REG - CT Private Eq Trust - Third Quarter Results and Dividend Declaration
27/11/2025 07:00
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RNS Number : 1624J CT Private Equity Trust PLC 27 November 2025
To: Stock Exchange For immediate release:
27 November 2025
CT Private Equity Trust PLC
Quarterly results for the three months ended 30 September 2025 (unaudited)
· Richard Gray, Chairman, to retire at the conclusion of the
Company's Annual General Meeting in May 2026. Upon his retirement, Tom
Burnet will be appointed Chairman.
· Net asset value of 694.88 pence per share as at 30 September
2025.
· A net asset value total return for the three-month period of
+4.1%.
· Quarterly dividend of 7.01 pence per Ordinary Share payable on 30
January 2026 to Shareholders on the register on 5 January 2026 with an ex-date
of 2 January 2026.
· Dividend yield of 6.0% based on the period end share price. ∞
∞ Calculated as dividends of 7.01p paid on 30 April 2025, 7.01p paid on 31
July 2025, 7.01p paid on 31 October 2025 and 7.01p payable on 30 January 2026,
divided by the Company's share price of 468p as at 30 September 2025.
Chairman's Statement
Introduction
This report is for the three-month period ended 30 September 2025. As at 30
September 2025, the net assets of the Company were £496.9m, giving a Net
Asset Value ('NAV') per share of 694.88p. Taking into account the dividend of
7.01p paid on 31 July 2025, this gives a NAV total return of +4.1% for the
third quarter. The NAV total return for the first nine months of the year is
+1.5%.
During the three-month period the Company made new investments, either through
funds or as co-investments, totalling £11.3m. Realisations and associated
income totalled £30.8m. Outstanding undrawn commitments at the period-end
were £167.8m of which £30.5m was to funds where the investment period had
expired.
A dividend of 7.01p was paid on 31 October and in accordance with the
Company's dividend policy the next dividend will be 7.01p, which will be paid
on 30 January 2026 to shareholders of the register on 5 January 2026, with an
ex-dividend date of 2 January 2026.
Financing
The Company's borrowing facility is composed of a €60m 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.
The Company had net debt at 30 September 2025 of £91.0m (30 June 2025:
£100.2m). This represents gearing of 15.5% (30 June 2025: 17.2%). The Company
retains approximately £56m of headroom in its borrowing facility. The current
debt level is eminently manageable and is expected to reduce as exit activity
recovers.
Directorate Change
As part of the Board succession's plan, and in accordance with corporate
governance best practice, I announce that I will retire as Chairman at the
completion of the Company's 2026 Annual General Meeting ("AGM").
I joined the Board in March 2017 and was appointed Chairman in May 2022. My
nine-year tenure on the Board has witnessed major geo-political events: the
COVID-19 pandemic; the Russian invasion of Ukraine; and a period of higher
inflation resulting in increased interest rates in many economies including
the United Kingdom. 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 successfully these challenges.
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, 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, Flooid, Trading Apps Ltd, 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.
It is anticipated that the Company's AGM will be held in May 2026.
Outlook
Your Company has a broad portfolio of lower mid-market private companies
covering many sectors, economic trends and geographies. There is always
activity in the portfolio and during this latest quarter we have seen clear
signs of an improvement in confidence with a noticeable increase in
realisations. The underlying companies continue to grow revenues and profits
at an impressive rate and experience suggests that this will in due course be
reflected in the overall valuation whether through exits achieved or uplifts
in valuations at future quarter or year ends. As we approach the end of 2025
there is a genuine prospect of further near-term value growth for
shareholders.
Richard Gray
Chairman
Manager's Review
Introduction
As at 30 September 2025, the net assets of the Company were £496.9m, giving a
Net Asset Value ('NAV') per share of 694.88p. Taking into account the dividend
of 7.01p paid on 31 July 2025, this gives a NAV total return of +4.1% for the
third quarter. The NAV total return for the first nine months of the year is
+1.5%.
The share price total return over the quarter was +0.2% and over the first
nine months was +0.3%.
As at 30 September, the Company had net debt of £91.0m, representing gearing
of 15.5%. The outstanding undrawn commitments are £167.8m, of which £30.5m
relates to funds where the investment period has expired.
New Investments
There were no new fund commitments or co-investments made in the quarter.
