REG - CT Private Eq Trust - Preliminary Results and Dividend Announcement
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RNS Number : 3506Y CT Private Equity Trust PLC 27 March 2026
To: Stock Exchange
Date: 27 March 2026
CT Private Equity Trust PLC
LEI: 2138009FW98WZFCGRN66
Preliminary Announcement for the Year Ended 31 December 2025
CT Private Equity Trust PLC today announces its unaudited financial results
for the year ended 31 December 2025.
Financial Highlights
· Share price total return for the year of 21.8 per cent.*
· NAV of 710.33 pence per share reflecting a total return for the
year of 4.7 per cent.*
· Quarterly dividend of 7.10 pence per share to be paid on 30 April
2026.
· Total quarterly dividends for the year of 28.13 pence per
Share. This is the thirteenth consecutive year of annual dividend increases
maintaining the Company's AIC Next Generation Dividend Hero Status.
· Dividend yield of 5.0 per cent based on the year-end share
price.* £166 million of dividends returned to Shareholders since January
2013.
· The Company enters 2026 with a strong balance sheet and a
well-diversified portfolio of high growth and dynamic companies.
*see Alternative Performance Measures
Chairman's Statement
Fellow Shareholders,
This report is for the year ended 31 December 2025.
The net asset value ("NAV") per share at the year-end was 710.33p (2024:
706.03p). Taking account of dividends received by Shareholders during the
year, the Company achieved a ("NAV") total return of 4.7 per cent (2024: 4.6
per cent).
The share price at the year-end was 560.00p (2024: 488.00p). With the share
price discount narrowing from 30.9 per cent at 31 December 2024 to 21.2 per
cent at 31 December 2025, the share price total return for the year was 21.8
per cent (2024: 10.9 per cent). This compares to a total return from the FTSE
All-Share Index for 2025 of 6.4 per cent (2024: 9.5 per cent).
During the year the Company made new investments, either through funds or as
co-investments, totalling £61.5 million. Realisations and associated income
totalled £80.1 million. Outstanding undrawn commitments at the year-end were
£170.4 million of which £22.8 million was to funds where the investment
period had expired.
Approximately 94 per cent of the portfolio by value is based on 31 December
2025 valuations and 6 per cent on September 2025 valuations. These
percentages are consistent with those of the prior year.
The Company had net debt at 31 December 2025 of £96.5 million (31 December
2024: £76.5 million). This represents gearing of 16.0% (31 December 2024:
13.2%). The Company benefits from being fully invested and has £50 million
available including the Company's borrowing facilities, providing significant
headroom.
The Company's performance fee arrangements contain a hurdle rate, calculated
over rolling three-year periods, of an IRR of 8.0 per cent per annum. The
annual IRR of the NAV for the three-year period ended 31 December 2025 was 4.0
per cent and, consequently, a performance fee is not payable to the Manager,
in respect of 2025.
Dividends
The Company's stated dividend policy notes that it aims to pay quarterly
dividends with an annual yield equivalent to not less than four per cent of
the average of the published net asset values per share at the end of each of
its last four financial quarters prior to the announcement of the relevant
quarterly dividend or, if higher, equal in terms of pence per share to the
highest quarterly dividend previously paid.
The Board has noted that since the quarter ended 30 June 2023 the quarterly
dividend paid has remained unchanged at 7.01 pence per share. The Board
believes that it is important that the total dividend Shareholders receive on
an annual basis increases each year.
The Board therefore recommends a quarterly dividend of 7.10 pence per Ordinary
Share, payable on 30 April 2026 to Shareholders on the register on 10 April
2026 and an ex-dividend date of 9 April 2026. Total dividends paid for the
year therefore amount to 28.13 pence per Ordinary Share equivalent to a
dividend yield of 5.0 per cent at the year-end. This is the thirteenth
consecutive year that the Company has increased its dividend.
Lead Fund Manager Succession
In December 2025, the Board announced that, at the conclusion of the Company's
2026 Annual General Meeting ("AGM"), Hamish Mair will retire from Columbia
Threadneedle Investments and step down as the Company's Lead Fund Manager.
Upon his retirement, Andrew Carnwath, the Company's Deputy Fund Manager, will
succeed Hamish as the Company's Lead Fund Manager. Hamish will remain a senior
adviser to Columbia Threadneedle Investments available to provide advice to
the private equity investment team.
Hamish Mair was instrumental in the creation of the Company in 1999, then
known as Martin Currie Capital Return Trust PLC, and has been responsible for
its management for the subsequent 27 years. The success of the Company under
Hamish's leadership was recognised in May 2024 when it was reported that the
Company was one of only eight investment trusts or funds available to UK
investors, managed by the same lead manager for the previous twenty years,
which had outperformed Berkshire Hathaway, managed by Warren Buffett.
The Board thanks Hamish Mair for his invaluable contribution to the success of
the Company and his tireless enthusiasm for the Private Equity sector and the
opportunities that it can provide to investors.
Andrew is currently the Company's Deputy Fund Manager. He has worked closely
with Hamish Mair for 12 years and has 17 years of private equity experience.
He is a chartered accountant, CFA Charterholder and graduate of The University
of Edinburgh.
The Board looks forward to working with Andrew and believes that the Company
is fortunate to have secured someone of his experience and talent to manage
the Company.
Directorate Changes
As part of the Board's succession plan, and in accordance with corporate
governance best practice, I announced in November 2025 that I will retire as
Chairman at the conclusion of the Company's 2026 AGM.
I joined the Board in March 2017 and was appointed Chairman in May 2022.
During my tenure the Company has faced the challenges of several geopolitical
events: the COVID-19 pandemic; the Russian invasion of Ukraine; and conflict
in the Middle East. I wish to express my sincere thanks to my fellow
Directors, the Columbia Threadneedle Private Equity team and the Company's
advisers for their support in navigating these challenges successfully.
Upon my retirement, Tom Burnet will be appointed Chairman of the Company. Tom,
who was appointed to the Board in June 2020, is Non-Executive Chairman of Aker
Systems Ltd, Tillo and The Baillie Gifford US Growth Trust plc. Previously he
served as CEO, Executive Chairman and as a Non-Executive Director of AIM
listed company accesso Technology Group plc, and Non-Executive Chairman of
Simply Conveyancing, Reward Gateway, Trading Apps Ltd, Flooid and Kainos plc.
