Financials
Agronomics' own accounts: the balance sheet every quarter, results every half-year, and the return on each holding.
Balance sheet
- Investments
- Cash
- Pre-audit
Table
| Quarter-end | Investments | Cash | Other, net | Net assets | Shares |
|---|---|---|---|---|---|
| 30 Sep 2026[1] | £138.4m | £1.24m | −£74k | £139.5m | 1,083m |
| 30 Jun 2026[5] [6] | £138.5m | £1.59m | −£75k | £140.0m | 1,083m |
| 31 Mar 2026[7] [8] | £136.8m | £1.87m | −£17k | £138.6m | 1,057m |
| 31 Dec 2025[4] | £138.0m | £2.15m | −£0.13m | £140.0m | 1,016m |
| 30 Sep 2025 Pre-audit[9] | £144.4m | £3.46m | −£55k | £147.8m | 1,009m |
| 30 Jun 2025[2] [10] | £121.0m | £3.61m | −£95k | £124.5m | 1,009m |
| 31 Mar 2025[11] | £145.7m | £3.81m | −£39k | £149.5m | 1,009m |
| 31 Dec 2024[3] [12] | £140.6m | £10.2m | −£66k | £150.7m | 1,009m |
| 30 Sep 2024 Pre-audit[13] | £146.9m | £11.9m | £11k | £158.8m | 1,009m |
| 30 Jun 2024[14] [15] | £145.1m | £12.2m | −£0.11m | £157.3m | 1,009m |
| 31 Mar 2024[16] | £153.1m | £19.7m | −£1.35m | £171.4m | 1,009m |
| 31 Dec 2023[17] [18] | £145.9m | £22.0m | −£61k | £167.8m | 993m |
| 30 Sep 2023 Pre-audit[19] | £140.0m | £23.6m | £0.10m | £163.7m | 993m |
| 30 Jun 2023[20] [21] | £141.8m | £28.1m | −£1.61m | £168.3m | 993m |
| 31 Mar 2023[22] | £130.9m | £29.3m | £41k | £160.2m | 992m |
| 31 Dec 2022[23] [24] | £132.7m | £29.8m | −£10k | £162.5m | 992m |
| 30 Sep 2022 Pre-audit[25] | £122.9m | £39.4m | −£2.13m | £160.2m | 970m |
| 30 Jun 2022[26] [27] | £94.8m | £51.5m | −£2.38m | £143.9m | 969m |
| 31 Mar 2022[28] | £89.3m | £53.8m | −£1.30m | £141.8m | 939m |
Results
Profit and loss
- Investment gains
- Currency
- Costs and fees
- Interest and other
- Profit
Table
| Period | Investments | Currency | Costs and fees | Interest and other | Profit | Per share |
|---|---|---|---|---|---|---|
| Jul–Dec 2025[4] | +£7.23m | +£2.82m | −£0.70m | +£0.66m | +£10.0m | +0.99p |
| Jan–Jun 2025*[2] [3] | −£19.4m | −£6.92m | −£0.69m | +£0.78m | −£26.2m | — |
| Jul–Dec 2024[3] | −£5.73m | −£0.83m | −£0.68m | +£0.68m | −£6.56m | −0.65p |
| Jan–Jun 2024*[14] [17] | −£8.95m | −£1.35m | −£0.85m | +£0.60m | −£10.6m | — |
| Jul–Dec 2023[17] | +£0.61m | −£0.79m | −£0.83m | +£0.58m | −£0.44m | −0.04p |
| Jan–Jun 2023*[20] [23] | +£10.3m | −£2.93m | −£4.29m | +£0.68m | +£3.79m | — |
| Jul–Dec 2022[23] | +£19.4m | −£0.44m | −£0.85m | +£0.50m | +£18.6m | +1.91p |
| Jan–Jun 2022*[26] [23] | +£2.93m | +£6.81m | −£5.60m | +£1.69m | +£5.83m | — |
| Jul–Dec 2021[23] | +£3.49m | −£0.30m | −£0.81m | +£0.14m | +£2.52m | +0.33p |
* January–June is the year to 30 June less its first half.
