Rockwood Strategic plc
Rockwood Strategic plc ("RKW") is a closed-ended investment trust listed on the Main Market of the London Stock Exchange that invests in a focused, concentrated portfolio of smaller UK publicly quoted companies. The strategy identifies undervalued investment opportunities where returns can be improved through operational, strategic or management change, with the Investment Manager (Rockwood Asset Management, a trading name of Harwood Private Capital LLP) engaging actively with investee boards and stakeholders to unlock value. At 31 March 2026 the Company held interests in 25 portfolio companies with net assets of £149.4 million.
FY2026 in sixty seconds
year to 31 Mar 2026 · approved 16 Jun 2026 · 59 pages · Companies House
Rockwood Strategic plc is an investment trust that buys stakes in a small number of smaller UK listed companies and works with their boards to raise their value. In the year to 31 March 2026 its income, mostly dividends, was £1,623,000, against £1,299,000 the year before. Profit fell to £4.9m from £13.6m.
The main reason was smaller rises in the value of its holdings: gains of £5,598,000, compared with £15,171,000 a year earlier. No performance fee, a bonus paid to the manager for beating a target, was due this year, after one was charged the year before.
The trust raised £48.7m by selling new shares and ended the year with £4.8m in cash and no borrowings. It is paying no dividend, because income did not cover running costs. The manager expects more takeovers of companies in its part of the market. The auditor gave a clean opinion, and the main risk flagged is that the value of its investments can fall.
Dividend income from quoted portfolio investments
Dividends £1,402,000 (2025: £1,062,000) within total income of £1,623,000
page 18Ongoing charges ratio fell to 1.59% (2025: 1.83%) as NAV grew faster than fixed running costs
Ongoing charges ratio 1.59% for 2026 vs 1.83% in 2025, driven by average NAV growth to £133.2m
page 54NAV Total Return in the twelve months to 31 March 2026 was 7.1%, compared to a rise in the FTSE AIM All-Share of 5.1% and FTSE Small Cap (ex-ITs) of 8.9%; since period end to 12 June 2026 the fund's NAV has risen 17.0%.
page 4Policy is to pay out at least 85% of net income after expenses as dividends. The Company is not recommending a dividend for the year ended 31 March 2026 (2025: none/£0.0p), as modest portfolio income did not exceed running expenses.
page 412 years on one page · FY2015–FY2026
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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, 14 differ.
No figure has been restated: every figure a later report printed again, it printed the same.