He started his career as an Army Officer serving in the Black Watch (R.H.R.)
and is a member of the King's Bodyguard in Scotland. I am delighted that the
Company and Shareholders will benefit from his extensive experience, knowledge
and leadership.
With effect from 1 January 2026, Jane Routledge was appointed to the Board and
its committees. Jane has significant marketing experience with a long career
in the investment management sector. She has held several senior marketing
positions including at Schroders, Invesco, Hermes, and Seven Investment
Management. Jane is currently a non-executive director and Chair of the
Remuneration and Nomination Committee of Aberdeen Asian Income Fund Limited.
It is anticipated that she will become Chair of Aberdeen Asian Income Fund
Limited with effect from May 2026. Jane is also a non-executive director and
Chair of the Remuneration Committee of M&G Credit Income Investment Trust
PLC and Senior Independent Director at Brown Advisory US Smaller Companies
PLC.
As a further part of the Board succession plan, at the conclusion of the
Company's 2026 AGM, Swantje Conrad will retire from the Board. Swantje was
appointed to the Board in April 2017 and upon retirement will have served nine
years. The Company has benefited immensely from Swantje's wide ranging
financial and market experience. On behalf of the Board and Shareholders of
the Company I thank Swantje for her diligence and wise counsel throughout her
period of appointment.
In advance of Swantje's retirement, the Board will recruit a new Director.
Annual General Meeting
The AGM will be held at 13.00 on 28 May 2026 at the offices of Columbia
Threadneedle Investments, Cannon Place, Cannon Street, London EC4N 6AG. This
will be followed by an investment presentation by Hamish Mair and Andrew
Carnwath on the Company and its portfolio.
For Shareholders who are unable to attend the meeting, any questions they may
have regarding the resolutions proposed at the AGM or the performance of the
Company can be directed to a dedicated email account,
petagm@columbiathreadneedle.com, by Thursday 21 May 2026. The Board will
endeavour to ensure that questions received by such date will be addressed at
the meeting. The meeting will be recorded and will be available to view on the
Company's website, ctprivateequitytrust.com, shortly thereafter.
In addition, the AGM and Investment Manager presentation will be broadcast
live on the Investor Meet Company platform. This broadcast is open to all
existing and potential Shareholders to view. Questions can be submitted
pre-event via the Investor Meet Company dashboard up until 9.00am on 27 May
2026. Investors can sign up to Investor Meet Company for free and add to meet
CT Private Equity Trust plc via
www.investormeetcompany.com/ct-private-equity-trust-plc/register-investor
(http://www.investormeetcompany.com/ct-private-equity-trust-plc/register-investor)
. Investors who already follow CT Private Equity Trust plc on the Investor
Meet Company platform will automatically be invited.
All Shareholders that cannot attend in person are encouraged to complete and
submit their Form of Proxy or Form of Direction in advance of the meeting to
ensure that their votes will count.
Review and Outlook
Driven by the COVID-19 pandemic March 2020 marked a structural break that
ended a decade of unusually low volatility. Since then, inflation, rapid rate
changes, and geopolitical shocks have driven significant unpredictability and
volatility. This has been amplified by the continued rise of passive
investments, automated trading strategies and increased concentration in a few
very large US technology stocks.
As described in the Investment Manager's Review your Company's portfolio has
demonstrated resilience through these challenges, providing Shareholders with
both capital growth and income while mitigating risk through strong
diversification.
Since inception in 1999 your Company has delivered an impressive annual NAV
total return of over 10%, increasing to 12% over the last five years. The
Company's long term track record was recognised by The Association of
Investment Companies ("the AIC") in February 2025, which named CT Private
Equity Trust PLC as the ninth best performing investment trust over the last
ten years. The AIC has also recognised the Company as a Next Generation
Dividend Hero due to its sustained growth in annual dividends for over ten
years. This combination of strong growth and income yield puts CT Private
Equity Trust PLC in rare company.
This excellent performance is based on the strength of the underlying
fundamentals of our investee companies which, supported by our investment
partners, have adapted to changing environments and recorded impressive growth
in revenues and profits. Meanwhile the flow of investment opportunities that
your managers appraise remains very strong reflecting the breadth of the
mid-market universe we address and the depth of our networks in these markets
internationally. Consequently, despite current geopolitical uncertainty, your
Company remains well positioned to deliver further gains to Shareholders
whilst laying the foundations for future growth.
Richard Gray
Chairman
*see Alternative Performance Measures
Investment Manager's Review
Introduction
Despite continued geopolitical uncertainty, 2025 saw a gradual recovery in
private equity deal making and exit activity. Within Europe, deal value was up
14% and exit value up 10% according to Pitchbook. This recovery was driven by
a stabilisation of the cost of capital and growing investor confidence.
Momentum built materially in the second half of the year and the industry
entered 2026 with growing optimism. There is, however, a risk that events in
the Middle East further postpone recovery.
New Commitments
Five new fund commitments and two co-investments were made in the year. There
was a strong emerging manager theme within the new commitments. The Company
has a long-standing strategy of backing emerging managers: recently formed
private equity firms that have been established by experienced private equity
professionals, typically that we know well. We focus on identifying and
backing these up-and-coming groups early. This approach enables the formation
of strong partnerships at a formative stage in the firm's development, which
will hopefully last for decades.
In May €5m was committed to Queka Real Partners II, a Spanish lower
mid-market buyout fund. This emerging manager was founded in 2018 by a
combination of Spanish private equity veterans and well-known serial
entrepreneurs. Our commitment was made at the final close of the fund, which
has now completed three investments, all of which are off to a strong start.
In June €10m was committed to Castle Mount Impact Partners LP ("CMIP"), a
mid-market co-investment fund with an impact mandate. The fund, which is
managed by Columbia Threadneedle Investments Private Equity, will invest in
companies that make a measurable impact within three themes: Environmental
Sustainability, Health & Wellbeing and Equality & Inclusion. A market
leading investment return is targeted alongside demonstrable real world
positive impact.