The funds in our portfolio made a number of drawdowns for new investments and
follow-ons. The total drawn in the quarter was £11.3m. This gives a total for
the first nine months of £42.4m, which compares with £45.2m at the same
point last year.
The number of new investments was lower than in recent quarters, but the
diverse nature of the investments remains.
£1.7m was called by Queka II, the Iberian mid-market fund to which we
recently made a commitment. The fund already has three investments which cover
different sectors; LipoTrue (manufacturer of active ingredients for the
cosmetics industry), Juan Navarro (producer of paprika and other spices) and
B2cloud (cloud, cybersecurity and telecoms for SMEs). FPE Fund III called
£1.3m to repay a subscription line with which it had made investments. The
fund now has eight investee companies. MED Platform II called £0.8m mainly
for ZimVie, a take-private of a US NASDAQ listed company which makes dental
implants, surgical tools and biologics. Kester Capital Fund III called £0.6m
for Evestia, a contract research organisation that provides clinical trials
for pharmaceutical and biotech companies. Lastly DBAG Fund VIII called £0.6m
for Great Lengths, a provider of natural hair extensions.
Realisations
The total of realisations and associated income in the third quarter was
£30.8m, this is almost double the amount in Q2 and brings the total for the
first nine months to £57.9m. This compares with £94.5m at this point last
year and £108.6m for the whole of 2024. There has been a continued recovery
in realisation activity, but private equity market participants remain
cautious.
Our co-investment portfolio has produced some good exits. £8.2m was received
from Amethyst Radiotherapy, which was sold by The Rohatyn Group to Fremman
Capital returning 1.8x cost and an IRR of 11%. Our remaining position in
Dotmatics, the software company used by scientists and pharmaceutical
companies, was fully realised by SEP returning £4.7m from the co-investments
(plus a further £0.5m from SEP V). This completes a hugely successful
co-investment which achieved a total net return of 8.3x cost and 79% IRR,
returning total proceeds of £35.3m.
There were several realisations from the funds portfolio.
Our recent investment in software fund Axiom achieved a remarkable partial
exit of JobLogic (field service management software) through a sale of 51% to
Vista Equity Partners. This returned £5.4m, representing 5.0x cost and 97%
IRR. Our two holdings in Inflexion's Buyout Fund V and Supplemental Fund V
returned £2.6m from the exits of Blue Light Card (discount card for
healthcare, emergency and armed services personnel) and Medik8 (premium
ethical skincare brand). The returns from each were typically impressive . SEP
Fund V returned £2.1m from the exit of regulatory software company FundApps
achieving 2.9x cost and 29% IRR. MED II, the healthcare focussed fund,
returned £1.4m mainly from the sale of Diesse and its residual position in
Ad-Tech. Diesse, producer of in-vitro diagnostics systems, returned 3.8x cost
and 24% IRR. US manufacturer of intracranial neuro electrodes, Ad-Tech,
generated a final return of 4.9x cost and 43% IRR. Piper Private Equity, our
long-standing investment partner in consumer-oriented businesses, exited
affordable steak restaurant chain Flat Iron returning £1.4m, representing
3.4x cost and 16% IRR. Lastly in the US, Blue Point Capital Fund IV exited
global strategy consultant Stax returning £1.3m, 2.6x cost and 28% IRR.
At the time of writing, the Company has recorded 38 underlying portfolio
realisations year to date compared to 53 company exits in the whole of last
year. The average uplift on exit and the weighted average uplift were 11% and
20% respectively. Notably, this is below the five-year averages of 28% and 47%
respectively, reflecting the more challenging exit environment in 2025. 74% of
exits by value were to private equity - 40% to external sponsors and 34% to
continuation vehicles ("CVs"). The remaining 26% of exits were to trade
buyers. The proportion of exits to private equity is higher than the long-term
average of 62% of exit value. This is in part due to the growth of CVs from
13% of exits by value in 2023 to 5% in 2024 and 34% in 2025. In 2025, the
average return of exited investments was 2.7x cost, which is below the
long-term average of 3.5x cost.
Valuation Changes
There were several valuation changes this quarter. Most of the valuations,
83%, are based on 30 June valuations, as many of the September marks were not
available at the time of writing.
A number of notable uplifts came from the co-investments.
