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Summarised unaudited financial statements for the quarter ended 30 September 2025
UNIVERSAL PARTNERS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 138035 C1/GBL)
SEM share code: UPL.N0000
JSE share code: UPL
ISIN: MU0526N00007
("Universal Partners" or "UPL" or "the Company")
SUMMARISED UNAUDITED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025
Quarter ended Quarter ended Year ended
30 September 2025 30 September 2024 30 June 2025
Net asset value per share ("NAV") GBP 1.172 1.282 1.176
Loss for the quarter / year GBP (330 553) (707 278) (8 415 538)
Loss per share pence (0.453) (0.970) (11.545)
Headline loss per share pence (0.453) (0.970) (11.545)
Universal Partners has a primary listing on the Official Market of the Stock Exchange of Mauritius Ltd ("SEM") and a secondary
listing on the Alternative Exchange of the JSE Limited ("JSE").
PRINCIPAL ACTIVITY
The principal activity of the Company is to hold investments in high quality, growth businesses across Europe, with a focus on the
United Kingdom ("UK"). The Company's investment mandate also allows up to 20% of total funds at the time an investment is
made to be invested outside the UK and Europe.
BUSINESS REVIEW
Since its listing on the SEM and the JSE, the Company has worked closely with its investment advisor, Argo Investment Managers
("Argo"), to identify potential investments that meet its investment criteria.
The Company has made six investments since listing and successfully concluded two exits.
An update on investments held at the reporting date is presented below.
Workwell (formerly JSA Services Limited) ("WW")
www.workwellsolutions.com
With an unrivalled presence across the US, UK, Europe, Canada, and Australia, WW simplifies the complexities of international
hiring by providing employment (Employer of Record (EOR)), engagement (Agent of Record (AOR)), outsourcing and compliance
services for remote and flexible labour. WW enables end hirers, recruitment businesses and job platforms to access global talent
directly and indirectly, through permanent staff, freelancers and self-employed contractors.
WW delivered a sound performance during the 11 months of its financial year to August, resulting in EBITDA being substantially
on budget. The trends reported previously remain evident, with strong international growth and the US continuing to be the best
performing region. Approximately 60% of revenue and 70% of EBITDA are now generated by WW's international, non-UK
operations. Revenue in the UK was largely flat compared to the prior year, although there are early signs that the proposed regulatory
changes to employment laws that are due to become effective in April 2026 are having a positive impact on the Payroll Services
business.
Following the acquisition of Oncore in Australia at the end of August, WW has a strong international footprint that enables the
company to provide a comprehensive suite of contractor hiring services at a local, regional and global level. Management remains
focused on developing the substantial sales opportunities that this footprint offers and on further integration of all businesses within
the group.
The valuation of UPL's investment in WW remains unchanged from the June reporting period.
PortmanDentex ("PD")
www.portmandentex.com
PD is one of Europe's largest dental care platforms, operating over 400 practices across the UK, Ireland, the Nordics, Benelux, and
France. UPL became a minority shareholder in PD following its merger with Dentex in 2023.
For the year ended September, PD's financial results were slightly below budget. The shortfall was primarily driven by lower clinical
hours worked and billed, reflecting delays in recruiting and onboarding new clinicians, as well as softer demand influenced by wider
macroeconomic conditions that impacted treatment mix.
Recent recruitment efforts have strengthened PD's clinical capacity, with increased hours already reflected in September revenues.
This expanded capacity is expected to support further growth in the new financial year.
PD's new CEO, Paul Marshall, has successfully transitioned into his role, bringing fresh energy and retail-sector expertise to the
organisation. Under his leadership, PD has launched a clearly defined strategy to drive sustainable growth.
While PD continues to assess acquisition opportunities, management remains disciplined in ensuring that any transactions deliver
long-term value.
The valuation of UPL's investment in PD remains unchanged from the June reporting period.
SC Lowy Partners ("SC Lowy")
www.sclowy.com
SC Lowy is a leading investment management group focused on credit investing and lending in Asia, Europe and the Middle East.
The business comprises an asset management division that specialises in private credit, along with Solution Bank in Italy and Choeun
Savings Bank in South Korea.
As reported previously, UPL engaged with management and the company regarding a share buyback and the conversion of the
remainder of our investment into an interest-bearing debt instrument. These discussions were finalised and have been implemented
at the beginning of November 2025. In terms of the agreement, SC Lowy will buy back the shares that UPL holds in the company
at a value of $13.68m, the current value at which UPL holds this investment.
