Octopus Apollo VCT plc
Half-Yearly Results
Octopus Apollo VCT plc today announces its unaudited half-yearly results for the six months ended 31 July 2026.
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 AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team (Octopus Ventures).
Key financials
| HY 2026 | HY 2025 | FY 2026 | ||
| Net assets (£’000) | £573,339 | £522,983 | £541,059 | |
| Profit/(loss) after tax (£’000) | £5,951 | £8,854 | £12,401 | |
| Net asset value (NAV) per share1 | 48.3p | 50.0p | 49.1p | |
| Cumulative dividends paid since launch | 93.9p | 91.3p | 92.6p | |
| Total value per share2 | 142.2p | 141.3p | 141.7p | |
| Dividends paid in the period | 1.3p | 1.3p | 2.6p | |
| Dividend yield3 | 2.6% | 2.6% | 5.1% | |
| Dividend declared | 1.2p | 1.3p | 1.3p | |
| Total return per share %4 | 1.0% | 1.6% | 2.4% |
1. NAV per share is calculated as net assets divided by total number of shares.
2. Total value per share is calculated by adding together NAV per share and cumulative dividends paid since launch.
3. Dividend yield is calculated as dividends paid in the period, divided by the NAV per share at the beginning of the period.
4. Total return per share % is an alternative performance measure (APM) calculated as movement in NAV per share in the period plus dividends paid in the period, divided by the NAV per share at the beginning of the period.
Interim Management Report
Chair’s statement
Apollo continued to make progress against a challenging backdrop, with portfolio valuations increasing overall and expanded VCT investment limits creating more opportunities for future investment.
Highlights
| Apollo’s latest fundraise | £89.6 million |
| Total return over five years | 26.5%1 |
| Dividends paid in 2026 | 1.3p |
1. Total return over the five-year period ended 31 July 2026.
Performance
I am pleased to present Apollo’s half-yearly report for the six months ended 31 July 2026.
At the period end, the Net Asset Value (NAV) plus cumulative dividends per share was 142.2p, representing a modest increase of 0.5p per share since 31 January 2026. This equates to a NAV total return of 1.0% for the six-month period.
This is a satisfactory outcome against a challenging backdrop for Business-to-Business (B2B) technology businesses. While broader public equity markets proved relatively resilient during the first half of 2026, comparable public software market multiples remained volatile, reflecting wider geopolitical and macroeconomic uncertainty alongside changing investor sentiment towards Artificial Intelligence (AI). Since the period end, valuations of public software companies have shown some signs of stabilisation, although they remain subject to continued volatility.
Against this backdrop, a number of Apollo’s portfolio companies continued to deliver strong operational progress and valuation growth, while others faced more challenging trading conditions in their specific markets. The resulting valuation movements reflected a combination of company-specific performance and the wider market environment.
We remain confident in Apollo’s focus on established B2B technology businesses that have demonstrated customer demand, with high recurring revenues, strong gross margins and established customer relationships underpinning their resilience and growth potential. AI is becoming an increasingly important opportunity as existing portfolio companies embed it into their products and use it to streamline their operations. In addition, the Company can invest in AI-native businesses, where AI is fundamental to the product or service, provided they meet Apollo’s established investment criteria.
While the Board was disappointed by the reduction in upfront income tax relief for new VCT investments, the accompanying increase in VCT investment limits has significantly broadened the range of companies Apollo can support. We are already seeing the benefit of this increased flexibility, with investments made during the period into larger, more established businesses than would previously have been eligible for VCT investment.
This is particularly well aligned with Apollo’s strategy. The increased limits also allow the Company to provide greater support to successful existing portfolio companies through later stages of their growth. Apollo’s scale also provides the capacity to deploy more capital into these opportunities, where appropriate, while retaining the ability to maintain a diversified portfolio across B2B technology businesses.
In the six months to 31 July 2026, we utilised £62.7 million of our cash resources, comprising £23.9 million in new and follow-on investments, £12.1 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £5.4 million in management fees, £15.9 million in share buybacks, £3.2 million of performance fees for the year ended 31 January 2026 and £2.2 million in other running costs. The cash and cash equivalents balance of £100.6 million at 31 July 2026 represented 17.5% of net assets at that date.