CARDO Group, the Buckthorn-led social housing maintenance company, was up by
£8.5m, reflecting the company's exceptional growth in profitability in recent
years which has been aided by a number of judicious and attractively priced
acquisitions. Axiom I, the UK lower mid-market software buyout fund, was up by
£4.0m due to the partial exit of JobLogic noted above. Weird Fish, the casual
clothing company, was up by £2.4m due to strong trading and reflecting the
terms of the continuation vehicle and refinancing which took place after the
quarter-end. Unmanned aerial vehicle inspection and software company Cyberhawk
has been trading well and is up by £2.3m. Prollenium, the aesthetic medicine
company, is also trading well and is up by £2.0m.
There have been a number of downgrades as well. These reflect a combination of
company-specific issues and the still challenging overall economic environment
which makes growth harder to implement.
Breeze Group, the cleanroom and laboratory equipment manufacturer servicing
the scientific sector, has traded below expectations and is down by £4.5m.
The principal cause of this is a very weak market for its US subsidiary,
Biospherix, which has suffered acutely from the lack of federal funding to
universities and laboratories, exacerbated by the recent federal shutdown.
TWMA, the drilling waste management company for the oil and gas industry, has
faced a difficult background with business from the North Sea dropping
significantly and being replaced by Middle East-based activity. This has been
disruptive and has necessitated a move of much of the company's activities to
the UAE. This year's revenues and EBITDA are down slightly and a downgrade of
£3.5m has been taken this quarter, largely reflecting a lower valuation
multiple. Longer term there is a good prospect of stabilisation and recovery.
Accuvein, the MVM led vein visualisation company, which uses a novel infrared
technology, has struggled in a deteriorating market and is down by £1.4m.
Financing
The Company's debt has reduced somewhat over the quarter and stands at
£91.0m. The excess of realisations over drawdowns and follow-on investments
has helped with this and if the current observable pick-up in exit activity
persists the balance sheet will continue to de-gear noticeably. At this level
of gearing, growth in the portfolio valuation should translate into enhanced
gains in NAV and the Company has substantial headroom in its borrowing
facility.
Outlook
We have confidence in the medium term outlook for our portfolio. This is based
on the fundamentals of the investee companies. Looking at all the companies in
our portfolio, the weighted average growth in revenue and EBITDA for the
twelve months to 30 June 2025 was 22.9% and 22.5% respectively. For our
co-investment portfolio, which accounts for just under 40% of the portfolio by
value, the comparable figures are 15.8% and 26.8%. For all companies and
co-investments, there has been a noticeable quarter-on-quarter acceleration in
EBITDA growth.
In addition to the underlying company fundamentals, the health of the
international economy has a direct bearing on M&A activity levels in
private equity portfolios. The key factor is the degree of confidence felt by
decision-makers in companies and private equity funds. The cost of debt
finance and the availability of equity are also important. Uncertainty created
by changes in economic policy or geopolitical events combines with these other
factors to reduce or slow down deal activity. This year has seen a combination
of these factors in play leading to a period of adjustment with lower deal
volumes and, to some extent, prices. The most recent indications from our
investment partners and our investee companies are that confidence is
improving and we expect that this will prove to be a positive influence as
we approach the end of 2025 and enter 2026.
