Top 10 Investments

The top ten investments by current value at 30 September 2017 illustrate the diversity and size of investee companies within the portfolio.

This financial information is taken from publicly available audited accounts of the investee companies.

 

1 IDOX PLC Berkshire
idox PlcBaronsmead Second Venture Trust only

Original Cost: £1,028,000
Valuation: £7,141,000
Valuation Basis: Last Traded
% of equity held: 4.2%

Year ended 31 October2016
2015

£ million£ million
Sales76.762.6
Pre-tax profits13.09.8
Net Assets65.253.6
No. of Employees676572

(Source: IDOX Annual Report & Accounts 2016)

IDOX group is a leading software and information management solutions provider, providing local authorities with software and managed services. These deliver seamless integration and automation from consumer websites through to document storage. In the private sector, its engineering information management software combines McLaren and CTSpace, who are leaders in their markets.

The Baronsmead VCTs first invested in IDOX in 2002, approximately two years after the company floated on AIM. Over the last decade IDOX has shown strong growth through a combination of organic growth and acquisition, and has diversified from its core local authority markets.

www.idoxgroup.com

2 NETCALL PLC Hertfordshire
Netcall PlcBaronsmead Second Venture Trust only

Original Cost: £2,616,000
Valuation: £7,100,000
Valuation basis: Bid Price
% of equity held: 10.4%

Year ended 30 June2017
2016

£ million£ million
Sales16.216.6
Pre-tax profits1.71.7
Net Assets21.022.6
No. of Employees169156

(Source: Netcall plc, Annual Report and Accounts, 30 June 2017)

Netcall is one of the UK’s leading providers of customer engagement solutions. They support organisations to deliver outstanding customer service and achieve a realistic return on their investment. Some of the challenges their solutions can help overcome include customer contact across multiple channels, resource utilisation, improving customer satisfaction ratings, process automation, unifying communications effectively and maximising available budget.

Currently over 700 organisations in the Public, Private and Healthcare markets use one or more of the Netcall solutions which include contact management, business process management, workforce optimisation and enterprise content management.

www.netcall.com

3 BIOVENTIX PLC Surrey
Create Health LtdBaronsmead Second Venture Trust only

Original Cost: £555,000
Valuation: £5,712,000
Valuation Basis: Bid Price
% of equity held: 4.1%

Year ended 30 June2016
2015

£ million£ million
Sales5.54.3
Pre-tax profits4.23.1
Net Assets8.26.6
No. of Employees1413

(Source: Bioventix plc, Annual Report and Accounts, 30 June 2016)

Bioventix manufactures and supplies high affinity sheep monoclonal antibodies for use in diagnostic applications such as clinical blood testing. The Company was founded in 2003 as a biotechnology company and their strategy is to identify new or existing commercial assays for which there is a need for improved antibodies. They supply antibodies to almost all of the global multinational immunodiagnostics companies. Since the Baronsmead VCTs first invested in 2013, the Company has tripled its revenues and profits.

www.bioventix.com

4 DODS (GROUP) PLC London
DODS (GROUP) plcBaronsmead Second Venture Trust only

Original Cost: £3,268,000
Valuation: £5,551,000
Valuation basis: Bid Price
% of equity held: 12.1%

Year ended 31 March2017
2016

£ million£ million
Sales20.019.6
Pre-tax profits1.51.1
Net Assets27.325.7
No. of Employees196210

(Source: Dods (Group) plc, Annual Report, 31 March 2017)

Dods (Group) Plc operates in the political communications market, delivering quality information and intelligent solutions across all media platforms to both the public and private sectors. Its aim is to drive personal and professional improvement to enable their customers to know more and perform better. Dods provides political information and public affairs communications in the UK and European Union and learning and training to the UK public sector.

The group operates at the forefront of its selected growth markets in the UK, France and Belgium, providing their customers, partners and the public with the skills, intelligence and platforms needed to engage effectively across the spheres of politics, public sector administration and public affairs.

www.dodsgroupplc.com

5 INSPIRED ENERGY PLC Lancashire
DODS (GROUP) plcBaronsmead Second Venture Trust only

Original Cost: £861,000
Valuation: £5,337,000
Valuation basis: Bid Price
% of equity held: 4.8%

Year ended 31 December2016
2015

£ million£ million
Sales21.515.2
Pre-tax profits4.03.5
Net Assets14.911.3
No. of Employees200119

(Source: Inspired Energy plc Annual Report, 31 December 2016)

Inspired Energy is an energy consultancy business for commercial and industrial clients, providing energy procurement, management and advisory services to optimise energy costs and carbon emissions. Established in 2000, the company now has a team of 300 energy professionals who advise and manage over 10,400 clients. The corporate division comprises five subsidiaries and provides review, analysis and negotiation of gas and electricity contracts on behalf of corporate clients; the SME division offers reduced tariffs and contracts based on unqiue customer situation. The Baronsmead VCTs first invested as cornerstone investors in the 2011 IPO and since then Inspired Energy has grown revenues five-fold through both organic and acquisitive means.

