Half-Yearly Results
Octopus Apollo VCT plc
Half-Yearly Results
Octopus Apollo VCT plc today announces its unaudited half-yearly results for the six months ended 31 July 2025.
Octopus Apollo VCT plc (‘Apollo’ or the ‘Company’) is a Venture Capital Trust (VCT) which aims to provide shareholders with attractive tax-free dividends and long-term capital growth by investing in a diverse portfolio of predominantly unquoted companies.
The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.
Key financials
| HY 2025 | HY 2024 | FY2025 | |
| Net assets (£’000) | £522,983 | £438,796 | £482,563 |
| Profit/(loss) after tax (£’000) | £8,854 | £4,546 | £24,110 |
| Net asset value (NAV) per share1 | 50.0p | 49.7p | 50.5p |
| Cumulative dividends paid since launch | 91.3p | 88.7p | 90.0p |
| Total value per share2 | 141.3p | 138.4p | 140.5p |
| Dividends paid in the year | 1.3p | 1.3p | 2.6p |
| Dividend yield3 | 2.6% | 2.6% | 5.1% |
| Dividend declared | 1.3p | 1.3p | 1.3p |
| Total return per share %4 | 1.6% | 1.0% | 5.1% |
1. NAV per share is calculated as net assets divided by total number of shares, as described in the glossary of terms.
2. Total value per share is calculated by adding together NAV per share and cumulative dividends paid since launch.
3. Dividend yield is calculated as dividends paid in the period, divided by the NAV per share at the beginning of the period.
4. Total return per share % is an alternative performance measure (APM) calculated as movement in NAV in the period plus dividends paid in the period, divided by the NAV at the beginning of the period, as described in the glossary of terms.
Interim Management Report
Chair’s statement
Apollo’s total return for the six months to 31 July 2025 was 1.6% with the net assets at the end of the period totalling £523 million.
Performance
I am pleased to present Apollo’s half-yearly report for the six months ended 31 July 2025. At the period end, the Net Asset Value (NAV) plus cumulative dividends per share was 141.3p, representing a modest increase of 0.8p per share since 31 January 2025. This equates to a NAV total return of 1.6% for the six month period. This performance underscores the Company’s resilience and ability to deliver positive returns despite a challenging macroeconomic backdrop.
During the six months, the NAV per share declined modestly, primarily driven by the 1.3p dividend which was paid to shareholders. Encouragingly, the portfolio itself continued to grow in value, demonstrating the adaptability of our portfolio companies in a challenging global political and economic environment. We have seen many companies grow their revenue and increase their profit margins. We are pleased with the consistent strategic execution across the portfolio, which reinforces our confidence in the Company’s long-term potential.
We were also particularly pleased to see several exciting new investments made in the period. We believe the Company is well-positioned to take advantage of the changes in AI technology adoption which are positively influencing the early-stage eco‑system.
In the six months to 31 July 2025, we utilised £51.4 million of our cash resources, comprising £21.9 million in new and follow-on investments, £10.6 million in dividends (net of the dividend reinvestment scheme (DRIS)), £5.0 million in management fees, £5.7 million in share buybacks, £6.1 million of performance fees for the year ended 31 January 2025 and £2.1 million in other running costs such as accounting and administration services and trail commissions. The cash and cash equivalents balance of £95.1 million at 31 July 2025 represented 18.2% of net assets at that date, compared to 19.8% at 31 January 2025.
Dividends
It is your Board’s policy to maintain a regular dividend flow where possible to take advantage of the tax-free distributions a VCT can provide, and work towards the targeted 5% annual dividend yield policy.
I am pleased to confirm that the Board has decided to declare an interim dividend of 1.3p per share in respect of the period ended 31 July 2025. The dividend will be payable on 22 December 2025 to shareholders on the register at 5 December 2025.
Apollo's DRIS, which allows shareholders to reinvest their cash dividends into new shares in Apollo VCT, rather than receiving the dividend as cash, was introduced in November 2014. To date 20.5% of shareholders have taken advantage of it, as it is an attractive scheme for investors who would prefer to benefit from additional income tax relief on their reinvested dividend. I hope that shareholders will find this scheme beneficial. During the six months to 31 July 2025, 6,280,749 shares were issued under the DRIS, equating to a reinvested amount of £3.1 million.
