DJ Final Results for the Year Ended 30th June 2026
New Star Investment Trust PLC (NSI)
Final Results for the Year Ended 30th June 2026
29-Oct-2026 / 07:00 GMT/BST
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NEW STAR INVESTMENT TRUST PLC
This announcement constitutes regulated information.
UNAUDITED RESULTS
FOR THE YEAR ENDED 30TH JUNE 2026
New Star Investment Trust plc (the 'Company'), whose current objective is to achieve total return through capital
growth and income, announces its results for the year ended 30th June 2026.
FINANCIAL HIGHLIGHTS
30th June 30th June %
2026 2025 Change
PERFORMANCE
Net assets (GBP '000) 143,967 121,140* 18.84
Net asset value per Ordinary share 202.70p 170.56p* 18.84
Mid-market price per Ordinary share 136.00p 110.00p* 23.63
Discount of price to net asset value 32.91% 35.5% n/a
Total Return** 20.92% 2.08% n/a
IA Mixed Investment 40% - 85% Shares (total return) 17.12% 5.57% n/a
MSCI AC World Index (total return, sterling adjusted) 28.19% 7.64% n/a
MSCI UK Index (total return) 21.86% 11.03% n/a
1st July 2025 to 1st July 2024 to
30th June 2026 30th June 2025
Revenue return per Ordinary share 4.03p 4.25p
Capital return per Ordinary share 31.66p (0.21)p
Return per Ordinary share 35.69p 4.04p
TOTAL RETURN** 20.92% 2.08%
DIVIDEND PER ORDINARY SHARE
Interim paid April 1.70p 1.70p
Proposed final dividend 1.85p 1.85p
3.55p 3.55p
B Share Redemption - 24.00p
RECEIVABLE BY SHAREHOLDERS 3.55p 27.55p
*After return of capital (B Shares) in 2025.
** The total return figure for the Company represents the revenue and capital return shown in the Statement of Comprehensive Income before dividends paid, the B Share redemption payment in 2024 and after deducting B Share issue costs, as a percentage of opening net assets. The total return performance basis is the industry standard and is considered a more appropriate measure than just the revenue return. This is an alternative performance measure.
CHAIRMAN'S STATEMENT
PERFORMANCE
Your Company generated a total return of 20.92% over the year to 30th June 2026, leaving the net asset value (NAV) per ordinary share at 202.70p. By comparison, the Investment Association's Mixed Investment 40-85% Shares Index gained 17.12%. The MSCI AC World Total Return Index gained 28.19% in sterling while the MSCI UK All Cap Total Return Index rose 21.86%. Over the year, UK government bonds returned 2.44%. Further information is provided in the investment manager's report.
Your Company made a revenue profit for the year of GBP2.86 million (2025: GBP3.02 million). The reduction was principally due to lower interest income.
GEARINGS AND DIVIDEND
Your Company has no borrowings. It ended the year under review with cash representing 12.23% of its NAV and is likely to maintain a significant cash position. In respect of the financial year to 30th June 2026, your Directors recommend the payment of a final dividend of 1.85p per share, making a total for the year of 3.55p (2025: 3.55p).
DISCOUNT
During the year under review, your Company's shares continued to trade at a significant discount to their NAV. The Board keeps this issue under regular review.
INVESTMENT TRUST STATUS
Share purchases by two outside shareholders caused your Company to be in breach of the investment trust tax regulations. Accordingly, your Company lost its investment trust status for the 2024-2025 and 2025-2026 financial years. As a result, your Company has had to make a provision of GBP340,000 for tax on capital gains for the 2024-2025 year. From 1 July 2026, the start of the current financial year, your Company has regained its investment trust status.
OUTLOOK
In the early autumn of 2026, global financial market prospects appeared positive, with the most attractive stock market opportunities likely to be in Asia excluding Japan, emerging markets and Europe excluding the UK. Large UK companies with international operations also looked attractively valued although smaller UK companies with a domestic focus and UK government bonds may be vulnerable should the new UK chancellor fail to address the country's fiscal deficit and high public sector debt levels. Your Company's cash, bond and lower-risk multi-asset investments provide diversification should equity markets falter. These should provide income to pay dividends.
NET ASSET VALUE
Your Company's unaudited NAV at 30th September 2026 was 202.39p.
INVESTMENT MANAGER'S REPORT
MARKET REVIEW
Inflation was significantly above some leading central bank targets over the year to 30th June 2026, with the result that interest rates remained higher than previously forecast. US inflation, as measured by the core personal consumption expenditures index, the Federal Reserve's favoured measure, was at 3.3% in June 2026, up from 2.8% in June 2025, while eurozone inflation rose from 2% to 2.8%. UK inflation eased from 3.6% to 2.6%.
As a consequence, official interest rates fell more slowly than during some previous rate-easing cycles. The Fed cut its rate by three quarters of a percentage point to 3.5-3.75% during the second half of 2025 but subsequently left it unchanged for the remainder of the period. The European Central Bank increased its key rate from 2% to 2.25% while the Bank of England cut Bank Rate by half a point to 3.75% in late 2025 but made no changes subsequently.
The main reason for increased inflation was the US-Israeli war against Iran and the closure of the Strait of Hormuz to oil and gas shipping, which left the oil price 40% higher in sterling during the year under review. The US responded by temporarily relaxing sanctions on Russian oil and depleting its strategic petroleum reserve to stabilise prices. In the longer term, increased supply from Venezuela, following the ousting of President Nicolas Maduro, the growth of renewable energy and advances in battery storage may cause oil prices to fall.
Higher inflation and the slow pace of monetary easing proved a headwind for bond markets, which returned just 0.62% in dollar terms although the sterling return was 3.89% as the dollar rose against the pound. Although high nominal bond yields appeared attractive, credit spreads, the excess return on corporate bonds compared to sovereign bonds of the same maturity, were low at around one percentage point. Credit spreads, which have not been this narrow since before the 2007-09 great financial crisis, offered insufficient compensation for the higher risk inherent in holding corporate bonds. Some commentators said public credit markets might be vulnerable to contagion from private debt markets, where lending standards appeared too lax, as witnessed by some significant defaults and the closure of private debt funds to withdrawals.
PORTFOLIO REVIEW
Your Company's total return over the year under review was 20.92%. By comparison, the Investment Association Mixed Investment 40-85% Shares sector, a peer group of funds with a multi-asset approach to investing and a typical investment in global equities in the 40-85% range, rose 17.12%. Your Company gained more than the peer group mainly because of strong performance by Polar Capital Global Technology, its largest investment, and its high allocation to equities in Asia excluding Japan and emerging markets.
The MSCI AC World Total Return Index rose 28.19% in sterling over the year while the MSCI UK All Cap Total Return Index rose 21.86%. UK government bonds rose 2.44%. Your Company's multi-asset portfolio includes investments in lower risk multi-asset funds, bond funds and cash and, in consequence, lagged rising equity markets but should prove more defensive in falling markets.