In October €5m was committed to Hg Mercury 5. This is the latest fund in the
software specialist's smallest fund programme, targeting mid-market software
companies across Europe and selectively in North America.
In November £5m was committed to UK lower mid-market fund Kester Capital IV.
We have invested with Kester since its formation in 2013, investing in three
previous funds and three co-investments. It is a good example of an emerging
manager that has performed very strongly with the two realised co-investments,
Jollyes and ATEC, returning a combined 4.9x cost and 29% IRR. The fund is
focussed on UK-headquartered businesses operating within the Technology and
Life Sciences sectors.
In December £8m was committed to Axiom Equity 2, the second fund of another
high performing emerging manager we have backed from inception. Axiom recently
completed its first partial exit, an excellent result that has returned over
65% of the total amount committed to the fund. Fund 2 will continue the same
strategy, targeting UK based lower mid-market mission critical B2B SaaS
companies.
In January €2.1m was committed to a new co-investment in Frendy, a Finnish
IT services company servicing SMEs with cloud transformation, cyber security,
network services and devices. Long-established Nordic mid-market specialist
Procuritas is the lead on the deal and since 2021 has completed the
acquisition of 18 companies as part of a buy-and-build strategy. As
long-standing investors with Procuritas we were given the opportunity to
co-invest at an attractive valuation as the benefits of the integration of the
business was beginning to come through.
In November $5m was committed to a new co-investment in Vanda Research, a
market leading data and information business serving the financial services
sector. The co-investment is led by B2B software and data specialist FPE
Capital (another highly successful emerging manager whom we have backed from
inception) and was to help fund the transformational acquisition of Exante
Data in the US.
New Investments
During the final quarter drawdowns from funds and co-investments totalled
£19.1m. This takes the total drawn in the year to £61.5m, an increase of 5%
compared with 2024. Distributions were well matched in the quarter at £22.2m,
and for the full year totalled £80.1m. There was a wide variety of
investments across the UK, Europe and the US.
£4.3m was drawn by CMIP, the impact fund managed by Columbia Threadneedle
Investments Private Equity, for five new investments: Kee Safety (a UK-based
global leader in safety systems and solutions for industrial environments),
Amethyst Radiotherapy (a leading pan-European provider of high-quality cancer
treatment), Eslava Plásticos (the largest independent plastic recycling
company in the Iberian market), PayPlan (the leading UK provider of
free-to-consumer debt advice and payment plans) and Ark Diagnostics (a
Californian based developer of in-vitro diagnostic ('IVD') immunoassay
reagents used in therapeutic drug monitoring).
£4.0m was invested in Vanda Research, to fund the acquisition of New York
based Exante Data. The acquisition nearly doubled the size of the company and
extends its product offering to cover both longer-term macro trends and
fast-moving positioning and flow data across asset classes. Post acquisition,
Vanda is a clear global leader in the rapidly growing market for positioning
and flow data (information used to understand how capital is allocated and how
investor behaviour is changing over time). Its customers include major asset
managers, hedge funds, investment banks and central banks.
Kester III, the UK lower mid-market fund focussed on technology and life
sciences, called £3.2m for three new investments: Adresscloud (a location
intelligence platform, offering geographic and property risk data solutions to
insurance providers), Re-flow (a provider of field service management and
software largely used for applications related to critical infrastructure) and
Evestia (a contract research organ-isation that provides clinical trials for
pharmaceutical and biotech companies).
Axiom 1, which focusses on lower-mid-market mission-critical B2B SaaS
companies, called £1.8m for BlackRainbow, a UK-based investigation management
and intelligence platform whose cloud-based software is used by governments,
police and investigation teams within corporates.
Nordic growth technology investor Verdane XI drew £1.8m for investments
including Stockholm based Arrive, a software platform providing digital
parking under the RingGo brand and others plus urban infrastructure data,
analytics and planning; Cropster an Austrian software company for the coffee
sector; and Sitoo a Swedish point of sale and unified commerce platform for
large global retailers.
Piper VII called £1.8m for three UK consumer brands. Yard Sale Pizza, a chain
of 14 shops in London that also delivers by e-bike and partners with 160 pubs
and bars across the city. Borough Broth, a producer of organic, slow-cooked
bone broths and cooking fats, made from sustainably sourced, high-quality
ingredients. And Vieve a fast-growing beauty brand created by makeup artist
Jamie Genevieve.
£1.7m was called by Queka II, the Iberian lower mid-market fund to which we
recently made a commitment for three investments which cover different
sectors; LipoTrue (manufacturer of active ingredients for the cosmetics
indus-try), Juan Navarro (producer of paprika and other spices) and B2cloud
(cloud, cybersecurity and telecoms for SMEs).
SEP VI called £1.4m for two companies: Springtime, an Austrian accounts
payable software company and Restrata a UK-based critical event and business
resilience software provider.
Northern European mid-market fund Inflexion Buyout Fund VI drew £1.5m for two
German investments Finanzen and TPP and UK based GRC, a carving out the
Governance Risk and Compliance business of AIM-listed group Marlowe plc.
Finanzen, a carve out from Axel Springer, is the leading financial information
portal in the DACH region, it also includes a high-growth retail investment
(brokerage) platform. Tierarzt Plus Partners ('TPP') is Germany's largest
veterinary group and provides an excellent platform from which to consolidate
the highly fragmented German veterinary market.
In the US, MidOcean VI drew £1.1m primarily for GSTV an 'on-the-go' video
network delivering targeted advertising across c.29k locations and c.220k
screens such as at petrol pumps and EV charging stations and Arnott's which
provides suspension systems for light passenger vehicles.
ARCHIMED MED III called £0.9m for investments into Symbio (a German CRO
focussed on dermatology clinical trials), Biovendor (a Czech based
manufacturer of biomedical research equipment and in-vitro diagnostic
products) and Dermapharm (a Danish developer of skin care formulations
intended for private label production).
Summa III drew £0.7m primarily to support the follow-on investment activity
in NG Nordic, which provides recycling and waste services across Sweden,
Finland and Denmark.
In Spain Corpfin V drew £0.8m primarily for investment in Ethanol and
Derivatives Solutions ('EDS'). EDS was created following the combination of
two of Spain's largest family-owned chemical specialities groups comprising
ethanol and byproducts distribution, pharma and personal care manufacturing
and the only fully licensed ethanol waste valorisation facility in Spain.
