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.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 25 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
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.
From the reportevery line sits on the page it namesWhat drove revenueDividend income from quoted portfolio investments
Dividends £1,402,000 (2025: £1,062,000) within total income of £1,623,000
page 18What moved the margintailwindOngoing 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 54AndtailwindPerformance fee (10% of outperformance over a 6% hurdle, capped at 3% of average NAV) not triggered in FY2026
No performance fee accrued at 31 March 2026 (2025: £1,090,000) as the hurdle was not surpassed
page 18One-offs in the year£0 charge: Performance fee (10% of NAV outperformance above a 6% p.a. hurdle, capped at 3% of average NAV)
page 18What management saidNAV 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 4After the year endThe Company issued 1,630,000 ordinary shares of 5p each for cash between 1 April and 16 June 2026 from its block listing facility at an average price of 311.24 pence per share.
page 25The dividendPolicy 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 4Going concern and the auditUnqualified/unmodified audit opinion from MHA Audit Services LLP (senior statutory auditor Jason Mitchell); financial statements give a true and fair view. Sole key audit matter: 'Valuation and ownership of investments' (investments at fair value through profit or loss £144.8m, 99.9% Level 1 quoted, 0.1% Level 3 unquoted). Overall materiality £1,490,000 (1% of net assets). Directors concluded the going-concern basis is appropriate, with the Company in a net asset position of £149.4m, 99.9% of the portfolio in listed equities realisable to meet liabilities, no borrowings, and adequate resources for at least 12 months from approval.
page 6The risks it names first- Investment value risk - value of the Company's investments may fall due to market, operational or financial performance of investee companiesp.39
- Share price performance - shares may trade at a discount or premium to NAV depending on market conditions, sentiment and supply/demandp.44
- Portfolio Manager - loss of key personnel or reputation of the Investment Manager's investment teamp.44
- Material changes within the Portfolio Manager's organisation to the detriment of the Companyp.44
Read from C001113-AR-2026-ch.
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