Quarterly Results and Dividend Announcement
To: Stock Exchange
For immediate release:
28 May 2026
CT Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2026 (unaudited)
· Net asset value of 699.67 pence per share as at 31 March 2026 reflecting a total return for the three-month period of -0.5%.
· Quarterly dividend of 7.10 pence per Ordinary Share payable on 31 July 2026. The Company has achieved thirteen consecutive years of dividend growth, and the Board fully expects this impressive track record to continue.
· Dividend yield of 6.1% based on the period end share price. ∞
∞ Calculated as dividends of 7.01 pence paid on 31 October 2025, 7.01 pence paid on 30 January 2026, 7.10 pence paid on 30 April 2026 and 7.10 pence payable on 31 July 2026 divided by the Company's share price of 465.00 pence as at 31 March 2026.
Manager's Review
Introduction
This report is for the three-month period ended 31 March 2026. As at 31 March 2026, the net assets of the Company were £500.3m, giving a Net Asset Value ('NAV') per share of 699.67p. Taking into account the dividend of 7.01p paid on 30 January 2026, this gives a NAV total return of -0.5% for the first quarter. The share price at 31 March 2026 was 465.0p, representing a discount to NAV of 33.5% (31 December 2025: 21.2%).
As at 31 March 2026, the Company had net debt of £94.0m, representing gearing of 15.8% (31 December 2025: 16.0%). A surplus of realisations versus investments in the quarter has enabled a modest reduction in net debt. The Company retains approximately £50.0m of headroom in its borrowing facility and cash resources, providing significant flexibility to meet outstanding commitments and pursue new opportunities.
During the three-month period the Company made new investments, either through funds or as co-investments, totalling £14.7m (Q4 2025: £19.1m). Realisations and associated income totalled £31.7m, of which £3.5m will be received in December 2026. This is up 43% on last quarter and more than three times the £10.3m received in Q1 2025. Total realisations represent 5.2% of opening portfolio value, which is just below the 10-year average of 5.4%, showing a continued recovery in exit activity.
Outstanding undrawn commitments at the period-end were £182.8m, of which £22.6m was to funds where the investment period had expired.
A dividend of 7.10p will be paid on 31 July 2026 to shareholders on the register on 3 July 2026, with an ex-dividend date of 2 July 2026. The Company has achieved thirteen consecutive years of dividend growth, and the Board fully expects this impressive track record to continue.
New Investments
The total drawn in the quarter was £14.7m. One new co-investment was completed in the quarter, with £4.0m invested into Voltheia. Voltheia is a consolidator of low voltage electric cable and accessories manufacturers across Europe. It is led by Buckthorn Partners, with whom we have co-invested multiple times, most recently in social housing maintenance provider CARDO Group.
The funds in our portfolio made several drawdowns for new investments and follow-ons. The diverse nature of the investments continues, spanning multiple geographies and sectors across the European and North American lower to mid-market.
SEP VI called £2.6m for two recently completed UK based investments. Enate is a provider of business process orchestration software whose customers use its product to manage and automate the delivery of business services such as accounting, payroll, insurance claims and fund administration. Mea Platform provides AI solutions which manage the ingestion of new insurance policy submissions and automate insurance operations including underwriting, claims and finance workflows. Both investments reflect SEP's continued focus on high-growth enterprise software businesses.
Verdane Edda III drew £1.0m primarily for a new investment in Guardsquare, a Belgian provider of mobile application security software embedded directly into the development process to defend against reverse engineering, tampering and runtime threats.
Apposite Healthcare III drew £0.9m for an investment in Octavia House, a UK-based sector-leading therapeutic chain of schools and a follow-on investment in 1MED, the Swiss clinical research organisation focused on the medical device sector.
MVM VI called £0.8m for investments in Avanzanite Holding (commercialisation partner for novel medtech devices), Icotec (carbon-fibre spinal implants), BioProtect (devices used to protect healthy tissue during radiotherapy) and Neurent Medical (chronic sinusitis treatment). These investments reflect MVM's continued focus on high-growth medical technology and life sciences businesses.
TorQuest drew £0.8m for three new investments: Avex, a Canadian aviation services provider; GlassRatner a North American specialist financial advice provider; and WSC, a Canadian technology-enabled waste management company.
