EMV Capital plc delivered a strong performance in its 2024 annual results, reporting 70% revenue growth to £2.5 million and highlighting the continued expansion of its assets under management (AUM), now approaching £100 million across over 70 deep tech and life sciences investments. Core revenues rose 67% to £2 million, with a diversified income model spanning fund management, fundraising fees, and value creation services. The company’s venture-build strategy has delivered £8.5 million in fair value from just £0.9 million in capital and services, underlining EMV's capital-efficient, high-impact model. Despite market headwinds, EMV raised £8.66 million for its portfolio companies in 2024 and saw robust third-party investor engagement, including £171 million into the Martlet Capital portfolio. The group’s adjusted NAV and direct fair value per share significantly exceed its market cap, pointing to undervaluation. EMV continues to grow organically through recurring fees and fund initiatives, including EIS and Cambridge-based fund platforms, while positioning for long-term capital growth through strategic exits. With exposure to high-potential companies in recycling, health tech, and quantum, EMV’s model aligns with Mansion House reforms and offers a unique platform for shareholder value creation in the UK’s innovation economy.

Theracryf has unveiled a major strategic update focused on advancing its newly acquired Orexin-1 receptor antagonist programme targeting substance use and binge eating disorders. In a detailed investor presentation, the company outlined the compelling scientific, clinical, and commercial rationale behind this neuropsychiatry asset, citing a growing unmet medical need, global rise in addictive behaviours, and increasing M&A interest in the space. Backed by strong preclinical data, high selectivity, and best-in-class receptor occupancy, the asset offers a differentiated profile with the potential to outperform existing treatments by avoiding sedation and maintaining normal reward responses—critical for long-term patient compliance. The programme is progressing toward IND/CTA submission, enabled by a recent fundraise, with regulatory toxicology studies and large-scale GMP manufacturing now underway to support first-in-human trials. Theriva’s multi-asset pipeline also includes a dopamine reuptake inhibitor for fatigue and apathy, and its oncology programme SFX-01, targeting glioblastoma, remains on track for clinical trials in collaboration with Erasmus University. With patent protection extending into key jurisdictions and a clear regulatory path, Theriva is well-positioned to unlock significant value through strategic partnerships or potential out-licensing opportunities. This investor update reaffirms Theriva’s commitment to delivering high-impact therapies in neuroscience and oncology, offering shareholders near-term catalysts and exposure to high-growth clinical development.

24 Select Monthly Income Fund (“SMIF”) reported a solid set of interim financial results for the six months ending 31 March 2025, demonstrating continued resilience and income generation in a dynamic fixed income environment. The Fund delivered a NAV total return of 4.9%, supported by strong performance from collateralised loan obligations (CLOs) and subordinated financials. Net assets increased from £220m to £234m, driven by positive investment performance and new share issuance. SMIF maintained its commitment to reliable monthly income, exceeding its dividend target with 3.25p declared during the half-year, and is on track to surpass its annual 6p dividend objective, supported by a healthy 9.3% mark-to-market yield.

Managed by TwentyFour Asset Management, the portfolio maintains low interest rate duration and a focus on short-dated, high-yielding credit assets, with a tilt towards European over US exposure. Credit quality has improved year-on-year, with increased BBB-rated holdings and reduced exposure to lower-rated bonds. The Fund continues to favour sectors offering strong fundamentals and yield premium, particularly European financials, insurance subordinated debt, and securitised products such as CLOs. With over 100 diversified holdings, SMIF actively manages risk and maintains sector and geographic balance.

Backed by robust bottom-up credit analysis and a proven income track record since 2014, SMIF remains well-positioned to navigate macro uncertainty and deliver consistent shareholder returns. The portfolio’s resilience, premium trading position, and ongoing capital inflows highlight investor confidence amid broader market discount trends. With fundamentals and yields aligning favourably, the Fund offers attractive risk-adjusted returns for income-focused investors seeking exposure to quality credit in a recalibrated interest rate landscape.