Realisations
Distributions in the quarter totalled £22.2m, taking the total for the full
year to £80.1m which is down 26% compared with 2024, reflecting lower exit
volumes earlier in the year. This was driven by 49 underlying portfolio
company exits in the year, returning a weighted average 3.3x cost and 29% IRR,
and an average uplift of 18% to holding value.
The largest distribution was from our co-investment in Amethyst Radiotherapy,
which was sold by The Rohatyn Group to Fremman Capital returning £8.2m (1.8x
cost and an IRR of 11%).
A total of £7.5m was returned during the year from our co-investment in
casual clothing brand Weird Fish. The company has been trading very strongly
since David Butler, former CEO of Crew Clothing, joined as CEO in December
2023. In October 2025 the company was sold to a continuation fund managed by
Total Capital Partners. This transaction returned £6.0m to the Company.
Together with previous loan repayments this takes the total realised return to
1.7x cost, with the remaining holding rolled into the new vehicle, providing
further upside potential.
Inflexion through its Supplemental Fund V and Buyout Fund V returned £7.4m.
This mainly came from the sale of air conditioning pumps and ancillaries
provider Aspen Pumps (3.3x cost and 26% IRR), liquid prescription medicine
company Rosemont Pharmaceuticals (7.3x cost and 50% IRR), Blue Light Card
(discount card for healthcare, emergency and armed services personnel) and
Medik8 (premium ethical skincare brand). A run of high return and impressive
exits.
Our recent investment in software fund Axiom 1 returned £5.4m from an
excellent partial exit of JobLogic (field service management software) through
a sale of 51% to Vista Equity Partners.
Our remaining position in Dot-matics, the software company used by scientists
and phar-maceutical companies, was fully realised by SEP returning £4.7m from
the co-investments (plus a further £0.5m from SEP V). The investment
delivered an excellent return of 8.3x cost and an IRR of 79%.
August Equity Partners V distributed £3.2m following the sale of accountancy
firm AAB to Goldman Sachs Alternatives for an excellent 5.8x cost and 52% IRR.
Over the four-year ownership period AAB grew revenue from c.£35m to over
£120m and expanded its product and geographic presence to become one of the
largest independent mid-market accountancy and business services firms in the
UK and Ireland.
Also in the UK, software specialist fund SEP Fund V returned £2.1m from the
exit of regulatory software company FundApps achieving 2.9x cost and 29% IRR.
FPE II distributed £1.3m (4.7x cost and 31% IRR) from the sale of
pan-European cybersecurity consultancy Intragen to Nomios, a leading
cybersecurity platform backed by Keensight Capital and £0.9m (2.8x cost and
29% IRR) from the sale of Zest an employee benefits software company.
In Finland Vaaka distributed £2.4m following a recapitalisation and the IPO
of Framery, a leading manufacturer of soundproof office pods designed to
improve acoustic performance and productivity in modern work environments. The
investment has generated a realised return of over 3.0x cost with significant
further upside based on the remaining listed shareholding. Vaaka also returned
£0.5m from the sale of Lytti, a leading provider of event management
software, returning 1.8x cost and 10% IRR and £0.7m (1.9x cost and 12% IRR)
from the sale of Foreship, a marine engineering and consultancy business
serving the cruise industry.
In Italy, Progressio II realised its final investment, luxury Italian
furniture brand Giorgetti, which it had owned since 2015, returning £2.1m
(1.5x cost and 4% IRR) after a prolonged hold.
In the US, Blue Point Capital IV sold global strategy consultant Stax
returning £1.3m (2.6x cost and 28% IRR) and Country Pure Foods, a producer of
beverages and juice-based products, returning £0.7m (3.5x and 77% IRR). Hg
Mercury 4 also sold treasury management platform, G Treasury, to US-based
strategic acquirer, Ripple Labs after a two-year hold. The sale returned
£0.6m (2.2x cost and 38% IRR).
Valuation Changes
Before FX movements the portfolio was up £18.5m (3.1%) in the final quarter,
and £37.6m (6.4%) for the full year. Foreign exchange losses for the year
were £1.9m. The portfolio remains prudently valued at 10.3x EV/EBITDA and
with moderate leverage (net debt/EBITDA is 2.5x). These metrics are similar
for the co-investment portfolio, which is valued at an EV/EBITDA of 11.4x
(2024: 11.3x) and has net debt/EBITDA of 3.3x (2024: 3.4x).
The largest uplifts were within the co-investment portfolio and were driven by
third-party transactions.
Buckthorn led co-investment in CARDO, the UK based social housing maintenance
provider, continues to trade very strongly and was written up by £16.5m. The
year end valuation reflects the pricing of a secondary transaction, which was
agreed prior to year end and completed in February 2026. The transaction
brought in new investors to provide further capital for the next phase of
CARDO's growth and allowed the Company to realise 65% of its holding,
returning £14.2m post year end. This takes our realised return to 5.3x cost
and the total return to a very impressive 7.9x cost and 129% IRR, with further
upside potential from retained exposure to this high performing asset.
Our co-investment in casual clothing brand Weird Fish was up £7.0m, due to
continued strong trading. Drone inspection pioneer Cyberhawk was up £3.3m
reflecting its strong growth with US utility clients. Cybersecurity and
compliance solutions provider Utimaco was up £2.0m. Cloud-based accounting
software provider AccountsIQ was up £2.0m. There was also a £1.9m uplift in
Vanda, the recently completed co-investment led by FPE Capital, following the
successful acquisition of Exante and strong organic growth.
Uplifts within the funds portfolio were primarily driven by exits. Axiom 1 was
up £5.2m following the excellent partial exit of Joblogic and strong progress
within the portfolio including AccountsIQ. Vaaka III was up £2.6m following a
run of strong exits and the IPO of Framery the manufacturer of soundproof
office pods. Benelux focussed Bencis V was up £2.1m largely due to the agreed
sale of Rubio Monocoat (a producer and distributor of wood protection
coatings). The sale returned 5.2x cost and 32% IRR, with proceeds received in
February 2026. SEP V was up £2.1m due to the sale of FundApps and strong
growth of regulatory reporting and data management software company AutoRek.
