olivLaw · European equity research
Northern Venture Trust PLC NVT.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Northern Venture Trust PLC is a venture capital trust listed in London that mainly invests in unquoted UK companies focused on software, artificial intelligence and health. At 31 March 2026 its portfolio of 57 companies was valued at £101.7 million, and cash of £36.5 million gives capacity for follow-on investment in an economy that remains uncertain.
At the close of 05 Nov 2026, Northern Venture Trust PLC (NVT.L) stock was 0.56 GBP (+0.00% on the day), with market capitalisation 113.1 m GBP, dividend yield 2.86%, beta -10.13, 52-week range 0.01–0.58 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.6
- neutral
- Bollinger (20, 2)
- 0.17 – 0.84
- in the upper half of the band · %B 0.58 · band width 131.9%
- SMA 50 / 200
- 0.40 / 0.56
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −1.8% | +9.9% | −11.7 pp | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.2 m | 8.5 m | -1.4 m |
| Net income YoY | unavailable | +163.7% | −116.4% |
| Diluted EPS | 0.02 | 0.04 | -0.01 |
| Diluted EPS YoY | unavailable | +133.3% | −114.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 36.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 138.2 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -1.1%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 3.2 m | 8.5 m | -1.4 m | esef· 30 Jun 2026verified |
| Income tax | 0 | 0 | 0 | esef· 30 Jun 2026verified |
| Net income | 3.2 m | 8.5 m | -1.4 m | esef· 30 Jun 2026verified |
| Diluted EPS | 0.02 | 0.04 | -0.01 | esef· 30 Jun 2026verified |
| Dividend per share | 0.04 | 0.03 | 0.02 | esef· 30 Jun 2026verified |
Balance sheet · GBP
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -581.0 k | -190.0 k | -1.7 m | esef· 30 Jun 2026verified |
| Investing cash flow | 9.0 m | -3.8 m | -5.5 m | esef· 30 Jun 2026verified |
| Financing cash flow | 9.1 m | -2.1 m | 18.3 m | esef· 30 Jun 2026verified |
| Dividends paid | 6.5 m | 6.4 m | 7.1 m | esef· 30 Jun 2026verified |
| Share repurchases | 3.1 m | 4.1 m | 5.5 m | esef· 30 Jun 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 113.1 m GBP
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 11.2% | 100 (on a fixed band) | 100% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORTHERN VENTURE TRUST PLC (NVT.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE -1.1%.
The estimated value range is 0.16–0.19 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.17 GBP, the price of 0.56 GBP leaves a potential of -69.0% (value / price − 1) and a margin of safety of -222.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 11.2%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for NVT.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Northern Venture Trust PLC is a venture capital trust listed in London that mainly invests in unquoted UK companies focused on software, artificial intelligence and health. At 31 March 2026 its portfolio of 57 companies was valued at £101.7 million 1, and cash of £36.5 million 1 gives capacity for follow-on investment in an economy that remains uncertain.
SWOT
Strengths
- A diversified portfolio of many companies, with a significant cash position that gives capacity to support existing holdings 1.
- Access to the Mercia Asset Management network and to co-investment alongside funds managed by the same group 1.
- VCT status, which gives investors tax benefits and can attract capital from individuals 1.
Weaknesses
- Most valuations rely on internal models rather than market prices, which adds uncertainty to reported values 1.
- Several portfolio companies make operating losses, and some have seen valuation falls compared with the prior year 1.
- Activity is concentrated in one country and a few sectors, which increases exposure to local shocks 1.
Opportunities
Risks
- Model-based valuationshigh
Most unquoted investments are valued by the directors using revenue or earnings multiples, which can lead to significant changes in reported value 1.
- Sector concentrationhigh
The portfolio is concentrated in software, AI and health, so a downturn in these sectors could affect many holdings at once 1.
- Illiquidity of investmentsmedium
Unquoted companies are hard to sell and realisations can take time, which could limit the return of capital to shareholders 1.
