EMV Capital plc AIM:EMVC
- Incorporated
- United Kingdom
- Chief executive
- Dr Ilian Iliev
- Employees
- 21
- Reports in
- GBP
- Companies House
- 08026888
Read straight from the annual reports
44.0p at close on 5 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Corporate finance fees (syndication of third-party funding into portfolio companies)
Corporate finance fees of £1.1m (2024: £0.7m) for EMVC Core; £12.0m syndicated across 14 portfolio companies.
page 9Value creation services (VCS) fees
EMV Capital generated VCS fees of £1.0m in 2025 (2024: £1.1m); services are typically provided on monthly retainers until a company can operate standalone.
page 10Fair value gains on FVTPL assets (AMR Bio, Q-Bot convertible loan) and other operating income
Change in fair value of assets held at FVTPL of £1,366k (2024: £4k), mainly AMR Bio (£0.6m) and a Q-Bot CLA conversion (£0.8m). These are non-cash.
page 27Gross margin on fee-based revenue
Gross profit of £2,608k on revenue of £2,866k (2024: £2,090k on £2,450k); cost of sales of £258k (2024: £360k).
page 68£1.4m credit: Fair value gains on FVTPL assets (AMR Bio £0.6m; Q-Bot CLA conversion c.£0.8m)
page 27Chair: the Board remains 'sensibly cautious, but quietly confident'; challenging market conditions and periods of dislocation create opportunities; the energy transition, grid modernisation and recent market shocks are seen as focus areas.
page 7Unsecured loan facility with an existing investor: principal £0.5m, with the lender's option to increase by up to £0.2m; interest 11% p.a.; repayable three years from first drawdown; no security or warrants.
page 108Material uncertainty related to going concern (Note 2). Directors' stress-tested forecasts to June 2027 indicate up to c.£0.9m of additional funding may be required, mainly for the subsidiaries Glycotest and ProAxsis. Auditor BDO LLP gave an unmodified opinion with a material uncertainty paragraph. Going concern is a key audit matter (KAM 2). Key audit matters: valuation of unquoted investments (£14.3m) and going concern. Goodwill/intangible impairment was a KAM in 2024 but not in 2025. Group materiality £307k (2.25% of net assets).
page 59- Going concern: material uncertainty. Up to c.£0.9m of additional funding is needed to June 2027, mainly for Glycotest and ProAxsis; unmet funding could cast significant doubt on the Group's ability to continue.p.59
- Portfolio companies may be unable to raise required funding in adverse markets (rated Medium), which could delay milestones and value realisation.p.57
- Poor performance of early-stage investments (Low) and cash calls from co-investment shortfalls.p.57
- Clinical development and regulatory approval risk across life sciences holdings (Medium/Low).p.57
Read from C000422-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 7 Jun 2027