	36,814
Operating cash flows before movements in working capital	4,906	7,096	4,520
Increase in receivables	(667)	(387)	15
(Decrease)/increase in payables	148	(210)	(201)
Net cashflows from operating activities	4,387	6,499	4,334
Cashflows from financing activities
Ordinary shares bought back	(1,741)	(1,285)	(1,300)
Dividends paid	(1,566)	(1,532)	(2,118)
Net cash used in financing activities	(3,307)	(2,817)	(3,418)
Net increase in cash and cash equivalents	1,080	3,682	916
Cash and cash equivalents at beginning of year	2,809	1,893	1,893
Cash and cash equivalents at end of period	3,889	5,575	2,809

Notes to the Financial Statements

for the six months ended 30th June 2026

1.       Accounting Standards

The half yearly financial statements for the period ended 30th June 2026 have been prepared in accordance with the Disclosure and Transparency Rules sourcebook of the Financial Conduct Authority and with the UK adopted International Accounting Standard 34 "Interim Financial Reporting". The accounting policies applied and methods of computation in this interim statement are consistent with those used in the Company's latest published annual financial statements.

Significant accounting policies

a.   Accounting convention

The accounts are prepared under the historical cost basis, except for the measurement of fair value of investments.

b.   Adoption of new IFRS standards

There have been minor amendments to IAS 1 and 7 and IFRS 7 and 16 which were effective for annual periods beginning on or after 1st January 2026 and have not had any material impact on the accounts.

c.   Income

Dividend income is included in the financial statements on the ex-dividend date. All other income is included on an accruals basis.

d.   Expenses

The Company's policy is to expense transaction costs on acquisitions/disposals through the gains on investments at fair value through profit or loss. All other expenses are accounted for on an accruals basis and charged through the revenue account.

e.   Taxation

The charge for taxation is based on the net revenue for the year. Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Investment trusts which have approval under section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.

f.    Dividends

Dividends payable to shareholders are recognised in the financial statements when they are paid or, in the case of final dividends, when they are approved by the shareholders.

g.   Cash and cash equivalents

Cash comprises cash in hand and deposits payable on demand. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash.

h.   Investments

Investments are classified as fair value through profit or loss as the Company's business is investing in financial assets with a view to profiting from their total return in the form of interest, dividends or capital growth.

Changes in the value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Statement of Comprehensive Income as "Gains or losses on investments held at fair value through profit or loss". Also included within this heading are transaction costs in relation to the purchase or sale of investments.

All investments, classified as fair value through profit or loss, are further categorised into the following fair value hierarchy:

Level 1 - Unadjusted prices quoted in active markets for identical assets and liabilities.

Level 2 - Having inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Having inputs for the asset or liability that are not based on observable data.

Investments traded on active stock exchange markets are valued at their fair value, which is determined by the quoted market bid price at the close of business at the statement of financial position date. Where trading in a security is suspended, the investment is valued at the Board's estimate of its fair value.

Unquoted investments would be valued by the Board at fair value using the International Private Equity and Venture Capital Valuation Guidelines.

2.	Income
		30th June 2026 £'000	30th June 2025 £'000	31st December  2025 £'000
Income from investments
Franked investment income		2,331	1,808	3,403
Deposit interest		2	28	120
Total income		2,333	1,836	3,523

3.	Dividends
		30th June 2026 £'000	30th June 2025 £'000	31st December  2025 £'000
Amounts recognised as distributions to equity holders in the relevant period:
Interim dividend for the year ended 31st December 2025 of 12.25p per share		-	-	586
Final divided for the year ended 31st December 2025 of 32.75p per share (year ended 31st December 2024: 32p)		1,566	1,532	1,532
		1,566	1,532	2,118
		30th June 2026 £'000
Proposed interim dividend of 12.5p per share		583

This proposed interim dividend was approved by the Board on 5th August 2026, has been calculated based on shares in issue at 4th August 2026, being the latest practicable date prior to publication of this report and has not been included as a liability at 30th June 2026.

4.	Valuation of financial instruments

IFRS 13 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note 1 Investments, as set out in the Company's Annual Report and Financial Statements for the year ended 31st December 2025.

The fair value hierarchy has the following levels:

Level 1 - Unadjusted prices quoted in active markets for identical assets and liabilities.

Level 2 - Having inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices).

Level 3 - Having inputs for the asset or liability that are not based on observable data.

30th June 2026	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
UK Equity Listed	107,201	-	-	107,201
AIM traded stocks	15,694	-	-	15,694
Net fair value	122,895	-	-	122,895
30th June 2025	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
UK Equity Listed	76,335	-	-	76,335
AIM traded stocks	42,661	-	-	42,661
Unlisted stock	-	-	31	31
Net fair value	118,996	-	31	119,027
31st December 2025	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Financial assets at fair value through profit or loss
UK Equity Listed	105,791	-	-	105,791
AIM traded stocks	15,689	-	-	15,689
Unlisted stock	-	-	31	31
Net fair value	121,480	-	31	121,511

There were no transfers between Level 1 and Level 2 during the periods.

The Company's unlisted investment in Dyson which was previously classified as Level 3, was written down to nil during the period.

5.   Related Party Transactions

Under IAS 24, the Directors have been identified as related parties. Their fees and interests for the year ended 31st December 2025 have been disclosed in the Directors' Annual Remuneration Report within the 2025 Annual Report and Financial Statements.

6.   Going Concern

The Company's assets comprise mainly readily realisable equity securities and cash and the value of its assets is significantly greater than its liabilities. Additionally, after reviewing the Company's budget, including the current financial resources, projected expenses and its medium-term plans, the Directors believe that the Company's resources are adequate for it to continue in operational existence for the foreseeable future.

Based on the above, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended 31st December 2025.

Enquiries:

Jupiter Unit Trust Managers Limited
Nick Black, Jupiter Investment Trusts	Email: [e-mail]
Cavendish Capital Markets Limited
Andrew Worne / Tunga Chigovanyika - Corporate Finance	Tel: [phone]
Pauline Tribe - Sales	Tel: [phone]
Apex Fund Administration Services (UK) Limited
[e-mail]	Tel: [phone]

<END>

 

END