In Italy Wisequity VI drew £0.6m for new investments in Absolute, a leading manufacturer of luxury motor yachts and Marullo, a leader in pistachio-based ingredients.
Montefiore Expansion called £0.5m for further investment in Milani, an Italian engineering and installation specialist for complex electrical and mechanical systems, particularly in data centres.
MED Platform II called £0.5m for investments in Instem (UK-based software and data solutions for life sciences R&D), ARK Diagnostics (California-based diagnostic assays manufacturer) and Plasmid Factory (a German business producing high-quality plasmid DNA for gene therapy, vaccines, and biotech applications).
Kester Capital IV drew £0.3m primarily for an investment in Nutritics, a UK nutrition and sustainability software business.
Realisations
The total of realisations and associated income in the first quarter was £31.7m, representing a solid start to the year and exceeding drawdown activity by £16.9m.
The largest distribution was £14.2m from CARDO Group, the Buckthorn-led social housing maintenance provider. This relates to the sale of 65% of the holding in February 2026. The transaction returned 4.3x total invested capital and increased total DPI to 5.3x including dividends previously received. It also provides CARDO with additional capital to continue its M&A strategy. The Company retains 35% of its holding (£7.7m) in this high-performing asset, providing further upside potential. The transaction valued CARDO at 7.9x cost and approximately 130% IRR in under three years.
£6.9m was also returned through the sale of Stirling Square Capital II, a 2008 vintage pan-European fund, to a secondary investor. Of the total proceeds of £6.9m, £3.5m was received in March 2026 with the remaining £3.5m deferred until December 2026.
In Germany, DBAG VII distributed £3.0m relating to two exits. Duagon, a railway data communications business, was sold to Knorr-Bremse AG in January 2026, returning 2.7x cost and 14% IRR. Kraft & Bauer, a specialist manufacturer of fire extinguishing systems, was sold to the investment arm of the Grohe family in March 2026.
Bencis V returned £2.0m relating to the exit of Belgium based Rubio Monocoat, a producer and distributor of wood protection coatings, which was sold to Apheon. The investment returned an excellent 5.2x cost and 32% gross IRR.
In the UK £1.3m was returned from the sale of our co-investment in Avalon, which provides pre-paid funeral plans, representing a total return of 1.4x cost including prior proceeds.
MVM V distributed £0.6m relating to the exit of US-based Nalu Medical, which developed a miniaturised, battery-free, remotely controlled neurostimulator for chronic pain treatment. It was sold to Boston Scientific in January 2026. The investment is expected to return 1.9x following release of escrow.
August Equity Partners IV distributed £0.6m following the sale of Hallmarq, the UK veterinary imaging specialist, to Nord Holding at 1.3x cost. This is a somewhat disappointing result, with pricing reflecting the impact of potential US tariffs in the key US market combined with higher interest rates impacting the capex-intensive business model.
Verdane Edda distributed £0.4m following a dividend paid by Talentech, the Nordic-based provider of cloud-based HR and recruitment software following strong performance in 2025. In January 2026, the business completed the transformational acquisition of Swedish company Grade, creating a larger platform with approximately NOK 700m of combined revenues.
Summa I distributed £0.4m following the sale of Milarex, the Norwegian salmon value-added processing company, returning 2.1x cost and 11% IRR. This represents a strong result given a tumultuous holding period that included significant raw material price volatility in 2022.
Valuation Changes
As is typical for the first quarter of the year, there were very few significant valuation movements. Only 6.7% of investments by value were based on 31 March 2026 valuations, with the remainder based on the previous quarter's valuation adjusted for cashflows.
Before foreign exchange movements, the portfolio decreased by £1.6m (-0.3%) in the first quarter. Foreign exchange gains for the quarter were £2.1m (+0.3%), reflecting the weakening of sterling against the euro and US dollar.
The most significant uplift was in Magnesium-led co-investment Cyberhawk, which increased by £1.4m (+14.6%) to £10.7m. The unmanned aerial vehicle inspection and software company continued its strong growth momentum. It has recently won work with new clients including utilities Hawaii Electric Co and Avangrid, plus global technology company and data centre owner Meta.