Fundraise and share buybacks
On 21 March 2025, the Company closed its offer to raise £75 million fully subscribed. We would like to take this opportunity to welcome all new shareholders and thank all existing shareholders for their continued support. Following the success of this fundraise, on 11 July 2025, we were pleased to announce the Company’s intention to launch a new fundraise.
Apollo has continued to offer a share buyback scheme in line with our policy. In the six months to 31 July 2025, the Company bought back 11,959,418 shares for a total consideration of £5.7 million.
Dividends, whether paid in cash or reinvested under the DRIS, and share buybacks are always at the discretion of the Board, are never guaranteed and may be reviewed when necessary.
VCT qualifying status
Shoosmiths LLP provides the Board and Portfolio Manager with advice concerning ongoing compliance with His Majesty’s Revenue & Customs (HMRC) rules and regulations concerning VCTs. The Board has been advised that Apollo is complying with the conditions set by HMRC for maintaining approval as a VCT. A key requirement is to maintain at least an 80% qualifying investment level. As at 31 July 2025, 100% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments.
Principal risks and uncertainties
The Board continues to review the risk environment in which the Company operates on a regular basis. There have been no significant changes to the key risks which were described on pages 35 to 38 of the Annual Report for the year ended 31 January 2025. The Board does not anticipate any significant changes to these risks.
Board of Directors
Claire Finn, having originally been appointed in 2021, has resigned from the Board, and will step down in October 2025. I would like to take this opportunity to thank her on behalf of the Board and the shareholders for her contribution over the years.
On 15 September 2025, the Board announced the appointment of two new independent Non-Executive Directors - Lindsay Dodsworth and Graeme Gunn. Lindsay is a former Partner at EY and Non-Executive Director of Mobeus Income & Growth 4 VCT and is currently a Non-Executive Director on multiple boards. Graeme was a founding Partner of SL Capital Partners and since 2019 he has been a Director at 3 Bridges Capital. He is also the Chair of Maison Sport and a Non-Executive Director of Cypress Creek Private Strategies. More detailed biographies are available in the announcement which can be found here https://www.londonstockexchange.com/news-article/ OAP3/board-changes/17231684.
Lindsay and Graeme will become members of the Audit & Risk Committee, Management Engagement Committee and Nomination & Remuneration Committee of the Company, with effect from the date of their appointment.
Murray Steele
Chair
Portfolio Manager’s review
At Octopus our focus is on managing your investments and providing open communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.
Investment strategy
Most companies in the portfolio operate in sectors where there is a strong opportunity for growth whilst also offering some degree of resilience in terms of demand. In general, we invest in B2B technology companies operating in the software-as-a-service (SaaS) space that have recurring revenues from a diverse base of customers. We also seek to invest in companies that will provide an opportunity for Apollo to realise its investment, typically within three to seven years.
Apollo total value growth
The total value has seen a significant increase over this period, from 119.8p to 141.3p at 31 July 2025. This increase in total value of 21.5p represents a 47.0% increase on the NAV of 45.7p as at 31 January 2020. Over the last five years, a total of more than £106.1 million has been distributed back to shareholders in the form of tax-free dividends, including those reinvested as part of the DRIS.
In the six months to 31 July 2025, the NAV total return (NAV plus cumulative dividends) increased to 141.3p per share, giving a total return of 1.6% for the period. We are pleased with this modest uplift, considering the backdrop of a challenging macroeconomic environment that our portfolio companies are having to operate within.
The performance over the period to 31 July 2025 is shown below:
| NAV | Dividends paid in year | Cumulative dividends | NAV + cumulative dividends | Total return % | |
| Year ended 31 January 2020 | 45.7p | 3.0p | 74.1p | 119.8p | 3.4% |
| Year ended 31 January 2021 | 49.2p | 2.3p | 76.4p | 125.6p | 12.7% |
| Year ended 31 January 2022 | 50.2p | 5.7p | 82.1p | 132.3p | 13.6% |
| Year ended 31 January 2023 | 53.2p | 2.6p | 84.7p | 137.9p | 11.2% |
| Year ended 31 January 2024 | 50.5p | 2.7p | 87.4p | 137.9p | 0.0% |
| Year ended 31 January 2025 | 50.5p | 2.6p | 90.0p | 140.5p | 5.1% |
| Period ended 31 July 2025 | 50.0p | 1.3p | 91.3p | 141.3p | 1.6% |
While performance across the portfolio has been mixed over the six-month period, the majority of companies within Apollo have experienced valuation uplifts, contributing to an overall positive portfolio return of £15.8 million (including disposals). There have been valuation increases across 27 portfolio companies, delivering a collective increase of £28.3 million. These increases reflect businesses which have successfully grown their customer base and revenues through the period whilst operating with greater capital efficiency. All the contributing companies are B2B technology focused, core to Apollo’s investment mandate, with some notable strong performers including Lodgify, Natterbox and Harbiz.