Dividends
It is your Board’s policy to maintain a regular dividend flow where possible to take advantage of the tax-free distributions a VCT can provide, and work towards the target annual dividend yield policy of 5%.
I am pleased to confirm that the Board has decided to declare an interim dividend of 1.2p per share in respect of the period ended 31 July 2026. The dividend will be payable on 23 December 2026 to shareholders on the register at 4 December 2026.
Apollo’s DRIS allows shareholders to reinvest their cash dividends into new shares in Apollo rather than receiving the dividend as cash. During the six months to 31 July 2026, 6,888,278 shares were issued under the DRIS, equating to a reinvested amount of £3.3 million.
Dividends, whether paid in cash or reinvested under the DRIS, are always at the discretion of the Board and are not guaranteed.
Fundraise and share buybacks
During the period, the Company closed its most recent offer for subscription, having raised £89.6 million. We would like to thank both new and existing shareholders for their continued support. The capital raised provides Apollo with further capacity to invest in new opportunities and support existing portfolio companies in line with its investment strategy, including opportunities arising from the expanded VCT investment limits, as outlined above.
Following the continued deployment of capital and pipeline of investment opportunities, the Company announced its intention to launch a further offer for subscription. The new offer is targeting £50 million, with an over-allotment facility of up to a further £25 million.
Apollo has continued to buy back shares from existing investors at the Board’s discretion. During the six months to 31 July 2026, the Company bought back 34,158,939 shares for a total consideration of £15.9 million.
Share buybacks are always at the discretion of the Board, are never guaranteed and may be reviewed when necessary.
VCT qualifying status
Shoosmiths LLP provides the Board and Portfolio Manager with advice concerning ongoing compliance with His Majesty’s Revenue & Customs rules and regulations concerning VCTs. The Board has been advised that Apollo is complying with the conditions set by HMRC for maintaining approval as a VCT. A key requirement is to maintain at least an 80% qualifying investment level. As at 31 July 2026, 100% of the portfolio, as measured by HMRC rules, was invested in VCT qualifying investments.
Principal risks and uncertainties
The Board continues to review the risk environment in which the Company operates on a regular basis. There have been no significant changes to the key risks described in the Annual Report for the year ended 31 January 2026. The Board does not currently anticipate any significant changes to these risks during the remainder of the financial year.
Murray Steele
Chair
Portfolio Manager’s review
At Octopus our focus is on managing your investments and providing open communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.
Apollo total value growth
At 31 July 2026, total value was 142.2p per share, comprising NAV of 48.3p per share and cumulative dividends of 93.9p per share.
Over the six months to 31 July 2026, total value increased by 0.5p per share, representing a total return of 1.0%. Over the last five years, a total of more than £127.9 million has been distributed to shareholders in the form of tax-free dividends, including those reinvested as part of the DRIS.
Focus on performance
In the six months to 31 July 2026, the NAV total return (NAV plus cumulative dividends) increased to 142.2p per share, giving a total return of 1.0% for the period. We are satisfied with this modest uplift, considering the backdrop of a challenging macroeconomic environment that our portfolio companies are having to operate within.
The performance over the period to 31 July 2026 is shown below:
| NAV | Dividends paid in year | Cumulative dividends | NAV + cumulative dividends | Total return % | |
| Year ended 31 January 2021 | 49.2p | 2.3p | 76.4p | 125.6p | 12.7% |
| Year ended 31 January 2022 | 50.2p | 5.7p | 82.1p | 132.3p | 13.6% |
| Year ended 31 January 2023 | 53.2p | 2.6p | 84.7p | 137.9p | 11.2% |
| Year ended 31 January 2024 | 50.5p | 2.7p | 87.4p | 137.9p | 0.0% |
| Year ended 31 January 2025 | 50.5p | 2.6p | 90.0p | 140.5p | 5.1% |
| Year ended 31 January 2026 | 49.1p | 2.6p | 92.6p | 141.7p | 2.4% |
| Period ended 31 July 2026 | 48.3p | 1.3p | 93.9p | 142.2p | 1.0% |
During the period, there were valuation increases across 26 portfolio companies, delivering a collective increase of £30.5 million. Among the largest contributors to the increase were Healsgood, Hurree and Natterbox. More broadly, valuation increases were principally driven by strong revenue growth, alongside improving profitability in some businesses, which more than offset the impact of lower comparable market multiples for a number of businesses.