 Diverse Income Trust plc outlined a compelling strategy focused on diversified UK equity income holdings, with a particular emphasis on overlooked small-cap and AIM-listed companies. Despite muted capital growth in recent years, the Trust has delivered consistently growing dividends—even through economic stress tests like COVID-19—highlighting its resilience and income-generating strength. Williams argues that structural changes in the global economy, including deglobalization and political disruption, are triggering a shift away from capital appreciation-driven mega-cap investing toward robust, income-led strategies. With over 100 holdings spanning large, mid, and small-cap UK equities, the Trust leverages surplus cash generation, undervalued valuations, and strong balance sheets to capture upside potential. Williams believes UK small caps are poised for a re-rating as valuations normalize and institutional attention shifts down the market cap spectrum. The strategy is designed to thrive in uncertain environments, with a focus on strong fundamentals, rising margins, and management discipline. As broader markets remain cautious, the Diverse Income Trust stands out for its long-term total return profile, diversified portfolio, and contrarian approach—offering investors exposure to potential earnings acceleration and valuation uplift. With UK equities trading at a substantial discount to global peers, the Trust is strategically positioned for recovery and sustained outperformance.

CQS Natural Resources Growth and Income PLC (LSE:CYN) delivered a robust investor update highlighting the fund’s strategic overweight to precious metals, underpinned by compelling valuations and strong long-term demand fundamentals. The trust, managed by seasoned portfolio managers with deep sector expertise, offers investors diversified exposure to real assets across gold, uranium, energy shipping, and select base metals. With a healthy 3.4% yield transitioning to a new 8% dividend (based on NAV), reduced fees, and a commitment to active management, the fund is well-positioned to capture value through commodity cycles. The portfolio emphasizes mid-cap miners and developers poised for M&A or re-rating, and maintains disciplined rotation through macro themes including energy transition, stagflation hedges, and underinvestment-driven supply imbalances. Recent performance has outpaced benchmarks such as MSCI World Energy and Metals & Mining, with a six-year NAV return of 18% p.a. Uranium and gold remain key overweight positions, supported by rising demand from central banks and governments, while oil and copper exposure is tactically reduced amid supply concerns and Chinese property market headwinds. The managers also reaffirmed the trust’s resilience post-tender offer, citing a clear path to sustainable dividends without compromising investment strategy. 

B.P. Marsh & Partners PLC (AIM:BPM) reported outstanding full-year results for the period ending 31 January 2025, achieving a 42.4% increase in net asset value (NAV) to a record £326.4m and delivering a 44.2% total shareholder return. Profit before tax surged to £104.7m, driven by robust equity portfolio gains and successful realisations including Paladin, Lily Plummer Risk, and CBC. Core investments—Pantheon, XPT (US), and ATC (Australia)—were key NAV contributors, reflecting strong underlying performance and strategic execution in specialist insurance markets. The Group declared aggregate dividends of 10.72p per share for FY25, and post-year-end distributions totalling 21.64p per share for FY26, alongside a growing share buyback programme. With £65.2m in capital available post year-end, BP Marsh continues to back high-potential early-stage and growth insurance businesses, including Volt and Devonshire, while expanding into adjacent financial services through new investments like IO Partners. Management reaffirmed its long-term value creation strategy—focusing on active portfolio support, disciplined realisations, and consistent capital returns—highlighting strong pipeline visibility and optimism for continued NAV growth and shareholder value. 

Vianet Group PLC (AIM:VNET) delivered a strong FY25 performance, meeting market expectations and highlighting resilient growth across both its Unattended Retail and Hospitality divisions. Recurring revenue rose 1.8% to represent 86% of total turnover, supported by a 3.1% increase in adjusted EBITDA to £4.14m and a 61% surge in EPS. The group’s strategic shift toward expanding its device footprint - particularly in vending, forecourts, and cashless payment systems - drove long-term contract wins, including major accounts like Lucozade Suntory and UK forecourt retailers. In the Hospitality division, revenue grew 4.7%, backed by strong contract renewals with Heineken and Budweiser Brewing Group, and continued adoption of its high-margin beverage management platform. The U.S. market also shows promising commercial traction through partnerships like Fintech and pilots with leading chains such as Chili’s and Marriott franchisees. Cash generation remained robust, with net debt reduced by 75% to £0.38m and cash in hand up 52% to £2.78m. With 90% of near-term growth expected from existing clients, a 1.3% total dividend declared, and increasing AI integration and platform enhancements, Vianet is well positioned to scale recurring income, improve margins, and deliver shareholder value. 