In the Nordics, Procuritas VI was up £1.4m largely due to the agreed sale of
NetControl, a provider of electricity network automation systems, to ABB.
Write downs were also concentrated in the co-investment portfolio. The largest
(£6.1m) being UK based Breeze Group, which provides clean air, containment
and environmental control solutions for healthcare, pharmaceutical and
research sectors. The market remains challenging, and this has been
exacerbated by project delays and a lack of funding for universities and
research in the UK and US. Profitability has also been suppressed by
investment in new product development and strengthening the leadership team.
There are, however, some encouraging signs of a recovery in market activity,
and the group is expanding its product line and geographic focus.
IT managed services provider Cybit has experienced difficult trading following
the sale of its cybersecurity division, with professional services and
hardware sales being subdued in a challenging UK market. It has been written
down £4.6m and work is underway to implement cost reductions.
TWMA (drill waste management) was down £4.5m, due to reduced activity in the
UK offshore oil and gas sector and lower multiples in the sector.
Accuvein (medical device for vein visualisation) was down £3.9m, due to
underperformance compared to its budget and reduction in the valuation
multiple applied by lead manager MVM Partners.
Toronto headquartered SaaS-based marketing content automation platform
Pathfactory was down £3.6m. The market has been disrupted by potential
changes to B2B marketing driven by AI, leading to hesitancy among potential
clients to onboard new technology.
US digital payments solution provider Aurora Payment Solutions was down £2.4m
as the transition of the business from a merchant acquired to a full-service
payments provider is taking longer than anticipated.
MedSpa, medical aesthetics clinics in Canada, is down £1.1m due to softer
discretionary consumer spending and reduced demand for dermal fillers.
Within the funds portfolio Apposite Healthcare II was down £3.0m due to a
combination of weaker trading with the portfolio of UK healthcare companies
and depressed investor appetite for UK healthcare services companies due to
higher interest rates, concerns over inflationary labour costs and constraints
in public funding. August Equity IV was also down £2.1m following the
decision to sell three portfolio companies with limited upside potential to
focus resources on the remaining value drivers in the fund.
Financing
The Company's net debt increased by £5.5m over the quarter to £96.5m. The
Company benefits from being fully invested and retains £50 million of cash
available including undrawn capacity on its debt facilities.
Outlook
During 2025 the anticipated recovery of deal activity in the private equity
market was slowed by continued geopolitical shocks. This led to uncertainty
and reduced investor confidence. As a natural consequence, deals have been
delayed. Despite this backdrop 49 companies were sold in the year returning
£73.0m at a weighted average return of 3.3x cost and 29% IRR and an average
uplift of 18% to holding value. This demonstrates both the continued demand
for high-quality and resilient private companies and that the portfolio is
prudently valued.
The war in Iran, which started on 28 February 2026, has escalated quickly.
Iran has attacked surrounding Gulf States and effectively closed the Straits
of Hormuz, cutting off c.20% of global oil and gas supplies. While the
Company's portfolio has very limited direct exposure to the region, it is
exposed to second order impacts of the war.
The duration and precise impacts of this conflict are hard to predict.
However, a prolonged conflict would be likely to result in significant
scarcity of key commodities including, but not limited to, oil and gas. This
is likely to reignite inflation and suppress economic growth, creating a risk
of a global recession if disruption is protracted.
Closer to home AI developments continue at pace. Whilst this provides the risk
of disruption to some incumbents it also provides significant opportunities
for many of the portfolio companies in all sectors, which are increasingly
using AI and Agentic AI (those AI systems able to act autonomously towards a
goal) to drive efficiencies and offer new products and services.
In early 2026 listed software valuations have declined significantly and
remain volatile. This follows the launch of new AI products, including
Anthropic's Claude Cowork plugin ecosystem, which have triggered fears that AI
native products will erode the recurring revenue models underpinning SaaS
valuations. Consensus among analysts is that this selloff has so far been
somewhat indiscriminate, with limited distinction between genuinely vulnerable
businesses and those that are well protected and will likely benefit from AI.
Together with our investment partners we have been focusing on the
opportunities and risks presented by AI for the past few years. Within the
software sector, which accounts for c.20% of portfolio value, this has led to
a focus on profitable companies with proprietary knowledge and data, deep
domain expertise, customer trust, complex workflows and mission critical use
cases. We believe that these attributes provide strong defensive moats, with
AI more likely to disrupt generalist, non-industry specific, horizontal
software. The Company's software portfolio is valued at a relatively modest
weighted average EV/EBITDA multiple of 13.6x.
There is inherent uncertainty; we are in a period of genuine technological
transformation, which will impact businesses across all sectors. This
transformation presents significant opportunities. Opportunities which we
believe the specialist investors with whom we partner are best positioned to
capitalise on. This is particularly true of the software sector, where we are
investing with specialists who understand software and AI deeply.
While the outlook contains significant and above average risk, we believe your
Company is well positioned to navigate these challenging times as it has the
challenges of the last 27 years. This confidence is based upon the strength
and diversification of the Company's portfolio and the value-added support
provided by our investment partners.
The portfolio of over 500 companies has demonstrated resilience through recent
challenges and delivered solid growth. During 2025 the overall portfolio
recorded an impressive 17% growth in revenues and 24% growth in EBITDA, while
the co-investment portfolio recorded revenue growth of 24% and EBITDA growth
of 32%. These are nimble companies in high growth sub-sectors that are led
by entrepreneurial management and supported by experienced private equity
specialists. As such we believe that 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. It is therefore our belief
that the strong underlying fundamentals of the portfolio position the Company
well to continue to deliver capital growth and income for shareholders.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 31 December 2025 % of Total % of Total
31 December 2025 31 December 2024
Buyout Funds - Pan European* 14.3 11.6
Buyout Funds - UK 19.2 19.2
Buyout Funds - Continental Europe† 16.1 15.5
Secondary Funds - -
Private Equity Funds - USA 3.9 4.4
Private Equity Funds - Global 3.0 2.7
Venture Capital Funds 4.5 4.5
Direct Investments/Co-investments 39.0 42.1
100.0 100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Holdings Total Valuation £'000 % of Total Portfolio
As at 31 December 2025
CARDO Group* 21,921 3.6
Inflexion Strategic Partners 19,037 3.1
Weird Fish 14,642 2.4
Utimaco 13,560 2.2
San Siro 12,256 2.0
Sigma 12,004 2.0
August Equity Partners V 11,709 1.9
Apposite Healthcare III 10,528 1.7
Cyclomedia 9,941 1.6
Corsair VI 9,681 1.6
135,279 22.1
*In February 2026 the Company sold 65% of its holding in CARDO Group for
£14.2m.