Conversely, 17 companies saw a decrease in valuation, collectively totalling £12.5 million. The businesses that saw the most significant reductions were Fable Data, Zapnito and Delio. They all operate in market segments that have faced more challenging trading conditions, characterised by elevated customer churn rates and reduced sales conversion levels.
As part of liquidity management, Apollo regularly invests in and withdraws from Money Market Funds (MMFs) in order to meet cash requirements. During the period, on a net basis, £9 million was withdrawn from MMFs. These movements, in combination with the remaining investments in SEQI (an Investment Trust) and the MMFs, took the total liquid investments at 31 July 2025 to £95.1 million (including interest earned during the year on MMF deposits).
Disposals
During the period to 31 July 2025, immaterial disposal proceeds were received in relation to a legacy holding made prior to the Company’s strategic change in investment focus in 2018.
A summary of dividends paid to shareholders and disposal proceeds received since the year ended 31 January 2021 is provided in the table below.
| Year ended 31 January 2021 | Year ended 31 January 2022 | Year ended 31 January 2023 | Year ended 31 January 2024 | Year ended 31 January 2025 | Six months ended 31 July 2025 | Total | |
| Dividends paid in the year (£'000) | 7,471 | 28,366 | 14,323 | 19,165 | 23,097 | 13,663 | 106,085 |
| Disposal proceeds (£'000) | 3,356 | 53,939 | 3,591 | 18,292 | 21,713 | 146 | 101,037 |
New and follow-on investments
Apollo completed follow-on investments in seven companies and made three new investments. Together, these totalled £21.9 million (made up of £11 million in new companies and £10.9 million invested in the existing portfolio).
We are pleased to have completed several investments into B2B AI software platforms during the period.
Apollo’s new investments were in:
Liftango
£4 million
A shared transport software solution that enables corporates and governments to deploy and manage on-demand and fixed-route transport services.
Altura
£4.8 million
A bid management platform that automates administrative tasks, centralises information, and helps teams create competitive proposals using AI.
Lyrebird Health
£2.2 million
An AI-powered scribe designed to support medical practitioners with clinical documentation.
Valuations
Methodologies include:
• ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been agreed or proposed with an acquirer;
• ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenue or EBITDA for portfolio companies; and
• ‘Scenario analysis’ is utilised where there is uncertainty around the potential outcomes available to a company, so a probability-weighted scenario analysis is considered.
Having arrived at a valuation of the portfolio company, to distribute the equity value within a portfolio company’s capital structure, taking into account the priority of financial instruments and the economic rights of debt and shares Apollo holds, the Current Value Method (CVM) is typically employed. This method allocates the equity value to different equity interests as if the business were sold on the reporting date, thereby reflecting the effects of the distribution waterfall.
| Valuation methodology | By value | By number of companies |
| Multiples | 87% | 72% |
| Scenario analysis | 8% | 13% |
| External price | 5% | 10% |
| Nil-value holdings | - | 5% |
Top 10 investments by value as at 31 July 2025
Here, we set out the cost and valuation of the top ten holdings, which account for over 55% of the value of the portfolio.
| Portfolio | Investment cost (£’000) | Fair value of investment (£’000) | |
| 1 | Natterbox | £18,990 | £46,580 |
| 2 | Lodgify | £12,611 | £40,965 |
| 3 | Ubisecure | £10,325 | £28,571 |
| 4 | Interact | £308 | £21,156 |
| 5 | TRI | £3,800 | £20,810 |
| 6 | Sova | £12,250 | £19,258 |
| 7 | ValueBlue | £11,565 | £16,774 |
| 8 | Mention Me | £15,000 | £15,000 |
| 9 | Turtl | £10,000 | £14,787 |
| 10 | Fuse Universal | £8,250 | £14,636 |
Outlook
The portfolio has demonstrated resilience, increasing in value over the period, which is particularly impressive when compared to broader market benchmarks. Notably, the Bessemer Index, which is a key US technology benchmark that informs the valuation of many portfolio companies, declined by 23% in the first half of the year¹.
