Business
Interim results for six months ended 30 June 2025
Kelso Group Holdings PLC reported interim results for the six months ended June 30, 2025, with revenue of £369k compared to a loss of £675k in the same period last year, driven by unrealized investment gains. The company's net assets remained flat at £9.0m, with a NAV per share of 2.4p. Kelso achieved NAV/share returns of 55.8% since inception in January 2023. The company's investments stood at £9.2m, and cash reserves were £39.3k as of June 30, 2025. Kelso will explore limited gearing of up to 20% of net assets in H2-25. The company reported a loss before tax of £(55)k, improved from £(834)k in H1-24. A loss for the period of £(78,339) was recorded. Disclaimer*
About this update from Kelso Group Holdings Plc
[{"type":"text","content":"\n\n30 September 2025\nKelso Group Holdings Plc\n(\"Kelso\" or the \"Company\")\nInterim results for the six months ended 30 June 2025\nA highly concentrated investor in UK small and mid-cap listed companies. Driving value enhancement through active engagement in a unique strategy\nKelso, the main market listed acquisition vehicle, is pleased to announce its consolidated unaudited interim results for the six months ended 30 June 2025 (\"H1-25\").\n \nKelso was founded in November 2022 with the aim of creating a basket of investments to capitalise on a depressed UK stock market by targeting established but undervalued UK-listed small and mid-cap companies. Kelso, which is 20% owned by the Board of Directors, currently has five investments and a strategy of driving value enhancement through active engagement, which means our very experienced Board is fully aligned with shareholders.\n \nAlthough it has taken longer than anticipated, we believe the first signs of a sustained recovery in the UK small and mid-cap market can now be seen and we remain confident in the intrinsic value of our investments. Whilst the FTSE 100 is up 11.7% year to date, we note that the FTSE 250 and Small Cap are all up less than 5%. This lag in performance is not unusual at the front end of a small and mid-cap recovery cycle. The FTSE 250, Small Cap and AIM Indices peaked 4 years ago in September 2021 and unlike many other global indices have not recovered to that level since.\n \nTo June 2025, Kelso has achieved NAV/share returns of 55.8% since inception in January 2023 (2023: 51.0%, 2024: 3.24%, 2025 H1 0.0%). These returns have been achieved after the costs of raising finance and the PLC running costs both of which have been kept to an absolute minimum by virtue of the experience and contacts of the Board of Kelso. As a result, Kelso's gross investment gains have been marginally higher than those mentioned above. As Kelso grows in size the overheads will reduce as a percentage of the company's assets which will improve our relative net performance.\n \nPortfolio highlights\n \n· Each portfolio company is well established, having been founded at least 20 years ago, besides Selkirk Group Plc, the cash shell which listed on AIM in November 2024. Four out of the five portfolio companies have balance she...