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Apposite Healthcare III Europe 10,528 1.7
Stirling Square Capital II Europe 9,231 1.5
F&C European Capital Partners Europe 8,632 1.4
Apposite Healthcare II Europe 5,557 0.9
Verdane XI Northern Europe 5,315 0.9
Summa III Northern Europe 4,940 0.8
MED Platform II Global 4,473 0.7
Castle Mount Impact Partners Global 4,332 0.7
Wisequity VI Italy 4,006 0.6
Volpi III Northern Europe 3,828 0.6
Agilitas 2015 Fund Northern Europe 3,257 0.5
Magnesium Capital 1 Europe 3,159 0.5
MED II Western Europe 2,873 0.5
KKA II Europe 2,861 0.5
ARCHIMED MED III Global 2,634 0.4
Agilitas 2020 Fund Europe 2,269 0.4
Astorg VI Western Europe 2,222 0.4
Verdane Edda III Northern Europe 1,878 0.3
Inflexion Partnership III Europe 1,862 0.3
Queka II Europe 1,615 0.3
TDR Capital II Western Europe 989 0.1
TDR II Annex Fund Western Europe 864 0.1
Inflexion Enterprise Fund VI Europe 351 0.1
Agilitas 2024 HIF Europe 314 0.1
MED Rise Global 214 -
Total Buyout Funds - Pan European 88,204 14.3
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 19,037 3.1
August Equity Partners V United Kingdom 11,709 1.9
Inflexion Buyout Fund VI United Kingdom 8,165 1.4
Axiom 1 United Kingdom 7,435 1.2
Apiary Capital Partners I United Kingdom 7,350 1.2
FPE Fund III United Kingdom 7,216 1.2
Piper Private Equity VII United Kingdom 6,671 1.1
Inflexion Supplemental V United Kingdom 6,356 1.1
Kester Capital II United Kingdom 6,022 1.0
Kester Capital III United Kingdom 5,718 0.9
Corran Environmental II United Kingdom 4,637 0.8
Inflexion Partnership Capital II United Kingdom 4,195 0.7
FPE Fund II United Kingdom 3,867 0.6
Inflexion Buyout Fund V United Kingdom 3,124 0.5
August Equity Partners IV United Kingdom 2,901 0.5
Inflexion Enterprise Fund V United Kingdom 2,812 0.4
Piper Private Equity VI United Kingdom 2,526 0.4
Inflexion Buyout Fund IV United Kingdom 2,401 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
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Inflexion Enterprise Fund IV United Kingdom 516 0.1
Primary Capital IV United Kingdom 57 -
RJD Private Equity Fund III United Kingdom 37 -
Horizon Capital 2013 United Kingdom 17 -
Dunedin Buyout Fund II United Kingdom 2 -
Total Buyout Funds - UK 116,605 19.2
Buyout Funds - Continental Europe
Bencis V Benelux 8,017 1.3
DBAG VII DACH 7,298 1.2
Aliante Equity 3 Italy 6,759 1.1
Avallon MBO Fund III Poland 6,214 1.0
Corpfin V Spain 5,835 1.0
Procuritas VII Nordic 5,413 0.9
Procuritas VI Nordic 5,340 0.9
DBAG VIII DACH 5,263 0.9
Vaaka III Finland 4,890 0.8
Verdane Edda Nordic 4,846 0.8
Capvis III CV DACH 4,830 0.8
Montefiore V France 4,674 0.8
Vaaka IV Finland 3,716 0.6
Procuritas Capital IV Nordic 3,402 0.6
Chequers Capital XVII France 3,156 0.5
Aurica IV Spain 2,449 0.4
ARX CEE IV Eastern Europe 2,405 0.4
Montefiore IV France 1,503 0.3
Summa I Nordic 1,479 0.2
DBAG VIIB DACH 1,301 0.2
Summa II Nordic 1,237 0.2
Capvis IV DACH 1,229 0.2
DBAG Fund VI DACH 1,004 0.2
DBAG VIIIB DACH 976 0.2
Montefiore Expansion France 857 0.1
Portobello Fund III Spain 847 0.1
Chequers Capital XVI France 535 0.1
Ciclad 5 France 380 0.1
Vaaka II Finland 375 0.1
Corpfin Capital Fund IV Spain 288 0.1
PineBridge New Europe II Eastern Europe 205 -
Procuritas Capital V Nordic 78 -
Capvis III DACH 52 -
Gilde Buyout Fund III Benelux 5 -
Italian Portfolio Italy 3 -
Total Buyout Funds - Continental Europe 96,861 16.1
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Private Equity Funds - USA
Blue Point Capital IV North America 5,066 0.8
MidOcean VI United States 3,361 0.6
Camden Partners IV United States 2,992 0.5
Graycliff IV North America 2,707 0.5
Purpose Brands (Level 5) United States 2,546 0.4
Level 5 Fund II United States 2,272 0.4
Graycliff III United States 1,274 0.2
Stellex Capital Partners North America 1,184 0.2
Blue Point Capital III North America 1,023 0.2
TorQuest VI North America 830 0.1
Blue Point Capital II North America 151 -
Total Private Equity Funds - USA 23,406 3.9
Private Equity Funds - Global
Corsair VI Global 9,681 1.6
Hg Saturn 3 Global 5,075 0.8
Hg Mercury 4 Global 2,611 0.4
PineBridge GEM II Global 806 0.1
F&C Climate Opportunity Partners Global 412 0.1
PineBridge Latin America II South America 58 -
AIF Capital Asia III Asia 53 -
Warburg Pincus IX Global 8 -
Total Private Equity Funds - Global 18,704 3.0
Growth & Venture Capital Funds
SEP V United Kingdom 8,541 1.4
SEP VI Europe 5,815 1.0
MVM V Global 3,750 0.6
MVM VI Global 2,867 0.5
Kurma Biofund II Europe 2,829 0.5
Northern Gritstone United Kingdom 2,300 0.4
SEP IV United Kingdom 398 0.1
Pentech Fund II United Kingdom 230 -
SEP III United Kingdom 60 -
SEP II United Kingdom 4 -
Total Growth & Venture Capital Funds 26,794 4.5
Secondary Funds
The Aurora Fund Europe 80 -
Total Secondary Funds 80 -
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Direct Investments/Co-investments
CARDO Group United Kingdom 21,921 3.6
Weird Fish United Kingdom 14,642 2.4
Utimaco DACH 13,560 2.2
San Siro Italy 12,256 2.0
Sigma United States 12,004 2.0
Cyclomedia Netherlands 9,941 1.6
Cyberhawk United Kingdom 9,343 1.5
Prollenium North America 8,705 1.4
TWMA United Kingdom 7,624 1.3
Asbury Carbons North America 7,591 1.3
Swanton United Kingdom 7,465 1.2
Aurora Payment Solutions United States 7,383 1.2
Orbis United Kingdom 7,193 1.2
Habitus Denmark 6,675 1.1
Velos IoT (JT IoT) United Kingdom 6,571 1.1
Family First United Kingdom 6,517 1.1
Polaris Software (StarTraq) United Kingdom 6,412 1.1
Vanda United Kingdom 5,828 1.0
123Dentist Canada 5,808 1.0
Rosa Mexicano United States 5,279 0.9
Braincube France 4,566 0.8
AccountsIQ Ireland 4,448 0.7
Walkers Transport United Kingdom 4,181 0.7