We are encouraged by the overall increase in portfolio value, which reflects the strength and adaptability of our portfolio companies and the effectiveness of our approach to investment structuring. Many have responded to the macroeconomic environment by prioritising capital efficiency and sustainable growth.
The broader market remains volatile, driven by ongoing geopolitical uncertainty, the introduction of US trade tariffs and inflation persisting above the Bank of England’s target, resulting in a prolonged higher interest rate environment. These macroeconomic factors have contributed to extended sales cycles across the software sector and exerted downward pressure on valuations.
While higher interest rates have weighed on valuations and exit activity over the past 18 months, the anticipated easing of rates in both the US and UK is expected to improve access to funding for portfolio companies. Should broader macroeconomic conditions begin to stabilise, we would also hope to see a gradual improvement in exit dynamics.
We remain confident in the strength and strategic positioning of our portfolio, supported by the performance delivered during the period.
We were also pleased with the strong support from investors, with £75 million successfully raised by 21 March 2025. We have also announced an intention to fundraise before the end of the tax year. This capital enables Apollo to continue backing high‑potential businesses and selectively pursue new investment opportunities aligned with our strategy, including businesses operating within AI.
Looking ahead, while we remain mindful of ongoing market volatility, we are optimistic about the portfolio’s ability to deliver long-term value and are encouraged by the quality of new investments that the Company has been able to add to the portfolio during this period.
Paul Davidson
Partner and Lead Fund Manager of Octopus Apollo VCT
Directors’ responsibilities statement
The Directors confirm that to the best of their knowledge:
- the half-yearly financial statements have been prepared in accordance with ‘Financial Reporting Standard 104: Interim Financial Reporting’ issued by the Financial Reporting Council;
- the half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
- the half-yearly report includes a fair review of the information required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules, being:
- we have disclosed an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
- we have disclosed a description of the principal risks and uncertainties for the remaining six months of the year; and
- we have disclosed a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Murray Steele
Chair
Income statement
| Unaudited | Unaudited | Audited | |||||||
| six months to 31 July 2025 | six months to 31 July 2024 | year to 31 January 2025 | |||||||
| Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | |
| Realised gain/(loss) on disposal of fixed asset investments | – | 79 | 79 | – | (1,066) | (1,066) | – | 1,226 | 1,226 |
| Change in fair value of fixed asset investments | – | 15,690 | 15,690 | – | 10,685 | 10,685 | – | 37,666 | 37,666 |
| Change in fair value of current asset investments | – | 277 | 277 | – | (61) | (61) | – | (574) | (574) |
| Investment income | 2,360 | – | 2,360 | 1,899 | – | 1,899 | 4,082 | – | 4,082 |
| Investment management fees | (1,256) | (3,767) | (5,023) | (1,021) | (4,202) | (5,223) | (2,147) | (6,442) | (8,589) |
| Performance fee | – | (2,137) | (2,137) | – | – | – | – | (6,139) | (6,139) |
| Other expenses | (2,076) | – | (2,076) | (1,688) | – | (1,688) | (3,555) | – | (3,555) |
| Foreign currency translation | (316) | – | (316) | – | – | – | (7) | – | (7) |
| (Loss)/profit before tax | (1,288) | 10,142 | 8,854 | (810) | 5,356 | 4,546 | (1,627) | 25,737 | 24,110 |
| Tax | – | – | – | – | – | – | – | – | – |
| (Loss)/profit after tax | (1,288) | 10,142 | 8,854 | (810) | 5,356 | 4,546 | (1,627) | 25,737 | 24,110 |
| (Loss)/earnings per share – basic and diluted | (0.1)p | 1.0p | 0.9p | (0.1)p | 0.7p | 0.6p | (0.2)p | 3.0p | 2.8p |
- The ‘Total’ column of this statement is the profit and loss account of Apollo; the revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
- All revenue and capital items in the above statement derive from continuing operations.
