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Highlights
- The company paid total dividends of 12.5 pence per share in the year, including a special interim dividend of 6.0 pence per share.
- Net Asset Value (NAV) per share decreased by 1.8%, contrasting with the FTSE AIM All-Share Total Return Index increase of 7.9%.
- Raised GBP 24.1 million from a fully subscribed Offer for Subscription and announced a new offer to raise up to GBP 25.0 million.
Unicorn AIM VCT plc (LSE:UAV) has released its audited financial results for the year ending 30 September 2025. The company, listed on the London Stock Exchange under ticker UAVP, reported a total return of -1.8% amid challenging market conditions affecting smaller UK-focused businesses. Despite this, the firm completed a successful capital raise and announced a new funding offer, positioning itself for future opportunities.
Market Conditions and Fund Performance
The past financial year saw uncertainty impacting smaller UK enterprises, particularly those listed on the Alternative Investment Market (AIM). While the broader FTSE AIM All Share index returned positive results, gains were concentrated in a few cyclical and non-qualifying sectors like Metals & Mining. Unicorn AIM VCT’s portfolio generated a negative total return of -1.8%, slightly outperforming the AIC VCT AIM-Quoted Peer Group’s -1.9% return but lagging behind the broader AIM index.
Economic factors such as persistent inflation above the Bank of England’s 2% target, elevated interest rates, and geopolitical risks created a restrictive environment for early-stage investments and IPO activity.
Financials and Dividends
Net assets at year-end stood at GBP 194.4 million, down from GBP 199.4 million the previous year. Declines were driven by a GBP 1.9 million drop in the investment portfolio value, dividends paid totaling GBP 24.4 million, share buybacks costing GBP 5.3 million, and operating costs of GBP 4.5 million. These reductions were partially offset by the GBP 24.1 million raised in the Offer for Subscription and GBP 3.6 million reinvested by shareholders under the Dividend Reinvestment Scheme.
The Board has proposed a final dividend of 3.5 pence per share for the 2025 financial year, adding to the 6.5 pence in ordinary dividends and 6.0 pence in special payments made during the year. Total dividends for the year thus sum to 12.5 pence per share.
Investment Activity and Outlook
During the period, Unicorn AIM VCT made seven new qualifying investments totaling GBP 9.1 million and invested GBP 6.6 million in ten existing holdings. Realisations from disposals amounted to GBP 8.9 million with gains of GBP 5.2 million. The portfolio now holds 79 qualifying investments across 26 sectors, with over 73% maintaining positive cash balances.
Looking ahead, market conditions are expected to stabilize with declining inflation and interest rates forecast by the Bank of England. Renewed investor interest in the UK equity space, particularly among larger companies, signals potential opportunities for smaller growth businesses as market sentiment improves. The company remains focused on backing growth-oriented firms with strong fundamentals and diversified sector exposure.
