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Half-year report

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15 JUNE 2022

 

NORTHERN VENTURE TRUST PLC

 

UNAUDITED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2022

 

Northern Venture Trust PLC is a Venture Capital Trust (VCT) whose investment adviser is Mercia Fund Management Limited. The trust was one of the first VCTs launched on the London Stock Exchange in 1995. It invests mainly in unquoted venture capital holdings and aims to provide high long-term tax-free returns to shareholders through a combination of dividend yield and capital growth.

 

Financial highlights (comparative figures as at 31 March 2021 and 30 September 2021):

 

Six months ended
31 March
                2022
Six months ended
31 March
                2021

Year ended
30 September
               2021

Net assets £109.9m £126.7m £119.3m
Net asset value per share 68.4p 79.8p 74.1p
Return per share:
Revenue
Capital
Total

0.0p

(3.6)p

(3.6)p

0.0p

11.6p

11.6p

0.2p

13.7p

13.9p

Dividend per share declared in respect of the period
Interim dividend

Second interim (special) dividend
Final dividend
Total

2.0p

2.0p

2.0p

6.0p

8.0p

2.0p

6.0p

2.0p

10.0p

Cumulative return to shareholders
since launch:
Net asset value per share
Dividends paid per share*
Net asset value plus dividends paid per share

68.4p

184.5p

252.9p

79.8p

174.5p

254.3p

74.1p

182.5p

256.6p

Mid-market share price at end of period 66.0p 66.5p 70.25p
Tax-free dividend yield (based on the net asset per share)**

Excluding special dividend

Including special dividend

5.0%

N/A

7.7%

18.0%

5.7%

14.1%

*Excluding first interim dividend not yet paid.

**The annualised dividend yield is calculated by dividing the dividends in respect of the 12 month period ended on each reference date by the net asset value per share at the start of the period.

 

Enquiries:

James Sly / Graham Venables, Mercia Asset Management PLC – 0330 223 1430

Website: www.mercia.co.uk/vcts

 

HALF-YEARLY MANAGEMENT REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2022

 

While COVID-19 measures have now been substantially unwound in the UK, the past six months have presented a number of macroeconomic challenges, including the re-emergence of inflation, supply chain challenges and the impact of the conflict in Ukraine. Most notably in the quarter to March 2022 this resulted in volatility in quoted markets. The down-valuation of our marked-to-market quoted assets, in particular of our AIM-listed stocks more than negated strong returns from several unquoted realisations. We continue to monitor the portfolio alongside our investment adviser.

 

Results and dividend

The unaudited net asset value (NAV) per share at 31 March 2022 was 68.4 pence, compared with the audited figure of 74.1 pence at 30 September 2021. The total return per share before dividends for the six months ended 31 March 2022 as shown in the income statement was minus 3.6 pence (six months ended 31 March 2021: 11.6 pence), equivalent to minus 4.9% of the NAV at the start of the period. The performance was driven by an unrealised reduction of £5.7 million in the valuation of the investment portfolio. This reduction was substantially due to the venture AIM portfolio, where the marked-to-market valuation fell by £5.4 million but was offset by a number of unquoted portfolio realisations and uplifts pending realisation.

 

Three years ago, we introduced a target dividend yield of 5% of opening NAV, which has been exceeded in each of the years since then. After careful consideration, we have decided to declare an interim dividend of 2.0 pence per share in respect of the period to 31 March 2022. The interim dividend will be paid on 12 August 2022 to shareholders on the register on 22 July 2022.

 

Our dividend investment scheme, which enables shareholders to invest their dividends in new ordinary shares free of dealing costs and with the benefit of the tax reliefs available on new VCT share subscriptions, continues to operate. Details on how to join the scheme are included within the dividend section of our website, which can be found here: mercia.co.uk/vcts/nvt/.

 

Venture capital investment activity

Further progress has been made on the development of the portfolio and deployment of our cash reserves with five new venture capital investments acquired for £7.3 million during the period and a total of £1.5 million invested in six existing portfolio companies.

