Financial Highlights
The financial information set out below does not constitute the company's statutory accounts for the years ended 30 April 2025 or 30 April 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the registrar of companies, and those for 2025 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The full Annual Report and Financial Statements for the Year Ending 30 April 2025 can be found here.
Year ended 30 April 2025
Net Asset Value (NAV) Per Ordinary Share Total Return1
Benchmark Total Return2
Share Price Total Return1
2. Dow Jones Global Technology Index (total return, Sterling adjusted, with the removal of relevant withholding taxes). See page 138 for further details.
Financial Summary
| As at 30 Apr 2025 | Change % | |||
| As at 30 April 2024 | Year Ended 2025 | Year Ended 2024 | ||
| Total net assets | £3,804,889,000 | £3,804,533,000 | 0.01% | 34.5% |
| Net Asset Value (NAV) per ordinary share1 | 325.20p | 315.41p | 3.1% | 40.8% |
| Benchmark2 | 5259.96 | 5007.08 | 5.1% | 38.9% |
| Price per ordinary share1 | 288.50p | 292.00p | (1.2%) | 50.5% |
|
Discount of ordinary share price to the NAV per ordinary share3 | (11.3%) | (7.4%) | ||
| Ordinary shares in issue1,4 | 1,170,007,019 | 1,206,215,690 | (3.0%) | (4.5%) |
| Ordinary shares held in treasury1,4 | 203,142,981 | 166,934,310 | 21.7% | 51.4% |
| Total net assets |
| Net Asset Value (NAV) per ordinary share1 |
| Benchmark2 |
| Price per ordinary share1 |
| Discount of ordinary share price to the NAV per ordinary share3 |
| Ordinary shares in issue1,4 |
| Ordinary shares held in treasury1,4 |
1. Prior year was rebased following the sub-division of Ordinary Shares of 25p each into 10 new Ordinary Shares of 2.5p each, approved at the AGM held on 11 September 2024 and effective on 13 September 2024.
2. Dow Jones Global Technology Index (total return, Sterling adjusted, with the removal of relevant withholding taxes). See page 138 for further details.
3. Alternative Performance Measure see pages 136 to 137.
4. The issued share capital as at close of business on 4 July 2025 (latest practicable date) was 1,373,150,000 ordinary shares of which 215,103,569 were held in treasury.
Historic Performance
| As at 30 April | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets (£m) | 793.0 | 801.3 | 1,252.5 | 1,551.6 | 1,935.6 | 2,308.6 | 3,408.8 | 3,051.0 | 2,828.1 | 3,804.5 | 3,804.9 |
| Share price (pence)# | 59.2 | 56.6 | 94.7 | 114.8 | 135.4 | 177.4 | 236.4 | 204.0 | 194.0 | 292.0 | 288.5 |
| NAV per share (pence)# | 59.9 | 60.6 | 94.5 | 116.0 | 144.6 | 171.6 | 249.6 | 230.5 | 223.9 | 315.4 | 325.2 |
| Indices of Growth1 | |||||||||||
| Share price2 | 100.0 | 95.6 | 160.0 | 193.9 | 228.7 | 299.7 | 399.3 | 344.6 | 327.7 | 493.2 | 487.3 |
| NAV per share2 | 100.0 | 101.1 | 157.8 | 193.5 | 241.3 | 286.3 | 416.6 | 384.5 | 373.7 | 526.3 | 542.7 |
| Dow Jones Global Technology Index3 | 100.0 | 99.9 | 153.2 | 179.3 | 217.8 | 257.2 | 376.5 | 373.2 | 383.8 | 533.2 | 560.2 |
| As at 30 April |
| Net Assets (£m) |
| Share price (pence)# |
| NAV per share (pence)# |
| Indices of Growth1 |
| Share price2 |
| NAV per share2 |
| Dow Jones Global Technology Index3 |
The Company commenced trading on 16 December 1996 and the share price on the first day was 9.6p# per share and the NAV per share was 9.75p#.
Notes:
1. Rebased to 100 at 30 April 2015.
2. Total return assumes reinvestment of dividends.
3. Dow Jones Global Technology Index (total return, Sterling adjusted) with the removal of relevant withholding taxes.
#. Prior years were rebased following the sub-division of Ordinary Shares of 25p each into 10 new Ordinary Shares of 2.5p each, approved at the AGM held
on 11 September 2024 and effective on 13 September 2024.
All data sourced from Polar Capital LLP.