Gresham House Income & Growth 2 VCT reports 1.7% NAV increase

LONDON - Gresham House Income & Growth 2 VCT plc reported a 1.7% increase in total return net asset value (NAV) for the quarter ended June 30, 2025, according to an interim management statement released Wednesday.

The venture capital trust’s NAV per share decreased to 53.79 pence from 54.87 pence at the end of March, primarily due to a 2.00 pence dividend payment made on April 11. When adjusted for the dividend, the NAV per share increased by 0.92 pence on a total return basis.

The company, which changed its name from Mobeus Income & Growth VCT plc on June 18, reported net assets of £179.18 million as of June 30, down from £182.47 million at the end of March.

During the quarter, the VCT made four new investments totaling £4.80 million, including £2.10 million in quantum networking hardware developer Nu Quantum Limited and smaller investments in Penfold Technology, Spinners Group, and Modo25.

The company also completed three exits from its portfolio. Its investment in Rotageek was sold to Elmo Software for £4.03 million, representing a 1.5x return on the original investment cost. The VCT also divested from MyTutorweb for £2.28 million and SEC Group for a nominal sum.

After the quarter end, the company made three follow-on investments totaling £0.96 million in existing portfolio companies and repurchased 2,785,707 of its own shares at 50.23 pence per share in early July.

The board declared a second interim dividend of 2.00 pence per share for the year ending September 30, 2025, to be paid on October 30 to shareholders of record on September 19.

The company successfully applied to the High Court to cancel its Share Premium reserve and Capital Redemption reserve, which was completed on May 20, increasing its available distributable reserves.

The information was provided in an unaudited interim management statement from the company.

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