Conversely, 21 portfolio companies experienced valuation reductions, collectively totalling £18.1 million. Several of the largest reductions were Altura, Tendable and Wazoku.
Valuation reductions reflected a combination of company-specific performance factors, with revised growth expectations in certain cases alongside downward movements in the valuation multiples of relevant comparable public companies.
Overall, portfolio company valuations increased by £12.4 million during the period.
As part of liquidity management, Apollo regularly invests in and withdraws from Money Market Funds (MMFs) in order to meet cash requirements. During the period, on a net basis, £3.8 million (including interest) was withdrawn from MMFs. Apollo also holds an investment in the Sequoia Economic Infrastructure Income Fund (SEQI), a closed-ended fund, but no further investment was made in this fund during the six months. These investments, together with existing holdings in SEQI and the MMFs, brought total liquid investments to £99.7 million as at 31 July 2026 (including interest earned during the period on MMF deposits).
Investment strategy
Apollo’s investment strategy remains consistent and disciplined. Our core focus is on investing in established B2B technology companies, primarily in software and AI, with strong growth potential. We typically look for businesses with good commercial momentum, contracted or recurring revenues, robust customer retention across a diversified customer base, scalable business models and high gross margins. These characteristics can provide greater revenue visibility and support a clear path to profitability.
We focus on businesses that have established product-market fit and are scaling their operations, primarily their commercial function and development teams. Critically, these companies are not start-ups yet to demonstrate customer demand for their product, and we look for experienced management teams with the capability to use our investment effectively to support growth.
AI is an increasingly important part of the opportunity within this established strategy, rather than a separate investment mandate for Apollo. Existing portfolio companies are incorporating AI into their products to enhance functionality and using it to improve internal processes and operational efficiency. We also invest selectively in AI-native businesses, where AI is fundamental to the product or service. In both cases, businesses are assessed against Apollo’s established investment criteria, including demonstrated customer demand and recurring revenues.
New and follow-on investments
During the six months to 31 July 2026, Apollo invested £23.9 million across new and follow-on investments, comprising £15.0 million into two new portfolio companies and £8.9 million into existing portfolio companies.
Apollo’s new investments were in:
Gradient Labs, £3.7 million, an AI-native customer operations platform that automates highly complex, regulated service and back-office workflows for financial services businesses.
Hurree, £11.2 million, an AI-powered data analytics platform that brings together business data from different sources to provide dashboards, reporting and actionable insights to deliver business intelligence in a seamless manner.
I am pleased that Hurree represents the first investment that Apollo has completed under the new VCT rules, which expanded the investment limits in several areas, making this investment possible.
Disposals
There were no disposals during the six months to 31 July 2026.
Apollo received £0.7 million of deferred proceeds relating to investments realised in previous periods.
We recognise the exit environment has remained challenging. Apollo continues to take an active approach to realisations and will seek to exit positions either partially or in full, when we believe it is in shareholders’ interest to do so. Historically, the majority of Apollo’s exits have been through strategic trade buyers or private equity investors, typically within three to seven years of the initial investment. This provides multiple routes to realise investments and means Apollo is not reliant on favourable conditions in the Initial Public Offering (IPO) market to achieve exits.