Global technology stocks rose 51.2% in sterling over the year and Polar Capital Global Technology outperformed, gaining 129.47%. Your Company took profits in April 2026, selling GBP4 million of shares, yet Polar Capital Global Technology remained your Company's largest investment even after this reduction. The holding benefited from the manager's bias towards IT hardware stocks in preference to large technology companies such as Amazon, Microsoft, Google, Meta and Oracle, known as 'hyperscalers', and software stocks. The hardware suppliers are akin to the makers of picks and shovels in a gold rush and have a low exposure to the fortunes of any single platform or device.
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It is difficult to predict the return on capital the hyperscalers will achieve on their artificial intelligence (AI) data centre investments because the pace of adoption of a new technology and the appropriate level of depreciation for the huge sums invested are unknown. The hyperscalers have been highly profitable and cash-generative businesses but they are now taking on debt to fund their capital investment programmes. The combination of high operational gearing combined with financial leverage may lead to higher earnings volatility, increased default risk and potentially significant capital destruction. The software companies, which account for about half the US technology sector, are potential losers because AI can write code and manage data, functions that traditionally have been the province of software suppliers.
Asia ex-Japan and emerging market equities rose 51.17% and 48.86% in sterling respectively over the year. Within the portfolio, there was a bias towards equity income funds, which contributed to your Company's ability to pay significant dividends. Schroder Oriental Income Investment Trust did best within the allocation, up 59.67%, but Cusana Sector Emerging Markets Equities gained only 6.87%. The Schroder trust, with its high allocation to IT hardware companies, benefited as Taiwan Semiconductor Manufacturing Company, Samsung Electric and Hynix rose 130.37%, 465.48% and 811.13% in sterling respectively. The hyperscalers' data centre investments and strong demand from the consumer and automotive sectors led to price hikes, generating high profits for semiconductor manufacturers. In South Korea, Samsung promised workers 10% of semiconductor operating profits in bonuses, amounting to estimated individual payouts of about GBP250,000, to avert strikes.
Your Company's Asia ex-Japan and emerging markets allocation increased through a GBP1 million purchase of Schroder Asian Income Maximiser in January, a GBP2 million purchase of Barings Korea in April and a GBP2.5 million purchase of Pacific North of South EM Equity Income Opportunities in February. Alongside major semiconductor manufacturers, South Korea is home to leading power transformer manufacturers, which have been benefiting from buoyant demand, and the world's largest shipyard.
Indian stocks underperformed, down 8.78% in sterling, and Stewart Investors Indian Subcontinent did worse, falling 14.18%. As an energy importer, India suffered from higher prices following the outbreak of war in the Middle East. India is, however, one of the world's fastest growing economies, benefiting from the pro-business policies of Narendra Modi, the prime minister, and your Company responded to the stock market weakness by investing GBP2 million in Goldman Sachs India Equity in May.
Vietnamese stocks rose 57.97% in sterling but Vietnam Enterprise Investments lagged, up only 27%. In December, the trust announced plans for the first of three tender offers for 10% of its shares. This followed a vote by investors owning more than 20% of its equity in favour of a discontinuation resolution. Your Company sold GBP543,000 of its investment in the January 2026 tender offer and a further GBP451,000 of shares in the second tender offer, which occurred in July 2026, shortly after the year end.
Your Company benefited from its relatively low allocation to US equities, which lagged over the year, up 26.30% in sterling. The US equity risk premium, the excess return investors demand to hold US stocks in preference to low-risk assets such as short-dated government bonds was about one percentage point, an historically low level that did not offer investors sufficient compensation for the risk of capital loss. Concentration risk was also at an historically high level, with just ten stocks, including the largest hyperscalers, accounting for more than one third of the value of the US stock market. Within your Company's portfolio, the iShares S&P 500 exchange-traded fund (ETF) rose 26.20%. The yield on Baillie Gifford Global Income Growth, in which US equities account for more than 40% of the assets, was just over 2% and the holding was sold in two tranches in February and April.
In April, a further GBP1 million was invested in Clearbridge Global Infrastructure Income, an addition that made it one of your Company's largest investments. This fund aims to deliver income and an above-inflation total return by focusing on companies with recurring cashflows operating in regulated or contractual frameworks that allow revenues to rise in line with inflation. It should also benefit from structural growth opportunities arising from electrification and the transition to clean energy. Demand for electricity is being driven by datacentres and AI as well as accelerating industrial activity, leading to record investment in generation, transmission and storage capacity.
UK stocks underperformed, up 21.86%, and small companies did worse, up just 7.12% because of weak domestic trends. Funds with high allocations to UK companies provided diversification because the UK has a relatively small technology sector while its large companies have geographically diverse sources of earnings. Within the portfolio, Man GLG Income, a value-oriented investment, rose 23% but Aberforth Geared Value & Income, an investment trust that focuses on smaller companies, rose just 3.68%. Premier Miton and River Global were sold in June, realising losses.
Equities in Europe excluding the UK also lagged, up 22.90% in sterling. In October, GBP3 million was invested in Lightman European, which has a value-oriented approach and pays an income.
Amongst lower-risk investments, the sterling-hedged holdings in Schroder Strategic Credit and the iShares USD Treasury Bond 7-10 Years ETF rose 6.12% and 3.19% respectively. The Franklin Templeton Emerging Market Bond holding was sold in June. The EF Brompton Global Conservative Fund, which has a low-risk multi-asset mandate, rose 10.67%, outperforming its benchmark, the Investment Association Mixed Assets 0-35% Shares index, which rose 8.76%. Your Company's investment in dollar cash benefited from the dollar's 3.25% rise against sterling over the year.
OUTLOOK
At the year end, the prospects for global equities appeared positive overall but there were good reasons to be selective. The most attractive market areas appeared to be equity markets on relatively low valuations such as Asia excluding Japan, emerging markets, UK large companies with international reach and Europe excluding the UK. Attractive sectors included IT hardware, utilities and infrastructure. The maiden Budget of the new chancellor, John Healey, in October may, however, hurt companies reliant on the domestic UK economy and government bonds should he fail to address concerns regarding the UK's fiscal deficit and high public sector indebtedness.
Investments in equity income and bond funds and dollar and sterling cash contribute to your Company's ability to pay a dividend. Investments in lower-risk assets such as EF Brompton Global Conservative, bond funds and dollar cash also provide diversification and may prove defensive should equity markets fall.