Costs
- Running
- Adviser fees
- Interest and other
- Net
Table
| Period | Operating | Directors | Adviser | Interest and other | Net |
|---|---|---|---|---|---|
| Jul–Dec 2025 | £0.63m | £75k | £0 | +£0.66m | −£39k |
| Jan–Jun 2025* | £0.61m | £75k | £0 | +£0.78m | +£96k |
| Jul–Dec 2024 | £0.61m | £75k | £0 | +£0.68m | +£1k |
| Jan–Jun 2024* | £0.77m | £79k | £0 | +£0.60m | −£0.25m |
| Jul–Dec 2023 | £0.76m | £75k | £0 | +£0.58m | −£0.25m |
| Jan–Jun 2023* | £0.85m | £68k | £3.37m | +£0.68m | −£3.61m |
| Jul–Dec 2022 | £0.80m | £50k | £0 | +£0.50m | −£0.35m |
| Jan–Jun 2022* | £0.98m | £48k | £4.56m | +£1.69m | −£3.91m |
| Jul–Dec 2021 | £0.77m | £37k | £0 | +£0.14m | −£0.67m |
Cash in and out
- Invested
- Sales
- Raised
Table
| Period | Invested | Sales | Raised | Shares issued |
|---|---|---|---|---|
| Jul–Dec 2025 | £1.03m | £0.19m | £0 | £5.44m |
| Jan–Jun 2025* | £5.99m | £28k | £0 | £0 |
| Jul–Dec 2024 | £1.55m | £0 | £2k | £2k |
| Jan–Jun 2024* | £9.30m | £0 | £1k | £1k |
| Jul–Dec 2023 | £4.18m | £0 | £1k | £1k |
| Jan–Jun 2023* | £1.33m | £0 | £0.27m | £1.96m |
| Jul–Dec 2022 | £18.2m | £0 | £12k | £12k |
| Jan–Jun 2022* | £22.6m | £0 | £29.2m | £3.74m |
| Jul–Dec 2021 | £19.4m | £0.70m | £1.96m | £31.8m |
Profit and loss
- Investment gains
- Currency
- Costs and fees
- Interest and other
- Profit
Table
| Period | Investments | Currency | Costs and fees | Interest and other | Profit | Per share |
|---|---|---|---|---|---|---|
| Year to Jun 2025[2] | −£25.1m | −£7.74m | −£1.37m | +£1.47m | −£32.7m | −3.24p |
| Year to Jun 2024[14] | −£8.34m | −£2.14m | −£1.68m | +£1.17m | −£11.0m | −1.10p |
| Year to Jun 2023[20] | +£29.7m | −£3.36m | −£5.14m | +£1.17m | +£22.4m | +2.27p |
| Year to Jun 2022[26] | +£6.42m | +£6.51m | −£6.40m | +£1.82m | +£8.36m | +0.95p |
Costs
- Running
- Adviser fees
- Interest and other
- Net
Table
| Period | Operating | Directors | Adviser | Interest and other | Net |
|---|---|---|---|---|---|
| Year to Jun 2025 | £1.22m | £0.15m | £0 | +£1.47m | +£97k |
| Year to Jun 2024 | £1.52m | £0.15m | £0 | +£1.17m | −£0.50m |
| Year to Jun 2023 | £1.65m | £0.12m | £3.37m | +£1.17m | −£3.96m |
| Year to Jun 2022 | £1.75m | £85k | £4.56m | +£1.82m | −£4.58m |
Cash in and out
- Invested
- Sales
- Raised
Table
| Period | Invested | Sales | Raised | Shares issued |
|---|---|---|---|---|
| Year to Jun 2025 | £7.54m | £28k | £2k | £2k |
| Year to Jun 2024 | £13.5m | £0 | £2k | £2k |
| Year to Jun 2023 | £19.5m | £0 | £0.28m | £1.97m |
| Year to Jun 2022 | £42.0m | £0.70m | £31.2m | £35.5m |
Returns
Cash invested vs carrying value, 30 Jun 2026
Gain on cost
+£15.9m
£122.6m → £138.5m · 1.13×
Annualised
+3.1%
IRR a year, write-offs included
Written off
£17.8m
6 holdings, mostly Meatable and VitroLabs
Above cost
16 of 28
59% of gains from Liberation Bioindustries, Formo and Clean Food Group
| Holding | Invested | Value | Gain | Multiple | Held | Per year |
|---|---|---|---|---|---|---|
| Liberation Bioindustries | £21.9m | £35.3m | +£13.4m | 1.61× | 4.1 yr | +21.3% |
| Formo | £3.78m | £9.46m | +£5.68m | 2.50× | 6.5 yr | +19.4% |