A summary of dividends paid to shareholders and disposal proceeds received since the year ended 31 January 2022 is provided in the table below.
| Year ended 31 January 20221 | Year ended 31 January 2023 | Year ended 31 January 2024 | Year ended 31 January 2025 | Year ended 31 January 2026 | Six months ended 31 July 2026 | Total | |
| Dividends paid in the year (£'000) | 28,366 | 14,323 | 19,166 | 23,097 | 27,557 | 15,425 | 127,934 |
| Disposal proceeds (£'000) | 53,939 | 3,591 | 18,292 | 21,713 | 34,004 | 6782 | 132,217 |
¹ Dividends paid to shareholders in the year ended 31 January 2022, including a special dividend of 3.1p per share.
2This figure relates to deferred proceeds from prior financial years received in the six months to 31 July 2026.
Valuations
Methodologies include:
• ‘External price’ includes valuations based on funding rounds that are typically completed by the year end or shortly after the year end, and exits of companies where terms have been agreed or proposed with an acquirer;
• ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenue or EBITDA for portfolio companies; and
• ‘Scenario analysis’ is utilised where there is uncertainty around the potential outcomes available to a company, so a probability-weighted scenario analysis is considered.
Having arrived at a valuation of the portfolio company, to distribute the equity value within a portfolio company’s capital structure, taking into account the priority of financial instruments and the economic rights of debt and shares Apollo holds, the Current Value Method (CVM) is typically employed. This method allocates the equity value to different equity interests as if the business were sold on the reporting date, thereby reflecting the effects of the distribution waterfall.
| Valuation methodology | By value | By number of companies |
| Multiples | 70% | 47% |
| External price | 24% | 38% |
| Scenario analysis | 6% | 11% |
| Write off | - | 4% |
Top 10 investments by value as at 31 July 2026
Here, we set out the cost and valuation of the top ten holdings, which account for over 51% of the value of the portfolio.
| Portfolio | Investment cost | Fair value of investment | |
| 1 | Natterbox | £19m | £52m |
| 2 | Lodgify | £13m | £41m |
| 3 | Ubisecure | £12m | £32m |
| 4 | TRI | £6m | £20m |
| 5 | FableData | £9m | £19m |
| 6 | Sova | £12m | £17m |
| 7 | BlueDolphin | £13m | £16m |
| 8 | Hurree | £11m | £16m |
| 9 | Turtl | £10m | £16m |
| 10 | Mention Me | £15m | £15m |
Outlook
The market environment has remained volatile during the last six months, particularly for technology valuations and the M&A market as a whole. While we have continued to see high volumes of private investment opportunities, challenging exit conditions have made it more difficult to realise investments during the period.
Against this backdrop, our focus remains on finding high-quality additions to the portfolio and supporting existing portfolio companies, to ensure they maintain strong revenue growth, improve capital efficiency and, where appropriate, progress towards profitability. We will continue to take a rigorous and disciplined approach to new and follow-on investments, while pursuing opportunities to realise value from more mature portfolio companies.
As mentioned above, the increase in VCT investment limits from April 2026 has materially increased the number and range of companies Apollo is able to invest in. This gives us greater flexibility to invest in larger, more mature companies and to continue supporting successful portfolio companies as they scale, which is well aligned with Apollo’s focus on established B2B technology companies.
AI will continue to create both opportunities and risks across software and technology markets. We believe the Apollo portfolio is well positioned to benefit from this change, with an increasing proportion of our companies launching AI-enabled products, having already incorporated AI into their operations to improve efficiency and productivity in recent years. We also continue to invest selectively in AI-native businesses and are seeing strong growth from a number of these investments. By ‘AI-native’ we mean businesses whose core product or service has been built around AI, rather than businesses that have subsequently added AI functionality. These companies must meet the same Apollo investment criteria as the wider portfolio.
We remain encouraged by the quality of investment opportunities available to Apollo and by how the existing portfolio is adapting to an uncertain market environment. We believe Apollo is well positioned to navigate these conditions, while the investment team remains fully focused and committed to delivering long-term value for our shareholders.
