**Summary of Bankers Investment Trust PLC Annual Financial Report (2025)**
**Performance Highlights (Year Ended 31 October 2025):**
**Net Asset Value (NAV) per Share Total Return:** 18.1% (2024: 21.1%)
**Share Price at Year End** 133.0p (2024: 110.8p)
**NAV per Ordinary Share with Debt at Fair Value:** 147.9p (2024: 127.9p)
**Dividend per Share for the Year** 2.744p (2024: 2.688p), marking the 59th consecutive annual increase.
**Dividend Growth for the Year** 2.1% (2024: 5.0%)
**Discount with Debt at Fair Value at Year End:** 10.1% (2024: 13.4%)
**Net Gearing at Year End** 5.6% (2024: 1.5%)
**Ongoing Charge for the Year** 0.51% (unchanged from 2024)
**15-Year Total Return Performance**
**NAV Total Return** 370.9%
**Share Price Total Return** 406.4%
**FTSE World Index Total Return** 354.2%
**Chairs Statement**
The portfolio has been concentrated, reducing the number of holdings and regions, with more capital allocated to high-conviction investments.
Richard Clode appointed as Co-Fund Manager alongside Alex Crooke to leverage his expertise in technology and US growth stocks.
Strong performance with double-digit growth in both NAV and share price, outperforming the FTSE World Index.
Dividend growth supported by revenue reserves, with a focus on increasing dividends in real terms.
Enhanced governance with increased Board-Manager interaction and an independent review of Board effectiveness.
Active discount management through share buybacks, targeting a single-digit discount.
**Co-Fund Managers Report**
Portfolio streamlined to focus on highest conviction positions, reducing holdings to approximately 100.
Increased exposure to US markets (65% from 50%) and technology sectors, benefiting from AI-driven growth.
Gearing increased to 5.6% to capitalize on market opportunities.
Outlook positive for technology, financials, and industrials, with AI expected to drive productivity and growth.
**Financial Summary**
**Profit for the Year** £216.691 million (2024: £229.950 million)
**Earnings per Ordinary Share** 20.25p (2024: 19.33p)
**Net Assets:** £1435.686 million (2024: £1434.146 million)
**Net Asset Value per Ordinary Share** 144.7p (2024: 125.2p)
**Risk Management**
Robust assessment of principal risksincluding investment performanceportfolio and market riskstax and regulatory compliancefinancial risksoperational and cyber risksand climate change risks.
Mitigation strategies include diversified portfolio, regular Board monitoring, and compliance with regulatory requirements.
**Viability Assessment**
The Board has a reasonable expectation that the Company can continue operations and meet liabilities over the next five years, supported by a diversified portfolio, long-term borrowings, and revenue reserves.
**Dividend**
Final dividend of 0.686p per share recommended, bringing total dividends for the year to 2.744p per share.
**AGM Details**
Scheduled for 25 February 2026 at 201 Bishopsgate, London. Shareholders can attend in person or virtually.
**Conclusion**
Bankers Investment Trust PLC demonstrated strong financial performance in 2025, with significant growth in NAV and share price, outperforming benchmarks. The Company continues to focus on strategic investments, dividend growth, and robust risk management, positioning itself well for future opportunities.