Half-year Report
Summary by AI BETAClose X
Oberon AIM VCT plc
For the six months to 30 June 2025
Chairman’s Statement
I am pleased to be able to report to you that the fund increased its Net Asset Value (NAV) from £1.4m to £1.9m in the first six months of this year. This was partly due to the success in attracting new investors into the fund (of circa £350k), but also due to the underlying improvement in fund performance, which on a per share basis generated a return of 9.0% in the first six months of the current year to 28.12p. This is a very satisfactory performance, given that the FTSEAIM Allshare Index increased by only 7.1% in the same period, but is just the start of our long-term strategy to create value for our shareholders and to help to underpin the growth of our fund by attracting new investors.
While the timing of interest rate cuts in the UK is difficult to predict, the consensus is that the direction of movement is downwards. This makes our 5% target dividend yield, subject to having sufficient distributable reserves, very attractive. When you couple this tax-free yield with the 30% tax relief available to investors who purchase new shares in the fund, the case, we think, becomes compelling.
With the FTSE100 index near its all-time high, and while still looking relatively good value versus other international markets, we believe that there is likely to be a move in investor activity towards smaller growth orientated businesses, which should continue to generate further good performance from the Company’s portfolio. In addition, the mitigation of risk offered by the upfront tax incentive and the tax-free dividend yield gives us confidence that we can continue to grow the fund.
As you may be aware we are currently promoting a prospectus which was published earlier this year, and the offer is still open for either new investors or current shareholders to make applications to invest in new shares. As we grow the fund our cost base will reduce on a per share basis thus enhancing value for our investors. Further details are available on our website at oberonaimvct.com.
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
29 September 2025
Investment Manager’s Review
We are pleased to report a solid first half performance for the six-month period to 30 June 2025, during which your VCT’s Net Asset Value (NAV) increased from 25.8p to 28.1p, representing a 9.0% gain.
In comparison, the FTSE AIM All-Share Index rose by 7.1% increase over the same period. The VCT’s outperformance was helped by targeted investment activity and selective realisations.
We made two new investments and two follow-on investments during the period:
-
New Investments:
- GeninCode plc – a precision medicine company focused on cardiovascular disease prevention through genetic testing.
- Oxford Biodynamics plc – a biotechnology firm developing epigenetic biomarkers for precision medicine. It has a lead product called EpiSwitch PSE which is an effective prostate cancer detection test that identifies an individual’s current likelihood of prostate cancer from blood.
-
Follow-on Investments:
- SEEEN plc – a video technology platform enabling AI-driven content monetisation.
- Belluscura plc – a medical device company focused on portable oxygen concentrators.
These investments reflect our continued focus on high-growth, innovation-led businesses listed on AIM, particularly in the healthcare and technology sectors.
We exited or top-sliced eight investments during the period. These actions were taken to crystallise gains, rebalance the portfolio, and manage risk. The proceeds have enhanced the VCT’s liquidity and will be redeployed into new opportunities in line with our investment strategy.
Outlook
We remain optimistic about the outlook for the second half of 2025. Market sentiment towards UK smaller companies has improved, with the AIM Index showing signs of recovery following a challenging few years. This rebound has been supported by interest rate cuts and stabilising inflation, which may provide a more favourable environment for growth-oriented businesses.
The AIM market remains a fertile ground for growth capital investment, particularly in sectors where UK companies demonstrate competitiveness.
We maintain a disciplined and selective approach to capital deployment, focusing on companies with strong management, good fundamentals, resilient business models, and clear scalable paths to growth. We continue to see exciting investments opportunities for the fund with companies seeking growth capital at very attractive prices.
While volatility may persist, the VCT is well-positioned to take advantage of attractive opportunities within the AIM market, supported by a diversified portfolio and a long-term investment horizon. We believe that although AIM has started to improve, this represents only a small recovery so far compared to the declines we have experienced over the previous 4 years. Helping this improvement has been the M&A activity within small cap companies, which is a good sign that value exists within AIM and will hopefully be a catalyst for further market recovery.
Consequently, we remain confident in the VCT’s ability to deliver value to shareholders through a combination of capital growth and tax-efficient income, while continuing to support innovative UK businesses.