Paul Davidson
Partner and Lead Fund Manager of Octopus Apollo VCT
Directors’ responsibilities statement
The Directors confirm that to the best of their knowledge:
• the half-yearly financial statements have been prepared in accordance with ‘Financial Reporting Standard 104: Interim Financial Reporting’ issued by the Financial Reporting Council;
• the half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
• the half-yearly report includes a fair review of the information required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules, being:
• we have disclosed an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
• we have disclosed a description of the principal risks and uncertainties for the remaining six months of the year; and
• we have disclosed a description of related party transactions that have taken place in the first six months of the current financial year, that may have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
Murray Steele
Chair
Income statement
| Unaudited | Unaudited | Audited | |||||||
| six months to 31 July 2026 | six months to 31 July 2025 | year to 31 January 2026 | |||||||
| Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | Revenue £’000 | Capital £’000 | Total £’000 | |
| Realised gain/(loss) on disposal of fixed asset investments | – | 24 | 24 | – | 79 | 79 | – | (1,306) | (1,306) |
| Change in fair value of fixed asset investments | – | 12,382 | 12,382 | – | 15,690 | 15,690 | – | 26,498 | 26,498 |
| Change in fair value of current asset investments | – | 655 | 655 | – | 277 | 277 | – | 246 | 246 |
| Investment income | 2,251 | – | 2,251 | 2,360 | – | 2,360 | 4,573 | – | 4,573 |
| Investment management fees | (1,398) | (4,195) | (5,593) | (1,256) | (3,767) | (5,023) | (2,579) | (7,736) | (10,315) |
| Performance fee | – | (1,532) | (1,532) | – | (2,137) | (2,137) | – | (3,222) | (3,222) |
| Other expenses | (2,238) | – | (2,238) | (2,076) | – | (2,076) | (4,109) | – | (4,109) |
| Foreign currency translation | 2 | – | 2 | (316) | – | (316) | 36 | – | 36 |
| (Loss)/profit before tax | (1,383) | 7,334 | 5,951 | (1,288) | 10,142 | 8,854 | (2,079) | 14,480 | 12,401 |
| Tax | – | – | – | – | – | – | – | – | – |
| (Loss)/profit after tax | (1,383) | 7,334 | 5,951 | (1,288) | 10,142 | 8,854 | (2,079) | 14,480 | 12,401 |
| (Loss)/earnings per share – basic and diluted | (0.1)p | 0.6p | 0.5p | (0.1)p | 1.0p | 0.9p | (0.2)p | 1.4p | 1.2p |
- The ‘Total’ column of this statement is the profit and loss account of Apollo; the revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
- All revenue and capital items in the above statement derive from continuing operations.
- Apollo has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.
Apollo has no other comprehensive income for the period.
The accompanying notes are an integral part of the financial statements.
Balance sheet
| Unaudited as at 31 July 2026 | Unaudited as at 31 July 2025 | Audited as at 31 January 2026 | |||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Fixed asset investments | 477,296 | 432,493 | 441,021 | ||||
| Current assets: | |||||||
| Investments | 8,814 | 8,189 | 8,158 | ||||
| Money market funds | 90,894 | 76,505 | 94,648 | ||||
| Debtors | 939 | 1,086 | 1,628 | ||||
| Cash at bank | 882 | 10,394 | 3,149 | ||||
| Applications cash | 8 | 13 | 13,583 | ||||
| Total current assets | 101,537 | 96,187 | 121,166 | ||||
| Current liabilities | (5,494) | (5,697) | (21,128) | ||||
| Net current assets | 96,043 | 90,490 | 100,038 | ||||
| Net assets | 573,339 | 522,983 | 541,059 | ||||
| Share capital | 1,186 | 1,045 | 1,102 | ||||
| Share premium | 94,235 | 113,064 | 36,741 | ||||
| Special distributable reserve | 339,460 | 279,966 | 370,743 | ||||
| Capital redemption reserve | 255 | 203 | 221 | ||||
| Capital reserve realised | (29,220) | (32,434) | (23,517) | ||||
| Capital reserve unrealised | 178,523 | 170,065 | 165,486 | ||||
| Revenue reserve | (11,100) | (8,926) | (9,717) | ||||
| Total shareholders’ funds | 573,339 | 522,983 | 541,059 | ||||
| Net asset value per share - basic and diluted | 48.3p | 50.0p | 49.1p | ||||
The accompanying notes are an integral part of the financial statements.
