Blackfinch Spring VCT Plc (BFSP) AI Stock Analysis

• Market Cap: £63.79M
• Dividend Yield: 8.48%
• Average Volume (3M): 2.02K
• Price to Earnings (P/E): 46.5
• Beta (1Y): 0.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Credit Services
• EPS (TTM): -0.02
• Shares Outstanding: 71,963,070
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 2,017
• PEG Ratio: -0.35
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 10.67
• P/FCF Ratio: -30.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: 97.00p ▲(5.43% Upside)

The score is primarily supported by strong recent reported profitability and a debt-free, equity-backed balance sheet, but it is held back by persistently negative cash flow and volatile historical results. Technicals indicate limited trend strength with weak momentum, while valuation is mixed (high dividend yield offset by a high P/E).

Blackfinch Spring VCT Plc Business Overview & Revenue Model

Company Description

Blackfinch Spring VCT Plc is a venture capital trust. Its investment strategy is to focus on early-stage technology-based companies with a focus on research and development and innovation which gives the potential for high growth alongside reasonable exit timescales. The company was founded on August 20, 2019 and is headquartered in Gloucester, the United Kingdom.

How the Company Makes Money

Blackfinch Spring VCT Plc Financial Statement Overview

Summary

Strong recent reported profitability and a conservative, debt-free balance sheet are major positives. However, consistently negative operating/free cash flow and historically volatile results (including prior losses and a 2024 revenue decline) materially reduce overall financial quality.

Income Statement

Profitability is strong in the most recent two annual periods, with very high margins (2024 net margin ~86% and 2023 ~78%) and solid positive net income (~£3.06m in 2024; ~£3.00m in 2023). However, revenue contracted in 2024 (-22.79% year over year), and results have been volatile over the longer window (losses in 2022 and 2020, and even negative revenue reported in 2021), which lowers confidence in consistency.

Balance Sheet

The balance sheet looks conservative with zero total debt across all reported years and a growing equity base (from ~£3.68m in 2020 to ~£48.01m in 2024), supporting financial flexibility. Asset levels track equity closely, consistent with low leverage. The main weakness is uneven profitability on equity over time (negative in 2020 and 2022; improving to ~6.4% in 2024 but below 2023’s ~10.2%).

Cash Flow

Cash generation is a clear weak spot: operating cash flow and free cash flow are negative every year shown (e.g., -£1.27m in 2024 and -£0.94m in 2023), despite strong reported earnings, indicating earnings are not converting into cash. While the cash burn improved versus the prior year (free cash flow growth +24.753% in 2024), the business still relies on non-operating sources or balance sheet movements to fund activity, increasing risk if conditions tighten.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.36M	3.56M	3.87M	11.00K	-550.00K	0.00
Gross Profit	1.79M	3.56M	3.22M	438.00K	-785.29K	-76.02K
EBITDA	1.75M	3.06M	0.00	0.00	96.00K	-73.48K
Net Income	524.00K	3.06M	3.00M	-326.00K	96.00K	-271.42K
Balance Sheet
Total Assets	64.73M	48.45M	29.70M	19.47M	11.93M	3.77M
Cash, Cash Equivalents and Short-Term Investments	5.38M	3.68M	3.73M	2.69M	4.97M	2.47M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	540.00K	447.00K	343.00K	204.00K	171.00K	91.59K
Stockholders Equity	64.19M	48.01M	29.36M	19.27M	11.76M	3.68M
Cash Flow
Free Cash Flow	-1.67M	-1.26M	-936.00K	-729.00K	-458.83K	-170.90K
Operating Cash Flow	-1.67M	-1.26M	-936.00K	-729.00K	-458.83K	-170.90K
Investing Cash Flow	-22.79M	-14.38M	-5.10M	-9.38M	-5.08M	-1.26M
Financing Cash Flow	21.27M	15.59M	7.09M	7.83M	8.03M	3.90M

Blackfinch Spring VCT Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORCH	75 Outperform	£12.81M	4.18	15.17%	3.33%	8.91%	94.32%
DFCH	73 Outperform	£109.12M	8.15	12.34%	―	17.35%	91.55%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FCH	66 Neutral	£471.44M	27.13	3.93%	―	7.90%	―
BFSP	60 Neutral	£63.79M	46.46	0.99%	8.48%	―	―
LIT	44 Neutral	£10.93M	-0.27	-46.42%	―	-44.60%	-658.40%

Blackfinch Spring VCT Plc Corporate Events

Blackfinch Spring VCT Expands Issue of Ordinary Shares

Blackfinch Spring VCT Plc has announced the allotment of 2,627,266 Ordinary Shares as part of its £20 million subscription offer, with an over-allotment facility of up to an additional £20 million. Following the allotment, the total number of shares issued stands at 71,963,071, reflecting the company’s continued effort to enable shareholder participation and fund growth initiatives. The newly issued shares will be admitted to the London Stock Exchange’s main market, allowing for enhanced liquidity and market presence.

Blackfinch Spring VCT Reduces Issued Share Capital via Buyback

Blackfinch Spring VCT Plc has bought back and canceled 159,963 ordinary shares at a price of 91.34p per share, reducing its total issued share capital to 69,335,805 shares. This move impacts voting rights calculations for shareholders under FCA transparency rules, potentially impacting stakeholder considerations regarding their interests in the company.

Blackfinch Spring VCT Plc Announces Share Allotment and Market Listing

Blackfinch Spring VCT Plc has announced an allotment of 167,878 Ordinary Shares as part of an offer for subscription, which could raise up to £20 million, with an additional over-allotment facility for another £20 million. Following this allotment, the company has a total of 69,495,768 Ordinary Shares in issue, which also represents the total number of voting rights. The new shares are expected to be admitted to the London Stock Exchange’s main market around 27 November 2025, with CREST accounts credited shortly thereafter.

Blackfinch Spring VCT Announces Share Allotment and Upcoming LSE Listing

Blackfinch Spring VCT plc has announced the allotment of 2,954,253 Ordinary Shares as part of an offer for subscription, with prices ranging from 96.15p to 99.64p per share. This increases the total number of shares to 69,327,890, and the company plans to apply for these shares to be listed on the London Stock Exchange, with trading expected to commence around 27 November 2025.