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.
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 8 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueRealised 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 23What moved the margintailwindHigh 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 28AndtailwindAdministrative expenses fell year-on-year
Total administrative costs £390k (2025) vs £720k (2024), driven by lower wages/salaries and director fees
page 34What management saidThe 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 6After the year endWeShop Limited (NASDAQ) share price fell from US$95.00 to US$6.85 (close 28 May 2026); the Company's indirect investment in Community Social Investment Limited (CISL), which holds WeShop, has reduced in calculated value by £1.961m since year end
page 44The dividendNo 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 9Going concern and the auditUnqualified ('true and fair') audit opinion from PKF Littlejohn LLP; auditor concluded no material uncertainties relating to going concern for at least 12 months from approval date. Key audit matter: valuation, classification and impairment of financial investments (£5.916m carrying value at 31 Dec 2025, significant Level 3 judgement for unlisted early-stage investees). Overall materiality £93,900 (2024: £88,900), based on ~1.5% of gross assets; performance materiality 70% of overall
page 18The risks it names firstRead from C001035-AR-2025-ch.
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- FY2016Year to 31 Dec 2016 Opens with a free accountThe report, its reading and its figures