Weird Fish increased by £0.5m (+3.2%) to £15.1m, reflecting continued strong trading. The casual clothing brand has performed exceptionally well in a difficult consumer market under CEO David Butler, who joined in December 2023.
SEP V was written down by £0.9m (-10.7%) to £7.6m due to a decline in sector multiples in the quarter, reflecting a broader reset in the software market driven by higher interest rates, increased focus on profitability, and uncertainty around the long-term impact of AI on software valuations. The portfolio continues to trade well, and SEP is confident that it is well positioned to benefit from AI over the longer term.
Financing
The Company's borrowing facility is composed of a €60 million term loan with RBSI and a £95 million revolving credit line with RBSI and State Street. The term of the facility is due to expire in February 2027. An extension of these facilities for a three-year period to February 2030 has been agreed with the lenders and is now being documented.
Market Environment and Outlook
The global economic backdrop remains challenging and uncertain. The conflict in Iran is ongoing, and the Straits of Hormuz remain effectively closed.
Against this backdrop, global M&A and private equity activity proved resilient, with a continued gradual recovery in activity in Q1 2026. Exit markets remain challenging. However, high-quality companies continue to demand excellent prices, and there are encouraging signs of a further improvement in exit volumes.
AI-related uncertainty has resulted in some sector rotation, as investors are drawn to more traditional industrial sectors which have recently been out of favour which should benefit the Company's well diversified portfolio. Meanwhile, within software there is an increasing focus on revenue quality, margin durability and evidence of AI-driven product differentiation.
Within the software sector, which accounts for approximately 20% of portfolio value, we have long focused on profitable companies with proprietary knowledge and data, deep domain expertise, customer trust, complex workflows and mission-critical use cases. We believe these attributes provide strong defensive moats. The companies are focused on rapidly addressing AI opportunities and risks and investing to capture the significant benefits of AI.
The portfolio has also been acquired at modest valuations and has limited leverage. At 31 December 2025, the last valuation date for most investments, the portfolio was valued at 10.3x EV/EBITDA and had net debt of 2.5x EBITDA.
The underlying companies continue to demonstrate robust operational performance, with the portfolio recording 17% revenue growth and 24% EBITDA growth for the year to 31 December 2025, while the co-investment portfolio achieved revenue growth of 24% and EBITDA growth of 32%.
We have confidence in the outlook for the portfolio, based on the strength of the underlying companies, the strong diversification of the portfolio and the support of our investment partners. The portfolio contains over 500 high-quality small and mid-sized companies in high-growth sub-sectors, led by entrepreneurial management and supported by experienced private equity specialists. We believe they are well positioned to adapt to changing environments and gain market share from those companies that do not benefit from supportive private equity ownership.
This is my last manager's report for the Company. I have been involved for the entire period since its inception in 1999. During this time shareholders have benefited from the strong performance of the Company's shares, which have outperformed most other investment trusts and collective investment vehicles.
Private equity is the ultimate long-term asset class where shareholders' patience is usually strongly rewarded. Within the context of a well-diversified and carefully selected portfolio of funds and co-investments, the innate high risks of private equity associated with illiquidity, smaller company size, higher gearing and novel business models or technologies are matched by high long-term returns. There are many opportunities in fast-growing and well-managed companies which cannot be accessed through the listed markets but can be accessed through a private equity portfolio. Our portfolio is international in scope, with the largest component being the UK, our home market, one of the most developed private equity markets in the world.
