**Summary of Maven Income & Growth VCT PLC Half-Year Report (October 29, 2025):**
**Financial Performance**
**Net Asset Value (NAV)** Total return of 147.82p per Ordinary Share as of August 31, 2025, with a NAV of 36.36p per share.
**Dividends** Increased interim dividend of 1.50p per share paid on August 29, 2025, reflecting a new target annual yield of 6% of NAV.
**Fundraising** Successfully raised £10 million through an early-closed Offer for Subscription, and launched a new fundraising for 2025/26 and 2026/27 tax years with a target of £12.5 million.
**Portfolio Highlights**
**Investments** Added two new private companies to the portfolio and provided follow-on funding to 15 existing companies, deploying £2.4 million.
**Exits** Completed the exit of Horizon Ceremonies, generating an initial return of 2.1x cost and over £1.8 million in cash, with potential for further deferred proceeds.
**Portfolio Performance** Most private equity holdings showed positive commercial progress and revenue growth, leading to valuation uplifts. AIM-quoted portfolio declined, slightly impacting overall performance.
**Market and Strategy**
**Economic Context** Operated in a mixed economic backdrop with ongoing geopolitical tensions, demonstrating resilience in performance.
**Investment Focus** Continued focus on high-growth sectors like cybersecurity, data analytics, and specialty software, with an emphasis on recurring revenue models.
**Recurring Revenue** Several portfolio companies achieved significant annual recurring revenue (ARR) milestones, enhancing their attractiveness to potential buyers.
**Dividend Policy and Shareholder Returns:**
**Enhanced Dividend Policy** Increased target annual yield from 5% to 6% of NAV, emphasizing tax-free distributions.
**Dividend Investment Scheme (DIS)** Shareholders can reinvest dividends into new shares, benefiting from tax reliefs and avoiding dealing costs.
**Treasury Management**
**Cash Optimization** Maintained a diversified treasury management portfolio, generating a blended annualized yield of over 3% on cash and investments.
**New Investments**
**Digilytics** AI-enabled loan application processing platform, supporting sales, marketing, and product development for US market entry.
**PowerPhotonic** Precision micro-optics manufacturer, expanding sales and marketing to broaden UK and US presence.
**Realisations**
**Horizon Ceremonies** Sold to Railpen, generating significant cash proceeds and potential deferred gains.
**ISN Solutions** Acquired by Kube Networks, with Maven retaining an equity stake in the combined entity.
**Risks and Governance**
**Emerging Risks** Added AI to the Risk Register due to increased usage by portfolio companies, focusing on data protection, cybersecurity, and intellectual property risks.
**Compliance** Remained fully compliant with VCT regulations and actively engaged in policy discussions through industry associations.
**Outlook**
**Investment Pipeline** Assessing an extensive pipeline of opportunities for new investments in the second half of the year.
**Exit Opportunities** Continually evaluating exit strategies to maximize shareholder value and support the increased dividend target.
**Conclusion**
Maven Income & Growth VCT PLC demonstrated robust performance in the first half of 2025, navigating challenging market conditions while achieving significant milestones in portfolio growth, exits, and shareholder returns. The company remains well-positioned to capitalize on emerging opportunities and deliver long-term value to shareholders.