Blackfinch Spring VCT Plc (GB:BFSP)
LSE:BFSP
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Blackfinch Spring VCT Plc
(LSE:BFSP)
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Rating:46Neutral
Price Target:
84.00 p
▼(-8.70% Downside)
Action:ReiteratedDate:04/25/26
The score is held down primarily by unstable financial performance (sharp 2025 revenue decline, net loss, and persistent negative operating/free cash flow), with technical indicators also indicating weak momentum. A high dividend yield and a debt-free balance sheet provide partial support but do not fully offset the profitability and cash-conversion risks.
Positive Factors
Conservative balance sheet
A zero-debt, materially larger equity base meaningfully reduces solvency and refinancing risk for a VCT. This capital buffer supports holding illiquid, early-stage investments through cycles, enabling patient exits and limiting forced disposals over the next several months.
Negative Factors
Sharp 2025 revenue collapse and net loss
A near-total revenue collapse and a sizeable 2025 loss signal either failed realizations or valuation writedowns in the portfolio. Such a structural deterioration pressures NAV, dividends and the manager's track record, and may force suboptimal disposals or capital actions within the next few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A zero-debt, materially larger equity base meaningfully reduces solvency and refinancing risk for a VCT. This capital buffer supports holding illiquid, early-stage investments through cycles, enabling patient exits and limiting forced disposals over the next several months.
Read all positive factors
Blackfinch Spring VCT Plc (BFSP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
N/A
Dividend Yield8.48%
Average Volume (3M)2.02K
Price to Earnings (P/E)―
Beta (1Y)<0.01
Revenue Growth-134.33%
EPS Growth-170.66%
CountryUK
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding87,111,200
10 Day Avg. Volume0
30 Day Avg. Volume2,017
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.85
Price to Sales (P/S)3792.12
P/FCF Ratio-28.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 reasona...
How the Company Makes Money
BFSP makes money primarily from investment returns generated by its portfolio. Key sources include: (1) Realised gains on exits: profits crystallised when portfolio companies are sold, acquired, refinanced, or otherwise exited (including sales of ...
Blackfinch Spring VCT Plc Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.00K | 3.56M | 3.87M | 11.00K | -550.00K |
| Gross Profit | -1.57M | 3.56M | 3.22M | 438.00K | -785.29K |
| EBITDA | -3.74M | 3.06M | 0.00 | 0.00 | 96.00K |
| Net Income | -3.74M | 3.06M | 3.00M | -326.00K | 96.00K |
Balance Sheet | |||||
| Total Assets | 67.42M | 48.45M | 29.70M | 19.47M | 11.93M |
| Cash, Cash Equivalents and Short-Term Investments | 8.70M | 3.68M | 3.73M | 2.69M | 4.97M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 595.00K | 447.00K | 343.00K | 204.00K | 171.00K |
| Stockholders Equity | 66.83M | 48.01M | 29.36M | 19.27M | 11.76M |
Cash Flow | |||||
| Free Cash Flow | -2.00M | -1.26M | -936.00K | -729.00K | -458.83K |
| Operating Cash Flow | -2.00M | -1.26M | -936.00K | -729.00K | -458.83K |
| Investing Cash Flow | -15.54M | -14.38M | -5.10M | -9.38M | -5.08M |
| Financing Cash Flow | 22.56M | 15.59M | 7.09M | 7.83M | 8.03M |
Blackfinch Spring VCT Plc Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £97.63M | 2.45 | 12.38% | ― | 18.38% | 13.20% | |
62 Neutral | £12.49M | 4.32 | 14.61% | 3.33% | 8.91% | 94.32% | |
55 Neutral | £428.93M | 8.64 | 21.54% | ― | 37.60% | 2766.67% | |
46 Neutral | ― | -15.21 | 0.93% | 8.48% | -134.33% | -170.66% | |
43 Neutral | £5.14M | -0.04 | -58.13% | ― | -134.31% | -5555.17% |
* Financial Sector Average
GB:BFSP
Blackfinch Spring VCT Plc
84.00
-7.15
-7.84%
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Blackfinch Spring VCT Plc Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
Blackfinch Spring VCT Publishes 2025 Annual Report
Neutral
Apr 21, 2026
Blackfinch Spring VCT plc has released its Annual Report and Financial Statements for the year ended 31 December 2025, confirming that the document is now available to shareholders and the wider market in electronic form via the company’s we...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Expands Share Capital with New Admissions to LSE
Positive
Apr 14, 2026
Blackfinch Spring VCT plc has disclosed additional details on the admission to trading of new ordinary shares issued under its ongoing offer for subscription, following allotments made in late February, March and early April 2026. The new shares, ...
Private Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Expands Share Capital With New Allotment
Positive
Apr 2, 2026
Blackfinch Spring VCT plc has allotted 6,176,674 new ordinary shares under its ongoing offer for subscription, at prices ranging from 92.86p to 98.30p per share. Following this issue, the company now has 87,111,199 ordinary shares in circulation, ...
Business Operations and StrategyPrivate Placements and Financing
Blackfinch Spring VCT Expands Fundraise to £30 Million on Strong Demand
Positive
Mar 31, 2026
Blackfinch Spring VCT has seen strong investor demand for its 2025/26 tax-year fundraising, with applications approaching its initial £20 million target. In response, the board has elected to utilise £10 million of its £20 million o...
Private Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Expands Share Capital with New Allotment
Positive
Mar 26, 2026
Blackfinch Spring VCT plc has issued 4,398,966 new ordinary shares under its ongoing offer for subscription, at prices ranging from 92.86p to 97.24p per share. Following this allotment, the company now has 80,934,525 ordinary shares in issue, whic...
Private Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Boosts Capital with New Share Allotment
Positive
Feb 27, 2026
Blackfinch Spring VCT plc has issued 2,437,502 new ordinary shares under its ongoing subscription offer, at prices ranging between 92.86p and 98.30p per share. Following this allotment, the company now has 76,535,559 ordinary shares in issue, whic...
Delistings and Listing ChangesPrivate Placements and Financing
Blackfinch Spring VCT Expands Share Capital With New LSE Admission
Positive
Jan 30, 2026
Blackfinch Spring VCT plc has admitted a further 2,134,986 ordinary shares of 1p each to trading on the London Stock Exchange’s Main Market, following a recent equity issue under its ongoing offer for subscription. The new shares, which are ...
Private Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Issues 2.1 Million New Shares, Lifts Voting Rights to 74.1 Million
Neutral
Jan 28, 2026
Blackfinch Spring VCT has allotted 2,134,986 new ordinary shares under its ongoing offer for subscription, at prices ranging from 96.15p to 99.64p per share, taking the total number of shares in issue to 74,098,057 and setting the same figure as t...
Business Operations and StrategyRegulatory Filings and Compliance
Blackfinch Spring VCT to Relocate Registered Office in February
Neutral
Jan 27, 2026
Blackfinch Spring VCT Plc has announced a change to its registered office address, effective 2 February 2026, relocating its official base to Meadow Barn, Elkstone Studios, Cheltenham, GL53 9PQ. The move represents an administrative update to the ...
Dividends
Blackfinch Spring VCT Declares 2.5p Interim Dividend for 2025
Positive
Jan 26, 2026
Blackfinch Spring VCT plc has declared an interim dividend of 2.5p per share for the financial year ended 31 December 2025. The dividend will be paid on 15 May 2026 to shareholders on the register as of 10 April 2026, with shares trading ex-divide...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.