SCHEDULE OF LARGEST HOLDINGS AT 30TH JUNE 2026
Market Value at 30th Purchases Market Market Value at 30 % of
June 2025 / Movement June 2026 Distributions Net
(Sales) Assets
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Polar Capital Global 8,290 (4,000) 10,261 14,551 - 10.11
Technology
Man Income Fund 6,550 - 1,145 7,695 304 5.34
iShares Core S&P 500 5,845 - 1,463 7,308 63 5.08
TM Redwheel Global Equity 6,106 - 1,046 7,152 193 4.97
Income Fund
Schroder Asian Income 3,289 1,000 1,236 5,525 251 3.84
Maximiser Fund
FTF Clearbridge Global 3,655 1,000 729 5,384 161 3.74
Infrastructure Income
EF Brompton Global Equity 3,767 - 955 4,722 14 3.28
EF Brompton Global 3,861 - 406 4,267 66 2.96
Conservative Fund
EF Brompton Global 3,391 - 735 4,126 24 2.87
Opportunities Fund
Vietnam Enterprise 3,610 (543) 1,004 4,071 - 2.83
Investments Limited
MI Chelverton UK Equity 3,990 - (24) 3,966 241 2.75
Income Fund
EF Brompton Global Growth 3,195 - 653 3,848 26 2.67
Fund
Aquilus Inflection Fund A 4,568 - (789) 3,779 - 2.62
MI Brompton UK Recovery 3,100 - 664 3,764 84 2.61
First Sentier Indian 4,241 - (619) 3,622 - 2.52
Subcontinent Fund
WS Lightman European Fund - 3,000 353 3,353 85 2.33
Schroder Strategic Credit 3,106 - (8) 3,098 189 2.15
Fund Income
Aberforth Geared Value & 2,998 - 92 3,090 216 2.15
Income Trust
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Prusik Asian Equity Income 2,642 - 424 3,066 123 2.13
Fund
Barings Korea Trust Open-End - 2,000 2,989 - 2.08
Fund 989
76,204 2,457 20,715 99,376 2,040 69.03
Accumulated income - 207 (207) - - -
Balance not held in 26,838 (2,272) 2,995 27,561 680 19.14
investments above
Total investments (excluding 103,042 392 23,503 126,937 2,720 88.17
cash)
Cash and short term deposits 18,220 672 (1,282) 17,610 549 12.23
Other net current (122) (458) - (580) - (0.40)
liabilities
Net assets 121,140 606 22,221 143,967 3,269 100.00
The income return from the largest holdings above is not included in the table.
The investment portfolio, excluding cash and bank deposits, can be further analysed as follows:
Investment funds 99,390
Investment companies and exchange traded funds 24,038
Unquoted investments, including loans of GBP0.2m 3,424
Other quoted investments 85
126,937
STRATEGIC REVIEW
The Strategic Review is intended to provide shareholders with a fair, balanced and comprehensive review of the development and performance of the Company during the year ended 30th June 2026, its position at the year end and the principal factors likely to affect its future development and performance.
The Strategic Review should be read in conjunction with the Chairman's Statement and the Investment Manager's Report, which provide further commentary on the Company's performance during the year and the outlook for the future.
STATUS
The Company is an investment company under section 833 of the Companies Act 2006.
The Company has been approved by HM Revenue & Customs as an investment trust under the Investment Trust (Approved Company) (Tax) Regulations 2011 (the 'Regulations') and conducts its affairs in accordance with those Regulations so as to retain its status as an investment trust and maintain exemption from liability to United Kingdom capital gains tax. However, the Company did not meet the requirements of the Regulations for a short period at the end of the last financial year and the beginning of this financial year. The Company, therefore, lost investment trust tax status for the years ended 30th June 2025 and 30th June 2026. HMRC has confirmed that the Company meets the requirements to be an investment trust, from 1st July 2026.
The Company is categorised as a small registered Alternative Investment Fund Manager for regulatory purposes.
PURPOSE, CULTURE AND VALUES
The Company's purpose is to generate attractive long-term total return through capital growth and income for the benefit of its investors.
The Board considers that the Company's culture is established through its leadership, oversight and decision-making processes. As the Company has no employees and relies on external service providers to undertake its day-to-day activities, the Board seeks to promote a culture characterised by integrity, independence, accountability, transparency, constructive challenge and prudent stewardship of shareholders' capital.
The Board expects the Company's service providers to demonstrate high standards of conduct and to operate in a manner consistent with the Company's values and the long-term interests of shareholders.
STAKEHOLDER RESPONSIBILITIES (S.172 STATEMENT UNDER COMPANIES ACT 2006)
The Directors have a duty under section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of shareholders as a whole, while having regard to the likely consequences of decisions in the long term and the interests of other stakeholders.
As an externally managed investment trust, the Board considers the Company's principal stakeholder groups to be limited to the Company's shareholders, its third-party advisers and service providers and regulatory authorities.
Shareholders
The Board maintains ongoing engagement with shareholders. Shareholders have opportunities to engage with the Board through the Annual General Meeting, shareholder correspondence and meetings with the Chairman when requested. The Board reviews shareholder feedback, shareholder register analysis and share price performance, including the level of any discount or premium to Net Asset Value ("NAV").
Key decisions taken during the year, including those relating to the Company's dividend policy and investment strategy, were made with regard to their anticipated impact on shareholders and the long-term success of the Company. The Board assessed the potential benefits to shareholders when considering the level of dividend required to maintain investment trust tax status, the recommendations to vote in favour of the resolutions at the AGM and the asset allocation within the investment portfolio.
The Board is satisfied that the existing governance processes mean that the Company can act fairly as between individual shareholders and takes account of Mr Duffield's significant shareholding.
Service Providers
As the Company has no employees, all operational functions are delegated to specialist third-party providers. The Board receives regular reports from each principal service provider and reviews their performance, internal controls, risk management arrangements, business resilience procedures and regulatory compliance.
The Board maintains a constructive and collaborative relationship with its service providers while ensuring appropriate oversight and challenge.
Regulatory and Governance Considerations
The Board seeks to maintain high standards of corporate governance and regulatory compliance. The Company Secretary provides regular updates on legal, regulatory and governance developments to support the Board in fulfilling its duties and responsibilities.
The Directors consider that the Board's engagement procedures and governance framework enable the Company to have appropriate regard to the interests of all key stakeholders and support the long-term success of the Company.
Investment Objective
The Company's investment objective is to achieve long-term total return through capital growth and income.
Investment Policy
The Company's investment policy is to allocate assets across a broad range of global investment opportunities through investment in equity, bond, commodity, real estate, currency and other markets. The Company's assets may have significant weightings to any one asset class or market, including cash.
The Company may invest in pooled investment vehicles, exchange traded funds, futures, options, limited partnerships and direct investments. Direct investments may represent up to 15% of net assets at the time of investment.
The Company adopts a flexible and unconstrained investment approach and does not seek to track any benchmark or index.
The principal investment restrictions are as follows:
-- Aggregate exposure to any one of the United States, United Kingdom, Europe excluding the United Kingdom,Asia excluding Japan, Japan or Emerging Markets will not exceed 50% of net assets at the time of investment.
-- Exposure to any individual industry sector will not exceed 50% of net assets at the time of investment.
-- Investment in unlisted securities (excluding unquoted pooled investment vehicles) will not exceed 20% ofnet assets at the time of investment.
-- No single investment will exceed 15% of net assets at the time of investment.
-- Net short exposure may represent up to 30% of net assets, with individual short positions limited to 5%of net assets at the time of investment.
-- Borrowings may represent up to 30% of net assets.
-- No more than 10%, in aggregate, of the value of the Company's total assets may be invested in otherclosed-ended investment funds except where such funds have themselves published investment policies to invest nomore than 15% of their total assets in other listed closed-ended investment funds.
Derivative instruments and forward foreign exchange contracts may be used for the purposes of efficient portfolio management, currency hedging and investment purposes consistent with the Company's investment objective.