 

Realisation activity continued in the period, with a number of notable transactions either completed or in progress as at the balance sheet date. The highlights were the sale of Intelling Group, generating a lifetime return of 3.6 times the original cost of the investment, and the sale of Currentbody.com which delivered a return of 2.9 times.

 

Venture capital portfolio update

While the impact of the pandemic continues to provide challenges to some of our portfolio companies, the changes it has driven in consumer habits and working practices has provided opportunities for others. It is clear that a higher rate of inflation is likely to be with us for some time yet and this continues to put cost pressures on many of our businesses.

 

In early 2022 quoted markets reacted to the news on inflation and the conflict in Ukraine by falling from previous highs. Our quoted AIM portfolio ended the period £5.4 million down on September 2021, although this was almost entirely due to a fall in the value of musicMagpie, which fell £5.1 million. Even at this lower value the lifetime return on cost as at 31 March 2022 was still 7.2 times.

 

In response to the conflict in Ukraine, our investment adviser undertook a review of the entire portfolio for links to sanctioned individuals and companies, took appropriate action where needed and continues to monitor the situation carefully.

 

 

Shareholder issues

As a result of the public share offer launched in January 2022, 8,449,994 new ordinary shares were issued in April 2022 for gross proceeds of £6.0 million.

 

Following the increase in the rate of investment in the past year and a half, we continue to monitor liquidity as we consider a fundraising in the 2022/23 tax year.

 

We have maintained our policy of being willing to buy back the company’s shares in the market, when necessary in order to maintain liquidity, at a 5% discount to NAV. During the six months ended 31 March 2022 a total of 1,300,322 shares were purchased by the company for cancellation, representing around 0.8% of the opening ordinary share capital.

 

VCT legislation and qualifying status

The company has continued to meet the stringent and complex qualifying conditions laid down by HM Revenue & Customs for maintaining its approval as a VCT. Mercia monitors the position closely and reports regularly to the board. Philip Hare & Associates LLP has continued to act as independent adviser to the company on VCT taxation matters.

 

The upcoming 2025 ‘sunset clause’ was a European state aid requirement when the VCT scheme received state aid approval in 2015. This will require a small change in UK legislation for VCTs to continue to receive upfront tax relief after this date. We therefore anticipate a review of all current tax advantaged schemes by the government in the run up to 2025. Indeed the Treasury Select Committee announced an inquiry into the state of the UK’s venture capital industry as a whole this month. The Board considers that the company, and VCTs more generally, are successfully delivering against the government’s mandate, which is to channel money into higher-risk, early-stage businesses. Mercia is represented on the relevant committees of the various trade bodies, working to demonstrate to government the positive contributions that VCTs play in society.

 

No further amendments to the VCT legislation were announced by the Chancellor in his 2022 Spring Budget statement, however it is possible that further changes will be made in the future. We will continue to work closely with Mercia to maintain compliance with the scheme rules at all times.

 

Investment adviser

The transitional services agreement, covering the transfer of the company’s administrative, accounting and company secretarial services, ended on 31 March 2022. Mercia Fund Management now performs all functions previously undertaken by NVM Private Equity prior to the novation of the company’s investment management and advisory agreement in December 2019. NVM will continue to play an important role in managing the legacy portfolio of more mature investments.

 

At the end of March 2022 Tim Levett retired from his position leading the VCT investment team within Mercia. Tim leaves behind an experienced team, led by the newly promoted VCT partners and overseen by Peter Dines, with whom he has worked closely since the novation of the agreement to Mercia in December 2019. Tim was one of the founders of NVM and indeed NVT and I would like to thank Tim for his extraordinary service to us all over the past 27 years. I am very pleased that Tim will continue as a non-executive director of Northern Venture Trust PLC.

 

Change of accounting reference period

In order to better align with fund raising events and the other Northern VCT’s reporting timetables, the company’s accounting reference date will be changed from 30 September to 31 March. The financial year to 30 September 2022 will therefore be extended to cover the 18 months to 31 March 2023. A second interim report for the 12 months to 30 September will be released later this year, with the next set of full financial statements being released in June 2023.