- Apollo has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.
Apollo has no other comprehensive income for the period.
The accompanying notes are an integral part of the financial statements.
Balance sheet
| Unaudited as at 31 July 2025 | Unaudited as at 31 July 2024 | Audited as at 31 January 2025 | ||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Fixed asset investments | 432,493 | 352,450 | 395,018 | |||
| Current assets: | ||||||
| Investments | 8,189 | 8,428 | 7,912 | |||
| Money market funds | 76,505 | 77,342 | 83,544 | |||
| Debtors | 1,086 | 881 | 1,424 | |||
| Cash at bank | 10,394 | 3,708 | 4,251 | |||
| Applications cash | 13 | 2,894 | 16,780 | |||
| Total current assets | 96,187 | 93,253 | 113,911 | |||
| Current liabilities | (5,697) | (6,907) | (26,366) | |||
| Net current assets | 90,490 | 86,346 | 87,545 | |||
| Net assets | 522,983 | 438,796 | 482,563 | |||
| Share capital | 1,045 | 883 | 956 | |||
| Share premium | 113,064 | 86,073 | 62,281 | |||
| Special distributable reserve | 279,966 | 251,373 | 299,284 | |||
| Capital redemption reserve | 203 | 180 | 191 | |||
| Capital reserve realised | (32,434) | (21,374) | (25,949) | |||
| Capital reserve unrealised | 170,065 | 128,482 | 153,438 | |||
| Revenue reserve | (8,926) | (6,821) | (7,638) | |||
| Total shareholders’ funds | 522,983 | 438,796 | 482,563 | |||
| Net asset value per share - basic and diluted | 50.0p | 49.7p | 50.5p | |||
The accompanying notes are an integral part of the financial statements.
The statements were approved by the Directors and authorised for issue on 14 October 2025 and are signed on their behalf by:
Murray Steele
Chair
Company Number: 05840377
Statement of changes in equity
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2025 | 956 | 62,281 | 299,284 | 191 | (25,949) | 153,438 | (7,638) | 482,563 |
| Total comprehensive income for the year | – | – | – | – | (5,825) | 15,967 | (1,288) | 8,854 |
| Contributions by and distributions to shareholders: | ||||||||
| Repurchase and cancellation of own shares | (12) | – | (5,655) | 12 | – | – | – | (5,655) |
| Issue of shares | 101 | 53,863 | – | – | – | – | – | 53,964 |
| Share issue cost | – | (3,080) | – | – | – | – | – | (3,080) |
| Dividends paid | – | – | (13,663) | – | – | – | – | (13,663) |
| Total contributions by and distributions to shareholders | 89 | 50,783 | (19,318) | 12 | – | – | – | 31,566 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | (660) | 660 | – | – |
| Total other movements | – | – | – | – | (660) | 660 | – | – |
| Balance as at 31 July 2025 | 1,045 | 113,064 | 279,966 | 203 | (32,434) | 170,065 | (8,926) | 522,983 |
1 Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2024 | 773 | 27,476 | 266,132 | 172 | (15,275) | 117,027 | (6,011) | 390,294 |
| Total comprehensive income for the year | – | – | – | – | (5,268) | 10,624 | (810) | 4,546 |
| Contributions by and distributions to shareholders: | ||||||||
| Repurchase and cancellation of own shares | (8) | – | (3,858) | 8 | – | – | – | (3,858) |
| Issue of shares | 118 | 62,138 | – | – | – | – | – | 62,256 |
| Share issue cost | – | (3,541) | – | – | – | – | – | (3,541) |
| Dividends paid | – | – | (10,901) | – | – | – | – | (10,901) |
| Total contributions by and distributions to shareholders | 110 | 58,597 | (14,759) | 8 | – | – | – | 43,956 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | (831) | 831 | – | – |
| Total other movements | – | – | – | – | (831) | 831 | – | – |
| Balance as at 31 July 2024 | 883 | 86,073 | 251,373 | 180 | (21,374) | 128,482 | (6,821) | 438,796 |
1 Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2024 | 773 | 27,476 | 266,132 | 172 | (15,275) | 117,027 | (6,011) | 390,294 |
| Total comprehensive income for the year | – | – | – | – | (11,355) | 37,092 | (1,627) | 24,110 |
| Total contributions by and distributions to shareholders: | – | – | – | – | – | – | – | – |