The statements were approved by the Directors and authorised for issue on 9 October 2026 and are signed on their behalf by:
Murray Steele
Chair
Company Number: 05840377
Statement of changes in equity
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2026 | 1,102 | 36,741 | 370,743 | 221 | (23,517) | 165,486 | (9,717) | 541,059 |
| Total comprehensive income/(loss) for the period | – | – | – | – | (5,703) | 13,037 | (1,383) | 5,951 |
| Contributions by and distributions to shareholders: | ||||||||
| Repurchase and cancellation of own shares | (34) | – | (15,858) | 34 | – | – | – | (15,858) |
| Issue of shares | 118 | 60,897 | – | – | – | – | – | 61,015 |
| Share issue cost | – | (3,403) | – | – | – | – | – | (3,403) |
| Dividends paid | – | – | (15,425) | – | – | – | – | (15,425) |
| Total contributions by and distributions to shareholders | 84 | 57,494 | (31,283) | 34 | – | – | – | 26,329 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | – | – | – | – |
| Total other movements | – | – | – | – | – | – | – | – |
| Balance as at 31 July 2026 | 1,186 | 94,235 | 339,460 | 255 | (29,220) | 178,523 | (11,100) | 573,339 |
1 Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2025 | 956 | 62,281 | 299,284 | 191 | (25,949) | 153,438 | (7,638) | 482,563 |
| Total comprehensive income/(loss) for the period | – | – | – | – | (5,825) | 15,967 | (1,288) | 8,854 |
| Contributions by and distributions to shareholders: | ||||||||
| Repurchase and cancellation of own shares | (12) | – | (5,655) | 12 | – | – | – | (5,655) |
| Issue of shares | 101 | 53,863 | – | – | – | – | – | 53,964 |
| Share issue cost | – | (3,080) | – | – | – | – | – | (3,080) |
| Dividends paid | – | – | (13,663) | – | – | – | – | (13,663) |
| Total contributions by and distributions to shareholders | 89 | 50,783 | (19,318) | 12 | – | – | – | 31,566 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | (660) | 660 | – | – |
| Total other movements | – | – | – | – | (660) | 660 | – | – |
| Balance as at 31 July 2025 | 1,045 | 113,064 | 279,966 | 203 | (32,434) | 170,065 | (8,926) | 522,983 |
1Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
| Share capital £’000 | Share premium £’000 | Special distributable reserves1 £’000 | Capital redemption reserve £’000 | Capital reserve realised1 £’000 | Capital reserve unrealised £’000 | Revenue reserve1 £’000 | Total £’000 | |
| As at 1 February 2025 | 956 | 62,281 | 299,284 | 191 | (25,949) | 153,438 | (7,638) | 482,563 |
| Total comprehensive income/(loss) for the year | – | – | – | – | (12,264) | 26,744 | (2,079) | 12,401 |
| Contributions by and distributions to shareholders: | ||||||||
| Repurchase and cancellation of own shares | (30) | – | (14,048) | 30 | – | – | – | (14,048) |
| Issue of shares | 176 | 92,699 | – | – | – | – | – | 92,875 |
| Share issue cost | – | (5,175) | – | – | – | – | – | (5,175) |
| Dividends paid | – | – | (27,557) | – | – | – | – | (27,557) |
| Total contributions by and distributions to shareholders | 146 | 87,524 | (41,605) | 30 | – | – | – | 46,095 |
| Other movements: | ||||||||
| Prior year fixed asset gains now realised | – | – | – | – | 20,414 | (20,414) | – | – |
| Transfer between reserves | – | – | – | – | (5,718) | 5,718 | – | – |
| Cancellation of Share Premium | – | (113,064) | 113,064 | – | – | – | – | – |
| Total other movements | – | (113,064) | 113,064 | – | 14,696 | (14,696) | – | – |
| Balance as at 31 January 2026 | 1,102 | 36,741 | 370,743 | 221 | (23,517) | 165,486 | (9,717) | 541,059 |
1 Reserves considered distributable to shareholders per the Companies Act.
The accompanying notes are an integral part of the financial statements.