The buyback will result in an upfront cash payment of c.$3.25m and the issue of loan notes to the value of $10.43m. The loan notes
will bear interest at 7% p.a. until the final redemption date of 31 August 2028. SC Lowy has committed to redeem a minimum of
$4.34m of loan notes within the next two years, with all outstanding capital and interest payable by the final redemption date.
Additionally, UPL is entitled to its pro-rata share of any upside on the realisation of certain assets within the group.
In terms of the term loan facility agreement concluded between UPL and RMB, any proceeds received from this transaction will be
used to repay outstanding debt.
Xcede Group (Formerly Techstream Group) ("Xcede")
www.xcede.com
Xcede is a global recruitment specialist operating in the UK, Europe and North America. It operates under two brands: Xcede and
EarthStream. Xcede provides recruitment services in the data, software, cloud infrastructure, and cyber security markets, while
EarthStream is a global energy recruitment specialist.
Although conditions remain tough in the recruitment sector, Xcede is benefitting from past actions taken to simplify the business
and to reduce costs. Profitability is improving and this trend is expected to persist during the final quarter of the financial year to
December. In line with management's strategy to enhance the predictability of revenue, NFI earned from contractors now comprises
70% of total NFI, while fees earned from permanent placements make up the balance. Management's focus continues to be on
actively growing the contractor book, managing margins within agreed parameters and maintaining a disciplined approach to costs
and cash flow.
The valuation of UPL's investment in Xcede remains unchanged from the June reporting period.
FINANCIAL REVIEW
For the quarter under review, the Company earned interest income of £2,476 on cash deposits.
A fair value gain of £214,585 was recognised on the remeasurement of investments held at fair value through profit or loss. This
gain primarily reflects the foreign exchange adjustment relating to the Company's underlying investment in SC Lowy, which is
denominated in US Dollars. There were no changes in the valuations of the other underlying investments during the quarter.
Management fees of £466,771 were accrued in accordance with the investment management agreement between the Company and
Argo, while general and administrative expenses totalled £117,565. A positive adjustment of £195,352 was recognised in respect of
performance fees linked to the fair value of the investments. These fees, which are recalculated quarterly, become payable to Argo
only upon the realisation of profits from the disposal of investments. Accordingly, no performance fees are payable until a successful
exit has been achieved.
The Company incurred interest expenses of £150,110 during the quarter on the term loan facility.
During the quarter, the Company received deferred proceeds of £2,111,280 relating to the sale of its investment in Yasa Limited,
which was concluded in August 2021. The remaining balance of £384,430, reflected under other receivables, is expected to be paid
in two years' time, in line with the pre-agreed payment schedule.
Short-form announcement
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full
announcement and accordingly does not contain full or complete details. The full announcement was published on SENS on
12 November 2025, and can be found on the Company's website www.universalpartners.mu and can be accessed using the following
JSE link https://senspdf.jse.co.za/documents/2025/jse/isse/UPLE/Q126Result.pdf.
Any investment decisions by shareholders and/or investors should be based on the full announcement released on SENS and
published on the Company's website.
Copies of this report are available to the public, free of charge, at the registered office of the Company, c/o Intercontinental Trust
Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201, Mauritius.
Copies of the statement of direct or indirect interest of the Senior Officers of the Company pursuant to rule 8(2)(m) of the Securities
(Disclosure of Obligations of Reporting Issuers) Rules 2007 are available to the public upon request to the Company Secretary at
the registered office of the Company at c/o Intercontinental Trust Limited, Level 3 Alexander House, 35 Cybercity, Ebene 72201,
Mauritius. The Board of Universal Partners accepts full responsibility for the accuracy of the information in this communique.
In line with the Company's strategy to maximise the value of the investments and return surplus cash flow from the sale of
investments in the future, dividends are not declared on a regular basis. Accordingly, no dividend has been declared for the quarter
under review.
The Board of Universal Partners accepts full responsibility for the accuracy of the information contained in this announcement.
By order of the Board
Mauritius – 12 November 2025
Company Secretary
Intercontinental Trust Limited
For further information please contact:
South African corporate advisor SEM authorised representative
and JSE sponsor and sponsor Company Secretary
Java Capital Perigeum Capital Intercontinental Trust Ltd
Tel: +27 (0)78 456 9999 Tel: +230 402 0890 Tel: +230 403 0800
Date: 12-11-2025 08:00:00
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