| Repurchase and cancellation of own shares | (19) | – | (8,981) | 19 | – | – | – | (8,981) |
| Issue of shares | 202 | 106,017 | – | – | – | – | – | 106,219 |
| Share issue cost | – | (5,982) | – | – | – | – | – | (5,982) |
| Dividends paid | – | – | (23,097) | – | – | – | – | (23,097) |
| Total contributions by and distributions to shareholders | 183 | 100,035 | (32,078) | 19 | – | – | – | 68,159 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | 681 | (681) | – | – |
| Cancellation of Share Premium | – | (65,230) | 65,230 | – | – | – | – | – |
| Total other movements | – | (65,230) | 65,230 | – | 681 | (681) | – | – |
| Balance as at 31 January 2025 | 956 | 62,281 | 299,284 | 191 | (25,949) | 153,438 | (7,638) | 482,563 |
1 Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
Cash flow statement
| Unaudited six months to 31 July 2025 £’000 | Unaudited six months to 31 July 2024 £’000 | Audited year to 31 January 2025 £’000 | |
| Cash flows from operating activities | |||
| Profit before tax | 8,854 | 4,546 | 24,110 |
| Adjustments for: | |||
| Decrease/(increase) in debtors | 338 | (637) | (10) |
| (Decrease)/increase in creditors | (3,901) | 879 | 6,454 |
| (Gain)/loss on disposal of fixed asset investments | (79) | 1,066 | (1,226) |
| Gain on valuation of fixed asset investments | (15,690) | (10,685) | (37,666) |
| (Gain)/loss on valuation of current asset investments | (277) | 61 | 574 |
| Net cash utilised in operating activities | (10,755) | (4,770) | (7,764) |
| Cash flows from investing activities | |||
| Purchase of fixed asset investments | (21,853) | (22,255) | (47,131) |
| Proceeds on sale of fixed asset investments | (146) | 11,301 | 21,713 |
| Net cash utilised in investing activities | (21,707) | (10,954) | (25,418) |
| Cash flows from financing activities | |||
| Movement in applications account | (16,767) | (5,958) | 7,928 |
| Purchase of own shares | (5,655) | (3,858) | (8,981) |
| Proceeds from share issues | 50,874 | 59,754 | 100,951 |
| Cost of share issues | (3,080) | (3,541) | (5,982) |
| Dividends paid (net of DRIS) | (10,572) | (8,399) | (17,829) |
| Net cash generated from financing activities | 14,799 | 37,998 | 76,087 |
| (Decrease)/increase in cash and cash equivalents | (17,663) | 22,274 | 42,905 |
| Opening cash and cash equivalents | 104,575 | 61,670 | 61,670 |
| Closing cash and cash equivalents | 86,912 | 83,944 | 104,575 |
| Cash and cash equivalents comprise | |||
| Cash at bank | 10,394 | 3,708 | 4,251 |
| Applications cash | 13 | 2,894 | 16,780 |
| Money market funds | 76,505 | 77,342 | 83,544 |
| Closing cash and cash equivalents | 86,912 | 83,944 | 104,575 |
The accompanying notes are an integral part of the financial statements.
Condensed notes to the financial statements
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2025 have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (March 2018) and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in July 2022.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2025 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The comparative figures for the year ended 31 January 2025 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company’s auditor.
3. Earnings per share
| 31 July 2025 | 31 July 2024 | 31 January 2025 | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| (Loss)/profit attributable to ordinary shareholders (£’000) | (1,288) | 10,142 | 8,854 | (810) | 5,356 | 4,546 | (1,627) | 25,737 | 24,110 |
| Earnings per ordinary share (p) | (0.1)p | 1.0p | 0.9p | (0.1)p | 0.7p | 0.6p | (0.2)p | 3.0p | 2.8p |
The (loss)/earnings per share is based on 1,045,600,555 Ordinary shares (31 January 2025: 867,758,701; 31 July 2024: 826,113,752), being the weighted average of shares in issue during the year.
There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted earnings per share are identical.