Cash flow statement
| Unaudited six months to 31 July 2026 £’000 | Unaudited six months to 31 July 2025 £’000 | Audited year to 31 January 2026 £’000 | |
| Cash flows from operating activities | |||
| Profit before tax | 5,951 | 8,854 | 12,401 |
| Adjustments for: | |||
| Decrease/(increase) in debtors | 36 | 338 | (27) |
| (Decrease) in creditors | (2,060) | (3,901) | (2,041) |
| (Gain)/loss on disposal of fixed asset investments | (24) | (79) | 1,306 |
| Gain on valuation of fixed asset investments | (12,382) | (15,690) | (26,498) |
| (Gain) on valuation of current asset investments | (655) | (277) | (246) |
| Net cash utilised in operating activities | (9,134) | (10,755) | (15,105) |
| Cash flows from investing activities | |||
| Purchase of fixed asset investments | (23,894) | (21,853) | (54,992) |
| Proceeds on sale of fixed asset investments | 678 | 146 | 34,004 |
| Net cash utilised in investing activities | (23,216) | (21,707) | (20,988) |
| Cash flows from financing activities | |||
| Movement in applications account | (13,575) | (16,767) | (3,197) |
| Purchase of own shares | (15,858) | (5,655) | (14,048) |
| Proceeds from share issues | 57,722 | 50,874 | 86,729 |
| Cost of share issues | (3,403) | (3,080) | (5,175) |
| Dividends paid (net of DRIS) | (12,132) | (10,572) | (21,411) |
| Net cash generated from financing activities | 12,754 | 14,799 | 42,898 |
| (Decrease)/increase in cash and cash equivalents | (19,596) | (17,663) | 6,805 |
| Opening cash and cash equivalents | 111,380 | 104,575 | 104,575 |
| Closing cash and cash equivalents | 91,784 | 86,912 | 111,380 |
| Cash and cash equivalents comprise | |||
| Cash at bank | 882 | 10,394 | 3,149 |
| Applications cash | 8 | 13 | 13,583 |
| Money market funds | 90,894 | 76,505 | 94,648 |
| Closing cash and cash equivalents | 91,784 | 86,912 | 111,380 |
The accompanying notes are an integral part of the financial statements.
Condensed notes to the financial statements
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2026 have been prepared in accordance with the Financial Reporting Council’s (FRC) Financial Reporting Standard 104 Interim Financial Reporting (September 2024) and the Statement of Recommended Practice (SORP) for Investment Companies re-issued by the Association of Investment Companies in December 2025.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2026 do not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The comparative figures for the year ended 31 January 2026 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor’s report on those financial statements, in accordance with chapter 3, part 16 of the Companies Act 2006, was unqualified. This half-yearly report has not been reviewed by the Company’s auditor.
3. Earnings per share
| 31 July 2026 | 31 July 2025 | 31 January 2026 | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| (Loss)/profit attributable to ordinary shareholders (£’000) | (1,383) | 7,334 | 5,951 | (1,288) | 10,142 | 8,854 | (2,079) | 14,480 | 12,401 |
| Earnings per ordinary share (p) | (0.1)p | 0.6p | 0.5p | (0.1)p | 1.0p | 0.9p | (0.2)p | 1.4p | 1.2p |
The (loss)/earnings per share is based on 1,159,335,701 Ordinary shares (31 January 2026: 1,037,727,536; 31 July 2025: 1,045,600,555), being the weighted average of shares in issue during the period.
There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted earnings per share are identical.
4. Net asset value per share
| 31 July 2026 Ordinary shares | 31 July 2025 Ordinary shares | 31 January 2026 Ordinary shares | |
| Net assets (£) | 573,339,000 | 522,983,000 | 541,059,000 |
| Shares in issue | 1,186,636,110 | 1,045,600,555 | 1,102,652,664 |
| Net asset value per share (p) | 48.3 | 50.0 | 49.1 |
There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted NAV per share are identical.