Private equity is a notably constructive form of investment which contains the vital ingredient of alignment of interest across all stakeholders: management, employees, private equity managers and investors, and their shareholders. The medium to long term investment horizons give time for genuine value creation and this makes it one of the purest forms of capitalism. Based on my experience I have no hesitation in recommending that all long-term investors should have some private equity in their portfolios. I also have every confidence in the new management of your company to deliver excellent returns for shareholders for many years to come. I have greatly appreciated the support of shareholders over the years. I hope that shareholders will extend the same support to Andrew Carnwath and his team. Thank you.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 31 March 2026
% of Total
31 March 2026
% of Total
31 December 2025
Buyout Funds - Pan European*
14.2
14.3
Buyout Funds - UK
19.9
19.2
Buyout Funds - Continental Europe†
15.4
16.1
Secondary Funds
-
-
Private Equity Funds - USA
4.2
3.9
Private Equity Funds - Global
3.1
3.0
Venture Capital Funds
4.8
4.5
Direct Investments/Co-investments
38.4
39.0
100.0
100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Individual Holdings
As at 31 March 2026
Total Valuation £'000
% of Total Portfolio
Inflexion Strategic Partners
19,038
3.2
Weird Fish
15,051
2.5
Utimaco
13,568
2.3
San Siro
12,297
2.1
Sigma
12,239
2.1
August Equity Partners V
11,764
2.0
Apposite Healthcare III
11,396
1.9
Cyberhawk
10,705
1.8
Cyclomedia
9,974
1.7
Corsair VI
9,457
1.6
125,489
21.2
Portfolio Holdings
Investment
Geographic
Focus
Total
Valuation
£'000
% of
Total
Portfolio
Buyout Funds - Pan European
Apposite Healthcare III
Europe
11,396
1.9
F&C European Capital Partners
Europe
8,638
1.5
Apposite Healthcare II
Europe
5,651
1.0
Verdane XI
Northern Europe
5,318
0.9
Summa III
Northern Europe
4,943
0.8
Wisequity VI
Italy
4,655
0.8
MED Platform II
Global
4,515
0.8
Castle Mount Impact Partners
Global
4,351
0.7
Volpi III
Northern Europe
4,030
0.7
Agilitas 2015 Fund
Northern Europe
3,365
0.6
Magnesium Capital 1
Europe
3,226
0.6
KKA II
DACH
2,885
0.5
MED II
Western Europe
2,875
0.5
Verdane Edda III
Northern Europe
2,868
0.5
ARCHIMED MED III
Global
2,635
0.5
Agilitas 2020 Fund
Europe
2,332
0.4
Astorg VI
Western Europe
2,315
0.4
Inflexion Partnership III
Europe
2,030
0.3
Queka II
Europe
1,734
0.3
TDR Capital II
Western Europe
944
0.2
TDR II Annex Fund
Western Europe
828
0.1
Inflexion Enterprise Fund VI
Europe
351
0.1
Agilitas 2024 HIF
Europe
360
0.1
MED Rise
Global
265
-
Total Buyout Funds - Pan European
82,510
14.2
Buyout Funds - UK
Inflexion Strategic Partners
United Kingdom
19,038
3.2
August Equity Partners V
United Kingdom
11,764
2.0
Inflexion Buyout Fund VI
United Kingdom
8,165
1.4
Axiom 1
United Kingdom
7,439
1.3
FPE Fund III
United Kingdom
7,361
1.3
Apiary Capital Partners I
United Kingdom
7,361
1.2
Piper Private Equity VII
United Kingdom
6,671
1.1
Inflexion Supplemental V
United Kingdom
6,392
1.1
Kester Capital II
United Kingdom
6,022
1.0
Kester Capital III
United Kingdom
5,718
1.0
Corran Environmental II
United Kingdom
4,637
0.8
Inflexion Partnership Capital II
United Kingdom
4,227
0.7
FPE Fund II
United Kingdom
3,867
0.7
Inflexion Buyout Fund V
United Kingdom
3,138
0.5
Inflexion Enterprise Fund V
United Kingdom
2,845
0.5
Piper Private Equity VI
United Kingdom
2,526
0.4
Inflexion Buyout Fund IV
United Kingdom
2,395
0.4
August Equity Partners IV
