Cash flow Polar Capital Technology Trust plc

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PCT

GB00BR3YV268

Investment Trusts

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10/12	Polar Capital Technology Trust beats index as goes "AI maximalist"	AN
11/12	Polar Capital Technology Trust plc Reports Earnings Results for the Half Year Ended October 31, 2025	CI

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Published financial data: POLAR CAPITAL TECHNOLOGY TRUST PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2021	2022	2023	2024	2025
Gain (Loss) on Sale of Investment, Total (Rev)	112.76Cr	-25Cr	-11Cr	114.8Cr	13Cr
Interest And Invest. Income (Rev)	1.82Cr	1.59Cr	2Cr	2.19Cr	2.54Cr
Other Revenues, Total	-4.91Cr	-57.99L	34T	-2.2Cr	27.67L
Total Revenues	109.67Cr	-24Cr	-8.68Cr	114.79Cr	16Cr
Gross Profit	109.67Cr	-24Cr	-8.68Cr	114.79Cr	16Cr
Selling General & Admin Expenses, Total	2.52Cr	2.96Cr	2.31Cr	2.73Cr	3.25Cr
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	2.52Cr	2.96Cr	2.31Cr	2.73Cr	3.25Cr
Operating Income	107.15Cr	-27Cr	-11Cr	112.05Cr	12Cr
Interest Expense, Total	-10L	-10L	-15.98L	-18.74L	-17.86L
Net Interest Expenses	-10L	-10L	-15.98L	-18.74L	-17.86L
Currency Exchange Gains (Loss)	-43.79L	1.75Cr	84.09L	-12.92L	-16.49L
EBT, Excl. Unusual Items	106.61Cr	-26Cr	-10Cr	111.74Cr	12Cr
EBT, Incl. Unusual Items	106.61Cr	-26Cr	-10Cr	111.74Cr	12Cr
Income Tax Expense	24.32L	20L	21.48L	19.42L	23.66L
Earnings From Continuing Operations	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
Net Income to Company	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
Net Income - (IS)	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
Net Income to Common Incl Extra Items	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
Net Income to Common Excl. Extra Items	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
Per Share Items
Net EPS - Basic	0.78	-0.19	-0.08	0.9	0.1
Basic EPS - Continuing Operations	0.78	-0.19	-0.08	0.9	0.1
Basic Weighted Average Shares Outstanding	136.94Cr	134.98Cr	129.41Cr	123.36Cr	118.75Cr
Net EPS - Diluted	0.78	-0.19	-0.08	0.9	0.1
Diluted EPS - Continuing Operations	0.78	-0.19	-0.08	0.9	0.1
Diluted Weighted Average Shares Outstanding	136.94Cr	134.98Cr	129.41Cr	123.36Cr	118.75Cr
Normalized Basic EPS	0.49	-0.12	-0.05	0.57	0.06
Normalized Diluted EPS	0.49	-0.12	-0.05	0.57	0.06
Supplemental Items
EBITA	107.15Cr	-27Cr	-11Cr	112.05Cr	12Cr
EBIT	107.15Cr	-27Cr	-11Cr	112.05Cr	12Cr
Total Revenues (As Reported)	109.23Cr	-23Cr	-7.83Cr	114.66Cr	16Cr
Effective Tax Rate - (Ratio)	0.23	-0.78	-2.08	0.17	1.96
Normalized Net Income	67Cr	-16Cr	-6.44Cr	70Cr	7.55Cr
Supplemental Operating Expense Items
Marketing Expenses	-	25T	-	-	-
Selling and Marketing Expenses	-	25T	-	-	-
General and Administrative Expenses	2.52Cr	2.96Cr	2.31Cr	2.73Cr	3.25Cr
Research And Development Expense From Footnotes	-	-	-	-	-