Oberon AIM VCT plc
For the six months to 30 June 2025
Unaudited Balance Sheet
|
|
Interim Accounts |
|
Final Accounts |
|
Interim Accounts |
|||
|
|
as at 30 June
|
|
as at 31 December 2024* |
|
as at 30 June
|
|||
|
|
£'000 |
£'000 |
|
£'000 |
£'000 |
|
£'000 |
£'000 |
Fixed Assets |
|
|
|
|
|
|
|
|
|
|
Investments |
|
1,635 |
|
|
1,449 |
|
|
1,686 |
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
312 |
312 |
|
16 |
16 |
|
172 |
172 |
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts due |
|
|
|
|
|
|
|
|
|
within one year |
|
(22) |
|
|
(27) |
|
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,925 |
|
|
1,438 |
|
|
1,850 |
Capital and Reserves |
|
|
|
|
|
|
|
|
|
|
Share capital |
|
684 |
|
|
557 |
|
|
557 |
|
Share premium |
|
770 |
|
|
547 |
|
|
547 |
|
Capital redemption reserve |
|
171 |
|
|
171 |
|
|
171 |
|
Special distributable reserve |
|
2,636 |
|
|
2,636 |
|
|
2,775 |
|
Capital reserve - realised |
|
(426) |
|
|
(130) |
|
|
(227) |
|
Capital reserve - unrealised |
|
(1,540) |
|
|
(2,014) |
|
|
(1,695) |
|
Revenue reserve |
|
(370) |
|
|
(329) |
|
|
(278) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,925 |
|
|
1,438 |
|
|
1,850 |
|
|
|
|
|
|
|
|
|
|
Net Asset Value per share |
|
28.1p |
|
|
25.8p |
|
|
33.2p |
|
|
|
|
|
|
*Audited |
|
|
|
|
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
|
|
|
6 month period ended 30 June 2025 |
Year to 31 December 2024* |
6 month period ended 30 June 2024 |
||||||||||
|
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
||||
|
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
||||
Gains/(losses) on investments |
|
|
|
|
|
|
|
|
|
|
|||||
Realised |
|
- |
18 |
18 |
- |
61 |
61 |
- |
6 |
6 |
|||||
Unrealised |
|
- |
159 |
159 |
- |
(599) |
(599) |
- |
(324) |
(324) |
|||||
Income |
|
|
6 |
- |
6 |
24 |
- |
24 |
11 |
- |
11 |
||||
Investment management fees |
- |
- |
- |
(3) |
(10) |
(13) |
(2) |
(7) |
(9) |
||||||
Other expenses |
|
(47) |
- |
(47) |
(103) |
- |
(103) |
(40) |
- |
(40) |
|||||
Return on ordinary activities |
(41) |
177 |
136 |
(82) |
(548) |
(630) |
(32) |
(325) |
(357) |
||||||
Tax on ordinary activities |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||
Return on ordinary activities |
|
|
|
|
|
|
|
|
|
||||||
after taxation |
|
(41) |
177 |
136 |
(82) |
(548) |
(630) |
(32) |
(325) |
(357) |
|||||
Return per ordinary share in pence |
(0.69) |
2.98 |
2.29 |
(1.48) |
(9.82) |
(11.30) |
(0.57) |
(5.84) |
(6.41) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
*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 5,956,160.