United Kingdom
2,345
0.4
August Equity Partners VI
United Kingdom
1,522
0.3
Inflexion Supplemental IV
United Kingdom
1,327
0.2
Inflexion Partnership Capital I
United Kingdom
985
0.2
Inflexion Enterprise Fund IV
United Kingdom
516
0.1
Kester Capital IV
United Kingdom
343
0.1
Investment
Geographic
Focus
Total
Valuation
£'000
% of
Total Portfolio
Axiom 2
United Kingdom
120
-
Primary Capital IV
United Kingdom
57
-
RJD Private Equity Fund III
United Kingdom
36
-
Dunedin Buyout Fund II
United Kingdom
2
-
Total Buyout Funds - UK
116,819
19.9
Buyout Funds - Continental Europe
Aliante Equity 3
Italy
6,763
1.1
Bencis V
Benelux
6,264
1.1
Avallon MBO Fund III
Poland
6,218
1.1
Corpfin V
Spain
5,839
1.0
DBAG VIII
DACH
5,435
0.9
Procuritas VII
Nordic
5,417
0.9
Procuritas VI
Nordic
5,343
0.9
Vaaka III
Finland
4,906
0.8
Capvis III CV
DACH
4,833
0.8
Montefiore V
France
4,752
0.8
Verdane Edda
Nordic
4,422
0.7
DBAG VII
DACH
4,257
0.7
Vaaka IV
Finland
3,762
0.6
Procuritas Capital IV
Nordic
3,404
0.6
Chequers Capital XVII
France
3,158
0.5
ARX CEE IV
Eastern Europe
2,406
0.4
Aurica IV
Spain
2,307
0.4
Montefiore IV
France
1,504
0.3
Montefiore Expansion
France
1,311
0.2
DBAG VIIB
DACH
1,291
0.2
Summa II
Nordic
1,221
0.2
Summa I
Nordic
1,082
0.2
DBAG VIIIB
DACH
1,068
0.2
DBAG Fund VI
DACH
1,005
0.2
Capvis IV
DACH
931
0.2
Portobello Fund III
Spain
848
0.2
Ciclad 5
France
421
0.1
Vaaka II
Finland
376
0.1
Chequers Capital XVI
France
269
-
Corpfin Capital Fund IV
Spain
157
-
PineBridge New Europe II
Eastern Europe
124
-
Procuritas Capital V
Nordic
78
-
Capvis III
DACH
52
-
Gilde Buyout Fund III
Benelux
5
-
Italian Portfolio
Italy
3
-
Total Buyout Funds - Continental Europe
91,232
15.4
Secondary Funds
The Aurora Fund
Europe
18
-
Total Secondary Funds
18
-
Investment
Geographic
Focus
Total
Valuation
£'000
% of
Total
Portfolio
Private Equity Funds - USA
Blue Point Capital IV
North America
5,172
0.9
MidOcean VI
United States
3,428
0.6
Camden Partners IV
United States
3,052
0.5
Graycliff IV
North America
2,761
0.5
Purpose Brands (Level 5)
United States
2,412
0.4
Level 5 Fund II
United States
2,408
0.4
TorQuest VI
North America
1,622
0.3
Graycliff III
United States
1,300
0.2
Blue Point Capital III
North America
1,266
0.2
Stellex Capital Partners
North America
1,111
0.2
Blue Point Capital II
North America
154
-
Total Private Equity Funds - USA
24,686
4.2
Private Equity Funds - Global
Corsair VI
Global
9,457
1.6
Hg Saturn 3
Global
5,195
0.9
Hg Mercury 4
Global
2,613
0.4
PineBridge GEM II
Global
824
0.1
F&C Climate Opportunity Partners
Global
418
0.1
PineBridge Latin America II
South America
59
-
Warburg Pincus IX
Global
8
-
Total Private Equity Funds - Global
18,574
3.1
Growth & Venture Capital Funds
SEP VI
Europe
8,390
1.4
SEP V
United Kingdom
7,629
1.3
MVM VI
Global
3,777
0.6
MVM V
Global
3,162
0.5
Kurma Biofund II
Europe
2,831
0.5
Northern Gritstone
United Kingdom
2,300
0.4
SEP IV
United Kingdom
360
0.1
Pentech Fund II
United Kingdom
230
-
SEP III
United Kingdom
24
-
SEP II
United Kingdom
1
-
Total Growth & Venture Capital Funds
28,704
4.8
Investment
Geographic
Focus
Total
Valuation
£'000
% of
Total
Portfolio
Direct Investments/Co-investments
Weird Fish
United Kingdom
15,051
2.5
Utimaco
DACH
13,568
2.3
San Siro
Italy
12,297
2.1
Sigma
United States
12,239
2.1
Cyberhawk
United Kingdom
10,705
1.8
Cyclomedia
Netherlands
9,974
1.7
Prollenium
North America
8,711
1.5
Aurora Payment Solutions
United States
7,870
1.3
Asbury Carbons
North America
7,743
1.3
CARDO Group
United Kingdom
7,677
1.3
TWMA
United Kingdom