We have also seen renewed focus on the lower mid-market buyout sector by a
number of large investors and increased interest in Europe. The Company's
portfolio which covers the lower mid-market across Europe and further afield
is well placed to benefit.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 30 September 2025 % of Total % of Total
30 September 2025 31 December 2024
Buyout Funds - Pan European* 13.9 11.6
Buyout Funds - UK 19.3 19.2
Buyout Funds - Continental Europe† 16.1 15.5
Secondary Funds - -
Private Equity Funds - USA 4.1 4.4
Private Equity Funds - Global 3.0 2.7
Growth & Venture Capital Funds 4.2 4.5
Direct Investments/Co-investments 39.4 42.1
100.0 100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Individual Holdings Total Valuation £'000 % of Total Portfolio
As at 30 September 2025
Inflexion Strategic Partners 18,503 3.1
Weird Fish 16,642 2.8
CARDO Group 15,701 2.7
August Equity Partners V 13,846 2.4
Utimaco 13,706 2.3
Sigma 11,982 2.0
San Siro 11,200 1.9
Apposite Healthcare III 9,608 1.6
Cyclomedia 9,550 1.6
Stirling Square Capital II 9,201 1.6
129,939 22.0
Portfolio Holdings
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Buyout Funds - Pan European
Apposite Healthcare III Europe 9,608 1.6
Stirling Square Capital II Europe 9,201 1.6
F&C European Capital Partners Europe 8,652 1.5
Apposite Healthcare II Europe 8,209 1.4
MED Platform II Global 4,443 0.8
Verdane XI Northern Europe 4,138 0.7
Volpi III Northern Europe 3,813 0.7
Summa III Northern Europe 3,683 0.6
Magnesium Capital 1 Europe 3,411 0.6
Wisequity VI Italy 3,156 0.5
Agilitas 2015 Fund Northern Europe 2,992 0.5
Verdane Edda III Northern Europe 2,678 0.5
MED II Western Europe 2,604 0.5
Astorg VI Western Europe 2,411 0.4
KKA II DACH 2,355 0.4
ARCHIMED MED III Global 1,895 0.3
Inflexion Partnership III Europe 1,883 0.3
Agilitas 2020 Fund Europe 1,830 0.3
Queka II Iberia 1,686 0.3
Castle Mount Impact Partners Global 1,458 0.2
TDR Capital II Western Europe 825 0.1
TDR II Annex Fund Western Europe 732 0.1
Agilitas 2024 HIF Europe 229 -
MED Rise Global 153 -
Total Buyout Funds - Pan European 82,045 13.9
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 18,503 3.1
August Equity Partners V United Kingdom 13,846 2.4
Axiom 1 United Kingdom 6,939 1.2
Apiary Capital Partners I United Kingdom 6,734 1.2
Inflexion Buyout Fund VI United Kingdom 6,670 1.1
Inflexion Supplemental V United Kingdom 6,479 1.1
FPE Fund III United Kingdom 6,440 1.1
Kester Capital II United Kingdom 5,380 0.9
Kester Capital III United Kingdom 4,917 0.8
Piper Private Equity VII United Kingdom 4,832 0.8
FPE Fund II United Kingdom 4,614 0.8
Corran Environmental II United Kingdom 4,213 0.7
Inflexion Partnership Capital II United Kingdom 4,148 0.7
August Equity Partners IV United Kingdom 3,715 0.6
Inflexion Buyout Fund V United Kingdom 3,150 0.5
Inflexion Enterprise Fund V United Kingdom 2,563 0.4
Piper Private Equity VI United Kingdom 2,305 0.4
Inflexion Buyout Fund IV United Kingdom 2,216 0.4
Inflexion Supplemental IV United Kingdom 1,381 0.3
August Equity Partners VI United Kingdom 1,367 0.2
Inflexion Partnership Capital I United Kingdom 1,218 0.2
Inflexion Enterprise Fund IV United Kingdom 1,027 0.2
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Horizon Capital 2013 United Kingdom 476 0.1
RJD Private Equity Fund III United Kingdom 387 0.1
Primary Capital IV United Kingdom 233 -
Dunedin Buyout Fund II United Kingdom 2 -
Total Buyout Funds - UK 113,755 19.3
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 7,520 1.3
DBAG VII DACH 6,756 1.1
Avallon MBO Fund III Poland 6,560 1.1
Bencis V Benelux 6,549 1.1
Vaaka III Finland 6,327 1.1
Procuritas VII Nordic 5,560 0.9
DBAG VIII DACH 5,116 0.9
Capvis III CV DACH 4,728 0.8
Montefiore V France 4,621 0.8
Corpfin V Spain 4,492 0.8
Verdane Edda Nordic 4,461 0.8
Procuritas VI Nordic 3,891 0.7
Vaaka IV Finland 3,433 0.6
Chequers Capital XVII France 3,224 0.5
Procuritas Capital IV Nordic 3,035 0.5
ARX CEE IV Eastern Europe 2,401 0.4
Italian Portfolio Italy 2,038 0.3
Aurica IV Spain 1,998 0.3
Capvis IV DACH 1,840 0.3
