Blackfinch Spring VCT Plc (BFSP) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 8.48%
• Average Volume (3M): 2.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.01
• 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: 97.00 p ▲(5.43% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

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

BFSP makes money primarily from investment returns generated by its portfolio rather than from selling operating products or services. Its key economic drivers are: (1) capital gains and uplift in fair value—when portfolio companies grow, the valuation of BFSP’s equity or equity-like holdings can increase, and gains may be realized when investments are sold or exited (e.g., trade sale, buyout, or other liquidity event); (2) investment income—BFSP may receive dividends from equity holdings and/or interest and fees from debt or loan-note structures used alongside equity (where permitted and used), which contribute to recurring portfolio income; and (3) cash management returns—pending deployment or after realizations, BFSP may earn interest on cash balances and low-risk liquid investments. BFSP’s reported results therefore depend on the performance and valuation movements of its underlying investee companies, the timing and pricing of exits/realizations, and the level of income produced by portfolio instruments. Specific material partnerships, fee arrangements, or exact revenue breakdowns are null.

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	£11.96M	4.32	14.61%	3.33%	8.91%	94.32%
DFCH	73 Outperform	£93.53M	2.79	11.93%	―	17.35%	91.55%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BFSP	60 Neutral	―	-11.52	0.93%	8.48%	―	―
FCH	55 Neutral	£370.87M	8.64	21.54%	―	7.90%	―
LIT	44 Neutral	£8.21M	-1.65	-58.13%	―	-44.60%	-658.40%

Blackfinch Spring VCT Plc Corporate Events

Blackfinch Spring VCT Boosts Capital with New Share Allotment

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, which also represents the total number of voting rights for regulatory disclosure purposes.

The newly issued shares are expected to be admitted to trading on the London Stock Exchange’s main market around 2 March 2026, with CREST accounts to be credited shortly after allotment. Physical share certificates are scheduled to be dispatched within ten business days, providing new and existing shareholders with updated documentation reflecting their holdings.

The most recent analyst rating on (GB:BFSP) stock is a Hold with a £96.00 price target. To see the full list of analyst forecasts on Blackfinch Spring VCT Plc stock, see the GB:BFSP Stock Forecast page.

Blackfinch Spring VCT Expands Share Capital With New LSE Admission

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 fully fungible with existing stock, take the total number of ordinary shares in issue to 74,098,057, modestly increasing the company’s capital base and potentially broadening its investor base as it continues to raise funds for venture capital investments.

The most recent analyst rating on (GB:BFSP) stock is a Hold with a £96.00 price target. To see the full list of analyst forecasts on Blackfinch Spring VCT Plc stock, see the GB:BFSP Stock Forecast page.

Blackfinch Spring VCT Issues 2.1 Million New Shares, Lifts Voting Rights to 74.1 Million

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 the company’s total voting rights. The newly issued shares are expected to begin trading on the London Stock Exchange’s main market around 30 January 2026, with CREST accounts to be credited shortly and physical share certificates dispatched within ten business days, providing investors with additional liquidity and clarifying the denominator for regulatory disclosure of shareholdings under FCA transparency rules.

The most recent analyst rating on (GB:BFSP) stock is a Hold with a £96.00 price target. To see the full list of analyst forecasts on Blackfinch Spring VCT Plc stock, see the GB:BFSP Stock Forecast page.

Blackfinch Spring VCT to Relocate Registered Office in February

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 venture capital trust’s corporate details and is not accompanied by any indication of changes to its investment activities or strategic direction, but remains relevant for shareholders and stakeholders who rely on accurate corporate and statutory contact information.

The most recent analyst rating on (GB:BFSP) stock is a Hold with a £96.00 price target. To see the full list of analyst forecasts on Blackfinch Spring VCT Plc stock, see the GB:BFSP Stock Forecast page.

Blackfinch Spring VCT Declares 2.5p Interim Dividend for 2025

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-dividend from 9 April 2026. Investors wishing to participate in the company’s flexible dividend reinvestment scheme must submit elections by 30 April 2026, giving shareholders the option to receive additional shares instead of cash, which may support capital growth and the VCT’s ongoing investor appeal.

The most recent analyst rating on (GB:BFSP) stock is a Hold with a £96.00 price target. To see the full list of analyst forecasts on Blackfinch Spring VCT Plc stock, see the GB:BFSP Stock Forecast page.

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.