 

 

 

Outlook

Despite macroeconomic headwinds caused by domestic inflation and the residual impact of COVID-19 measures, your directors remain encouraged by the resilience of the portfolio and the growing pipeline of opportunities for investment. With the assistance of our adviser we will continue to deploy the capital raised this year into early stage businesses and to support our existing portfolio.

 

On behalf of the Board

 

Simon Constantine

Chairman

 

 

Extracts from the unaudited interim financial statements for the six months ended 31 March 2022 are set out below.

 

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2022

 

  Six months ended 31 March 2022  Six months ended 31 March 2021 
  Revenue 

£000 

Capital 

£000 

Total 

£000 

Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain on disposal of investments –  754   754 –  941  941 
Movements in fair value of investments –  (5,692)  (5,692) –  18,369  18,369 
  ———-  ———-  ———-  ———-  ———-  ———- 
  –  (4,938)  (4,938) –  19,310  19,310 
Income 527  –  527 505  –  505 
Investment management fee (287) (860) (1,147) (276) (827) (1,103)
Other expenses (295) –  (295) (254) –  (254)
  ———-  ———-  ———-  ———-  ———-  ———- 
Return before tax (55)  (5,798) (5,853) (25)  18,483  18,458 
Tax on return –  –  –  – 
  ———-  ———-  ———-  ———-  ———-  ———- 
Return after tax (55)  (5,798) (5,853) (25)  18,483  18,458
  ———-  ———-  ———-  ———-  ———-  ———- 
Return per share 0.0p (3.6)p (3.6)p 0.0p 11.6p 11.6p

 

 

 

    Year ended 30 September 2021 
        Revenue 

£000 

Capital 

£000 

Total 

£000 

Gain on disposal of investments       –  8,380  8,380 
Movements in fair value of investments       –  17,660 17,660
        ———-  ———-  ———- 
        –  26,040  26,040 
Income       1,372  –  1,372 
Investment management fee       (579) (4,275) (4,854)
Other expenses       (472) (472)
        ———-  ———-  ———- 
Return before tax       321 21,765 22,086 
Tax on return       (15) 15  – 
        ———-  ———-  ———- 
Return after tax       306  21,780  22,086 
        ———-  ———-  ———- 
Return per share       0.2p 13.7p 13.9p

 

 

 

BALANCE SHEET

(unaudited) as at 31 March 2022

 

  31 March 2022  31 March 2021  30 September 2021 
  £000  £000  £000 
Fixed assets:      
Investments 86,524  99,031  96,563 
  ———-  ———-  ———- 
Current assets:      
  Debtors 55  1,866  308 
  Cash and cash equivalents 23,433  25,959  25,106 
  ———-  ———-  ———- 
  23,488  27,825  25,414 
Creditors (amounts falling due within one year) (121) (119) (2,679)
  ———-  ———-  ———- 
Net current assets 23,367  27,706  22,735 
  ———-  ———-  ———- 
       
Net assets 109,891  126,737  119,298 
  ———-  ———-  ———- 
       
Capital and reserves:      
Called-up equity share capital 40,143  39,715  40,268 
Share premium 14,969  13,141  14,608 
Capital redemption reserve 3,833  3,290  3,508 
Capital reserve 40,220  45,109  38,325 
Revaluation reserve 9,904  24,653  21,430 
Revenue reserve 822  829  1,158 
  ———-  ———-  ———- 
Total equity shareholders’ funds 109,891  126,737  119,298 
  ———-  ———-  ———- 
Net asset value per share 68.4p 79.8p 74.1p

 

STATEMENT OF CHANGES IN EQUITY

(unaudited) for the six months ended 31 March 2022

  —————Non-distributable reserves————— Distributable reserves Total 
  Called up share 

capital 

Share 

premium 

Capital 

redemption 

reserve 

Revaluation 

reserve* 

Capital 

reserve 

Revenue 

reserve 

 
  £000  £000  £000  £000  £000  £000  £000 
At 1 October 2021 40,268  14,608  3,508  21,430  38,325  1,159  119,298
               
