**Summary of Rockwood Strategic PLC Half-Year Financial Report (November 2025)**
Rockwood Strategic PLC (LSERKW) released its unaudited interim results for the six months ended 30 September 2025, highlighting strong performance and strategic growth. Key points include
### **Financial Performance**
**Net Asset Value (NAV) Total Return**12.5% to 279.91p/share, outperforming the FTSE Small Cap (ex-ITs) Index (12.1%) and the FTSE AIM All-Share Index (14.8%).
**Total Shareholder Return**11.5% for the period.
**One-Year NAV Total Return**10.8%, compared to 2.3% for FTSE Small Cap and 5.8% for FTSE AIM All-Share.
**Three-Year NAV Total Return**93.9%, significantly outpacing FTSE Small Cap (31.2%) and FTSE AIM All-Share (-2.9%).
**Total Shareholder Return over Three Years**: 99.7%.
### **Strategic Achievements**
**New Shares Issued**24% increase in share count via block listing, raising NAV to £134.8m.
**Net Cash Position**£9.8m (7.3% of NAV).
**New Investments**Three new investments across diverse sectors, including Treatt Plc (takeover offer received) and Tribal Group Plc (53% post-purchase rise).
**Realisation**Sold Galliford Try Plc, generating a 48.2% IRR and 2.4x money multiple.
**Index Inclusion**Joined FTSE All-Share and FTSE Small Companies Indices.
### **Portfolio Highlights**
**Top Performers**Vanquis Banking Group (+100%), Capital Limited (+70%), Capita Plc (+68%), Centaur Media (+54%), and Mercia Asset Management (+34%).
**Large Holding Contributors**Filtronic (+19%), James Fisher & Sons (+16%), Trifast (+14%), Funding Circle (+14%), and Restore (+13%).
**Underperformers**Argentex (write-off due to mismanagement), STV (-30%), Pennant (-25%), M&C Saatchi (-13%), Van Elle (-2%), and Kooth (-2%).
### **Market Commentary**
**UK Market Challenges**Persistent investor outflows, fiscal uncertainty, and geopolitical tensions.
**Opportunities**Attractive valuations, exhausted pension fund selling, and potential government support for smaller companies.
### **Management and Governance**
**Chairman’s Statement**Noel Lamb emphasized NAV growth exceeding targets, increased scale, and inclusion in major indices.
**Investment Manager’s Report**Richard Staveley highlighted the portfolio’s resilience, strategic investments, and engagement activities.
**Board Changes**Addition of Richard Pease to the Investment Advisory Group, and tribute to former Chairman David Potter.
### **Outlook**
**Positive Trajectory**Confidence in the strategy despite UK market challenges, with a focus on undervalued opportunities and operational improvements.
**Government Intervention**Calls for policy support to reverse smaller company investor outflows.
Rockwood Strategic remains committed to delivering strong returns through its differentiated strategy, focused team, and disciplined investment approach. The full interim report is available on the company’s website.
| Metric | Six Months to 30 Sept 2025 | Six Months to 30 Sept 2024 | Year to 31 March 2025 | Year to 31 March 2024 |
|---|---|---|---|---|
| Net Asset Value (NAV) | £134.8m | £86.959m | £96.576m | £64.261m |
| NAV per Share (pence) | 279.91p | 252.55p | 248.79p | N/A |
| Net Cash | £9.8m | £4.326m | £2.561m | £4.761m |
| Total Income | £14.760m | £17.470m | £13.622m | N/A |
| Profit/(Loss) for the Period | £12.672m | £15.229m | £13.622m | N/A |
| Total Equity | £134.806m | £86.959m | £96.576m | £64.261m |
| Share Capital | £2.408m | £1.722m | £1.941m | £1.560m |
| Share Premium Account | £67.953m | £31.856m | £42.862m | £24.347m |
| Revenue Reserve | £17.931m | £18.384m | £18.061m | £18.565m |
| Capital Reserve | £35.160m | £23.643m | £22.358m | £8.435m |
| Capital Redemption Reserve | £11.354m | £11.354m | £11.354m | £11.354m |
| Total Liabilities | £1.201m | £1.671m | £1.731m | N/A |