Core Viewpoint - Northern Venture Trust PLC has shown resilience and growth potential despite challenging UK economic conditions, maintaining its long-term strategy of investing in early-stage businesses and supporting existing portfolio companies [4][17]. Financial Highlights - Net assets increased to £131.7 million as of 30 September 2025, up from £119.3 million in the same period last year [2]. - Net asset value per share was 60.7 pence, compared to 59.9 pence a year earlier [2]. - Total return per share before dividends for the six months was 0.8 pence, down from 1.2 pence in the previous year [9][26]. - An interim dividend of 1.6 pence per share was declared for the year ending 31 March 2026 [10][33]. Investment Activity - The company made a new investment of £2.3 million in Thanks Ben and invested £3.1 million in ten existing portfolio companies during the period [6]. - A net increase in the holding value of the unquoted portfolio was reported, driven by strong performances from several portfolio companies [5]. - The company realized £0.9 million from Thanksbox Limited, achieving a £0.5 million uplift on the previous holding value [7]. Portfolio Update - Project Glow successfully completed its IPO on the London Stock Exchange, generating cash proceeds of £2.5 million and delivering a 5.8x return on the original investment cost [8]. - The portfolio remains diversified, with a focus on high-growth businesses positioned to benefit from long-term economic and technological trends [17]. Shareholder Engagement - The company issued 24,216,029 shares for gross proceeds of £15.0 million as part of a fully subscribed public share offer launched in January 2025 [12]. - A dividend investment scheme is in place, allowing shareholders to reinvest dividends in new ordinary shares without dealing costs [11]. Outlook - The company remains confident in the strength and quality of its underlying companies, planning to continue selective investments and support for high-growth businesses [17].