www.inspiredplc.co.uk

6 PHO HOLDINGS LTD London
PHO HOLDINGS LtdBaronsmead Second Venture Trust only

Original Cost: £2,422,000
Valuation: £5,139,000
Valuation basis: Earnings Multiple
% of equity held: 13.6%

Year ended 28 February2016*
2015**

£ million£ million
Sales19.414.1
Pre-tax profits0.00.0
Net Assets4.54.7
No. of Employees399290

(Source: Pho 2012 Ltd, Directors’ Report and Financial Statements, 28 February 2016)

*52 week period ended 28 February 2016

**53 week period ended 1 March 2015

Pho is a fast casual restaurant chain serving Vietnamese food. Pho – a noodle soup – is the national dish of Vietnam. Pho also offer a range of Vietnamese dishes, coffee, beer and fresh juices.

Pho was founded in 2005 and now operates from 25 sites in an array of channels: London High Street sites (e.g. Soho, Clerkenwell); regional sites (e.g. Brighton, Leeds); and food courts in shopping centres (e.g. Westfield).

www.phocafe.co.uk

7 CREW CLOTHING HOLDINGS LTD London
CREW CLOTHING HOLDINGS LtdBaronsmead Second Venture Trust only

Original Cost: £2,904,000
Valuation: £5,032,000
Valuation basis: Earnings Multiple
% of equity held: 15.1%

Year ended 25 October2016*
2015**

£ million£ million
Sales58.355.0
Pre-tax profits(2.8)(2.6)
Net Assets0.33.3
No. of Employees411411

(Source: Crew Clothing Holdings Ltd, Report and Financial Statements 30 October 2016)

Crew Clothing Co. is an English clothing brand with a wide range of active, outdoor and casual wear for men and women. Since it was founded in 1993, the brand has evolved into the fast growing premium active and casual wear sectors, but retained its unique heritage and positioning. Today it is a well known and respected clothing brand in the UK.

The business is a multi-channel retailer with its own branded retail estate, wholesale accounts and e-commerce channels. Growth will come from targeted store roll out and further e-commerce sales.

www.crewclothing.co.uk

8 HAPPY DAYS CONSULTANCY LTD Cornwall
Happy Days Consultancy LtdBaronsmead Second Venture Trust only

Original Cost: £4,180,000
Valuation: £5,029,000
Valuation basis: Earnings Multiple
% of equity held: 31.5%

Year ended 31 December2016
2015

£ million£ million
Sales7.06.2
Pre-tax profits(1.8)(1.6)
Net Assets(4.2)(2.5)
No. of Employees309258

(Source: H. Days Holdings Ltd, Annual Report and Financial Statements 31 December 2016)

Happy Days is a leading child day care and early years education provider operating from 17 settings across the South West of England. The business focussed on delivering outstanding quality childcare in premium settings within its geographic markets.

The investment has enabled Happy Days to continue its UK organic expansion strategy through supporting the funding of developing new leasehold nursery settings in attractive markets.

www.happydaysnurseries.com

9 IDEAGEN PLC Nottinghamshire
Create Health LtdBaronsmead Second Venture Trust only

Original Cost: £1,650,000
Valuation: £4,904,000
Valuation Basis: Bid Price
% of equity held: 3.1%

Year ended 30 April2017
2016

£ million£ million
Sales27.121.9
Pre-tax profits0.71.0
Net Assets46.433.7
No. of Employees305248

(Source: Ideagen Plc, Annual Report and Accounts, 30 April 2017)

Ideagen is a governance, risk management and compliance (“GRC”) software and solutions business operating predominantly in the healthcare, transport, aerospace & defence, manufacturing and financial services sectors. It provides content lifecycle solutions that enable organisations to meet their regulatory and compliance standards, helping them to reduce corporate risks and deliver operational excellence. Its solutions cover enterprise and incident risk management, operational safety and quality management, audit risk management, and also content and clinical solutions for the NHS. Since the Baronsmead VCTs invested the company has executed an active buy-and-build strategy in the GRC software market to add capability and build on its market position.

www.ideagen.com

10 CAROUSEL LOGISTICS LTD Kent
CAROUSEL LOGISTICS LtdBaronsmead Second Venture Trust only

Original Cost: £2,336,000
Valuation: £4,672,000
Valuation Basis: Earnings Multiple
% of equity held: 14.7%

Year ended 31 December2016
2015

£ million£ million
Sales21.416.8
Pre-tax profits2.01.7
Net Assets4.12.4
No. of Employees9271

(Source:  Carousel Logistics Limited Financial Statement 31 December 2016)

Carousel Logistics based in Kent, designs and manages bespoke supply chain management solutions for clients with time critical, challenging or high touch customer care needs. Carousel has a wide range of international clients for whom it delivers a complete integrated service including e-fulfilment, procurement, warehousing, distribution, reverse logistics and international in-night services. Livingbridge will continue to support Carousel’s continued business expansion within the UK and Europe.

During the year Carousel acquired Munich based Fourth Party Logistics provider, LSi, to increase network reach across Europe, establish new overseas offices and create additional client wallet share opportunities. This purchase was funded by debt.

www.carousel.eu