Polar Capital Technology Trust (PCT) H2 2025 earnings summary

Executive summary

• Net asset value (NAV) per share increased by 3.1% to 325.20p for the year ended 30 April 2025, underperforming the benchmark's 5.1% return in Sterling terms.

• Total net assets remained stable at £3.80bn, with a modest gain of £118.4m compared to £1.12bn the previous year.

• Share price total return was -1.2%, reflecting a widening discount to NAV, which averaged 10.4% over the year.

• The company repurchased 36.2 million shares (2.6% of issued capital) at an average discount of 10.4%.

• No dividend was recommended, consistent with the focus on long-term capital growth.

Financial highlights

• NAV per share rose from 315.41p to 325.20p year-over-year (+3.1%).

• Benchmark (Dow Jones Global Technology Index) returned 5.1% in Sterling terms.

• Share price declined from 292.00p to 288.50p (-1.2%).

• Ongoing charges ratio reduced to 0.77% from 0.80% the prior year.

• Earnings per share were 9.97p (2024: 90.42p, rebased).

• Total investment income was £19.1m, with other operating income of £6.3m.

• Total expenses increased to £32.5m, mainly due to higher management fees.

Outlook and guidance

• The outlook for the technology sector remains positive, with rapid developments in agentic AI and continued strong IT spending growth forecasted for 2025.

• Macro-economic and geopolitical uncertainties, including US tariffs and currency headwinds, are expected to contribute to ongoing market volatility.

• The Board is confident in passing the upcoming continuation vote at the September 2025 AGM.