|
|
|
|
|
|
||||||||||
Unaudited Consolidated Statement of Changes in Equity
|
Called-up share capital £’000 |
Share Premium account
|
Capital Redemption reserve
|
Special distributable
|
Capital
realised
|
Capital
unrealised
|
Revenue reserve
|
Total £’000 |
|||||
|
|
|
|
|
|
|
|
|
|||||
As at 1 January 2025 |
557 |
547 |
171 |
2,636 |
(130) |
(2,014) |
(329) |
1,438 |
|||||
|
|
|
|
|
|
|
|
|
|||||
Realised gains on disposals in period |
- |
- |
- |
- |
18 |
- |
- |
18 |
|||||
Unrealised gains |
- |
- |
- |
- |
- |
159 |
- |
159 |
|||||
Transfer of unrealised gain 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 |
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||
As at 1 January 2024 |
557 |
547 |
171 |
2,775 |
(287) |
(1,309) |
(247) |
2,207 |
|||||
|
|
|
|
|
|
|
|
|
|||||
Realised loss on disposals |
- |
- |
- |
- |
61 |
- |
- |
61 |
|||||
Unrealised losses |
- |
- |
- |
- |
- |
(599) |
- |
(599) |
|||||
Transfer of unrealised gain to realised on disposal of investment |
- |
- |
- |
- |
106 |
(106) |
- |
- |
|||||
Net revenue before tax |
- |
- |
- |
- |
- |
- |
(82) |
(82) |
|||||
New shares issued |
- |
- |
- |
- |
- |
- |
- |
- |
|||||
Capital element of investment management fee |
- |
- |
- |
- |
(10) |
- |
- |
(10) |
|||||
Dividends paid |
- |
- |
- |
(139) |
- |
- |
- |
(139) |
|||||
|
________ |
________ |
_________ |
_________ |
________ |
________ |
________ |
________ |
|||||
At 31 December 2024 |
557 |
547 |
171 |
2,636 |
(130) |
(2,014) |
(329) |
1,438 |
|||||
|
|
|
|
|
|
|
|
|
|||||
Unaudited Consolidated Statement of Changes in Equity (continued)
|
Called-up share capital £’000 |
Share Premium account
|
Capital Redemption reserve
|
Special distributable
|
Capital
realised
|
Capital
unrealised
|
Revenue reserve
|
Total £’000 |
|
|
|
|
|
|
|
|
|
As at 1 January 2024 |
557 |
547 |
171 |
2,775 |
(287) |
(1,309) |
(247) |
2,207 |
|
|
|
|
|
|
|
|
|
Realised gains on disposals |
- |
- |
- |
- |
6 |
- |
- |
6 |
Unrealised gains |
- |
- |
- |
- |
- |
(325) |
- |
(325) |
Transfer of unrealised loss to realised on disposal of investment |
- |
- |
- |
- |
61 |
(61) |
- |
- |
Net revenue before tax |
- |
- |
- |
- |
- |
- |
(32) |
(32) |
New shares issued |
- |
- |
- |
- |
- |
- |
- |
- |
Capital element of investment management fee |
- |
- |
- |
- |
(7) |
- |
- |
(7) |
|
________ |
________ |
_________ |
_________ |
_______ |
________ |
________ |
________ |
At 30 June 2024 |
557 |
547 |
171 |
2,775 |
(227) |
(1,695) |
(278) |
1,850 |
|
|
|
|
|
|
|
|
|
Oberon AIM VCT plc
For the six months to 30 June 2025
Investment Portfolio
|
Security |
Cost |
Valuation |
% |
% |
|
|
|
30 June 2025 |
Cost |
Valuation |
|
|
|
|
|
|
|
Qualifying Investments |
3,144,483 |
1,626,326 |
90.74 |
84.49 |
|
Non-qualifying Investments |
31,273 |
8,934 |
0.90 |
0.46 |
|
Uninvested funds |
289,755 |
289,755 |
8.36 |
15.05 |
|
|
3,465,511 |
1,925,016 |
100.00 |
100.00 |
|
Qualifying Investments |
|
|
|
|
|
AIM Quoted |
|
|
|
|
|
Abingdon Health plc |
58,129 |
17,568 |
1.68 |
0.91 |
|
Actual Experience plc |
63,174 |
0 |
1.82 |
0.00 |
|
AFC Energy plc |
50,254 |
47,375 |
1.45 |
2.46 |
|
Audioboom Group plc |
39,287 |
53,106 |
1.13 |
2.76 |
|
Aurrigo International plc |
75,387 |
67,500 |
2.18 |
3.51 |
|
Belluscura plc |
102,517 |
19,486 |
2.96 |
1.01 |
|
Brighton Pier Group plc |