MedSpa Partners Canada 4,141 0.7
1Med Switzerland 3,804 0.6
Vero Biotech United States 3,705 0.6
LeadVenture United States 3,626 0.6
Collingwood Insurance Group United Kingdom 3,587 0.6
Educa Edtech Spain 3,215 0.5
GT Medical United States 3,070 0.5
Frendy Finland 2,550 0.4
OneTouch United Kingdom 2,250 0.4
Neurolens United States 2,172 0.4
Breeze Group (CAS) United Kingdom 1,990 0.3
Omlet United Kingdom 1,785 0.3
Rephine United Kingdom 1,252 0.2
Avalon United Kingdom 1,234 0.2
Ambio Holdings United States 746 0.1
Bomaki Italy 634 0.1
Cybit (Perfect Image) United Kingdom 283 0.1
TDR Algeco/Scotsman Europe 226 -
Leader96 Bulgaria 138 -
Dotmatics United Kingdom 76 -
Amethyst Radiotherapy Europe 8 -
Total Direct - Investments/Co-investments 236,405 39.0
Total Portfolio 607,059 100.0
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
year ended 31 December 2025
(Unaudited)
Revenue Capital Total
£'000 £'000 £'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
Statement of Comprehensive Income for the
year ended 31 December 2024
(Audited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 25,144 25,144
Exchange gains - 5,055 5,055
Investment income 3,270 - 3,270
Other income 961 - 961
Total income 4,231 30,199 34,430
Expenditure
Investment management fee - basic fee (489) (4,404) (4,893)
Other expenses (1,226) - (1,226)
Total expenditure (1,715) (4,404) (6,119)
Profit before finance costs and taxation 2,516 25,795 28,311
Finance costs (864) (7,778) (8,642)
Profit before taxation 1,652 18,017 19,669
Taxation - - -
Profit for year/total comprehensive income 1,652 18,017 19,669
Return per Ordinary Share 2.30p 25.08p 27.38p
CT Private Equity Trust PLC
Balance Sheet
As at 31 December 2025 As at 31 December 2024
(Unaudited)
(Audited)
£'000 £'000
Non-current assets
Investments at fair value through profit or loss 607,059 584,097
607,059 584,097
Current assets
Other receivables 1,677 1,110
Cash and cash equivalents 12,098 16,000
13,775 17,110
Current liabilities
Trade & other payables (4,334) (3,859)
(4,334) (3,859)
Net current assets 9,441 13,251
Total assets less current liabilities 616,500 597,348
Non-current liabilities
Interest-bearing bank loan (108,592) (92,519)
Net assets 507,908 504,829
Equity
Called-up ordinary share capital 739 739
Share premium account 2,527 2,527
Special distributable capital reserve 3,818 3,818
Special distributable revenue reserve 31,403 31,403
Capital redemption reserve 1,335 1,335
Capital reserve 468,086 465,007
Shareholders' funds 507,908 504,829
Net asset value per Ordinary Share 710.33p 706.03p
CT Private Equity Trust PLC
Statement of Changes in Equity
Special Distributable Capital Reserve Special Distributable Revenue Reserve
Share Premium Account Capital Redemption Reserve
Share Capital Capital Reserve Revenue Reserve
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the year ended 31 December 2025 (unaudited)
Net assets at 1 January 2025 739 2,527 3,818 31,403 1,335 465,007 - 504,829
Buyback of ordinary shares - - - - - - - -
Profit for the year/total comprehensive income - - - - - 20,285 2,844 23,129
Dividends paid - - - - - (17,206) (2,844) (20,050)
Net assets at 31 December 2025 739 2,527 3,818 31,403 1,335 468,086 - 507,908
For the year ended 31 December 2024 (audited)
Net assets at 1 January 2024 739 2,527 9,597 31,403 1,335 465,492 - 511,093
Buyback of ordinary shares - - (5,779) - - - - (5,779)
Profit for the year/total comprehensive income - - - - - 18,017 1,652 19,669
Dividends paid - - - - - (18,502) (1,652) (20,154)
Net assets at 31 December 2024 739 2,527 3,818 31,403 1,335 465,007 - 504,829
CT Private Equity Trust PLC
Statement of Cash Flows
Year ended Year ended
31 December 2025 31 December 2024
(Unaudited) (Audited)
£000 £000
Operating activities
Profit before taxation 23,129 19,669
Adjustments for:
Gains on disposals of investments (26,450) (58,769)
(Gains) / Losses on account of fair value movement (10,289) 33,625
Exchange differences 5,816 (5,055)
Interest Income (461) (961)
Interest received 461 937
Finance costs 6,915 8,642
Increase in other receivables (556) (266)
Increase / (Decrease) in other payables 1,943 (4,082)
Net cash inflow/(outflow) from operating activities 508 (6,260)
Investing activities
Purchases of investments (72,179) (58,712)
Sales of investments 85,957 105,362
Net cash inflow from investing activities 13,778 46,650
Financing activities
Drawdown of bank loans 24,481 50,005
Repayment of bank loans (14,648) (47,823)
Arrangement costs of loan facility (35) (1,468)
Interest paid (7,922) (8,209)
Equity dividends paid (20,050) (20,154)
Buyback of ordinary shares - (5,779)
Net cash outflow from financing activities (18,174) (33,428)
Net (decrease)/increase in cash and cash equivalents (3,888) 6,962
Currency losses (14) (841)
Net (decrease)/increase in cash and cash equivalents (3,902) 6,121
Opening cash and cash equivalents 16,000 9,879
Closing cash and cash equivalents 12,098 16,000
Notes (unaudited)
1. The unaudited financial results, which were
approved by the Board on 26 March 2026, have been prepared in accordance with
UK adopted international accounting standards. Where presentation guidance set
out in the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies and Venture Capital Trusts" ('SORP') issued by the
Association of Investment Companies is consistent with the requirements of
international accounting standards, the Directors have sought to prepare the
financial statements on a basis compliant with the recommendations of the
SORP. The Directors have assessed Going Concern and consider it the
appropriate basis for the figures presented in the announcement.
