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The latest update is out from TOC Property Backed Lending Trust ( (GB:DVNO) ).
Develop North PLC reported a modest net asset value total return of 2.1% for the year to 30 November 2025, as NAV per share eased to 77.48 pence while investment income rose 14.6% to £2.22 million. The trust maintained its dividend policy, delivering a 5.9% annualised yield via total dividends of 4 pence per share, despite a small revenue per share decline driven by impairments on two loans.
The company deployed £9.5 million into nine new and existing projects and completed three full exits and seven partial redemptions, bringing total exits since inception to 26 and reducing average loan-to-value to about 69.7%. Management sharpened its regional focus, with 70.3% of capital now in the North East, and is preparing a policy change and capital raise in 2026 to expand and diversify the portfolio while relying on a £7 million Shawbrook facility for ongoing liquidity.
The most recent analyst rating on (GB:DVNO) stock is a Hold with a £74.00 price target. To see the full list of analyst forecasts on TOC Property Backed Lending Trust stock, see the GB:DVNO Stock Forecast page.
Spark’s Take on GB:DVNO Stock
According to Spark, TipRanks’ AI Analyst, GB:DVNO is a Neutral.
The score is driven primarily by strong recent profitability, modest leverage, and solid free cash flow, complemented by an attractive dividend yield. These positives are tempered by weaker technical positioning (below key moving averages with negative MACD) and some uncertainty from uneven historical revenue and cash-conversion data.
To see Spark’s full report on GB:DVNO stock, click here.
More about TOC Property Backed Lending Trust
Develop North PLC is a listed investment company focused on property-backed lending, primarily financing small and medium-sized real estate development and refurbishment projects. It increasingly targets the North East of England, deploying over 70% of its funds in the region, with an emphasis on secured debt rather than profit-share structures.
Average Trading Volume: 5,741
Technical Sentiment Signal: Strong Buy
For a thorough assessment of DVNO stock, go to TipRanks’ Stock Analysis page.