4. Net asset value per share
| 31 July 2025 Ordinary shares | 31 July 2024 Ordinary shares | 31 January 2025 Ordinary shares | |
| Net assets (£) | 522,983,000 | 438,796,000 | 482,563,000 |
| Shares in issue | 1,045,600,555 | 882,596,265 | 956,172,843 |
| Net asset value per share (p) | 50.0 | 49.7 | 50.5 |
There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted NAV per share are identical.
5. Dividends
The interim dividend of 1.3p per share will be paid on 22 December 2025 to shareholders on the register on 5 December 2025.
6. Buybacks and allotments
During the six months to 31 July 2025, Apollo bought back 11,959,418 Ordinary shares at a weighted average price of 47.3p per share (six months ended 31 July 2024: 8,053,434 Ordinary shares at a weighted average price of 47.9p per share; year ended 31 January 2025: 18,817,722 Ordinary shares at a weighted average price of 47.7p per share).
During the six months to 31 July 2025, 101,387,130 shares were issued at a weighted average price of 50.2p per share (six months ended 31 July 2024: 117,906,087 shares at a weighted average price of 49.8p per share; year ended 31 January 2025: 202,246,953 shares at a weighted average price of 49.6p per share).
7. Transactions with the Portfolio Manager
Octopus acts as the Portfolio Manager of Apollo. Under the management agreement, the Manager receives a fee, payable quarterly in arrears, based on 2% of the NAV calculated daily from 31 January for the investment management services.
Apollo has incurred management fees of £5,023,000 during the period to 31 July 2025 (31 July 2024: £4,084,000; 31 January 2025: £8,589,000). During the period, Apollo has also accrued performance fees of £2,137,000 (31 July 2024: £1,139,000; 31 January 2025: £6,139,000).
The Portfolio Manager also provides accounting and administration services to Apollo, payable quarterly in arrears, for a fee of 0.3% of the NAV calculated daily. In addition, the Portfolio Manager also provides company secretarial services for a fee of £20,000 per annum.
8. Related party transactions
As at 31 July 2025, Octopus Investments Nominees Limited (OINL) held 78,798 shares (31 July 2024: nil; 31 January 2025: nil) in Apollo as beneficial owner, having purchased these from shareholders to protect their interests after delays or errors with shareholder instructions and other similar administrative issues. Throughout the period to 31 July 2025, OINL purchased 78,798 shares (31 July 2024: nil; 31 January 2025: nil) at a cost of £36,877 (31 July 2024: nil; 31 January 2025: nil) and sold nil shares (31 July 2024: nil; 31 January 2025: nil) for proceeds of nil (31 July 2024: nil; 31 January 2025: nil). This is classed as a related party transaction as per the Listing Rules, as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any future transactions in which OINL assumes legal and beneficial ownership of Company shares will be announced to the market as required by the UK Listing Rules and disclosed in annual and half-yearly reports.
9. Voting rights and equity management
The following table shows the percentage voting rights held by Apollo of each of the top ten investments held in Apollo, on a fully diluted basis.
Investments | % voting rights held by Apollo1 |
| N2JB Limited (trading as Natterbox) | 9.0% |
| Codebay Solutions Limited (trading as Lodgify) | 15.3% |
| Ubisecure Holdings Limited | 73.4% |
| Hasgrove Limited (trading as Interact) | 5.9% |
| Triumph Holdings Limited | 52.0% |
| Sova Assessment Limited | 37.2% |
| ValueBlue BV | 20.3% |
| Mention Me Limited | 19.4% |
| Turtl | 13.6% |
| Fuse Universal Limited | 0.0% |
1 Under VCT regulations, Apollo is unable to control more than 49.99% of the voting rights attached to its shareholding in a portfolio company.
10. Post balance sheet events
The following events occurred between the balance sheet date and the signing of this half-yearly report:
• Apollo invested a total of £10.2 million in two new and one follow-on investments;
• Apollo received a total of £7.2 million of proceeds from disposals;
• on 11 July 2025 the Company announced its intention to launch a new fundraise later in the year; and
• a final order to cancel share premium amounting to £113.1 million was granted on 22 September 2025.
11. Half-Yearly Report
The unaudited half-yearly report for the six months ended 31 July 2025 will shortly be available to view on the Company’s website https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-apollo-vct/
A copy of the half-yearly report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further enquiries, please contact:
Rachel Peat
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
LEI: 213800Y3XEIQ18DP3O53
