Triple Point Venture VCT plc (TPON) has published unaudited interim results for the six months ended 31 August 2026, reporting net assets of £122.3 million and a total return per Venture Share of 113.77p. The VCT, managed by Triple Point Investment Management LLP and focused on early-stage UK B2B software companies, deployed £9.0 million across six investments during the period. The Board has declared an interim dividend of 2p per share, payable on or around 16 December 2026 to shareholders on the register at close of business on 27 November 2026.

Key Points

  • Triple Point Venture VCT plc (TPON)
  • Net Asset Value per Venture Share stood at 92.77p at 31 August 2026, down from 93.23p at 28 February 2026, while total return rose to 113.77p from 112.23p
  • Eighth Venture Share offer closed 10 April 2026 raising gross proceeds of £33.9m; a new offer targeting £10m (with £10m over-allotment facility) opened 1 September 2026
  • Investors will be watching the impact of the reduction in VCT income tax relief from 30% to 20% from 6 April 2026 on the current fundraising offer

NAV Dips Marginally as Profit Before Tax Rises to £2.0m for the Six Months to August 2026

The Company reported a profit before tax of £2.021 million for the six months ended 31 August 2026, compared with £372,000 for the equivalent period in 2025 and £1.844 million for the full year ended 28 February 2026. Earnings per share were 1.54p. The ongoing charges ratio rose to 3.02% from 2.79% for the prior full year. Net assets increased to £122.3 million from £111.8 million at 28 February 2026, supported by the completion of the eighth share offer, which resulted in the issue of 35,160,904 Venture Shares. Cash, cash equivalents and liquid investments stood at £39.8 million at 31 August 2026.

Konfir Acquired by Experian and Semble Partial Sale Generate Realisations During the Period

Two realisations were completed during the half year. Konfir, an employment and income verification platform that had been backed since its seed round, was acquired by Experian, generating a return of approximately 1.9x the cash invested. The Company also sold 27% of its holding in Semble, the electronic health record platform, alongside Semble's £30m Series C round, receiving cash proceeds of £1.8 million — representing 77% of the total cash invested in the business. The Company retains a continuing stake in Semble. Five portfolio companies completed funding rounds at valuation uplifts during the period, contributing £5.1 million to NAV movement, partially offset by downward fair value adjustments across seven holdings.

Four New Investments Made Including Infrawatch, BIOS Life and Onyx Amid Falling European Deal Volumes

Triple Point Venture VCT completed four new investments during the period — Infrawatch (internet infrastructure intelligence), BIOS Life (AI-powered oncology surveillance), Onyx (Microsoft licensing support for managed service providers), and an AI-assisted preventative healthcare concierge — alongside two follow-on investments in existing portfolio companies. The Company has committed £75.5 million across 68 qualifying growth companies since inception, with portfolio businesses estimated to employ approximately 3,000 people. Five further funding rounds were in advanced legal negotiations at the period end. The announcement notes that European venture deal volume has continued to decline despite rising overall deal value, driven by a small number of large transactions.

VCT Tax Relief Cut to 20% From April 2026 Expected to Weigh on Current Fundraising Offer

From 6 April 2026, the rate of upfront income tax relief available to new VCT investors was reduced from 30% to 20% following changes announced in the November 2025 Budget. The announcement states the Company expects this reduction to have an adverse effect on VCT fundraising, including its current offer for subscription, which opened on 1 September 2026 and targets £10 million with a £10 million over-allotment facility, closing no later than 30 July 2027. The performance fee structure was also amended in March 2026, moving from an NAV-based to a realisations-based calculation, with a 20% fee applied to proceeds exceeding investment cost plus a 3% annual compound threshold.