Annual Report and Financial Statements for the year ended 31 March 2019 (Pembroke VCT)

Summary

• Company net asset value was £67.8m at 31 March 2019, with a company profit for the year of £5.8m.p.4
• Portfolio value increased 41% over cost, with total value of investments of £64.7m and £11.3m invested in new and follow-on investments.p.4
• The Company raised £6.6 million in the prior B Ordinary share offer, and the new offer, which closed on 30 June 2019, raised a total of £20 million.p.8
• The Total Return of the Ordinary shares rose from 132.63 pence per share at 31 March 2018 to 149.87 pence at 31 March 2019.p.8
• The Company made a profit of £5.8 million in the year (2018: £4.1 million), a weighted return of 17.24 pence per Ordinary share.p.9
• The Company invested £5.6 million in five new investments and £5.7 million in 13 follow-on investments.p.12

Key insights

1. The total value of investments rose from £46.5 million at 31 March 2018 to £64.7 million at 31 March 2019, of which organic equity value increases totalled £6.3 million.p.8
2. Net assets were £67,767,901 at 31 March 2019, against £51,219,912 a year earlier.p.6
3. By cost, the Ordinary share portfolio is 40.6% Hospitality and 32.7% Media and technology.p.16
4. By cost, the B Ordinary share portfolio is 31.3% Apparel and accessories and 29.2% Hospitality.p.16
5. Investment Adviser fees were £1.2 million, against £0.7 million the year before.p.9
6. Five new investments were made: N is for Nursery, Secret Food Tours, HotelMap, Floom and LYMA.p.8