- VCT regulatory riskmedium
The company must continuously comply with VCT rules; a breach could lead to loss of VCT status and the associated tax benefits 1.
- Macroeconomy and tariffsmedium
Weak UK growth and US tariff policy could affect portfolio companies and the timing of exits 1.
Investment thesis
What would need to be true (bull case)
- If the Bank of England reduces interest rates, financing conditions could improve and support portfolio valuations 1.
- Cash on hand could allow the trust to support promising companies through follow-on rounds 1.
- If more portfolio companies reach profitability, exits could generate meaningful returns for shareholders 1.
What to watch
- Changes in total portfolio value and in significant valuationsnext annual report
- Bank of England decision on interest rates2026
- Realisations and exits from the portfolio2027
- Cash level after follow-on investmentsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a Venture Capital Trust set up to give UK individual investors a way to invest in small unquoted companies, with tax benefits including income tax relief and exemption from tax on dividends and capital gains 1. Investment activity is managed by Mercia Fund Management Limited, a subsidiary of Mercia Asset Management PLC, which also advises Northern 2 VCT PLC and Northern 3 VCT PLC 1. The remaining assets are held in money market funds and bank deposits 1.
The stated objective is to provide shareholders with attractive long-term tax-free returns through growing portfolio companies and realising investments. The company must at all times hold at least 80% of investments in qualifying holdings under Section 274 of the Income Tax Act 2007, which limits allocation flexibility 1. For companies more than seven years old, or ten years for knowledge-intensive ones, State-aid rules impose further restrictions on eligible funding 1.
The portfolio is actively managed with a focus on companies that have credible paths to profitability, and the investment adviser says it is applying a disciplined approach to new investment in the new financial year while building value before realisations 1. If private markets recover, some holdings could offer more attractive exits, though this depends on market conditions the company does not control 1.
Segments
Market context
The macroeconomic backdrop for portfolio companies is described as mixed, with UK GDP growth forecast to be low and uncertainty linked to US trade tariffs 1. A cut in Bank of England interest rates could ease financing conditions and support private market valuations 1.
The adviser believes the UK remains Europe's leading hub for AI, deep tech and healthtech investment, which could support exit activity over the medium term 1. Volatility in quoted markets in late March 2026 affected the carrying value of some holdings, but the adviser does not regard this as a structural deterioration 1.
Trends
- Recovery in private market financingtailwind
If the Bank of England reduces interest rates, financing conditions for businesses could improve, with a positive effect on private valuations 1.
- Demand for capital-efficient businessestailwind
Demand for innovative, capital-efficient businesses is described as growing across the sectors where the portfolio is concentrated 1.
- Geopolitical uncertainty and trade tariffsheadwind
Geopolitical tensions and US tariff policy affect international supply chains and business confidence, which could slow investment 1.
- Investor sentiment toward AI and software companiesmixed
Volatility in quoted software and AI shares has affected valuations of some holdings, although some have since recovered, giving a mixed effect 1.
Competitive position
Mercia states that the Northern VCTs are the only VCTs it manages or advises, so Northern Venture Trust mainly competes with other venture capital funds and VCTs in the UK market 1. Competition for deals and for co-investment alongside MAM funds shapes access to opportunities 1.
In the UK venture capital trust market the company competes for target companies and for capital from individual investors, where VCT tax advantages are a key point of differentiation 1.
- Northern 2 VCT PLC
Sister VCT managed by Mercia Fund Management with the same strategy of investing in UK unquoted companies 1.
- Northern 3 VCT PLC
Third VCT in the Northern group, managed by Mercia, which co-invests in many of the same companies 1.
- Other UK VCTs
Competing funds that seek the same types of small companies and offer investors comparable tax advantages 1.
- Private venture capital funds
Private venture and private equity funds that compete for deals and for capital from growing companies 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202630 Jun 2026
- Annual report 202521 Aug 2025
- Annual report 202530 Jun 2026
- Annual report 202421 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Northern Venture Trust PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.