Return after tax –  –  –  (11,526) 5,728 (55)  (5,853)
Dividends paid –  –  –  –  (2,932) (282) (3,214)
Net proceeds of share issues 200  361 –  –  –  –  561 
Shares purchased for cancellation

(325)

325

(901)

(901)

               
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 
At 31 March 2022 40,143  14,969 3,833 9,904 40,220 822 109,891
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 

STATEMENT OF CHANGES IN EQUITY

(unaudited) for the six months ended 31 March 2021

  —————Non-distributable reserves————— Distributable reserves Total 
  Called up share 

capital 

Share 

premium 

Capital 

redemption 

reserve 

Revaluation 

reserve* 

Capital 

reserve 

Revenue 

reserve 

 
  £000  £000  £000  £000  £000  £000  £000 
At 1 October 2020 39,905  12,745  2,853  18,086  37,872  1,330  112,791
               
Return after tax –  –  –  6,567 11,916 (25)  18,458 
Dividends paid –  –  –  –  (3,497) (476) (3,973)
Net proceeds of share issues 247  396  –  –  –  –  643 
Shares purchased for cancellation

(437)

437

(1,182)

(1,182)

               
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 
At 31 March 2021 39,715  13,141  3,290  24,653  45,109  829  126,737
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 

STATEMENT OF CHANGES IN EQUITY

for the year ended 30 September 2021

  —————Non-distributable reserves————— Distributable reserves Total 
  Called up share 

capital 

Share 

premium 

Capital 

redemption 

reserve 

Revaluation 

reserve* 

Capital 

reserve 

Revenue 

reserve 

 
  £000  £000  £000  £000  £000  £000  £000 
At 1 October 2020 39,905  12,745  2,853  18,086  37,872  1,330  112,791
               
Return after tax –  –  –  3,344  18,436  306  22,086 
Dividends paid –  –  –  –  (16,144) (477) (16,621)
Net proceeds of share issues 1,018  1,863  –  –  –  2,881 
Shares purchased for cancellation (655) 655 (1,839) (1,839)
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 
At 30 September 2021 40,268  14,608  3,508  21,430  38,325  1,159  119,298
  ———-  ———-  ———-  ———-  ———-  ———-  ———- 

*The revaluation reserve is generally non-distributable other than that part of the reserve relating to gains/losses on readily realisable quoted investments, which is distributable.

STATEMENT OF CASH FLOWS

(unaudited) for the six months ended 31 March 2022

 

  Six months ended  Six months ended  Year ended 
  31 March 2022  31 March 2021  30 September 2021 
  £000  £000  £000 
Cash flows from operating activities:      
Return before tax (5,853) 18,458  22,086 
Adjustments for:      
Gain on disposal of investments (754) (941) (8,380)
Movement in fair value of investments 5,692 (18,369) (17,660)
Decrease in debtors 253 49 366
(Decrease)/increase in creditors (2,558) (309) 2,251
  ———-  ———-  ———- 
Net cash (outflow)/inflow from operating activities (3,220) (1,112) (1,337)
  ———-  ———-  ———- 
Cash flows from investing activities:      
Purchase of investments (10,176) (7,411) (13,506)
Sale/repayment of investments 15,277  18,301  34,835 
  ———-  ———-  ———- 
Net cash inflow/(outflow) from investing activities 5,101  10,890  21,329 
  ———-  ———-  ———- 
Cash flows from financing activities:      
Issue of ordinary shares 580  677  2,921 
Share issue expenses (18) (34) (40)
Purchase of ordinary shares for cancellation (901) (1,182)  (1,839)
Equity dividends paid (3,214) (3,973) (16,621)
  ———-  ———-  ———- 
Net cash (outflow)/inflow from financing activities (3,553) (4,512)  15,579 
  ———-  ———-  ———- 
Net increase/(decrease) in cash and cash equivalents (1,673) 5,266  4,413
Cash and cash equivalents at beginning of period 25,106  20,693  20,693 
  ———-  ———-  ———- 
Cash and cash equivalents at end of period 23,433  25,959  25,106 
  ———-  ———-  ———- 

 

 

 

