I am pleased to announce the Annual General Meeting of your company will be held at 11.30 am on Saturday 16th May 2026, at the Club/Spares Co premises (Rear of 29 Station Road, Desborough NN14 2RL). Parking is very restricted so cars and non-Vincents should park outside the side lane entrance. Vincent motorcycles are welcome until site capacity is filled, and please respect our neighbours’ parking rights.

The agenda will be as follows:

• Apologies for absence
• Chairman’s address
• Directors report and adoption of accounts
• To re-elect Malcolm McKenzie as Director
• To re-appoint Duncan & Toplis as Accountants
• Any other business (to be notified to Company Secretary 7 days prior to the meeting)

The AGM is a formal meeting and any voting is, of course, confined to shareholders. However, after the formal meeting there will be an opportunity to raise any further matters with the Directors in a Q&A open session.

First, I would like to thank our excellent Staff, Managing Director and Non-Executive Directors for their commitment and energy to provide us with the best Spares Company among the classic bike clubs. With the retirement of Bob Patchett last year, we promoted Ben Kingham to Managing Director and we are very pleased with his leadership. As well as leading the race-pack at Good-wood, Ben is now strongly leading our team at VOCSC!

I take this opportunity to explain how your Spares Company is doing. VOCSC has three main parts:

Retail Spare Parts for you our customer, and for a few selected trade customers (eg Coventry Spares in the USA). In past years, I’ve talked about how Spare Part sales have been on a slow downward trend of declining revenue for the company (especially once inflation is taken into account), and with reduced operating margin. I’m pleased to report that this year we’ve bucked (hopefully broken) this trend, with increasing sales (+13%) and acceptable margin. Congratulations to Michelle who leads this side of the business.

Workshop where we service, repair and rebuild customer’s bikes (including fitting new spare parts). This has also grown. The Workshop is now a substantial part of our business, with Robin and Ian (under Ben’s watchful eye) getting your bikes back into fine fettle. I’ll say a little more on this later.

Bike Sales: we’ve had a good year on selling customers’ bikes (17 transactions for VOC members and their families) and this also has an acceptable margin. The market though remains soft (as we see with auction prices).

Our total turnover has grown by +14% over the year, with a useful operating margin of ~6% (similar level to last year). As explained at previous AGM’s, I’ve been concerned in past years that our operating margin has been too low (in 2022 it was less than 3%) so we are now achieving a more acceptable margin which generates important cash to invest in new products and services for our customers.

Post tax profit is significantly up this year (+23%), but this increase is a one-off as we’ve been able to take advantage of first year investment tax allowances to reduce our 2025 corporation tax bill.

Towards the end of 2025, investment is exactly what we have done, aided by a very generous donation by Marcus and Christine Bowden. We have invested in and built a new eddy-current dynamometer test cell in our Workshop at Desborough which will enable us to accurately measure your bike’s power output over the full speed and torque range, using this to fine tune your Vincent to get it performing to its best. We’re not aware that any other Vincent specialist has such an ad-vanced facility. Much of this was funded by Marcus and Christine’s kind donation of a fine Vincent

Rapide (which we will in due course refurbish and sell to defray cost). The company also invested in the labor to build the highly soundproofed test cell, electronic measurement, extraction and related equipment, with Ian Smith doing the actual construction. We are very pleased to name our new facility the “Marcus and Christine Bowden Dyno Cell”, which is now ready to take your Vincent to get it performing to its best.

There are of course various challenges in the broader market, not least the ever-increasing costs of supplies, employment taxes, insurance and the depressed consumer economy means that many of us riders have less spendable money in our pockets. But notwithstanding these challenges, your company is in reasonable shape and with momentum to continue building forward, so we can continue to be the ‘Best for your Vincent – parts, repairs and bikes.’

I look forward to seeing many of you at our AGM when you can meet the team, gain our special Open Day discount, view our new Dyno Test Cell and discuss our progress further.

Malcolm McKenzie

Chairman, VOC Spares Company Ltd