Octopus Apollo VCT plc
Final Results
Octopus Apollo VCT plc today announces the final results for the year ended 31 January 2023.
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 Investments Limited (‘Octopus’ or the ‘Investment Manager’).
| Year to 31 January 2023 |
Year to 31 January 2022 |
|
| Net assets (£’000) | 349,493 | 262,959 |
| Profit after tax (£’000) | 34,541 | 31,457 |
| Net asset value (“NAV”) per share (p)* | 53.2 | 50.2 |
| Cumulative dividends paid since launch (p) | 84.7 | 82.1 |
| NAV plus cumulative dividends paid (p)* | 137.9 | 132.3 |
| Total return %* | 11.2 | 13.6 |
| Dividends per share paid in the year (p) | 2.6 | 5.7 |
| Proposed dividend (p)** | 1.3 | 1.3 |
*Net asset value (NAV) per share is an alternative performance measure (APM) calculated as net assets divided by total number of shares. NAV plus cumulative dividends paid is an APM calculated by adding together NAV per share and cumulative dividends paid since launch. Total Return is an 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.
**The declared second interim dividend of 1.3p per Ordinary share for the year ended 31 January 2023 was paid on 28 April 2023 to all Ordinary shareholders on the register on 11 April 2023.
Chair’s Statement
Performance
I am pleased to present the annual results for Apollo for the year ended 31 January 2023. The net asset value (NAV) plus cumulative dividends per share at 31 January 2023 was 137.9p, an increase of 5.6p per share from 31 January 2022. The NAV per share increased during the year from 50.2p to 53.2p which represents, after adding back the 2.6p of dividends paid in the year, a total return for the year of 11.2% compared to 13.6% in the previous year.
I am delighted to say that Apollo has once again performed very well, and despite these uncertain times, has delivered a very strong year. The investment team’s disciplined approach to investment analysis, selection and structuring played a major role in Apollo’s performance and we have seen exciting growth in the value of several of our portfolio companies.
Further details of the year’s performance are highlighted in the Investment Manager’s Review.
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