FINANCIAL REVIEW
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Net assets at 30th June 2026 totalled GBP143,967,000 compared with GBP121,140,000 at 30th June 2025. In the year under review, the NAV per Ordinary share increased by 18.84% from 170.56p to 202.70p. The increase in NAV per share of 32.14p resulted from capital returns of 31.66p, revenue returns of 4.03p less dividends paid of 3.55p. A final dividend of 1.85p per share in respect of 2025 and an interim dividend for 2026 of 1.70p per share were paid.
The Company's gross revenue fell slightly to GBP3,269,000 (2025: GBP3,398,000). Dividend income was similar to last year, however interest from the bank deposits decreased by GBP156,000 mainly as the result of falling interest rates. After deducting expenses and taxation, the revenue profit for the year was GBP2,859,000 (2025: GBP3,021,000).
Total expenses, including the management fee charged to capital, for the year increased to GBP1,306,000 (2025: GBP1,119,000). In the year under review the investment management fee increased to GBP822,000 (2025: GBP742,000), reflecting the Company's higher average NAV over the period. Total expenses rose by GBP187,000, as a result of the increased management fee (GBP80,000) and capital related expenses (GBP74,000). Further details on the Company's expenses may be found in notes 3 and 4.
Significant investment gains were made during the year, mainly as a result of buoyant global markets. This is described in more detail in the Investment Managers' report. Nevertheless, following the change in the Company's tax status, the Company realised capital losses in 2026. The Company has been able to reduce substantially the taxation payable on the realised gains of GBP8.2 million for the year-ended 30th June 2025. A provision of GBP340,000 has been made to cover tax payable on 2025 capital gains as a result of the Company losing investment trust tax status temporarily.
Historically, dividends have not formed a central part of the Company's investment objective. The increased investment in income focused funds over the last few years and the charging of management fees to capital since 2023 has enabled the Directors to declare an increased dividend more recently. At the half year the Company paid a dividend of 1.70p per share (2025: 1.70p). The Directors propose a final dividend of 1.85p per Ordinary share in respect of the year ended 30th June 2026 (2025: 1.85p). If approved at the Annual General Meeting, the dividend will be paid on 11th December 2026 to shareholders on the register at the close of business on 20th November 2026 (ex-dividend 19th November 2026).
The primary source of the Company's funding is shareholder funds.
While the future performance of the Company is dependent, to a large degree, on the performance of international financial markets, which in turn are subject to many external factors, the Board's intention is that the Company will continue to pursue its stated investment objective in accordance with the strategy outlined above. Further comments on the short-term outlook for the Company are set out in the Chairman's Statement and the Investment Manager's report.
PERFORMANCE MEASUREMENT AND KEY PERFORMANCE INDICATORS
The Board regularly reviews a range of key performance indicators ("KPIs") to assess progress against the Company's objective and to evaluate the effectiveness of the Investment Manager.
The principal non investment portfolio KPIs include:
-- NAV total return;
-- Share price total return;
-- Revenue earnings per share;
-- Dividend levels and dividend cover;
-- Premium or discount to NAV; and
-- Relative performance against relevant peer groups.
The Board reviews performance information against these measures at each Board meeting.
Throughout the year the Company's investments included seven funds managed by the Investment Manager (2025: seven). No investment management fees were payable directly by the Company in respect of these investments.
Performance is discussed in the Chairman's Statement and Investment Manager's Report.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board has established a process for identifying, evaluating and managing the principal and emerging risks facing the Company. The Audit and Risk Committee undertakes a formal review of the risk register at least twice each year and reports its findings to the Board. The Board also considers emerging risks and changes in the external environment which may have an impact on the Company, its strategy, business model, future performance, solvency or liquidity.
The principal risks and uncertainties identified by the Board at 30th June 2026, together with the measures in place to mitigate those risks and the Board's assessment of changes in the risk profile during the year, are set out overleaf.
Principal Mitigation and Controls Change in Risk Profile During the Year
Risk
The Company may fail to achieve its investment objective
as a result of inappropriate asset allocation, investment
selection or portfolio positioning. The Board reviews
investment performance, asset allocation, portfolio Unchanged. The Board remains satisfied that the
exposures and strategy at each meeting and challenges the Company's flexible multi-asset investment
Investment Investment Manager where appropriate. The Investment approach is appropriate for prevailing market
Strategy Risk Manager provides detailed portfolio and attribution conditions and the long-term investment
analyses to support the Board's oversight. objective.
The Company's performance is influenced by global equity,
bond, commodity and currency markets, together with
inflation, interest rates, economic growth and investor
sentiment. Diversification across asset classes, sectors Increased. Market uncertainty has continued due
Market and and geographic regions is the principal means of to interest rate movements, inflationary
Economic Risk mitigating market risk. The Board regularly reviews pressures and slower global economic growth,
portfolio exposures and liquidity levels. increasing the potential for market volatility
across asset classes.
Geopolitical events, armed conflicts, trade tensions,
pandemics and other macroeconomic shocks can adversely
affect portfolio valuations and liquidity. The Investment
Geopolitical Manager actively monitors global developments and Increased. Ongoing geopolitical tensions and
and maintains a diversified portfolio. The Board receives heightened uncertainty in certain regions have
Macroeconomic regular updates on macroeconomic and geopolitical increased the risk of abrupt market dislocation
Risk developments and their potential impact on the Company. and volatility.
The value of investments may fluctuate due to changes in
security prices, foreign exchange rates and interest
rates. The Company invests across a diversified range of
Market Price, underlying funds and investment types. Currency exposures Unchanged. While market conditions remained
Currency and are monitored regularly and derivatives may be used where volatile during the year, portfolio
Interest Rate appropriate in accordance with the investment policy. diversification continued to provide mitigation
Risk against concentration risk.
Principal Mitigation and Controls Change in Risk Profile During the Year
Risk
The Company's shares may trade at a discount to Net Asset
Value, reducing shareholders' ability to realise
underlying asset value through the market. The Board
reviews the discount level at each meeting and monitors Unchanged. The discount remains influenced by
Discount Risk shareholder demand, market conditions and capital wider investor sentiment towards investment
management options available to the Company. trusts and broader market conditions.
The Company is dependent on the continuing services and
expertise of the Investment Manager. The Board maintains
regular contact with the Investment Manager, reviews
performance at each meeting and monitors organisational Unchanged. The Board remains satisfied with the
Investment developments, succession planning, investment resources stability, resources and experience of the
Manager Risk and control arrangements. Investment Manager.
Failure to comply with applicable legislation, Financial
Conduct Authority ('FCA') requirements, UK Listing Rules
or investment trust regulations could result in financial Increased. The regulatory environment continues
loss, reputational damage or the loss of investment trust to evolve. The Company lost its investment
status. The Company employs experienced professional trust tax status temporarily. Except for this
Regulatory advisers and service providers and receives regular matter, no material compliance breaches
and Tax Risk compliance reporting. The Board monitors developments in occurred during the year. HMRC have confirmed
relevant regulation and taxation. that investment trust tax status has been
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regained.