INVESTMENT PORTFOLIO SUMMARY

as at 31 March 2022

  Cost

£000

Valuation

£000

% of net assets

by valuation

Fifteen largest venture capital investments:      
Lineup Systems 975 7,222 6.6%
Evotix (formerly SHE) 2,766 5,926 5.4%
Grip-UK (ta. Climbing Hangar) 3,530 3,530 3.2%
Oddbox 386 3,370 3.1%
Volumatic Holdings 216 3,338 3.0%
Knowledgemotion 1,903 3,253 3.0%
Buoyant Upholstery 1,173 2,992 2.7%
musicMagpie* 238 2,222 2.0%
Biological Preparations Group 2,366 2,133 1.9%
Newcells Biotech 1,771 2,118 1.9%
Weldex (International) Offshore Holdings 3,262 2,117 1.9%
Clarilis 1,972 2,063 1.8%
Rockar 1,800 2,000 1.8%
IDOX* 238 1,995 1.8%
Tutora (ta. Tutorful) 2,015 1,930 1.8%
  ———— ———— ————
  24,611 46,209 42.0%
Other venture capital investments 44,220 30,726 28.0%
  ———— ———— ————
Total venture capital investments 68,831 76,935 70.0%
Listed equity investments 7,790 9,589 8.7%
  ———— ———— ————
Total fixed asset investments 76,621 86,524 78.7%
  ————    
Net current assets   23,367 21.3%
    ———— ————
Net assets   109,891 100.0%
    ———— ————
       

 

*Quoted on AIM

 

   RISK MANAGEMENT

 

The board carries out a regular and robust assessment of the risk environment in which the company operates and seeks to identify new risks as they emerge. The principal and emerging risks and uncertainties identified by the board which might affect the company’s business model and future performance, and the steps taken with a view to their mitigation, are as follows:

 

Investment and liquidity risk: investment in smaller and unquoted companies, such as those in which the company invests, involves a higher degree of risk than investment in larger listed companies because they generally have limited product lines, markets and financial resources and may be more dependent on key individuals. The securities of smaller companies in which the company invests are typically unlisted, making them illiquid, and this may cause difficulties in valuing and disposing of the securities. The company may invest in businesses whose shares are quoted on AIM – the fact that a share is quoted on AIM does not mean that it can be readily traded and the spread between the buying and selling prices of such shares may be wide. Mitigation: the directors aim to limit the risk attaching to the portfolio as a whole by careful selection, close monitoring and timely realisation of investments, by carrying out rigorous due diligence procedures and maintaining a wide spread of holdings in terms of financing stage and industry sector within the rules of the VCT scheme. The board reviews the investment portfolio with the investment adviser on a regular basis.

 

Financial risk: most of the company’s investments involve a medium to long term commitment and many are relatively illiquid. Mitigation: the directors consider that it is inappropriate to finance the company’s activities through borrowing except on an occasional short-term basis. Accordingly they seek to maintain a proportion of the company’s assets in cash or cash equivalents in order to be in a position to pursue new unquoted investment opportunities and to make follow-on investments in existing portfolio companies. The company has very little direct exposure to foreign currency risk and does not enter into derivative transactions.

 

Economic risk: events such as economic recession or general fluctuation in stock markets, exchange rates and interest rates may affect the valuation of investee companies and their ability to access adequate financial resources, as well as affecting the company’s own share price and discount to net asset value. The level of economic risk has been elevated by the lingering impact of the COVID 19 pandemic, inflationary pressures, and conflict in Ukraine. Mitigation: the company invests in a diversified portfolio of investments spanning various industry sectors, and maintains sufficient cash reserves to be able to provide additional funding to investee companies where it is appropriate and in the interests of the company to do so. The adviser typically provides an investment executive to actively support the board of each unquoted investee company. At all times, and particularly during periods of heightened economic uncertainty, the investment executives share best practice from across the portfolio with investee management teams in order to mitigate economic risk.