| Clean Food Group | £1.60m | £6.98m | +£5.38m | 4.36× | 4.3 yr | +53.4% |
| SuperMeat | £15.2m | £19.3m | +£4.11m | 1.27× | 5.6 yr | +8.1% |
| Onego Bio | £7.11m | £11.1m | +£4.04m | 1.57× | 4.4 yr | +11.9% |
| Meatly | £1.15m | £3.18m | +£2.03m | 2.76× | 4.3 yr | +31.5% |
| California Cultured | £1.61m | £3.49m | +£1.88m | 2.17× | 4.7 yr | +17.9% |
| LIVEKINDLY Collective | £2.33m | £4.18m | +£1.85m | 1.80× | 6.4 yr | +9.6% |
| GALY | £1.12m | £2.49m | +£1.37m | 2.22× | 6.3 yr | +17.2% |
| Solar Foods | £5.28m | £5.98m | +£0.70m | 1.13× | 5.8 yr | +2.4% |
| BlueNalu | £11.0m | £11.7m | +£0.70m | 1.06× | 8.1 yr | +1.7% |
| CellX | £1.64m | £1.91m | +£0.27m | 1.16× | 5.6 yr | +3.7% |
| The EVERY Company | £5.95m | £6.03m | +£86k | 1.01× | 4.7 yr | +0.3% |
| Good Protein Fund | £0.11m | £0.16m | +£54k | 1.51× | 4.6 yr | ≥9.4% |
| Rebellyous Foods | £0.28m | £0.33m | +£53k | 1.19× | 6.7 yr | +2.7% |
| Mosa Meat | £3.10m | £3.15m | +£47k | 1.02× | 5.8 yr | +0.3% |
| Laverock Therapeutics | £48k | £48k | £0 | 1.00× | 4.1 yr | 0.0% |
| HydGene Renewables | £1.33m | £1.30m | −£24k | 0.98× | 3.0 yr | −0.6% |
| Umami Bioworks | £0.40m | £0.36m | −£32k | 0.92× | 6.7 yr | −1.3% |
| Tropic | £2.30m | £2.26m | −£39k | 0.98× | 6.3 yr | −0.3% |
| Bond Pet Foods At £0 since Jun 2025 |
£0.12m | £0 | −£0.12m | 0.00× | 5.7 yr | −100.0% |
| Wild Microbes At £0 since Jun 2025 |
£0.40m | £0 | −£0.40m | 0.00× | 2.3 yr | −100.0% |
| New Age Eats At £0 since Jun 2022 |
£0.56m | £0 | −£0.56m | 0.00× | 2.8 yr | −100.0% |
| All G | £10.4m | £9.45m | −£0.97m | 0.91× | 3.8 yr | −2.8% |
| Ohayo Valley At £0 since Jun 2023 |
£1.11m | £0 | −£1.11m | 0.00× | 1.5 yr | −100.0% |
| Geltor | £7.21m | £0.24m | −£6.97m | 0.03× | 4.3 yr | −54.1% |
| VitroLabs At £0 since Jun 2024 |
£7.62m | £0 | −£7.62m | 0.00× | 4.6 yr | −100.0% |
| Meatable At £0 since Jun 2025 |
£7.94m | £0 | −£7.94m | 0.00× | 5.5 yr | −100.0% |
| Total | £122.6m | £138.5m | +£15.9m | 1.13× | +3.1% |
| Sector | Holdings | Invested | Value | Gain | Multiple | Per year |
|---|---|---|---|---|---|---|
| Fermentation infrastructure Liberation Bioindustries |
1 | £21.9m | £35.3m | +£13.4m | 1.61× | +21.3% |
| Biomass fermentation Clean Food Group, Solar Foods, CellX |
3 | £8.53m | £14.9m | +£6.35m | 1.74× | +12.5% |
| Plant cell culture California Cultured, GALY |
2 | £2.73m | £5.98m | +£3.25m | 2.19× | +17.6% |
| Plant-based LIVEKINDLY Collective, Rebellyous Foods |
2 | £2.61m | £4.52m | +£1.91m | 1.73× | +9.0% |
| Precision fermentation Formo, Onego Bio, The EVERY Company, Bond Pet Foods, All G, Geltor |
6 | £34.6m | £36.3m | +£1.74m | 1.05× | +1.2% |
| Fund Good Protein Fund |
1 | £0.11m | £0.16m | +£54k | 1.51× | ≥9.4% |
| Gene editing & crops Tropic |
1 | £2.30m | £2.26m | −£39k | 0.98× | −0.3% |
| Other biotech Laverock Therapeutics, HydGene Renewables, Wild Microbes |
3 | £1.77m | £1.35m | −£0.42m | 0.76× | −8.3% |
| Cultivated meat & seafood SuperMeat, Meatly, BlueNalu, Mosa Meat, Umami Bioworks, New Age Eats, Ohayo Valley, Meatable |