The Company relies on third-party service providers for
administration, custody, accounting, company secretarial
and other operational functions. Failures in systems,
processes, cyber security controls or business continuity Increased. Cyber threats and operational
Operational arrangements could adversely affect the Company. The resilience risks continue to evolve across the
and Cyber Board receives reports on internal controls, cyber financial services sector, resulting in
Security Risk security, operational resilience and business continuity increased Board focus and oversight during the
planning from key service providers. year.
Principal Mitigation and Controls Change in Risk Profile During the Year
Risk
Certain underlying investments may become difficult to
realise in stressed market conditions, potentially
affecting the Company's ability to rebalance the
portfolio efficiently. The Board monitors portfolio
Liquidity liquidity regularly and receives reports on cash levels Unchanged. The composition of the portfolio has
Risk and liquidity characteristics of the underlying holdings. not changed materially during the year.
VIABILITY STATEMENT
In accordance with Provision 31 of the UK Corporate Governance Code 2024, the Directors have assessed the prospects of the Company over a five-year period.
The Board considers five years to be an appropriate assessment period given the Company's investment objective, investment horizon and the nature of its assets.
In making this assessment, the Directors considered:
-- the Company's financial position and liquidity;
-- the composition and liquidity of the investment portfolio;
-- projected cash flows and operating costs;
-- the Company's principal and emerging risks;
-- stress-testing and downside scenarios; and
-- the continuing relevance of the Company's investment objective and strategy.
The Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five-year assessment period.
SUSTAINABILITY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG') AND RESPONSIBLE INVESTMENT
The Company has no employees and has delegated investment management and administration activities to external service providers.
The Company invests primarily in collective investment vehicles and exchange traded funds and therefore does not have the ability to influence the environmental, social and governance practices of underlying investee companies directly.
The Board recognises the increasing importance of ESG considerations to investors and receives updates from the Investment Manager regarding ESG developments where relevant to the Company's portfolio and investment process. Nevertheless, environmental, social and governance considerations of underlying investee companies are not a key driver when evaluating existing and potential investments.
The Board keeps its approach to sustainability and responsible investment under review and considers ESG-related developments as part of its ongoing oversight of the Company's strategy and risk profile.
CLIMATE-RELATED MATTERS
As an externally managed investment trust investing predominantly through collective investment vehicles, the Company does not have influence over the climate-related decisions of underlying investments.
Responsibility for incorporating climate-related factors into individual investment decisions rests primarily with the underlying fund managers.
The Board monitors developments in climate-related regulation and reporting requirements and will continue to review the Company's disclosures as reporting expectations evolve.
GREENHOUSE GAS EMISSIONS AND STREAMLINED ENERGY AND CARBON REPORTING
The Company has no employees, premises, operations or direct emissions-producing activities. Accordingly, the Directors consider that the Company falls outside the scope of mandatory greenhouse gas emissions and Streamlined Energy and Carbon Reporting disclosures.
MODERN SLAVERY ACT
The Board has considered the requirements of the Modern Slavery Act 2015. Given the nature of the Company's business as an investment trust and its reliance on professional service providers in regulated sectors, the Board considers the risk of modern slavery occurring within the Company's operations to be low.
The Board expects its service providers to maintain appropriate policies and controls designed to prevent modern slavery and human trafficking.
DIVERSITY
The Board comprises four male directors, and currently no female board members and no minority ethnic members. The Company has not met the diversity and minority ethnic targets set by the FCA.
The Board recognises that diversity in its broadest sense, including diversity of skills, experience, background, knowledge, gender and personal attributes can enhance Board effectiveness and support high-quality decision making.
When considering Board succession and appointments, the Board seeks to maintain an appropriate balance of skills, experience, independence and diversity to support the Company's long-term success. Succession planning is considered regularly by the Board to ensure that an appropriate balance of tenure and experience is maintained.
The Board continues to keep its composition under review and seeks to make progress towards applicable diversity expectations over time.
UK LISTING RULE 6.6
A listed company's annual financial report must include the information required under UKLR 6.6.1R in a single identifiable section, unless the annual financial report includes a cross-reference table indicating where that information is set out.
The Directors confirm that there were no disclosures to be made in this regard.
STATEMENT OF COMPREHENSIVE INCOME AT 30TH JUNE 2026
Year ended Year ended
30th June 2026 30th June 2025
Revenue Revenue
Return Return
Capital Capital
Return Return
GBP '000 Total GBP '000 Total
GBP '000 GBP '000 GBP '000 GBP '000
Notes
INVESTMENT INCOME 2 2,720 - 2,720 2,693 - 2,693
Other operating income 2 549 - 549 705 - 705
3,269 - 3,269 3,398 - 3,398
GAINS AND LOSSES ON INVESTMENTS
Gains on investments at fair value
through profit or loss - 23,503 23,503 - 1,115 1,115
8
Other exchange gains/(losses) - 221 221 - (529) (529)
Trail rebates - - - - 5 5
3,269 23,724 26,993 3,398 591 3,989
EXPENSES
Management fees 3 - (822) (822) - (742) (742)
Other expenses 4 (410) (74) (484) (377) - (377)
(410) (896) (1,306) (377) (742) (1,119)
PROFIT/(LOSS) BEFORE TAX 2,859 22,828 25,687 3,021 (151) 2,870
Tax 5 - (340) (340) - - -
PROFIT/(LOSS) FOR THE YEAR 2,859 22,488 25,347 3,021 (151) 2,870
EARNINGS/(LOSS) PER SHARE
Ordinary shares (pence) 6 4.03p 31.66p 35.69p 4.25p (0.21)p 4.04p
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
DJ Final Results for the Year Ended 30th June 2026 -6-
The total column of this statement represents the Company's profit and loss account, prepared in accordance with UK adopted international accounting standards. The supplementary Revenue Return and Capital Return columns are both prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.
The Company did not have any income or expense that was not included in 'Profit/(Loss) for the year'. Accordingly, the 'Profit/(Loss) for the year' is also the 'Total comprehensive income for the year', as defined in IAS 1 and no separate Statement of Comprehensive Income has been presented.
No operations were acquired or discontinued during the year.
All income is attributable to the equity holders of the company. There are no minority interests.