5. Dividends
The interim dividend of 1.2p per share will be paid on 23 December 2026 to shareholders on the register on 4 December 2026.
6. Buybacks and allotments
During the six months to 31 July 2026, Apollo bought back 34,158,939 Ordinary shares at a weighted average price of 46.4p per share (six months ended 31 July 2025: 11,959,418 Ordinary shares at a weighted average price of 47.3p per share; year ended 31 January 2026: 29,560,819 Ordinary shares at a weighted average price of 47.5p per share).
During the six months to 31 July 2026, 118,142,385 shares were issued at a weighted average price of 48.8p per share (six months ended 31 July 2025: 101,387,130 shares at a weighted average price of 50.2p per share; year ended 31 January 2026: 176,040,640 shares at a weighted average price of 49.8p per share).
7. Transactions with the Portfolio Manager
Octopus acts as the Portfolio Manager of Apollo. Under the management agreement, the Manager receives a fee, payable quarterly in arrears, based on 2% of the NAV calculated daily from 31 January for the investment management services.
Apollo has incurred management fees of £5,593,000 during the period to 31 July 2026 (31 July 2025: £5,023,000; 31 January 2026: £10,315,000). During the period, Apollo has also accrued performance fees of £1,532,000 (31 July 2025: £2,137,000; 31 January 2026: £3,222,000).
The Portfolio Manager also provides accounting and administration services to Apollo, payable quarterly in arrears, for a fee of 0.3% of the NAV calculated daily. In addition, the Portfolio Manager also provides company secretarial services for a fee of £20,000 per annum.
8. Related party transactions
As at 31 July 2026, Octopus Investments Nominees Limited (OINL) held nil shares (31 July 2025: 78,798; 31 January 2026: 110,132) in Apollo as beneficial owner, having purchased these from shareholders to protect their interests after delays or errors with shareholder instructions and other similar administrative issues. Throughout the period to 31 July 2026, OINL purchased nil shares (31 July 2025: 78,798; 31 January 2026: 110,132) at a cost of £nil (31 July 2025: £36,877; 31 January 2026: £52,313) and sold 110,132 shares (31 July 2025: nil; 31 January 2026: 78,798) for proceeds of £51,432 (31 July 2025: nil; 31 January 2026: £37,429). This is classed as a related party transaction as per the Listing Rules, as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any future transactions in which OINL assumes legal and beneficial ownership of Company shares will be announced to the market as required by the UK Listing Rules and disclosed in annual and half-yearly reports.
9. Voting rights and equity management
The following table shows the percentage voting rights held by Apollo of each of the top ten investments held in Apollo, on a fully diluted basis.
Investments | % voting rights held by Apollo1 |
| N2JB Limited (trading as Natterbox) | 9.0% |
| Codebay Solutions Limited (trading as Lodgify) | 15.2% |
| Ubisecure Holdings Limited | 49.9% |
| Triumph Holdings Limited | 49.9% |
| Fable Data Limited | 13.1% |
| Sova Assessment Limited | 37.2% |
| BlueDolphin B.V. | 20.3% |
| Hurree Labs, Inc | 10.3% |
| Turtl | 13.6% |
| Mention Me Limited | 18.4% |
1 Under VCT regulations, Apollo is unable to control more than 49.99% of the voting rights attached to its shareholding in a portfolio company.
10. Post balance sheet events
The following events occurred between the balance sheet date and the signing of this half-yearly report:
- Apollo invested a total of £17.2 million in one new and one follow-on investment;
- Apollo received a total of £0.2 million of deferred proceeds from prior year disposals; and
- a final order to cancel share premium amounting to £94.2 million was granted on 3 September 2026.
11. Half-Yearly Report
The unaudited half-yearly report for the six months ended 31 July 2026 will shortly be available to view on the Company’s website https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-apollo-vct/
A copy of the half-yearly report will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further enquiries, please contact:
Andrew Humphries
Octopus Company Secretarial Services Limited
Tel: +44 (0)80 0316 2067
LEI: 213800Y3XEIQ18DP3O53