8 | £40.5m | £37.7m | −£2.77m | 0.93× | −1.9% |
| Cultivated leather VitroLabs |
1 | £7.62m | £0 | −£7.62m | 0.00× | −100.0% |
| Total | 28 | £122.6m | £138.5m | +£15.9m | 1.13× | +3.1% |
Invested = cash put in, including shares issued to pay for stakes. Value = carrying value, mostly each company's last round price, so gains are unrealised; holdings written off count at nothing. Per year = internal rate of return on each investment, dated from Agronomics' announcements and listed on the company's page. ≥ or ≤ marks a holding dated from its first investment only, so its real rate is further from zero. Agronomics' own headline is £123.8m invested (Q2 2026 Investor Report), 1.12×; this table leaves out Oritain, sold in 2021 for 2.7× its cost, and holdings from before the 2019 change of strategy.
Sources
28 documents
- Net Asset Value as at 30 September 2026 Agronomics Limited (RNS) · 20 Oct 2026
- Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025
- Interim Report: six months to 31 December 2024 Agronomics Limited · 14 Mar 2025
- Interim Report: six months to 31 December 2025 Agronomics Limited · 17 Feb 2026
- Net Asset Value as at 30 June 2026 Agronomics Limited (RNS) · 10 Jul 2026
- Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
- Net Asset Value calculation as at 31 March 2026 Agronomics Limited (RNS) · 18 May 2026
- Q1 2026 Investor Report Agronomics Limited · 20 May 2026
- Net Asset Value as at 30 September 2025 Agronomics Limited (RNS) · 13 Nov 2025
- Net Asset Value calculation as at 30 June 2025 Agronomics Limited (RNS) · 18 Jul 2025
- Net Asset Value calculation as at 31 March 2025 Agronomics Limited (RNS) · 12 May 2025
- Net Asset Value calculation as at 31 December 2024 Agronomics Limited (RNS) · 4 Feb 2025
- Net Asset Value calculation at 30 September 2024 Agronomics Limited (RNS) · 28 Nov 2024
- Annual Report 2024: year to 30 June 2024 Agronomics Limited · 24 Dec 2024
- NAV statement at 30 June 2024, warrant exercise and TVR Agronomics Limited (RNS) · 8 Aug 2024
- Net Asset Value calculation as at 31 March 2024 Agronomics Limited (RNS) · 7 May 2024
- Interim Report: six months to 31 December 2023 Agronomics Limited · 14 Feb 2024
- Net Asset Value calculation as at 31 December 2023 Agronomics Limited (RNS) · 9 Feb 2024
- NAV calculation as of 30 September 2023 Agronomics Limited (RNS) · 3 Nov 2023
- Annual Report 2023: year to 30 June 2023 Agronomics Limited · 27 Dec 2023
- Net Asset Value calculation at 30 June 2023 Agronomics Limited (RNS) · 2 Aug 2023
- Net Asset Value calculation as at 31 March 2023 Agronomics Limited (RNS) · 2 May 2023
- Interim Report: six months to 31 December 2022 Agronomics Limited · 8 Feb 2023
- Net Asset Value calculation at 31 December 2022 Agronomics Limited (RNS) · 25 Jan 2023
- Net Asset Value calculation to 30 September 2022 Agronomics Limited (RNS) · 19 Oct 2022
- Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
- Net Asset Value calculation to 30 June 2022 Agronomics Limited (RNS) · 22 Jul 2022
- Net Asset Value calculation to 31 March 2022 Agronomics Limited (RNS) · 22 Apr 2022