Fully diluted earnings per share is the same as earnings per share.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE 2026
Share Total
Share Special Capital Revenue
premium reserve reserve reserve
Capital redemption
capital reserve
Note
GBP'000
GBP '000 GBP '000 GBP'000 GBP'000
GBP '000 GBP '000
AT 30TH JUNE 2025 710 4,527 56,908 17,046 38,722 3,227 121,140
Total comprehensive
income for the year
- - - - 22,488 2,859 25,347
Dividends paid 7 - - - - - (2,520) (2,520)
Issue of B Shares - - - - - - -
B Share issue costs - - - - - - -
Redemption of B Shares
- - - - - - -
AT 30TH JUNE 2026 710 4,527 56,908 17,046 61,210 3,566 143,967
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE 2025
Share Total
Share Special Capital Revenue
premium reserve reserve reserve
Capital
capital redemption
reserve
Note
GBP'000
GBP '000 GBP '000 GBP'000 GBP'000
GBP '000 GBP '000
AT 30TH JUNE 2024 710 21,573 56,908 - 56,049 2,621 137,861
Total comprehensive
income for the year
- - - - (151) 3,021 2,870
Dividends paid 7 - - - - - (2,415) (2,415)
Issue of B Shares 17,046 (17,046) - - - - -
B Share issue costs - - - - (130) - (130)
Redemption of B Shares
(17,046) - - 17,046 (17,046) - (17,046)
AT 30TH JUNE 2025 710 4,527 56,908 17,046 38,722 3,227 121,140
BALANCE SHEET AT 30TH JUNE 2026
30th June 30th June
2026 2025
Notes Restated
(Note 1(a))
GBP '000 GBP '000
NON-CURRENT ASSETS
Investment at fair value through profit or loss 8 126,937 103,042
CURRENT ASSETS
Other receivables 10 107 203
Cash and cash equivalents 11 17,610 18,220
Other financial assets (longer-term deposits) 12 - -
17,717 18,423
TOTAL ASSETS 144,654 121,465
CURRENT LIABILITIES
Other payables 13 (687) (325)
TOTAL ASSETS LESS CURRENT LIABILITIES 143,967 121,140
NET ASSETS 143,967 121,140
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
Called-up share capital 14 710 710
Share premium 15 4,527 4,527
Special reserve 15 56,908 56,908
Capital redemption reserve 15 17,046 17,046
Capital reserve 15 61,210 38,722
Revenue reserve 16 3,566 3,227
TOTAL EQUITY 143,967 121,140
Prior year longer-term deposits have been restated as explained in Note 1(a).
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
DJ Final Results for the Year Ended 30th June 2026 -7-
CASH FLOW STATEMENTS AT 30TH JUNE 2026
Year ended Year ended
30th June 30th June
2026 2025
Restated
(Note 1(a))
Notes
GBP '000 GBP '000
NET CASH FLOWS FROM OPERATING ACTIVITIES* 2,081 8,315
INVESTING ACTIVITIES
Purchase of investments 8 (12,415) (2,241)
Sale of investments 8 12,023 22,030
NET CASH (OUTFLOW)/INFLOW FROM INVESTING (392) 19,789
ACTIVITIES
FINANCING ACTIVITIES
B Share issue redemption - (17,046)
B Share issue costs - (130)
Equity dividends paid 7 (2,520) (2,415)
NET CASH (OUTFLOW) FROM FINANCING ACTIVITIES (2,520) (19,591)
(DECREASE)/INCREASE IN CASH (831) 8,513
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH & CASH
EQUIVALENTS
Net (decrease)/increase in cash and cash equivalents resulting from
cash flows
(831) 8,513
Exchange movements 221 (529)
Movement in cash and cash equivalents (610) 7,984
Cash and cash equivalents at start of the year 18,220 10,236
CASH AND CASH EQUIVALENTS AT END OF YEAR 17,610 18,220
RECONCILIATION OF PROFIT FOR THE YEAR TO NET
CASH FLOW FROM OPERATING
ACTIVITIES
Profit before tax 25,687 2,870
Gains on investments (23,503) (1,115)
Taxation (340) -
Exchange movements (221) 529
Capital trail rebates - (5)
1,623 2,279
Decrease in debtors 96 276
Increase/(decrease) in creditors 22 (18)
Taxation provision 340 -
Decrease in longer-term deposits - 5,773
Capital trail rebates - 5
NET CASH INFLOW FROM OPERATING ACTIVITIES* 2,081 8,315
*Includes dividends received in cash of GBP2,171,000 (2025: GBP2,041,000), accumulation income of GBP207,000 (2025: GBP269,000) and interest received of GBP992,000 (2025: GBP1,417,000).
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2026
1. ACCOUNTING POLICIES
The financial statements have been prepared in accordance with UK adopted International Accounting Standards.
These financial statements are presented in pounds sterling, the Company's functional currency, being the currency of the primary economic environment in which the Company operates, rounded to the nearest thousand.
(a) Basis of preparation: The financial statements have been prepared on a going concern basis (see 1(q)). The principal accounting policies adopted are set out below.
Where presentational guidance set out in the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ('SORP') issued by the Association of Investment Companies ('AIC') in July 2022 is consistent with the requirements of UK adopted International Accounting Standards, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.
The Company is an investment entity as defined by UK adopted International Accounting Standards.
Consolidated accounts have not been prepared as the subsidiary is immaterial in the context of these financial statements. The net asset value of the investment in JIT Securities Limited has been included in the investments in the Company's balance sheet. JIT Securities Limited has not traded throughout the year and the preceding year and, as a dormant company, has exemption under 480(1) of the Companies Act 2006 from appointing auditors or obtaining an audit.
2025 longer-term deposits of GBP6,815,000 have been reclassified as cash and cash equivalents to ensure a consistent presentation. This revised presentation has no impact on the Company's net assets at 30th June 2025.
(b) Presentation of Statement of Comprehensive Income: In order to better reflect the activities of an investment trust company and in accordance with guidance issued by the AIC, supplementary information which analyses the statement of comprehensive income between items of a revenue and capital nature has been presented alongside the statement of comprehensive income.
In accordance with the Company's Articles of Association, net capital returns may now be distributed by way of a dividend. Additionally, the net revenue profit is the measure the Directors believe is appropriate in assessing the Company's compliance with certain requirements set out in the Investment Trust (Approved Company) (Tax) Regulations 2011.
(c) Use of estimates: The preparation of financial statements requires the Company to make estimates and assumptions that affect items reported in the company balance sheet and statement of comprehensive income and the disclosure of contingent assets and liabilities at the date of the financial statements. Although these estimates are based on the Directors' best knowledge of current facts, circumstances and, to some extent, future events and actions, the Company's actual results may ultimately differ from those estimates, possibly significantly. The most significant estimate relates to the valuation of unquoted investments (see note 19(h)).
(d) Revenue: Dividends and accumulated income from investments are credited to the revenue column of the statement of comprehensive income on the day in which they are quoted ex-dividend. Where the Company has elected to receive its dividends in the form of additional shares rather than in cash and the amount of the cash dividend is recognised as income, any excess in the value of the shares received over the amount recognised is shown as a capital return. Deemed revenue from offshore funds is credited to the revenue account. Interest on fixed interest securities and deposits is accounted for on an accrual's basis.
(e) Expenses: Expenses are accounted for on an accruals basis. Expenses relating to capital items are shown in the capital account of the Income statement.
(1) Administration and other expenses, except for transaction charges, are charged to the revenue column of the statement of comprehensive income.
(2) Direct management fees are recognised as a capital item in the statement of comprehensive income.
(f) Investments held at fair value: Purchases and sales of investments are recognised and derecognised on the trade date where a purchase or sale is under a contract whose terms require delivery within the timeframe established by the market concerned and are initially measured at fair value.