Montefiore IV France 1,546 0.3
Summa I Nordic 1,504 0.3
Summa II Nordic 1,453 0.2
DBAG VIIB DACH 1,222 0.2
Portobello Fund III Spain 1,092 0.2
DBAG Fund VI DACH 1,009 0.2
DBAG VIIIB DACH 884 0.1
Chequers Capital XVI France 583 0.1
Ciclad 5 France 382 0.1
Vaaka II Finland 368 0.1
Montefiore Expansion France 246 -
Corpfin Capital Fund IV Spain 215 -
PineBridge New Europe II Eastern Europe 204 -
Procuritas Capital V Nordic 85 -
Capvis III DACH 52 -
Gilde Buyout Fund III Benelux 25 -
DBAG Fund V DACH 6 -
Total Buyout Funds - Continental Europe 95,426 16.1
Secondary Funds
The Aurora Fund Europe 84 -
Total Secondary Funds 84 -
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - USA
Blue Point Capital IV North America 5,734 1.0
Purpose Brands (Level 5) United States 3,009 0.5
Camden Partners IV United States 2,991 0.5
Level 5 Fund II United States 2,950 0.5
MidOcean VI United States 2,649 0.5
Graycliff IV North America 2,322 0.4
Stellex Capital Partners North America 1,227 0.2
Blue Point Capital III North America 1,103 0.2
Graycliff III United States 997 0.2
TorQuest VI North America 886 0.1
Blue Point Capital II North America 151 -
Total Private Equity Funds - USA 24,019 4.1
Private Equity Funds - Global
Corsair VI Global 8,884 1.5
Hg Saturn 3 Global 4,980 0.8
Hg Mercury 4 Global 2,610 0.5
PineBridge GEM II Global 805 0.1
F&C Climate Opportunity Partners Global 361 0.1
AIF Capital Asia III Asia 60 -
PineBridge Latin America II South America 56 -
Warburg Pincus IX Global 8 -
Total Private Equity Funds - Global 17,764 3.0
Growth &Venture Capital Funds
SEP V United Kingdom 7,894 1.3
SEP VI Europe 5,026 0.8
MVM V Global 3,663 0.6
MVM VI Global 2,760 0.5
Kurma Biofund II Europe 2,175 0.4
Northern Gritstone United Kingdom 1,895 0.3
SEP IV United Kingdom 1,004 0.2
Pentech Fund II United Kingdom 368 0.1
SEP III United Kingdom 60 -
SEP II United Kingdom 4 -
Total Growth & Venture Capital Funds 24,849 4.2
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Direct Investments/Co-investments
Weird Fish United Kingdom 16,642 2.8
CARDO Group United Kingdom 15,701 2.7
Utimaco DACH 13,706 2.3
Sigma United States 11,982 2.0
San Siro Italy 11,200 1.9
Cyclomedia Netherlands 9,550 1.6
Aurora Payment Solutions United States 8,719 1.5
Cyberhawk United Kingdom 8,540 1.4
Prollenium North America 8,306 1.4
Asbury Carbons North America 8,055 1.4
TWMA United Kingdom 7,287 1.2
Orbis United Kingdom 7,134 1.2
Swanton United Kingdom 7,012 1.2
Velos IoT (JT IoT) United Kingdom 6,728 1.1
Habitus Denmark 6,404 1.1
Polaris Software (StarTraq) United Kingdom 6,384 1.1
Family First United Kingdom 6,154 1.0
Cybit (Perfect Image) United Kingdom 5,530 0.9
Rosa Mexicano United States 5,443 0.9
123Dentist Canada 5,266 0.9
MedSpa Partners Canada 5,182 0.9
Braincube France 4,495 0.8
LeadVenture United States 4,141 0.7
1Med Switzerland 4,100 0.7
AccountsIQ Ireland 4,080 0.7
Walkers Transport United Kingdom 3,715 0.6
Vero Biotech United States 3,475 0.6
Collingwood Insurance Group United Kingdom 3,432 0.6
Breeze Group (CAS) United Kingdom 3,270 0.6
Educa Edtech Spain 3,202 0.5
GT Medical United States 3,035 0.5
PathFactory Canada 2,281 0.4
OneTouch United Kingdom 2,207 0.4
Neurolens United States 2,150 0.4
Frendy Finland 1,839 0.3
Omlet United Kingdom 1,689 0.3
Rephine United Kingdom 1,469 0.2
Bomaki Italy 1,279 0.2
Avalon United Kingdom 1,234 0.2
Leader96 Bulgaria 386 0.1
Ambio Holdings United States 321 0.1
TDR Algeco/Scotsman Europe 192 -
Dotmatics United Kingdom 50 -
Total Direct Investments/Co-investments 232,967 39.4
Total Portfolio 590,909 100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2025 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 19,747 19,747
Exchange losses - (5,740) (5,740)
Investment income 2,543 - 2,543
Other income 349 - 349
Total income 2,892 14,007 16,899
Expenditure
Investment management fee - basic fee (365) (3,285) (3,650)
Investment management fee - performance fee - - -
Other expenses (940) - (940)
Total expenditure (1,305) (3,285) (4,590)
Profit before finance costs and taxation 1,587 10,722 12,309
Finance costs (524) (4,718) (5,242)
