Top 10 Investments
The top ten investments by current value at 31st December 2010 illustrate the diversity and size of investee companies within the portfolio.
This financial information is taken from publicly available information, which has been audited by the auditors of the investee companies.
1 KIOTECH INTERNATIONAL PLC Surrey
Animal feed additivesBaronsmead VCT 5
Cost: £900,000
Valuation: £1,109,000
% of equity held: 7.13%
| Year ended 31 December | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 11.0 | 5.4 |
| EBITA | 1.4 | 0.5 |
| Profit before tax | 1.4 | 0.5 |
| Net Assets | 13.6 | 7.5 |
| No. of Employees | 12 | 12 |
(Source: Kiotech International plc, Annual Report 2009)
Kiotech develops and supplies natural feed additives for the agriculture and aquaculture industries. It raised £4.75m in a placing to fund the acquisition of Optivite Group.
2 ELECTRIC WORD PLC London
Business to business publisherBaronsmead VCT 5
Cost: £847,000
Valuation: £1,050,000
% of equity held: 7.81%
| Year ended 30 November | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 16.5 | 17.3 |
| EBITA | 2.1 | 2.0 |
| Profit/(Loss) before Tax: | 0.4 | (0.2) |
| Net Assets | 8.1 | 5.4 |
| No. of Employees | 140 | 141 |
(Source: Electric Word plc, Annual Report & Financial Statements 2009)
Electric Word is a publisher focused on the educational and sports business markets. It raised £2.7m in a placing to strengthen its balance sheet and to provide funds for future acquisitions.
3 FFASTFILL PLC London
Trading platform software providerBaronsmead VCT 5
Cost: £739,000
Valuation: £946,000
% of equity held: 2.81%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 14.3 | 14.4 |
| EBITA | 2.6 | 0.4 |
| Profit/(Loss) before Tax: | 1.2 | (0.4) |
| Net Assets | 12.6 | 11.5 |
| No. of Employees | 128 | 147 |
(Source: Ffastfill plc, Report and Accounts 2010)
Ffastfill designs and delivers application services allowing intermediaries, and their clients, to manage trading and financial risk in real-time across a wide range of products and exchanges.
4 GREEN COMPLIANCE PLC Cirencester
Small business compliance serviceBaronsmead VCT 5
Cost: £625,000
Valuation: £900,000
% of equity held: 3.30%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 1.2 | 1.1 |
| EBITA | (1.9) | (1.1) |
| (Loss) before tax | (3.9) | (1.2) |
| Net Assets/(Liabilities) | 6.4 | (1.7) |
| No. of Employees | 38 | 33 |
(Source: Green Compliance plc (and its subsidiary undertakings), Financial Statements for Year Ended 31 March 2010)
Green Compliance is a business set up to acquire businesses in the fire, water and pest compliance sector. It raised £10m in a placing to provide funds for future acquisitions.
5 CHIME COMMUNICATIONS PLC London
PR and marketing services agencyBaronsmead VCT 5
Cost: £842,000
Valuation: £881,000
% of equity held: 0.53%
| Year ended 31 December | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 300.9 | 277.4 |
| EBITA | 20.3 | 18.5 |
| Profit before tax | 18.6 | 16.3 |
| Net Assets | 116.8 | 88.5 |
| No. of Employees | 1,043 | 1,013 |
(Source: Chime Communications plc, Annual Report & Accounts 2009)
Chime Communications is a PR and marketing services agency. This VCT received Chime shares as consideration for its stake in sports marketing agency Essentially Group, acquired by Chime in November 2009.
6 TASTY PLC London
Restaurant operatorBaronsmead VCT 5
Cost: £1,195,000
Valuation: £865,000
% of equity held: 6.95%
| Year ended 27 December | 2009 |
2008 |
|---|---|---|
| £ million | £ million | |
| Sales | 9.2 | 8.0 |
| EBITA | (0.2) | (0.4) |
| Loss before tax | (2.1) | (1.6) |
| Net Assets | 7.5 | 9.4 |
| No. of Employees | 249 | 235 |
(Source: Tasty plc – Report & Financial Statements 52 Weeks ended 27 December 2009)
Tasty operates restaurants in the casual dining sector under the brands Dim T and Wildwood. The company raised £2.0m in June 2010 to fund the roll out of additional sites.
7 IS PHARMA PLC Chester
Specialist pharmaceuticalsBaronsmead VCT 5
Cost: £734,000
Valuation: £759,000
% of equity held: 1.83%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 14.2 | 12.2 |
| EBITA | 3.8 | 2.9 |
| Profit before tax | 2.6 | 2.0 |
| Net Assets | 30.3 | 28.6 |
| No. of Employees | 21 | 20 |
(Source: IS Pharma plc, Annual report and accounts 2010)
IS Pharma is a speciality pharmaceutical company focused on critical care, oncology and neurology. It raised £3.6m in October 2010 and a further £12.5m in November 2010 to fund acquisitions.
8 ACCUMULI PLC* Salford
Managed IT network securityBaronsmead VCT 5
Cost: £570,000
Valuation: £702,000
% of equity held: 7.98%
| Year ended 31 August | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | N/A** | N/A** |
| EBITA | N/A** | N/A** |
| Profit/(Loss) before Tax: | N/A** | N/A** |
| Net Assets | 3.2 | 0.1 |
| No. of Employees | 26 | 36 |
(Source: Accumuli Plc, Annual report and accounts 2010)
Accumuli is a business focused on consolidating the managed IT network security market. It raised £5m in November 2010 to fund acquisitions.
* The name of the company was changed from Netservices plc to Accumuli on 18 May 2010
** P&L figures not meaningful due to disposal of historical operating business and acquisitions made post period end.
9 CLARITY COMMERCE SOLUTIONS PLC Basingstoke
Software for leisure industryBaronsmead VCT 5
Cost: £800,000
Valuation: £680,000
% of equity held: 4.82%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 19.1 | 17.7 |
| EBITA | 1.9 | 1.0 |
| Profit before tax | 1.4 | 0.2 |
| Net Assets | 10.5 | 5.9 |
| No. of Employees | 169 | 190 |
(Source: Clarity Commerce Solutions plc, Annual Report 2010)
Clarity supplies software to the leisure industry. The company raised £2.7m in September 2009 to strengthen the balance sheet.
10 BRULINES GROUP PLC Stockton-on-Tees
Pub management systemsBaronsmead VCT 5
Cost: £800,000
Valuation: £654,000
% of equity held: 2.22%
| Year ended 31 March | 2010 |
2009 |
|---|---|---|
| £ million | £ million | |
| Sales | 19.8 | 19.1 |
| EBITA | 4.5 | 5.0 |
| Profit before tax | 4.0 | 4.6 |
| Net Assets | 21.0 | 20.1 |
| No. of Employees | 251 | 219 |
(Source: Brulines Group plc, Consolidated Annual Report and Accounts 2010)
Brulines is the leading provider of volume and revenue projection systems for draught alcoholic drinks for the UK licensed on-trade, in particular the tenanted pub sector. Brulines raised £8m on joining AIM in October 2006 and a further £4.5m in December 2008 to fund further acquisitions.