**Summary of Unicorn AIM VCT PLC Final Results for the Year Ended 30 September 2025**
**Financial Highlights**
**Dividends** Paid 6.5 pence per share in ordinary dividends and a special interim dividend of 6.0 pence per share during the year. A final dividend of 3.5 pence per share is proposed.
**Net Asset Value (NAV)** NAV per share fell by 1.8% after adding back dividends of 12.5 pence per share, compared to a 7.9% rise in the FTSE AIM All-Share Total Return Index.
**Fundraising** Raised £24.1 million through an Offer for Subscription, with a new offer announced to raise up to £25.0 million.
**Performance** Total return was -1.8%, underperforming the FTSE AIM All-Share Index due to challenging market conditions for smaller UK companies.
**Strategic Report**
**Market Conditions** The UK economy faced challenges, including elevated inflation, higher interest rates, and political uncertainty, impacting smaller companies. The US market, particularly tech stocks, dominated, while UK smaller growth companies struggled.
**Portfolio Performance** The portfolio delivered a negative total return of -1.8%, reflecting structural and cyclical challenges. However, many investee companies showed operational resilience and are well-positioned for improved market conditions.
**Investments** Made seven new VCT qualifying investments totaling £9.1 million and allocated £6.6 million to existing holdings. Realized gains of £5.2 million from disposals.
**Dividends and Share Buybacks** Paid total dividends of 12.5 pence per share, including special dividends. Bought back 6.39 million shares for cancellation at an average price of 83.5 pence per share.
**Key Performance Indicators**
Focus on NAV per share, cumulative dividends, earnings per share, 5-year NAV and share price comparison, and running costs.
**Chairs Statement**
Highlighted the difficult market environment and the Companys focus on backing high-quality growth businesses. Noted the resilience of the portfolio and the potential for improvement in market conditions.
**Investment Managers Review**
Detailed analysis of market conditions, portfolio performance, and key investments. Highlighted the impact of sector-specific factors and the importance of stock selection.
**Board Changes and Governance**
Julian Bartlett joined the Board, and Charlotta Ginman will not seek re-election. Succession planning is ongoing.
**VCT Status**
Maintained VCT status with 90.6% of assets in qualifying companies. Welcomed government extensions to State Aid rules and upcoming changes to VCT regulations.
**Outlook**
Optimistic about stabilizing macroeconomic conditions, improving investor sentiment, and the potential for UK smaller companies to re-rate. The Company is well-positioned to benefit from these developments.
**Financial Statements**
Detailed income statement, statement of financial position, changes in equity, and cash flows. Highlighted net assets of £194.4 million and a NAV per share of 90.28 pence.
**Post Balance Sheet Events**
Announced a new Offer for Subscription and a significant transaction involving Hasgrove Limited, expected to generate substantial proceeds.
**Conclusion**
Unicorn AIM VCT PLC navigated a challenging year with a focus on resilience and strategic investments. Despite underperformance relative to the FTSE AIM All-Share Index, the Company maintained its VCT status, distributed significant dividends, and positioned itself for potential market improvements. The upcoming transaction with Hasgrove and new fundraising efforts underscore the Companys proactive approach to enhancing shareholder value.
| Metric | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 |
|---|---|---|---|---|
| Shareholders' Funds (£ m) | 194.4 | 182.5 | 199.4 | 199.5 |
| Net Asset Value per Share (NAV) (p) | 90.3 | 88.0 | 104.7 | 103.6 |
| 10-year Cumulative Dividends Paid per Share (p) | 124.2 | 121.2 | 111.7 | 108.7 |
| Share Price (p) | 76.5 | 80.5 | 93.5 | 91.5 |
| Total Dividends Paid (£ m) | 24.4 | N/A | 24.4 | N/A |
| Offer for Subscription Raised (£ m) | 24.1 | N/A | N/A | N/A |
| Share Buybacks (£ m) | 5.3 | N/A | N/A | N/A |
| Operating Costs (£ m) | 4.5 | N/A | N/A | N/A |
| Total Return (%) | -1.8 | N/A | N/A | N/A |