Kelso, a publicly traded acquisition vehicle, reported a significant turnaround in its financial performance for the six months ending June 30, 2026. The company’s net asset value (NAV) per share increased to 2.9 pence, up from 2.3 pence at the end of 2025, reflecting improved profitability and asset growth.

The activist investment group recorded a pre-tax profit of £2.3 million for the first half of the year, a notable recovery from a £55,000 loss reported during the same period in 2025. Net assets also rose sharply to £13.2 million, underscoring the company’s strengthened financial position.

Kelso attributes its improved results to a concentrated portfolio consisting of ten stakes in small and medium-sized businesses. Notable investments include CVS, a company in the veterinary sector, and The Works, a discount retailer. The group highlighted the importance of maintaining a "highly focused" strategy in selecting its holdings.

Sir Nigel Knowles, chairman of Kelso, emphasized the company’s strategic vision despite its modest size. “Kelso may be small, but its ambition is considerable,” he said, signaling confidence in the group’s approach and future prospects.

The half-year results mark a positive shift for Kelso as it continues to leverage its targeted investments to drive growth and shareholder value.