Foresight Enterprise VCT reported net asset value per share fell to 49.8p at 31 December 2025 from 54.5p a year earlier, with dividends of 5.9p during the year giving a NAV Total Return of 2.2% for the period.
The value of the investment portfolio rose by £9.5m in the year, driven by a £4.4m uplift in valuations, £14m of new and follow‑on investment and £8.9m of cash generated from disposals and loan repayments.
The Company completed six new investments costing £7.9m and 11 follow‑ons totalling £6.1m, and fully exited Hospital Services Group, realising gains of £7.6m and proceeds of £9.3m including £0.5m of accrued interest (with a potential further £0.4m deferred consideration).
The Board returned 5.9p per share in 2025 via a 3.1p special and a 2.8p interim dividend and completed buybacks of £4.3m at an average 5.0% discount.
Post year‑end an offer for subscription closed on 29 January and raised £38.6m after expenses and the portfolio comprised 49 investments with a cost of £86.5m and a valuation of £118.6m at year end.
"I am pleased to present the audited Annual Report and Accounts for the year ended 31 December 2025 and to report a Net Asset Value Total Return of 2.2% for the year, including a dividend yield of 12.6%," said Michael Gray.
The Board warned of heightened geopolitical and economic uncertainty, noted the November 2025 Budget cut upfront VCT income tax relief from 30% to 20% from 6 April, and set the AGM for 11 June when the Chair will step down.