7,624
1.3
Swanton
United Kingdom
7,471
1.3
Orbis
United Kingdom
7,193
1.2
Habitus
Denmark
6,697
1.1
Velos IoT (JT IoT)
United Kingdom
6,571
1.1
Polaris Software (StarTraq)
United Kingdom
6,412
1.1
Family First
United Kingdom
6,404
1.1
Vanda
United Kingdom
5,933
1.0
123Dentist
Canada
5,819
1.0
Rosa Mexicano
United States
5,389
0.9
Braincube
France
4,566
0.8
AccountsIQ
Ireland
4,448
0.8
MedSpa Partners
Canada
4,166
0.7
Walkers Transport
United Kingdom
4,070
0.7
Voltheia
Europe
4,014
0.7
1Med
Switzerland
3,854
0.7
Vero Biotech
United States
3,779
0.6
LeadVenture
United States
3,698
0.6
Collingwood Insurance Group
United Kingdom
3,587
0.6
Educa Edtech
Spain
3,218
0.5
GT Medical
United States
3,131
0.5
Frendy
Finland
2,569
0.4
OneTouch
United Kingdom
2,250
0.4
Neurolens
United States
2,215
0.4
Breeze Group (CAS)
United Kingdom
2,013
0.3
Omlet
United Kingdom
1,785
0.3
Rephine
United Kingdom
1,252
0.2
Ambio Holdings
United States
761
0.1
Bomaki
Italy
683
0.1
Cybit (Perfect Image)
United Kingdom
283
-
TDR Algeco/Scotsman
Europe
217
-
Leader96
Bulgaria
161
-
Dotmatics
United Kingdom
57
-
Amethyst Radiotherapy
Europe
8
-
PathFactory
Canada
3
-
Total Direct Investments/Co-investments
228,136
38.4
Total Portfolio
590,679
100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2026 (unaudited)
Revenue
£'000
Capital
£'000
Total
£'000
Income
Losses on investments held at fair value
-
(602)
(602)
Exchange losses
-
(45)
(45)
Investment income
1,140
-
1,140
Other income
93
-
93
Total income
1,233
(647)
586
Expenditure
Investment management fee - basic fee
(123)
(1,105)
(1,228)
Other expenses
(363)
-
(363)
Total expenditure
(486)
(1,105)
(1,591)
Profit/(loss) before finance costs and taxation
747
(1,752)
(1,005)
Finance costs
(160)
(1,445)
(1,605)
Profit/(loss) before taxation
587
(3,197)
(2,610)
Taxation
-
-
-
Profit/(loss) for period/ total comprehensive income
587
(3,197)
(2,610)
Return per Ordinary Share
0.82p
(4.47p)
(3.65p)
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2025 (unaudited)
Revenue
£'000
Capital
£'000
Total
£'000
Income
Losses on investments held at fair value
-
(548)
(548)
Exchange losses
-
(1,151)
(1,151)
Investment income
810
-
810
Other income
108
-
108
Total income
918
(1,699)
(781)
Expenditure
Investment management fee - basic fee
(123)
(1,103)
(1,226)
Other expenses
(300)
-
(300)
Total expenditure
(423)
(1,103)
(1,526)
Profit/(loss) before finance costs and taxation
495
(2,802)
(2,307)
Finance costs
(171)
(1,536)
(1,707)
Profit/(loss) before taxation
324
(4,338)
(4,014)
Taxation
-
-
-
Profit/(loss) for period/ total comprehensive income
324
(4,338)
(4,014)
Return per Ordinary Share
0.45p
(6.06p)
(5.61p)
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2025 (audited)
Revenue
£'000
Capital
£'000
Total
£'000
Income
Gains on investments held at fair value
-
36,739
36,739
Exchange losses
-
(5,816)
(5,816)
Investment income
4,800
-
4,800
Other income
461
-
461
Total income
5,261
30,923
36,184
Expenditure
Investment management fee - basic fee
(491)
(4,415)
(4,906)
Other expenses
(1,234)
-
(1,234)
Total expenditure
(1,725)
(4,415)
(6,140)
Profit before finance costs and taxation
3,536
26,508
30,044
Finance costs
(692)
(6,223)
(6,915)
Profit before taxation
2,844
20,285
23,129
Taxation
-
-
-
Profit for year/total comprehensive income
2,844
20,285
23,129
Return per Ordinary Share
3.98p
28.37p
32.35p
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 March 2026
As at 31 March 2025
As at 31
December 2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Non-current assets