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
DJ Final Results for the Year Ended 30th June 2026 -8-
All investments are classified as held at fair value through profit or loss on initial recognition and are measured at subsequent reporting dates at fair value, which is either the quoted bid price or the last traded price, depending on the convention of the exchange on which the investment is quoted. Investments in units of unit trusts or shares in OEICs are valued at the bid price for dual priced funds, or single price for non-dual priced funds, released by the relevant investment manager. Unquoted investments are valued by the Directors at the balance sheet date based on recognised valuation methodologies, in accordance with International Private Equity and Venture Capital ('IPEVC') Valuation Guidelines such as dealing prices or third-party valuations where available, net asset values and other information as appropriate.
The fair value of investments reflects the impact, if any, of climate change.
(g) Taxation: The charge for taxation is based on taxable income for the year. Withholding tax deducted from income received is treated as part of the taxation charge against income. Taxation deferred or accelerated can arise due to temporary differences between the treatment of certain items for accounting and taxation purposes. Full provision is made for deferred taxation under the liability method on all temporary differences not reversed by the Balance Sheet date. No deferred tax provision is made against unrealised gains on non-reporting offshore funds if the unrealised gains are expected to be covered by excess management expenses. Deferred tax assets are only recognised when there is more likelihood than not that there will be sufficient relevant profits against which they can be applied.
If the Company loses investment trust tax status, provision is made for corporate taxation payable on capital gains realised during the relevant accounting period when investment trust tax status was lost. No provision for taxation on unrealized gains is made if the Company is expected to be an investment trust for tax purposes when capital profits are realised.
(h) Foreign currency: Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Foreign currency transactions are translated at the rates of exchange applicable at the transaction date. Exchange gains and losses are taken to the revenue or capital column of the statement of comprehensive income depending on the nature of the underlying item.
(i) Capital reserve: The following are accounted for in the capital reserve:
- gains and losses on the realisation of investments together with the related taxation effect;
- foreign exchange gains and losses on capital transactions, including those on settlement, together with the related taxation effect;
- revaluation gains and losses on investments;
- direct management fees;
- legal expenses in assessing potential investments or incurred in relation to the disposing of investments;
- trail rebates received from the investment managers of the Company's investments; and
- B share redemptions.
The capital reserve is available for the payment of dividends.
(j) Revenue reserve: The revenue reserve includes net revenue recognised in the revenue column of the Statement of Comprehensive Income.
(k) Special reserve: The special reserve can be used to finance the redemption and/or purchase of shares in issue.
(l) Capital redemption reserve: The capital redemption reserve is not a distributable reserve. It can be used to pay for new Shares allotted as fully paid bonus shares or reduced or cancelled in a similar way to Share Capital.
(m) Cash and cash equivalents: Cash and cash equivalents comprise deposits with an original maturity of not more than 3 months and balances with banks. Cash and cash equivalents may be held for the purpose of either asset allocation or managing liquidity. Cash and cash equivalents are measured on an amortised basis, which equates to fair value. No discount is applied.
(n) Longer term deposits: Longer term bank deposits with an original maturity of over 3 months are shown as other financial assets. Longer term bank deposits are measured on an amortised basis, which equates to fair value. No discount is applied.
(o) Dividends payable: Dividends are recognised from the date on which they are irrevocably committed to payment.
(p) Segmental Reporting: The Directors consider that the Company is engaged in a single segment of business with the primary objective of investing in securities to generate long term total return through capital growth and income for its shareholders, all from the United Kingdom. Consequently, no business segmental analysis is provided.
(q) Going concern basis of preparation: The financial statements are prepared on a going concern basis that is that the Company will continue to be a going concern for at least twelve months from the date of approval of the financial statements and on the assumption that approval as an investment trust under section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 will be retained.
(r) New standards, interpretations and amendments effective for the periods beginning on or after 1st July 2025: There are no new standards, amendments to standards and interpretations that have impacted the Company and should be disclosed. The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1st January 2025:
- effects of changes in foreign exchange rates (Amendment to IAS 21).
(s) New standards, interpretations and amendments issued which are not yet effective and applicable for the periods beginning on or after 1st July 2026: The Company has not adopted the new or amended standards which have been issued but are not yet effective.
A number of new accounting standards, interpretations and amendments are effective for accounting periods beginning on or after 1st July 2026 and have not been early adopted by the Company.
IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, introduces new requirements for the presentation and disclosure of financial performance, including changes to the structure of the statement of profit or loss, management-defined performance measures and the aggregation and disaggregation of financial information. The standard is not expected to affect the recognition or measurement of the Company's assets, liabilities, income or expenses, and therefore is not expected to impact net profit or net assets. However, it will require changes to the presentation of the statement of profit or loss and certain disclosures.
A number of annual improvements and amendments to IFRS Accounting Standards effective from 1st July 2026, including amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The Company does not expect these changes to have a material effect on its net asset value or financial position.
2. INVESTMENT INCOME
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
INCOME FROM INVESTMENTS
UK dividend income 2,266 2,093
Overseas dividends 53 205
UK fixed interest 401 395
2,720 2,693
OTHER OPERATING INCOME
Bank interest 549 705
549 705
TOTAL INCOME COMPRISES
Dividends 2,319 2,298
Interest income 950 1,100
3,269 3,398
The above dividend and interest income has been included in the profit before finance costs and taxation included in the cash flow statements.
3. MANAGEMENT FEES
Year ended Year ended
30th June 2026 30th June 2025
Revenue Total Revenue Total
Capital Capital
GBP '000 GBP '000
GBP '000 GBP '000 GBP '000 GBP '000
Investment management fee - 822 822 - 742 742
- 822 822 - 742 742
At 30th June 2026 there were amounts accrued of GBP222,000 (2025: GBP186,000) for investment management fees.
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
DJ Final Results for the Year Ended 30th June 2026 -9-
4. OTHER EXPENSES
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
Directors' remuneration 112 112
Administrative and secretarial fee 94 94
Capital legal expenses
74 -
Auditors' remuneration
- Audit 90 82
Other expenses 114 89
484 377
Allocated to:
- Revenue 410 377
- Capital 74 -
484 377
Costs are inclusive of non-recoverable VAT.
5. TAXATION
a. Analysis of tax charge for the year:
Year ended Year ended
30th June 2026 30th June 2025
Revenue Return
Revenue Return
Capital Capital
GBP '000 Return Return
GBP '000 Total GBP '000 Total
GBP '000 GBP '000 GBP '000
Prior year capital gains now
taxable
- (340) (340) - - -
Overseas tax - - - - - -
Recoverable tax - - - - - -
Total tax charge - (340) (340) - - -
Deferred tax - - - - - -
Total tax for the year (note 5b) - (340) (340) - - -
(b) Factors affecting tax charge for the year:
The charge for the year of GBP340,000 (2025: GBPnil) can be reconciled to the profit per the statement of comprehensive income as follows:
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
Total profit before tax 25,687 2,870
Theoretical tax at the UK corporation tax rate of 25% (2025: 25%) 6,422 717
Effects of:
(523)
Non-taxable UK dividend income, including withholding tax recoverable (567)
Overseas dividends not taxable
(51)
(13)
Gains and losses on investments that are not taxable (6,606) (68)
Capital losses carried forward 512 -
Excess expenses utilised 89 (75)
Realised losses carried back 163 -
Reasessment of prior year capital gains 340 -
Total tax for the year 340 -
Due to the Company's current tax status as an investment trust and the intention to meet the conditions required to maintain approval of such status in the foreseeable future, the Company has not provided tax on any capital or income gains arising on the revaluation of investments.
