Mindflair plc
Mindflair plc (AIM: MFAI), formerly Pires Investments plc, is a UK investment company listed on AIM that invests in next-generation technology businesses with a focus on Artificial Intelligence. It invests both directly in portfolio companies and indirectly through three venture funds managed by Sure Valley Ventures (SVV1, SVV2, SVV3) and through its shareholding in AIM-listed Sure Ventures plc. It holds no operating subsidiaries and reports as a single investing-company segment.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 26 Jun 2026 · 49 pages · Companies House
Mindflair plc, formerly Pires Investments plc, invests in young technology businesses focused on artificial intelligence, both directly and through venture funds. It earns no trading revenue, and it made a loss of £1.7m in 2025, against a profit of £3.2m the year before.
The swing came mainly from changes in the value of its holdings. Its investments fell in value overall, chiefly because of a 30% write-down of Napster, which it holds through one of its funds. A non-cash charge of £279,000 for share options and warrants, along with higher running costs, added to the loss. Sales of holdings, including Getvisibility, brought realised gains of £1,091,000.
The company ended the year with £610k in cash and no borrowings, having repaid its remaining loan notes in April 2025. It raised no new money from shareholders and paid no dividend. Management expects further sales from the portfolio to bring in cash and calls the outlook for its sectors encouraging. The auditor gave a clean opinion and raised no doubt about the company's ability to keep going. The report does warn that the company may need to raise more money, and that good terms are not guaranteed.
The Company itself earns no trading revenue; 'other income' comprises fee income and interest receivable
Other income of £21,000 (2024: £4,000) comprising fee income £18,000 and interest receivable £3,000
page 40Fair value movements in investments dominate the result (not a trading margin)
Net loss on investments held at FVTPL of £(849)k in 2025 vs gain of £3,533k in 2024, driven principally by a 30% write-down of Napster held through SVV1
page 30Our investment strategy is focused on AI based next generation technology businesses and we believe that significant progress has been made by the majority of our investments during the period and the outlook for the respective sectors in which they operate remains encouraging.
page 11The Directors are not recommending payment of a dividend for 2025 (2024: nil); the Company intends to deliver shareholder returns principally through capital growth rather than capital distribution via dividends, though may recommend/declare dividends at a future date depending on financial position
page 1511 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. 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.
Nothing restated
Every figure is read again from the following year’s report: 198 confirmed, 5 differ.
No figure has been restated: every figure a later report printed again, it printed the same.