35,379 |
1,760 |
1.02 |
0.09 |
|
Clean Power Hydrogen plc |
50,253 |
6,222 |
1.45 |
0.32 |
|
Cloudbuy plc |
41,896 |
0 |
1.21 |
0.00 |
|
Cloudified Holdings plc |
85,234 |
2,532 |
2.46 |
0.13 |
|
Coral Products plc |
25,104 |
14,800 |
0.72 |
0.77 |
|
Cordel Group plc |
30,656 |
37,871 |
0.88 |
1.97 |
|
Creo Medical Group plc |
20,504 |
3,543 |
0.59 |
0.18 |
|
CyanConnode Holdngs plc |
204,219 |
6,322 |
5.89 |
0.33 |
|
Deepverge plc |
93,203 |
0 |
2.69 |
0.00 |
|
Destiny Pharma |
175,882 |
9,775 |
5.08 |
0.51 |
|
Direct Plus plc |
30,158 |
25,000 |
0.87 |
1.30 |
|
DP Poland plc |
25,631 |
17,850 |
0.74 |
0.93 |
|
Earnz plc |
50,254 |
34,667 |
1.45 |
1.80 |
|
Eden Research plc |
29,852 |
15,992 |
0.86 |
0.83 |
|
Feedback plc |
130,665 |
29,267 |
3.77 |
1.52 |
|
Fusion Antibodies plc |
7,540 |
536 |
0.22 |
0.03 |
|
Genincode plc |
50,003 |
27,027 |
1.44 |
1.40 |
|
Getech Group plc |
23,750 |
21,263 |
0.69 |
1.10 |
|
Haydale Graphine Industries plc |
100,516 |
208,288 |
2.90 |
10.82 |
|
I-Nexus Global plc |
30,153 |
570 |
0.87 |
0.03 |
|
Inspired Energy plc |
33,641 |
83,475 |
0.97 |
4.34 |
|
Kinovo plc |
43,721 |
64,500 |
1.26 |
3.35 |
|
Libertine Holdings plc |
125,628 |
0 |
3.63 |
0.00 |
|
Lifesafe Holdings plc |
75,387 |
30,469 |
2.18 |
1.58 |
|
Light Science Technologies plc |
25,127 |
85,000 |
0.73 |
4.42 |
|
Lunglife AI Inc |
20,104 |
469 |
0.58 |
0.02 |
|
M.Winkworth plc |
28,140 |
70,700 |
0.81 |
3.67 |
|
Marechale Capital plc |
50,501 |
10,000 |
1.46 |
0.52 |
Investment Portfolio continued
|
Security |
Cost |
Valuation |
% |
% |
|||||
|
|
|
30 June 2025 |
Cost |
Valuation |
|||||
|
MyHealthChecked plc |
103,202 |
38,766 |
2.98 |
2.01 |
|||||
|
N4 Pharma plc |
40,204 |
1,400 |
1.16 |
0.07 |
|||||
|
Nexteq plc |
8,091 |
11,690 |
0.23 |
0.61 |
|||||
|
Oxford Biodynamics plc |
50,255 |
32,400 |
1.45 |
1.68 |
|||||
|
PHSC plc |
15,076 |
8,940 |
0.44 |
0.46 |
|||||
|
Polarean Imaging plc |
7,539 |
650 |
0.22 |
0.03 |
|||||
|
Property Franchise Group plc |
14,511 |
71,500 |
0.42 |
3.71 |
|||||
|
Pulsar Group plc |
10,053 |
9,500 |
0.29 |
0.49 |
|||||
|
Renalytix plc |
100,002 |
77,778 |
2.89 |
4.04 |
|||||
|
Rosslyn Data Technologies plc |
98,606 |
10,549 |
2.85 |
0.55 |
|||||
|
SEEEN plc |
163,332 |
90,867 |
4.71 |
4.72 |
|||||
|
Skinbiotherapeutics plc |
75,383 |
64,145 |
2.18 |
3.33 |
|||||
|
Solid State plc |
15,810 |
65,000 |
0.46 |
3.38 |
|||||
|
Strip Tinning plc |
66,148 |
33,386 |
1.91 |
1.73 |
|||||
|
Sysgroup plc |
45,232 |
15,225 |
1.31 |
0.79 |
|||||
|
Tan Delta Systems plc |
11,239 |
8,170 |
0.32 |
0.42 |
|||||
|
Verici Dx plc |
101,505 |
3,636 |
2.93 |
0.19 |
|||||
|
XP Factory plc |
31,006 |
2,856 |
0.89 |
0.15 |
|||||
|
|
|
|
|
|
|||||
|
|
2,989,041 |
1,559,387 |
86.25 |
81.00 |
|||||
|
Qualifying Investments |
|
|
|
|
|||||
|
AQSE Quoted |
|
|
|
|
|||||
|
EDX Medical Group plc |
25,001 |
26,042 |
0.72 |
1.35 |
|||||
|
Truspine Technology |
100,283 |
23,250 |
2.89 |
1.21 |
|||||
|
|
125,284 |
49,292 |
3.61 |
2.56 |
|||||
|
Qualifying Investments |
|
|
|
|
|||||
|
Unlisted Investments |
|
|
|
|
|||||
|
LightwaveRF plc |
30,158 |
17,647 |
0.87 |
0.92 |
|||||
|
|
30,158 |
17,647 |
0.87 |
0.92 |
|||||
|
|
|
|
|
|
|||||
|
Total qualifying investments |
3,144,483 |
1,626,326 |
90.73 |
84.48 |
|||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
|