The Company has not recognised a deferred tax liability in respect of an excess of unrealised gains on offshore funds over unutilised management expenses as it is expected that, at the time of realisation, there will be sufficient excess management expenses to cover gains. No deferred tax asset is recognised on carried-forward capital losses as there are not expected to be future capital gains against which to utilise these losses.
The Company has used tax claims of GBP655,000 and excess management expenses of GBP6,244,000 to reduce the tax payable on realised capital gains in 2025, following the loss of investment trust tax status for 2025 and 2026. A tax provision of GBP340,000 relating to last year's realised capital gains has been included in the reconciliation above. The Company has realised tax losses in 2026 leaving tax losses carried forward of GBP2,046,000 (2025; GBPnil), which will only be utilisable if the Company ceases to be an investment trust for tax purposes.
There is no deferred tax (2025: GBPnil) in the capital account of the Company. There is no deferred tax charge in the revenue account (2025: GBPnil).
The Company has not recognised a deferred tax asset of GBP312,000 (2025: GBP1,784,000) arising from unutilised management expenses of GBP1,248,000 (2025: GBP7,136,000). There is no expiry date for these assets.
6. EARNINGS PER ORDINARY SHARE
Total earnings per Ordinary share is based on the total profit on ordinary activities after taxation of GBP25,347,000 (2025: GBP2,870,000) and on 71,023,695 (2025: 71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.
Revenue earnings per Ordinary share is based on the revenue profit on ordinary activities after taxation of GBP2,859,000 (2025: GBP3,021,000) and on 71,023,695 (2025: 71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.
Capital earnings per Ordinary share is based on net capital profit/(loss) for the year of GBP22,488,000 (2025: GBP (151,000)) and on 71,023,695 (2025: 71,023,695) Ordinary shares, being the weighted average number of Ordinary shares in issue during the year.
7. DIVIDENDS ON EQUITY SHARES
Amounts recognised as distributions in the year:
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
Dividends paid during the year
2025 Final 1,313 1,207
2026 Interim 1,207 1,208
2,520 2,415
Dividends payable in respect of the year ended
30th June 2026: 3.55p (2025: 3.55p) per share 2,520 2,521
A final dividend of 1.85p per share is proposed.
8. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS 126,937 103,042
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
DJ Final Results for the Year Ended 30th June 2026 -10-
ANALYSIS OF INVESTMENT PORTFOLIO
Quoted* Unquoted** Total
GBP '000 GBP '000 GBP '000
Opening book cost 76,996 11,580 88,576
Opening investment holding gains/(losses) 23,298 (8,832) 14,466
Opening valuation 100,294 2,748 103,042
Movement in period
Purchases at cost 11,794 621 12,415
Sales proceeds (11,815) (208) (12,023)
Gains on investments at fair value through profit or loss 23,240 263 23,503
Closing valuation 123,513 3,424 126,937
Closing book cost 78,031 8,670 86,701
Closing investment holding gains/(losses) 45,482 (5,246) 40,236
Closing valuation 123,513 3,424 126,937
* Quoted investments include unit trust and OEIC funds and one monthly priced fund.
** Unquoted investments include two funds invested primarily in unquoted investments totaling GBP2.4 million.
Year ended Year ended
30th June 30th June
2026 2025
GBP '000 GBP '000
ANALYSIS OF CAPITAL GAINS AND LOSSES
Realised (losses)/gains on sales of investments (2,922) 8,266
Movement in investment holding gains/(losses) 26,425 (7,151)
Net gains on investments attributable to ordinary shareholders 23,503 1,115
Transaction costs
The purchase and sale proceeds above include transaction costs on purchases of GBPNil (2025: GBP35) and on sales of GBPNil (2025: GBP605).
9. INVESTMENT IN SUBSIDIARY UNDERTAKING
The Company owns the whole of the issued share capital (GBP1) of JIT Securities Limited, a company registered in England and Wales. The subsidiary's net assets are GBPNil (2025 GBPNil)
10. OTHER RECEIVABLES
30th June 30th June
2026 2025
GBP '000 GBP '000
Prepayments and accrued income 46 143
Taxation 54 19
Other debtors 7 41
107 203
All accrued income and other debtors have been received since the year-end. There is no expected credit loss to any debtor balance.
11. CASH AND CASH EQUIVALENTS
30th June 30th June
2026 2025
Restated
GBP '000 GBP '000
Cash 2 23
Overnight and short-term deposits 17,608 18,197
17,610 18,220
12. OTHER FINANCIAL ASSETS (LONGER TERM DEPOSITS)
30th June 30th June
2026 2025
Restated
GBP '000 GBP '000
Longer term deposits - -
13. OTHER PAYABLES
30th June 30th June
2026 2025
GBP '000 GBP '000
Accruals 687 325
14. CALLED UP SHARE CAPITAL
30th June 30th June
2026 2025
GBP '000 GBP '000
Authorised
305,000,000 (2025: 305,000,000) Ordinary shares of GBP0.01 each 3,050 3,050
Issued and fully paid
71,023,695 (2025: 71,023,695) Ordinary shares of GBP0.01 each 710 710
15. RESERVES
Share Special
Capital Redemption Capital Reserve
Premium Reserve
Reserve
Account
GBP '000 GBP '000
GBP '000 GBP '000
At 30th June 2025 4,527 56,908 17,046 38,722
Realised and unrealised investment gains - - - 23,503
Gains on foreign currency - - - 221
Management fees allocated to capital - - - (822)
Other capital expenses - - - (74)
Capital gains tax - - - (340)
At 30th June 2026 4,527 56,908 17,046 61,210
On 8th August 2024 the Company returned GBP17,046,000 to its shareholders by way of a B share scheme. A bonus issue of one new B share was made for each Ordinary Share which was then redeemed for cash. The net assets of the Company were reduced by GBP17 million.
The components of retained earnings are set out below:
30th June 30th June
2026 2025
GBP '000 GBP '000
Capital reserve - realised 20,319 24,256
Capital reserve - revaluation 40,891 14,466
61,210 38,722
16. REVENUE RESERVE
30th June 30th June
2026 2025
GBP '000 GBP '000
Retained revenue profit 6,086 5,642
Dividends paid (2,520) (2,415)
3,566 3,227
17. NET ASSET VALUE PER ORDINARY SHARE
The net asset value per Ordinary share is 202.70p (2025: 170.56).
The net asset value per Ordinary share is calculated on net assets of GBP143,967,000 (2025: GBP121,140,000) and 71,023,695 (2025: 71,023,695) Ordinary shares in issue at the year end.
18. ANALYSIS OF CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
At 30th June 2026
Cashflow Exchange movement
At 1st July 2025 Restated
GBP'000 GBP'000
GBP '000
Cash at bank and on short term 18,220 (831) 221 17,610
deposit
19. RELATED PARTIES
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2026 03:00 ET (07:00 GMT)
