Literacy Capital PLC - Quarterly trading update and NAV announcement
The information contained in this announcement is restricted and is not for publication, release or distribution in
Literacy Capital plc
Quarterly trading update and NAV announcement for Q2 2026
Strong cash proceeds received during Q2'26, with a focus on bolt-on acquisition activity
Literacy Capital plc ("Literacy", "BOOK", the "fund" or the "Company"), a listed investment trust primarily focused on investing directly into private businesses based in the
Q2 Highlights:
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Q2'26 Net Asset Value ("NAV") of |
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Relatively modest valuation movements reported for portfolio companies in Q2. BOOK's largest holding, RCI Group, returned to growth and was the largest positive contributor in the period. |
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Cash inflows totalled |
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Cash outflows totalled |
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Further initiatives are planned to stimulate awareness and demand for BOOK shares, including discussions to explore moving the fund's listing to the official list on the Main Market. |
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Total charitable donations since the inception of Literacy now amount to |
Commenting on the Q2 performance, CEO of BOOK's investment manager,
"Despite several strong exits in the 12 months to 30 June, BOOK's NAV performance has been much weaker than historical periods.
This reflects that it has been a difficult period for smaller businesses in the
Various portfolio companies are gaining momentum and showing encouraging promise, which we expect to be reflected in their carrying valuations as growth and increased earnings are delivered.
We are conscious that stronger NAV performance will provide positive news flow and share price momentum. Alongside our continuous efforts to support our existing portfolio companies to enhance their value and NAV performance, we are working hard to promote BOOK and awareness of it, to remove existing impediments that prevent investors from buying the stock, and thereby closing the frustrating discount to NAV."
Net Asset Value
The Company announces that, as at
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At |
At |
At |
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Net asset value (£m) |
284.4 |
289.6 |
312.6 |
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NAV per share (pence) |
472.6 |
481.3 |
519.5 |
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Cumulative cash returned to shareholders (£m) |
6.0 |
6.0 |
- |
The above NAV calculation is based on the Company's issued ordinary share capital as at
Portfolio company performance
In Q2, RCI was the largest positive contributor to NAV, offsetting the decline in the prior quarter. During the quarter, RCI completed the bolt-on acquisition of 33n, a healthcare consultancy employing clinicians and data scientists, which works with NHS trusts to deliver clinical workflow transformation to improve patient care. The group has traded in line with expectations for the first three months of its current financial year, with further M&A activity completed in mid-July.
Live Business was the next largest positive contributor in Q2, after Literacy invested additional capital to increase its equity stake.
These gains were offset by reductions elsewhere, with the largest movements from Oxygen Activeplay and Cubo Work. During Q2, the
The two most recent investments, Red Sky and Trinitatum have continued to demonstrate strong momentum, entering the top five and ten holdings in the Literacy portfolio respectively. BOOK invested in both businesses less than 18 months ago, with 5.8x and 4.3x MoM returns recorded as at
Transactions and investments
No new platform investments were completed in Q2'26.
Bolt-on acquisitions will remain a priority for certain portfolio companies in 2026, with the expectation that these transactions will generate high returns on invested capital and accelerate their eventual sale.
Cash & liquidity
In Q2, BOOK received cash proceeds of
On 30 June, Literacy's RCF was
Activity since the period end
No events occurred between the end of Q2 and the publication of the factsheet requiring reported NAV to be restated.
Factsheet
The Company's factsheet for the three months to
Marketing activity
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In the Company of Mavericks podcast - |
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Investor Summit - Literacy Capital has taken a stand at the upcoming Investor Summit event on |
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Investor Meet Company presentation - |
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Curation Corp - In July, Literacy Capital's profile launched on the Curation Corp platform. The investment showcase aggregates information for investors to learn more about how Literacy invests in and supports |
-ENDS-
For further information, please contact:
Literacy Capital plc / Book Asset Management LLP
+44 (0) 20 3960 0280
MHP Group
+44 (0) 7817 458 804
Deutsche Numis
+44 (0) 20 7260 1000
About Literacy Capital plc
Literacy Capital (BOOK.L) is a closed-end investment company that was co-founded by
It also has a unique charitable objective, to donate 0.5% of annual NAV to charities focused on improving
A copy of this announcement will be available on the Company's website at www.literacycapital.com.
The information contained in this announcement regarding the Company's investments has been provided by the relevant underlying portfolio company and has not been independently verified by the Company. The information contained herein is unaudited.
This announcement is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.
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