The year to June 2025 can be summed up as one of solid progress across the portfolio hampered by difficult public and private market conditions. I regret to say that pre-tax losses widened and market issues, particularly for AIM-quoted and early-stage technology companies, obstructed our path towards making a successful exit.

Announcing our innovation hub SC2 was the year’s undoubted highlight. I believe it will transform our business. SC2 will help to position us at the heart of the Cambridge innovation ecosystem, raising a profile not just within Cambridge, but also in the wider UK innovation triangle of Cambridge, Oxford and London.

Neil Crabb, Chief Executive Officer