Primorus Investments plc
Primorus Investments plc (formerly/also known as Stellar Resources plc; company no. 03740688) is an AIM-listed closed-end investing company that builds a diverse portfolio of minority direct and indirect stakes in companies and projects across natural resources, energy, clean technology, fintech, business technology, infrastructure, property, consultancy, brand licensing and leisure. It does not operate a trading business itself; it generates returns through realised and unrealised gains on its portfolio of listed and unlisted financial investments, which it buys, holds and exits opportunistically.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 1 Jun 2026 · 44 pages · Companies House
Primorus Investments plc takes minority stakes in smaller companies and makes its money from gains on those holdings. Its gains from investments fell to £1.0m in 2025 from £3.4m the year before, and profit after tax fell to £902k from £2.7m. Profit was helped by a one-off £248,000 write-back of earlier cuts in the value of some holdings, partly offset by losses on investments it sold. Running costs fell, mainly because of lower salaries and directors' fees.
The company ended the year with £19k in cash, down from £42k, and no borrowings. It raised no money from shareholders, spent £573k buying back its own shares, and paid no dividend, against a special dividend in 2024.
The board said it sees no immediate need to raise money, believes the shares are undervalued and will keep a close watch on costs. The auditor raised no doubts about the company's ability to keep going. However, the report notes that since the year end one indirect holding has fallen in value by £1.961m, and shares in another investee, Clean Power Hydrogen, have been suspended from trading.
Realised and unrealised gains/losses on financial investments (the Company's sole income source)
Income statement shows 'Realised (loss)/gain on financial investments' and 'Unrealised gain on financial investments' as the only income lines; Note 3 confirms the Company operates a single primary activity to invest in businesses to generate a return for shareholders
page 23High proportion of discretionary spend in cost structure
Going concern note: 'The cost structure of the Company comprises a high proportion of discretionary spend and therefore in the event that cash flows become constrained, costs can be quickly reduced'
page 28The Company did not need to raise capital during 2025, and the Board sees no immediate requirement to do so given the Company's holdings of liquid instruments and cash; at the time of writing the Company is not considering any potential investments that would necessitate such action.
page 6No dividend recommended for 2025 (2024: special dividend of 1.5p per ordinary share, £2.098m total). Capital management objectives include providing a return to shareholders, and Directors may consider dividends, share repurchases, demergers or schemes of arrangement from time to time
page 911 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.
2 figures restated in a later report
Every figure is read again from the following year’s report: 193 confirmed, 9 differ, 2 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
2 more figures were restated in FY2015 to FY2022, which a free account opens.