Fiscal Period: April	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	22Cr	31Cr	24Cr	10Cr	19Cr
Total Cash And Short Term Investments	22Cr	31Cr	24Cr	10Cr	19Cr
Accounts Receivable, Total	3.44Cr	2.93Cr	1.84Cr	3.46Cr	3.84Cr
Other Receivables	2L	3L	4L	4L	5L
Total Receivables	3.46Cr	2.96Cr	1.88Cr	3.5Cr	3.89Cr
Prepaid Expenses	16.82L	17.41L	22.15L	29.42L	13.85L
Other Current Assets, Total	40.9L	64.79L	25.71L	95.57L	1.3Cr
Total Current Assets	26Cr	35Cr	26Cr	15Cr	24Cr
Long-term Investments	324.3Cr	281.11Cr	264.02Cr	371.38Cr	366.49Cr
Total Assets	349.96Cr	316.03Cr	290.28Cr	386.43Cr	390.7Cr
Liabilities
Accounts Payable, Total	2.92Cr	4.94Cr	1.93Cr	68.85L	1.77Cr
Accrued Expenses, Total	70.89L	67.34L	22.13L	28.57L	28.59L
Short-term Borrowings	34.73L	-	-	4L	10.46L
Current Portion of Long-Term Debt	-	5.2Cr	-	4.8Cr	-
Other Current Liabilities	-	11.31L	23.44L	15.53L	17.98L
Total Current Liabilities	3.97Cr	11Cr	2.38Cr	5.98Cr	2.34Cr
Long-Term Debt	5.11Cr	-	5.08Cr	-	7.87Cr
Total Liabilities	9.08Cr	11Cr	7.47Cr	5.98Cr	10Cr
Common Stock, Total	3.43Cr	3.43Cr	3.43Cr	3.43Cr	3.43Cr
Additional Paid In Capital	22Cr	22Cr	22Cr	22Cr	22Cr
Retained Earnings	313.07Cr	277.29Cr	255.01Cr	352.65Cr	352.68Cr
Comprehensive Income and Other	2.03Cr	2.03Cr	2.03Cr	2.03Cr	2.03Cr
Total Common Equity	340.88Cr	305.1Cr	282.81Cr	380.45Cr	380.49Cr
Total Equity	340.88Cr	305.1Cr	282.81Cr	380.45Cr	380.49Cr
Total Liabilities And Equity	349.96Cr	316.03Cr	290.28Cr	386.43Cr	390.7Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	136.01Cr	130.88Cr	125.06Cr	119.66Cr	115.8Cr
ECS Total Common Shares Outstanding	136.54Cr	132.36Cr	126.29Cr	120.62Cr	117Cr
Book Value / Share	2.5	2.31	2.24	3.15	3.25
Tangible Book Value	340.88Cr	305.1Cr	282.81Cr	380.45Cr	380.49Cr
Tangible Book Value Per Share	2.5	2.31	2.24	3.15	3.25
Total Debt	5.46Cr	5.2Cr	5.08Cr	4.85Cr	7.98Cr
Net Debt	-16Cr	-26Cr	-19Cr	-5.46Cr	-11Cr
Account Code - Inventory Valuation	3	3	-	3	3

Fiscal Period: April	2021	2022	2023	2024	2025
Net Income	106.37Cr	-26Cr	-11Cr	111.54Cr	12Cr
(Gain) Loss on Sale of Investments - (CF)	-112.76Cr	25Cr	11Cr	-114.8Cr	-13Cr
Other Operating Activities, Total	9.44Cr	18Cr	4.19Cr	4.2Cr	18Cr
Change In Accounts Receivable	1L	-64T	-5L	-7L	15.5L
Change In Accounts Payable	57.2L	-4L	-45.8L	6L	-9T
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	3.63Cr	18Cr	3.85Cr	93.08L	18Cr
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	98.7L	-	-	-	7.83Cr
Total Debt Issued	98.7L	-	-	-	7.83Cr
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-1.03Cr	-	-	-	-4.67Cr
Total Debt Repaid	-1.03Cr	-	-	-	-4.67Cr
Issuance of Common Stock	5.71Cr	-	-	-	-
Repurchase of Common Stock	-1.71Cr	-9.8Cr	-12Cr	-14Cr	-12Cr
Other Financing Activities, Total	-	-	-15.39L	-18.71L	-18.4L
Cash from Financing	3.96Cr	-9.8Cr	-12Cr	-14Cr	-8.79Cr
Foreign Exchange Rate Adjustments	-98.63L	1.85Cr	72.19L	-41.01L	-25.73L
Net Change in Cash	6.61Cr	9.86Cr	-7.23Cr	-14Cr	8.53Cr
Supplemental Items
Cash Interest Paid	-	-	15.39L	18.71L	17.76L
Cash Income Tax Paid (Refund)	25L	21.24L	22.41L	19.09L	24.61L
Levered Free Cash Flow	67Cr	-15Cr	-8.88Cr	66Cr	8.18Cr
Unlevered Free Cash Flow	67Cr	-15Cr	-8.78Cr	66Cr	8.29Cr
Change In Net Working Capital	34.7L	-2.35Cr	1.91Cr	3.65Cr	-53.52L
Net Debt Issued / Repaid	-4L	-	-	-	3.16Cr

