Half-Yearly Report for the six months ended 30 September 2019 (Pembroke VCT)

Summary

• Net assets were £86,502,148, made up of £23,666,620 for Ordinary Shares and £62,835,528 for B Ordinary Shares.p.5
• The Company has invested a total of £54.1 million in 36 companies, currently valued at £74.8 million.p.6
• The Company raised £77.7 million in share offers since February 2013, including a record £23.5 million, and launched a new B Ordinary Share offer to raise up to £40 million.p.6
• A dividend of 3 pence per Ordinary Share and 3 pence per B Ordinary Share was paid on 31 October 2019.p.6
• The portfolio had 36 investments with a cost of £53.0 million and a fair value of £71.6 million, a 36% increase over cost.p.8
• In the period the Company invested £9.1 million, in three new investments totalling £2.1 million and 12 follow-on investments of £7.0 million.p.8

Key insights

1. The Company made a profit of £0.3 million in the period, a weighted loss of 7.5 pence per Ordinary Share and a weighted profit of 3.4 pence per B Ordinary Share.p.6
2. By cost, the Ordinary Share portfolio is 42.0% Hospitality and 30.4% Media and technology.p.30
3. By cost, the B Ordinary Share portfolio is 28.7% Apparel and accessories and 26.7% Hospitality.p.30
4. Five Guys now has 100 outlets in the UK.p.19
5. The new investment in Thriva cost £1,329,558, for a 6.4% equity holding.p.16
6. Plenish represents an equity holding of 33.3%, with a valuation of £5,888,706.p.14