Investment Portfolio continued
|
|
|
|
|
|||||
|
Security |
Cost |
Valuation |
% |
% |
|||||
|
|
|
30 June 2025 |
Cost |
Valuation |
|||||
|
|
|
|
|
|
|||||
|
Non Qualifying Investments |
|
|
|
|
|||||
|
AIM Quoted |
|
|
|
|
|||||
|
Audioboom Group plc |
1,163 |
334 |
0.03 |
0.02 |
|||||
|
|
1,163 |
334 |
0.03 |
0.02 |
|||||
|
|
|
|
|
|
|||||
|
Non Qualifying Investments |
|
|
|
|
|||||
|
UK Listed |
|
|
|
|
|||||
|
Twentyfour Income Fund Ltd |
9,852 |
8,600 |
0.28 |
0.44 |
|||||
|
|
9,852 |
8,600 |
0.28 |
0.44 |
|||||
|
Non Qualifying Investments |
|
|
|
|
|||||
|
Unlisted Investments |
|
|
|
|
|||||
|
Mar City plc |
10,053 |
0 |
0.29 |
0.00 |
|||||
|
Sorbic International plc |
10,205 |
0 |
0.29 |
0.00 |
|||||
|
|
20,258 |
0 |
0.58 |
0.00 |
|||||
|
|
|
|
|
|
|||||
|
Total non-qualifying investments |
31,273 |
8,934 |
0.90 |
0.46 |
|||||
|
||||||||||
Notes to the Accounts
This interim financial information and the unaudited interim accounts for the six months to 30 June 2025 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 September 2025, 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 2024, 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 2025.
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 2025 there were 5,574,403 shares in issue and following the issue of 1,271,264 shares during H1’25, the number of shares in issue at 30 June 2025 was 6,845,667. The average weighted number of shares in issue in the period was 5,956,160.
Net Asset Value per share at 30 June 2025 was 28.1p (at 31 December 2024: 25.8p; 30 June 2024: 33.2p).
No dividend was paid in the period, but a final dividend for the year ended 31 December 2024, of 1.3p per share (totaling £88,993) was paid on 30 July 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. From 1 October 2024 to 30 September 2025 no management fee is being charged by Oberon for its investment management services. During the period the management fee was £nil (the year ended 31 December 2024, £13.8k; the period ended 30 June 2024, £9.8k).
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
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Directors |
Geoffrey Charles Gamble (Chairman) |
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John Beaumont |
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Christopher Andrew
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Registered Office |
2nd Floor |
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6 Duke Street St James’s |
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London SW1Y 6BN |
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Company Secretary |
John Beaumont |
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6 Duke Street St James’s |
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London
SW1Y 6BN
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Investment Manager and Broker |
Oberon Investments Limited |
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1st Floor 12 Hornsby Square Southfields Business Park |
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Basildon Essex SS15 6SD |
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Auditor |
Royce Peeling Green Limited
Deva City Office Park
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250929068608/en/
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