 

Stock market risk: some of the company’s investments are quoted on the London Stock Exchange or AIM and will be subject to market fluctuations upwards and downwards. External factors such as terrorist activity or global health crises, such as the COVID-19 pandemic, can negatively impact stock markets worldwide. In times of adverse sentiment there may be very little, if any, market demand for shares in smaller companies quoted on AIM. Mitigation: the company’s quoted investments are actively managed by specialist advisers, including Mercia in the case of the AIM-quoted investments, and the board keeps the portfolio and the actions taken under ongoing review.

 

Credit risk: the company holds a number of financial instruments and cash deposits and is dependent on the counterparties discharging their commitment. Mitigation: the directors review the creditworthiness of the counterparties to these instruments and cash deposits and seek to ensure there is no undue concentration of credit risk with any one party.

 

Legislative and regulatory risk: in order to maintain its approval as a VCT, the company is required to comply with current VCT legislation in the UK. Changes to the UK legislation in the future could have an adverse effect on the company’s ability to achieve satisfactory investment returns whilst retaining its VCT approval. Mitigation: the board and the investment adviser monitor political developments and where appropriate seek to make representations either directly or through relevant trade bodies.

 

Internal control risk: the company’s assets could be at risk in the absence of an appropriate internal control regime which is able to operate effectively even during times of disruption, such as that caused by COVID-19. Mitigation: the board regularly reviews the system of internal controls, both financial and non-financial, operated by the company and the investment adviser. These include controls designed to ensure that the company’s assets are safeguarded and that proper accounting records are maintained.

 

VCT qualifying status risk: while it is the intention of the directors that the company will be managed so as to continue to qualify as a VCT, there can be no guarantee that this status will be maintained. A failure to continue meeting the qualifying requirements could result in the loss of VCT tax relief, the company losing its exemption from corporation tax on capital gains, to shareholders being liable to pay income tax on dividends received from the company and, in certain circumstances, to shareholders being required to repay the initial income tax relief on their investment. Mitigation: the investment adviser keeps the company’s VCT qualifying status under continual review and its reports are reviewed by the board on a quarterly basis. The board has also retained Philip Hare & Associates LLP to undertake an independent VCT status monitoring role.

 

 

OTHER MATTERS

 

The unaudited interim financial statements for the six months ended 31 March 2022 do not constitute statutory financial statements within the meaning of Section 434 of the Companies Act 2006, have not been reviewed or audited by the company’s independent auditor and have not been delivered to the Registrar of Companies. The comparative figures for the year ended 30 September 2021 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The auditor’s report on those financial statements (i) was unqualified, (ii) did not include any reference to matters to which the auditor drew attention by way of emphasis without qualifying the report and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. The interim financial statements have been prepared on the basis of the accounting policies set out in the annual financial statements for the year ended 30 September 2021.

 

Each of the directors confirms that to the best of their knowledge the interim financial statements have been prepared in accordance with the Statement “Half-yearly financial reports” issued by the UK Accounting Standards Board and the half-yearly financial report includes a fair review of the information required by (a) DTR 4.2.7R of the Disclosure Rules and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure Rules and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

 

The directors of the company at the date of this statement were Mr S J Constantine (Chairman), Mr R J Green, Ms D N Hudson, Mr T R Levett, and Mr D A Mayes.

 

The calculation of return per share is based on the return after tax for the six months ended 31 March 2022 and on 160,954,914 (2021: 159,392,613) ordinary shares, being the weighted average number of shares in issue during the period.

 

The calculation of the net asset value per share is based on the net assets at 31 March 2022 divided by the 160,573,866 (2021: 158,861,290) ordinary shares in issue at that date.

 

The interim dividend of 2.0p per share for the 18 month period ending 31 March 2023 will be paid on 12 August 2022, to shareholders on the register at the close of business on 22 July 2022.

 

A copy of the interim financial report for the six months ended 31 March 2022 is expected to be made available to shareholders on or around 8 July 2022 and will be available to the public at the registered office of the company at Forward House, 17 High Street, Henley-in-Arden, B95 5AA and on the Mercia Asset Management PLC website.

 

Neither the contents of the Mercia Asset Management PLC website, nor the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are incorporated into, or form part of, this announcement.

 

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