Top 10 Investments

The top ten investments by current value at 30 September 2018 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 IDEAGEN PLC Nottinghamshire
Create Health LtdBaronsmead Second Venture Trust only
Original Cost: £1,650,000
Valuation: £9,747,000
Valuation Basis: Bid Price
% of equity held: 2.8%

Year ended 30 April2018
2017

£ million£ million
Sales36.127.1
Pre-tax profits1.40.7
Net Assets50.546.4
No. of Employees375305

(Source: Ideagen Plc, Annual Report and Accounts, 30 April 2018)

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
2 NETCALL PLC Hertfordshire
Netcall PlcBaronsmead Second Venture Trust only

Original Cost: £2,616,000
Valuation: £9,245,000
Valuation basis: Bid Price
% of equity held: 10.4%

Year ended 30 June2018
2017

£ million£ million
Sales21.916.2
Pre-tax profits0.01.7
Net Assets21.721.0
No. of Employees217169

(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: £6,621,000
Valuation Basis: Bid Price
% of equity held: 4.1%

Year ended 30 June2018
2017

£ million£ million
Sales8.07.2
Pre-tax profits6.95.8
Net Assets11.010.1
No. of Employees1516

(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 almost quadrupled profits.

www.bioventix.com

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

Original Cost: £4,180,000
Valuation: £6,214,000
Valuation basis: Earnings Multiple
% of equity held: 31.5%

Year ended 31 December2017
2016

£ million£ million
Sales8.07.0
Pre-tax profits(2.2)(1.8)
Net Assets(6.5)(4.2)
No. of Employees398309

(Source: H. Days Holdings Ltd, Annual Report and Financial Statements 31 December 2017)

Happy Days is a leading child day care and early years education provider operating from 19 settings across the South West of England. The business focusses 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
5 CAROUSEL LOGISTICS LTD Kent
CAROUSEL LOGISTICS LtdBaronsmead Second Venture Trust only

Original Cost: £2,336,000
Valuation: £5,929,000
Valuation Basis: Earnings Multiple
% of equity held: 14.7%

Year ended 31 December2017
2016

£ million£ million
Sales31.821.4
Pre-tax profits0.00.3
Net Assets1.83.0
No. of Employees12892

(Source:  Carousel Logistics Limited Financial Statement 31 December 2017)

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.

Carousel merged with German business LSi Logistik in 2017 increasing its European reach.

www.carousel.eu
6 INSPIRED ENERGY PLC Lancashire
DODS (GROUP) plcBaronsmead Second Venture Trust only

Original Cost: £861,000
Valuation: £5,748,000
Valuation basis: Bid Price
% of equity held: 4.6%

Year ended 31 December2017
2016

£ million£ million
Sales27.521.5
Pre-tax profits3.64.0
Net Assets25.114.9
No. of Employees266200

(Source: Inspired Energy plc Annual Report, 31 December 2017)

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 9.5x through both organic and acquisitive means.

www.inspiredplc.co.ukPHO 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 CREATE HEALTH LTD London
Baronsmead Second Venture Trust only

Original Cost: £680,000
Valuation: £5,722,000
Valuation basis: Earnings Multiple
% of equity held: 14.0%

Year ended 31 March2017
2016

£ million£ million
Sales13.719.4
Pre-tax profits1.11.5
Net Assets4.03.0
No. of Employees9471

(Source: Create Health Holding Ltd, Annual Report and Consolidated Financial Statements, 31 March 2017)

Create Health is a renowned fertility clinic specialising in Natural and Mild In Vitro Fertilisation ("IVF") and In Vitro Maturation ("IVM"). Natural and Mild IVF uses lower levels of drugs making it cheaper, safer and healthier for the mother and baby.

Its leading edge fertility service has an international reputation through its research and development of advanced ultrasound techniques, IVM and the one stop fertility MOT.

www.createfertility.co.uk

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

Original Cost: £2,422,000
Valuation: £5,052,000
Valuation basis: Earnings Multiple
% of equity held: 13.6%

Year ended 28 February2017*
2016**

£ million£ million
Sales25.919.4
Pre-tax profits0.00.0
Net Assets4.54.5
No. of Employees540290

(Source: Pho 2012 Ltd, Directors’ Report and Financial Statements, 26 February 2017)

*52 week period ended 26 February 2017

**52 week period ended 28 February 2016

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 27 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
9 CERILLION PLC London
Baronsmead Second Venture Trust only

Original Cost: £2,200,000
Valuation: £4,689,000
Valuation Basis: Bid Price
% of equity held: 9.8%

Year ended 30 September2017
2016*

£ million£ million
Sales16.08.4
Pre-tax profits2.00.2
Net Assets13.813.0
No. of Employees171162

(Source: Cerillion Plc, Annual Report and Accounts, 30 September 2017)

Cerillion provides carrier-grade enterprise CRM and billing software to telecoms companies globally. Cerillion's core product provides mission critical functionality to allow customers to manage their billing, charging, network provisioning, workflow and CRM processes, all of which are key from a business operations, revenue delivery and customer pipeline management perspective. Currently Cerillion provide solutions to customers across 43 countries, which include their core product as well as Cerillion Skyline, an industry agnostic software as a service billing application.

www.cerillion.com

10 ANPARIO PLC Nottinghamshire
Baronsmead Second Venture Trust only

Original Cost: £662,000
Valuation: £4,602,000
Valuation Basis: Bid Price
% of equity held: 4.1%

Year ended 31 December2017
2016

£ million£ million
Sales29.224.3
Pre-tax profits3.42.7
Net Assets30.528.5
No. of Employees111101

(Source:  Anpario Plc, Annual Report, 31 December 2017)

Anpario is a producer of natural feed additives for the global agriculture and aquaculture markets. Their products are designed to boost growth and improve the health of the animals to which they are fed. In an era where the traditional antibiotic based growth supplements are being steadily phased out, Anpario's natural solutions can help to fill the gap. Sales growth is supported by both the increasing global demand for meat (and hence feed)as well as the trend towards organic foods and healthy eating.

http://www.anpario.com/