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Maven Income and Growth VCT

MIG1.L
25
Asset Management - Income · Financial Services
Price
32.20 GBp
+0.00 (+0.00%)
Market Cap
£66.8M
Exchange
London Stock Exchange
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Feb 28, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Weak
Dividends
Good

Share count rising — dilution

+34.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 134.2M (2022) → 180.4M (2026)

Winston Score History

The full picture

Maven Income and Growth VCT PLC is a Venture Capital Trust (VCT) based in the United Kingdom. It pools money from individual investors and uses that money to invest in small, privately held British companies that need funding to grow. The fund is managed by Maven Capital Partners and focuses on generating income and long-term growth for its shareholders.

The company makes money by charging management fees on the assets it oversees and by earning returns from its portfolio investments, including dividends and gains when companies are sold. It operates exclusively in the UK, and its main appeal to investors is the significant tax relief the government offers to people who invest in VCTs. However, the fund currently runs at an operating loss, and its performance depends heavily on how well its small-company investments perform — many of which are illiquid and difficult to value or sell quickly. A prolonged economic downturn in the UK would be the primary risk to its portfolio.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-464.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+538.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

Research and development spending

Insider Activity

0.4%ownership

Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

£68M cash & investments at current burn rate

Revenue declining

Maven Income and Growth VCT's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
112.9%
Premium pricing power — 112.9% gross margin
Profit after running costs
Operating Margin
-29.3%
Losing money on operations — -29.3%
Return on the money invested
ROCE
1.6%
Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-196.4%
Shrinking sales (-196.4% YoY)
Profit growth
EPS YoY
-74.4%
Earnings shrinking (-74.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-51%
Weak — only -51% of profit becomes cash
Spare cash per sale
FCF Margin
N/A
Data not available

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
56.5x
Expensive — P/E 56.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
8.07%
Healthy income — 8.07% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-9.9%
Dividend cut (-9.9% YoY) — warning sign

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