Profit before taxation 1,063 6,004 7,067
Taxation - - -
Profit for period/ total comprehensive income 1,063 6,004 7,067
Return per Ordinary Share 1.49p 8.39p 9.88p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2024 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 83 83
Exchange gains - 4,443 4,443
Investment income 2,110 - 2,110
Other income 794 - 794
Total income 2,904 4,526 7,430
Expenditure
Investment management fee - basic fee (365) (3,284) (3,649)
Investment management fee - performance fee - - -
Other expenses (916) - (916)
Total expenditure (1,281) (3,284) (4,565)
Profit before finance costs and taxation 1,623 1,242 2,865
Finance costs (679) (6,115) (6,794)
Profit/(loss) before taxation 944 (4,873) (3,929)
Taxation - - -
Profit/(loss) for period/ total comprehensive income 944 (4,873) (3,929)
Return per Ordinary Share 1.31p (6.77)p (5.46)p
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)
Investment management fee - performance fee - - -
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 30 September 2025 As at 30 September 2024 As at 31 December
2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 590,909 558,495 584,097
Current assets
Other receivables 1,523 3,196 1,110
Cash and cash equivalents 30,211 22,678 16,000
31,734 25,874 17,110
Current liabilities
Other payables (4,538) (5,144) (3,859)
Interest-bearing bank loan - (44,222) -
(4,538) (49,366) (3,859)
Net current assets/(liabilities) 27,196 (23,492) 13,251
Total assets less current liabilities 618,105 535,003 597,348
Non-current liabilities
Interest-bearing bank loan (121,245) (48,760) (92,519)
Net assets 496,860 486,243 504,829
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 457,038 446,421 465,007
Shareholders' funds 496,860 486,243 504,829
Net asset value per Ordinary Share 694.88p 680.03p 706.03p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Nine months Nine months ended Year
ended 30 September ended
30 September 2024 31 December 2024
2025
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 504,829 511,093 511,093
Buyback of ordinary shares - (5,779) (5,779)
Profit/(loss) for the period/total
comprehensive income
7,067
19,669
(3,929)
Dividends paid (15,036) (15,142) (20,154)
Closing shareholders' funds 496,860 486,243 504,829
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 2024. Earnings for the nine months to 30
September 2025 should not be taken as a guide to the results for the year to
31 December 2025.
2. Investment management fee:
Nine months ended Nine months ended Year ended
30 September 2025 30 September 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment management fee - basic fee
365 3,285 3,650 365 3,284 3,649 489 4,404 4,893
Investment management fee - performance fee
- - - - - - - - -
365 3,285 3,650 365 3,284 3,649 489 4,404 4,893
3. Finance costs:
Nine months ended Nine months ended Year ended
30 September 2025 30 September 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Interest payable on bank loans 524 4,718 5,242 679 6,115 6,794 864 7,778 8,642
4. Returns and net asset values
Nine months ended Nine months ended Year ended
30 September 2025 30 September 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £1,063,000 £944,000 £1,652,000
Capital Return £6,004,000 £(4,873,000) £18,017,000
Net assets attributable to shareholders £496,860,000 £486,243,000 £504,829,000
Number of shares in issue at the period end (excluding shares held in treasury) 71,502,938 71,502,938 71,502,938
Weighted average number of shares in issue during the period (excluding shares held in treasury 71,502,938 71,960,967 71,845,834
5. The financial information for the nine months ended 30 September
2025, 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 2024,
on which the auditor issued an unqualified report, have been lodged 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
(mailto:hamish.mair@columbiathreadneedle.com) /
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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. END MSCDQLFLEFLBFBD
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