**Summary of Worsley Investors Limited Half-Year Report (Ended 30 September 2025)**
**Overview**
Worsley Investors Limited released its half-year report for the six months ended 30 September 2025, highlighting solid performance and progress across its portfolio. The report includes unaudited consolidated financial statements, a Chairmans Statement, and an Investment Advisors Report.
**Financial Highlights**
**Net Asset Value (NAV) per share**Increased to 42.71p from 34.62p at 31 March 2025, a 23.37% rise. However, the Chairman notes this includes a conservative valuation of the cinema asset by the previous valuer, Knight Frank. Adjusting for the Directors valuation announced in June (40.08p), the NAV increase is 6.56%.
**Share price**Declined slightly to 27.00p from 27.80p, resulting in a widened discount to NAV of 36.80%.
**Earnings per share**7.82p, up from 4.11p in the same period last year.
**Total return**NAV total return was 6.56%, while share price total return was -2.88%, underperforming the FTSE All Share Index (11.56%) and FTSE Real Estate Investment Trust Index (3.40%).
**Portfolio Performance**
**Curno Cinema Complex**Refurbished and fully operational under new tenant Notorious, with trading ahead of the business plan. The cinema represents just under one-third of the Companys NAV.
**Equity Portfolio**Continued strong performance, with Smiths News as the largest asset (up 15.7% in the half-year). WH Ireland also saw significant progress due to the Investment Advisors activism.
**Dispute with Former Tenant (UCI)**The Company is pursuing legal action for unpaid rents and damages, with a formal claim expected shortly.
**Operational Updates**
**Valuation**New independent valuer CBRE valued the Curno cinema at €5.46 million, aligning with the Directors valuation.
**Lease Terms**Notorious has invested over €3 million in refurbishment, qualifying for a rental discount. The lease has an initial term until 2035 with renewal options.
**Investment Strategy**
The Company focuses on undervalued British quoted securities, particularly smaller to mid-sized companies, with activism employed to drive favorable outcomes. The portfolio remains fully invested, with a surplus of 69.20% of cost and an annualized return of over 22%.
**Outlook**
**Macro Challenges**Uncertainty in UK equity markets due to government policies, inflation, and geopolitical risks.
**Cinema Asset**Expected to continue generating strong cash flow, though a near-term disposal is unlikely.
**Equity Portfolio**Well-positioned to generate acceptable returns despite economic uncertainties.
**Governance and Administration**
**Directors**: All non-executivewith W. Scott as Chairman.
**Investment Advisor**Worsley Associates LLP, led by Blake Nixon.
**Auditor**BDO Limited.
**Conclusion**
Worsley Investors Limited demonstrated resilience and growth in the first half of 2025, with a focus on maximizing returns from its equity portfolio and resolving legacy issues with the Curno cinema asset. The Company remains optimistic about its strategy despite macroeconomic challenges.
| Metric | 30 September 2025 | 31 March 2025 | % Change |
|---|---|---|---|
| Net Asset Value (NAV) per share | 42.71p | 34.62p | +23.37% |
| Share price | 27.00p | 27.80p | -2.88% |
| Share price discount to NAV | 36.80% | 19.70% | +86.80% |
| Earnings per share | 7.82p | 4.11p (for 6 months ended 30 Sep 2024) | +90.27% |
| NAV Total Return | 6.56% | 8.42% (for 6 months ended 30 Sep 2024) | -22.09% |
| Share price Total Return | -2.88% | 19.76% (for 6 months ended 30 Sep 2024) | -114.59% |
| Profit for the period | £2.639 million | £1.387 million (for 6 months ended 30 Sep 2024) | +89.55% |
| Net Assets | £14.411 million | £11.681 million | +23.37% |
| Cash and cash equivalents | £334,000 | £594,000 | -43.77% |
| Total liabilities | £227,000 | £246,000 | -7.72% |