The accounting policies adopted are consistent with those of the previous
financial year.
2. Returns per Ordinary Share are based on the
following weighted average number of shares in issue during the year:
71,502,938 (2024: 71,845,834).
The net asset value per Ordinary Share is based on the following number of
shares in issue at the year-end: 71,502,938 (2024: 71,502,938).
3. The Board has proposed an interim dividend of 7.10
pence per Ordinary Share, payable on 30 April 2026 to those Shareholders on
the register on 10 April 2026 with an ex-dividend date of 9 April 2026.
4. This results announcement is based on the Company's
unaudited financial statements for the year ended 31 December 2025 which have
been prepared in accordance with UK adopted international accounting
standards.
5. This announcement is not the Company's statutory
accounts. The full audited accounts for the year ended 31 December 2024,
which were unqualified and had no emphasis of matters, have been lodged with
the Registrar of Companies. The statutory accounts for the year to 31
December 2025 (on which the audit report has not yet been signed) will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting which will be held at Cannon Place, 78 Cannon Street, London, EC4N 6AG
on 28 May 2026 at 13.00.
6. The Annual Report and Accounts for the year will be
sent to Shareholders and will be available for inspection at the Company's
registered office, Quartermile 4, 7a Nightingale Way, Edinburgh, EH3 9EG and
the Company's website www.ctprivateequitytrust.com
(http://www.ctprivateequitytrust.com) . The Company intends to issue a
subsequent annual financial report announcement.
For more information, please contact:
Hamish Mair (Investment Manager) 0131 573 8300
Scott McEllen (Company Secretary) 0131 573 8300
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com) /
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
Appendix: Alternative Performance Measures
The Company uses the following Alternative Performance Measures ('APMs'):
Discount (or premium) - If the share price of an Investment Trust is less than
its Net Asset Value per share, the shares are trading at a discount. If the
share price is greater than the Net Asset Value per share, the shares are
trading at a premium.
31 December 2025 31 December 2024
Net Asset Value per share (pence) (a) 710.33 706.03
Share price per share (pence) (b) 560.00 488.00
Discount (c=(b-a)/a) (c) 21.2% 30.9%
Dividend Yield - The dividends declared for the year divided by the share
price at the year end.
Gearing - This is the ratio of the borrowings less cash of the Company to its
total assets less current liabilities (excluding borrowings and cash).
Borrowings may include: preference shares; debentures; overdrafts and short
and long-term loans from banks; and derivative contracts. If the Company has
cash assets, these may be assumed either to net off against borrowings, giving
a "net" or "effective" gearing percentage, or to be used to buy investments,
giving a "gross" or "fully invested" gearing figure. Where cash assets
exceed borrowings, the Company is described as having "net cash".
31 December 2025 31 December 2024
£'000 £'000
Borrowings less cash (a) 96,494 76,519
Total assets less current liabilities (excluding borrowings and cash) (b) 604,402 581,348
Gearing (c=a/b) (c) 16.0% 13.2%
Ongoing Charges - All operating costs expected to be incurred in future and
that are payable by the Company expressed as a proportion of the average Net
Assets of the Company over the reporting year. The costs of buying and
selling investments are excluded, as are interest costs, taxation, performance
fees, non-recurring costs and the costs of buying back or issuing Ordinary
Shares. Ongoing charges of the Company's underlying investments are also
excluded.
Year to Year to
31 December 2025 31 December 2024
Ongoing charges (£'000) 6,140 6,119
Ongoing charges as a percentage of average net assets: 1.2% 1.2%
Ongoing charges (including performance fees) (£'000) 6,140 6,119
Ongoing charges (including performance fees) as a percentage of average net
assets:
1.2% 1.2%
Average net assets (£'000) 495,653 499,457
Total Return - The return to Shareholders calculated on a per share basis by
adding dividends paid in the period to the increase or decrease in the Share
Price or NAV. The dividends are assumed to have been reinvested in the form of
Ordinary Shares or Net Assets.
Year to 31 December 2025 Year to 31 December 2024
NAV per share at start of year (pence) 706.03 702.50
NAV per share at end of year (pence) 710.33 706.03
Change in year +0.6% +0.5%
Impact of dividend reinvestments +4.1% +4.1%
Total NAV return for the year +4.7% +4.6%
Year to 31 December 2025 Year to 31 December 2024
Share price per share at start of year (pence) 488.00 468.00
Share price per share at end of year (pence) 560.00 488.00
Change in year +14.8% +4.3%
Impact of dividend reinvestments +7.0% +6.6%
Total share price return for the year +21.8% +10.9%
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