Fiscal Period: April	2021	2022	2023	2024	2025
Profitability
Return on Assets	22.64	-5.13	-2.26	20.7	2
Return on Total Capital	22.98	-5.2	-2.3	20.81	2.01
Return On Equity %	37.21	-8.01	-3.58	33.63	3.11
Return on Common Equity	37.21	-8.01	-3.58	33.63	3.11
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	2.3	-12.16	-26.62	2.38	20.74
EBITA Margin %	97.7	112.16	126.62	97.62	79.25
EBIT Margin %	97.7	112.16	126.62	97.62	79.25
Income From Continuing Operations Margin %	96.99	106.18	121.25	97.18	75.55
Net Income Margin %	96.99	106.18	121.25	97.18	75.55
Net Avail. For Common Margin %	96.99	106.18	121.25	97.18	75.55
Normalized Net Income Margin	60.76	65.85	74.23	60.84	48.16
Levered Free Cash Flow Margin	60.69	60.69	102.35	57.73	52.24
Unlevered Free Cash Flow Margin	60.75	60.44	101.2	57.83	52.95
Asset Turnover
Asset Turnover	0.37	-0.07	-0.03	0.34	0.04
Short Term Liquidity
Current Ratio	6.46	3.19	11.02	2.52	10.35
Quick Ratio	6.31	3.12	10.82	2.31	9.74
Operating Cash Flow to Current Liabilities	0.91	1.63	1.61	0.16	7.52
Long Term Solvency
Total Debt/Equity	1.6	1.71	1.8	1.27	2.1
Total Debt / Total Capital	1.58	1.68	1.77	1.26	2.05
LT Debt/Equity	1.5	-	1.8	-	2.07
Long-Term Debt / Total Capital	1.48	-	1.77	-	2.03
Total Liabilities / Total Assets	2.6	3.46	2.57	1.55	2.61
EBIT / Interest Expense	1.08T	-280.79	-68.74	597.94	69.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	189.96	-122.21	-64.39	-1.42T	-86.35
Gross Profit, 1 Yr. Growth %	189.96	-122.21	-64.39	-1.42T	-86.35
EBITA, 1 Yr. Growth %	199.35	-125.5	-59.79	-1.12T	-88.92
EBIT, 1 Yr. Growth %	199.35	-125.5	-59.79	-1.12T	-88.92
Earnings From Cont. Operations, 1 Yr. Growth %	195.38	-124.32	-59.33	-1.16T	-89.39
Net Income, 1 Yr. Growth %	195.38	-124.32	-59.33	-1.16T	-89.39
Normalized Net Income, 1 Yr. Growth %	194.56	-124.07	-59.85	-1.18T	-89.2
Diluted EPS Before Extra, 1 Yr. Growth %	188.7	-124.67	-57.58	-1.21T	-88.98
Accounts Receivable, 1 Yr. Growth %	-17.76	-14.73	-37.4	88.6	10.82
Total Assets, 1 Yr. Growth %	44.87	-9.7	-8.15	33.12	1.1
Tangible Book Value, 1 Yr. Growth %	47.66	-10.5	-7.3	34.52	0.01
Common Equity, 1 Yr. Growth %	47.66	-10.5	-7.3	34.52	0.01
Cash From Operations, 1 Yr. Growth %	-155.57	390.55	-78.5	-75.82	1.79T
Levered Free Cash Flow, 1 Yr. Growth %	210.69	-122.21	-39.94	-846.35	-87.65
Unlevered Free Cash Flow, 1 Yr. Growth %	209.84	-122.1	-40.37	-856.17	-87.5
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	64	-19.75	-71.88	117.08	34.38
Gross Profit, 2 Yr. CAGR %	64	-19.75	-71.88	117.08	34.38
EBITA, 2 Yr. CAGR %	66.9	-12.63	-67.98	102.52	6.31
EBIT, 2 Yr. CAGR %	66.9	-12.63	-67.98	102.52	6.31
