Albion Technology & General "not immune" to volatility in first half
Albion Technology & General VCT PLC on Tuesday reported a "disappointing" result for the first half, with a lower net asset value and a widened loss.
"Despite strong underlying revenue growth within our core portfolio, the company has not been immune to the wider headwinds of ongoing macroeconomic uncertainty and elevated market volatility," Chair Clive Richardson commented.
The company's total loss for the half-year was £3.4 million, widened from a £2.1 million loss the previous year. Its loss per share widened to 0.83p from 0.58p.
The venture capital trust, which invests in unquoted growth and technology businesses for dividend income and long-term capital growth, reported a net asset value of 68.19 pence per share as of June 30, down from 70.71p on December 31.
"Although this result is disappointing, venture capital portfolio performance is best judged over the longer term," Richardson said.
Shares in Albion Technology & General were down 3.1% at 63.50 pence on Tuesday afternoon in London.
The fund size was £279.0 million as of June 30, down from £279.7 million six months prior.
Albion Technology & General said it paid a dividend of 1.77p per share during the first half of 2026, down from 1.83p the year before.
The trust also declared a second dividend for 2026 of 1.70p per share, this being 2.5% of the NAV per share at June 30.
On the portfolio, Richardson said: "The total loss on investments for the [first half] was £3.2 million...The key upward valuation movements in the period, which were a result of strong trading and/or externally led follow-on investment rounds were: Oviva by £2.3 million; Elliptic Enterprises by £2.1 million; Gravitee Topco (T/A Gravitee.io) by £1.8 million; and Open Trade Technology by £0.9 million.
"The challenging economic environment has resulted in several write-downs in our portfolio. The most significant downward movements in the period were £1.4 million in OpenDialog AI, £1.4 million in Academia, £1.0 million in Panaseer and £0.9 million in Radnor House School (TopCo)."
Looking ahead, the chair continued: "Notwithstanding the modest loss reported for the period, the company continues to hold a well-diversified portfolio delivering strong underlying revenue growth.
"Our investment strategy continues to prioritise high potential, early-stage businesses, with a particular focus on mission-critical companies where AI complements rather than threatens the core product, positioning the portfolio favourably as markets assess the sector-wide consequences of AI adoption."
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