MicroSalt PLC (AIM:SALT) a UK-listed food tech innovator, reported a breakout year in FY24, marking the commercial scale-up of its patented low-sodium salt alternative with recurring revenues from blue-chip food manufacturers across North America and Latin America. The company’s disruptive technology—featuring micron-sized salt particles that deliver full flavour with 50% less sodium—enables major food brands to meet growing regulatory and consumer demands for healthier products without compromising taste. With 307 million servings already delivered, MicroSalt is rapidly expanding its B2B footprint, particularly within the global snack food, quick-service restaurant, and healthcare sectors. FY25 has started strong, with Q1 bulk B2B sales exceeding all of FY24, and projected full-year revenue growth of 300%. Gross margins are forecast between 35–40%, supported by a shift from lower-margin B2C products and operational efficiencies. Recent product line expansion includes MicroSalt Premium, targeting high-volume applications like French fries, and adoption by a top international fast-food brand is pending. Backed by a scalable, capex-light manufacturing model, a 60-month product shelf life, and global supply chain redundancy, MicroSalt is positioned for sustained growth. With robust IP protection through 2040 and no potassium chloride, MicroSalt offers a clean-label solution that aligns with evolving global food standards and public health priorities. 

Invinity Energy Systems PLC (AIM:IES) delivered a comprehensive investor update highlighting strong strategic progress despite 2024 being a transitional year. Revenues declined due to the shift from legacy VS3 products to the next-generation Endurium vanadium flow batteries, yet gross margin improved from -20% to -8%. CEO Jonathan Marren emphasized Invinity’s strengthened commercial momentum, underpinned by the successful launch and deployment of Endurium, a 30% lower-cost, high-performance storage solution. The first system, commissioned in Spain with partner Gamesa Electric, exceeded expectations in commissioning speed, performance stability, and operational efficiency—validating product reliability and unlocking future growth opportunities.

The company remains focused on building a scalable, modular platform that is cost-competitive with lithium-ion alternatives, targeting transformational growth through large-scale, long-duration storage projects. Invinity reported a robust £35 million cash position, with a clear path to further cost reductions—forecasting a 70% cut by 2030—and a strong order book supported by government-backed programmes like the UK’s cap and floor scheme. Strategic partnerships in Taiwan, North America, and Europe continue to expand commercial reach.

With demand for energy storage accelerating globally, Invinity is well-positioned in a high-growth sector, offering safe, fire-resistant, and ultra-high-throughput alternatives to lithium. Its proven technology, cost roadmap, and global pipeline provide compelling fundamentals for long-term shareholder value. Investors were also reassured by ongoing cost controls, a clean going concern opinion from auditors BDO, and visible sales pipelines through 2025–2027. Invinity continues to prioritize profitable deals, margin expansion, and alignment with industrial decarbonisation and grid resilience objectives.

DiscoverIE Group plc delivered a resilient FY2024 performance, reporting an 8% increase in operating profit at constant exchange rates and achieving a record EBIT margin of 14.3%, driven by margin expansion, operational efficiency, and robust cost management. Despite a 2% decline in sales due to widespread customer destocking, the Group’s flexible manufacturing model and synergy benefits helped sustain profitability, culminating in a 5% rise in adjusted EPS and a 9% increase in free cash flow. Organic order growth rebounded strongly in Q4—up 15% across both divisions—signaling a return to growth as inventory normalization continues. With a new five-year margin target of 17%, the Group is accelerating its growth strategy, backed by a solid acquisition pipeline and £80m of funding headroom. Two acquisitions—High Volt and Burto—enhanced its capabilities in medical and sensor technologies, while the sale of its solar business streamlined the portfolio. DiscoverIE continues to invest in high-growth target markets including industrial connectivity, security, and medical, and remains on track to achieve net zero by 2030, having already cut carbon emissions by 59% since 2021. Looking ahead, the Group anticipates further EPS growth, supported by a strong design-win pipeline, recovering demand, and disciplined capital allocation. With a gearing of just 1.3%, DiscoverIE is well-positioned to deliver sustained earnings growth and shareholder value in FY2026 and beyond.