Investments at fair value through profit or loss
590,679
589,677
607,059
Current assets
Other receivables
8,589
841
1,677
Cash and cash equivalents
6,636
7,836
12,098
15,225
8,677
13,775
Current liabilities
Other payables
(4,990)
(4,324)
(4,334)
(4,990)
(4,324)
(4,224)
Net current assets
10,235
4,353
9,441
Total assets less current liabilities
600,914
594,030
616,500
Non-current liabilities
Interest-bearing bank loan
(100,629)
(98,227)
(108,592)
Net assets
500,285
495,803
507,908
Equity
Called-up ordinary share capital
739
739
739
Share premium account
2,527
2,527
2,527
Special distributable capital reserve
3,818
3,818
3,818
Special distributable revenue reserve
31,403
31,403
31,403
Capital redemption reserve
1,335
1,335
1,335
Capital reserve
460,463
455,981
468,086
Shareholders' funds
500,285
495,803
507,908
Net asset value per Ordinary Share
699.67p
693.40p
710.33p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months ended
31 March
2026
Three months ended
31 March
2025
Year
ended
31 December 2025
(unaudited)
(unaudited)
(audited)
£'000
£'000
£'000
Opening shareholders' funds
507,908
504,829
504,829
(Loss)/profit for the period/total
comprehensive income
(2,610)
(4,014)
23,129
Dividends paid
(5,013)
(5,012)
(20,050)
Closing shareholders' funds
500,285
495,803
507,908
Notes (unaudited)
1. The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2025. Earnings for the three months to 31 March 2026 should not be taken as a guide to the results for the year to 31 December 2026.
2. Investment management fee:
Three months ended
31 March 2026
(unaudited)
Three months ended
31 March 2025
(unaudited)
Year ended
31 December 2025
(audited)
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Investment management fee - basic fee
123
1,105
1,228
123
1,103
1,226
491
4,415
4,906
Investment management fee - performance fee
-
-
-
-
-
-
-
-
-
123
1,105
1,228
123
1,103
1,226
491
4,415
4,906
3. Finance costs:
Three months ended
31 March 2026
(unaudited)
Three months ended
31 March 2025
(unaudited)
Year ended
31 December 2025
(audited)
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Revenue
£'000
Capital
£'000
Total
£'000
Interest payable on bank loans
160
1,445
1,605
171
1,536
1,707
692
6,223
6,915
4. Returns and net asset values
Three months ended
31 March 2026
(unaudited)
Three months ended
31 March 2025
(unaudited)
Year ended
31 December 2024
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return
£587,000
£324,000
£2,844,000
Capital Return
(£3,197,000)
(£4,338,000)
£20,285,000
Net assets attributable to shareholders
£500,285,000
£495,803,000
£507,908,000
Number of shares in issue at the period end
71,502,938
71,502,938
71,502,938
Weighted average number of shares in issue during the period
71,502,938
71,502,938
71,502,938
5. The financial information for the three months ended 31 March 2026, which has not been audited or reviewed by the Company's auditor, comprises non-statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025, on which the auditor issued an unqualified report, will be lodged shortly with the Registrar of Companies. The quarterly report will be available shortly on the Company's website www.ctprivateequitytrust.com
Legal Entity Identifier: 2138009FW98WZFCGRN66
For more information, please contact:
Hamish Mair (Investment Manager)
0131 573 8314
Scott McEllen (Company Secretary)
0131 573 8372
hamish.mair@columbiathreadneedle.com / scott.mcellen@columbiathreadneedle.com
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