Earnings From Cont. Operations, 2 Yr. CAGR %	66.51	-15.25	-68.55	107.67	6.08
Net Income, 2 Yr. CAGR %	66.51	-15.25	-68.55	107.67	6.08
Normalized Net Income, 2 Yr. CAGR %	66.31	-15.79	-68.91	108.66	8.24
Diluted EPS Before Extra, 2 Yr. CAGR %	64.61	-15.61	-67.65	117.23	10.73
Accounts Receivable, 2 Yr. CAGR %	-0.75	-16.26	-26.94	8.66	44.57
Total Assets, 2 Yr. CAGR %	31.15	14.38	-8.92	10.58	16.01
Tangible Book Value, 2 Yr. CAGR %	32.7	14.96	-8.91	11.67	15.99
Common Equity, 2 Yr. CAGR %	32.7	14.96	-8.91	11.67	15.99
Cash From Operations, 2 Yr. CAGR %	-29.11	65.1	2.96	-77.2	113.65
Levered Free Cash Flow, 2 Yr. CAGR %	65.78	-16.93	-63.48	111.72	-4
Unlevered Free Cash Flow, 2 Yr. CAGR %	65.62	-17.25	-63.7	112.34	-2.8
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	51.64	-15.78	-38.79	1.53	-13.68
Gross Profit, 3 Yr. CAGR %	51.64	-15.78	-38.79	1.53	-13.68
EBITA, 3 Yr. CAGR %	54.77	-10.78	-32.55	1.5	-23.12
EBIT, 3 Yr. CAGR %	54.77	-10.78	-32.55	1.5	-23.12
Earnings From Cont. Operations, 3 Yr. CAGR %	55.19	-12.31	-33.65	1.6	-22.94
Net Income, 3 Yr. CAGR %	55.19	-12.31	-33.65	1.6	-22.94
Normalized Net Income, 3 Yr. CAGR %	55.05	-12.68	-34.22	1.58	-22.23
Diluted EPS Before Extra, 3 Yr. CAGR %	53.77	-12.57	-32.9	5.19	-19.58
Accounts Receivable, 3 Yr. CAGR %	60.1	-5.65	-24	0.23	9.37
Total Assets, 3 Yr. CAGR %	29.69	15.81	6.32	3.36	7.33
Tangible Book Value, 3 Yr. CAGR %	30	16.38	7	3.73	7.64
Common Equity, 3 Yr. CAGR %	30	16.38	7	3.73	7.64
Cash From Operations, 3 Yr. CAGR %	9.96	35.09	-16.17	-36.48	-0.63
Levered Free Cash Flow, 3 Yr. CAGR %	51.38	-15.17	-25.44	-0.15	-17.89
Unlevered Free Cash Flow, 3 Yr. CAGR %	51.32	-15.37	-25.81	-0.12	-17.41
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	130.23	-11.79	-22.71	23	-16.16
Gross Profit, 5 Yr. CAGR %	130.23	-11.79	-22.71	23	-16.16
EBITA, 5 Yr. CAGR %	164.51	-9.31	-17.59	23.84	-19.08
EBIT, 5 Yr. CAGR %	164.51	-9.31	-17.59	23.84	-19.08
Earnings From Cont. Operations, 5 Yr. CAGR %	164.04	-10.48	-18.05	23.8	-19.95
Net Income, 5 Yr. CAGR %	164.04	-10.48	-18.05	23.8	-19.95
Normalized Net Income, 5 Yr. CAGR %	160.6	-10.67	-18.47	23.72	-19.72
Diluted EPS Before Extra, 5 Yr. CAGR %	162.25	-10.83	-17.57	25.83	-18.01
Accounts Receivable, 5 Yr. CAGR %	22.95	7.92	16.98	-0.17	-1.71
Total Assets, 5 Yr. CAGR %	32.71	19.35	12.59	13.69	10.09
Tangible Book Value, 5 Yr. CAGR %	33.59	19.49	12.76	14.47	10.51
Common Equity, 5 Yr. CAGR %	33.59	19.49	12.76	14.47	10.51
Cash From Operations, 5 Yr. CAGR %	18.65	58.07	7.1	-33.63	21.87
Levered Free Cash Flow, 5 Yr. CAGR %	145.21	-11.46	-14.28	22.3	-17.51
Unlevered Free Cash Flow, 5 Yr. CAGR %	143.48	-11.56	-14.51	22.28	-17.35