3rd Quarter Results and Dividend announcement

CT Private Equity Trust PLC
24 November 2023
 

 

 

To: Stock Exchange

For immediate release:


24 November 2023

 

CT Private Equity Trust PLC

Quarterly results for the three months ended 30 September 2023 (unaudited)
 

·    Net asset value of 696.30p per Ordinary Share reflecting a total return for the three months of 3.3 per cent for the Ordinary Shares

·    Share price total return for the three-month period of 0.4%.

·    Total quarterly dividends of 20.97p per Ordinary Share year to date representing an increase of 10.5% from the same period last year.

Quarterly dividend of 6.95p paid on 31 July 2023

Quarterly dividend of 7.01p paid on 31 October 2023

Quarterly dividend of 7.01p to be paid on 31 January 2024

·    Dividend yield of 5.9 per cent based on the period end share price (1).

·    As at 30 September 2023 net debt was £74.5 million equivalent to a gearing level of 12.8%.

 

(1)      Calculated as dividends of 6.79p paid on 28 April 2023, 6.95p paid on 31 July 2023, 7.01p paid on 31 October 2023 and 7.01p payable on 31 January 2024, divided by the Company's share price of 468.00p as at 30 September 2023.

 

Manager's Review

Introduction

As at 30 September 2023 the net assets of the Company were £507.2 million giving a Net Asset Value ("NAV") per share of 696.30p which taking account of the dividend of 6.95p paid on 31 July 2023 gives a total return for the third quarter of +3.3% and for the first nine months of 0.9%. This valuation is, as usual, largely composed of 30 June valuations with around 11% of valuations struck at 30 September 2023. The pound has been weaker against most major currencies over the quarter and this has increased NAV by approximately 1.3% during the three month period. In the year to date there has been minimal impact of currency.

 

The share price total return over the quarter was 0.4%. The discount to NAV at the latest practicable date, 23 November 2023, is 33.2% which compares with 32.8% as at 30 September 2023.

 

At 30 September 2023 the Company had net debt of £74.5 million. The outstanding undrawn commitments were £215 million of which £27 million was to funds where the investment period had expired.

 

A dividend of 7.01p was paid on 31 October 2023. In accordance with the Company's dividend policy the next dividend will be 7.01p which will be paid on 31 January 2024 to shareholders on the register on 5 January 2024 with an ex-dividend date of 4 January 2024.

 

New Investments

During the quarter we made three new commitments to funds and two co-investments.

 

CAD$10 million has been committed to Torquest VI, one of the leading Canadian mid-market buyout funds.

£10 million was committed to Inflexion Partnership Capital III, the latest in the series of funds from this key relationship. The latest fund is focused on European mid-market minority buyout.

$5 million was committed to Purpose Brands, a US consumer franchise co-investment fund. The fund is managed by American based Level 5 Capital Partners, an emerging manager focused on consumer franchise businesses.

Our dealflow of co-investments remains strong with two new co-investments made during the quarter.

The first co-investment is an Industrial Internet of Things (IIoT) software company which provides software solutions primarily for manufacturing processes. €5.2 million has been invested.

Utimaco is a Germany based company providing mission critical professional cybersecurity and data intelligence solutions for critical infrastructures. €6.0 million has been invested.

The funds in the portfolio continue to build out their portfolios with new investments. The larger individual investments are as follows; Magnesium Capital 1, the energy transition fund drew £0.9 million for SCADA (software and control systems for the renewables sector) and Inpower (e-boilers for district and industrial heating), Hg Saturn 3 drew £1.5 million for Access (enterprise software) and IFS/Workwave (field service management software). In the US Corsair Capital VI called £0.8 million for Hungerush (all in one point of sale and restaurant management platform).

There were add on acquisitions to three co-investments; £0.9 million for Startraq where Farthest Gate, a London based provider of parking, permitting and licensing software for local authorities has been acquired, £0.8 million for 1Med which has acquired Evamed, a French medical device focused clinical research organisation (CRO) based in Caen and £0.5 million for funeral homes company San Siro for prospective acquisitions.

The total of new co-investments and drawdowns for funds and existing co-investments in the quarter was £24.1 million. Of this approximately half is for fund drawdowns and half for co-investments. Total new investment for 2023 to date is £98.7 million which is c.40% up on the same period in 2022.

Realisations

Although there has been a slowdown in exits by the third quarter, there were several notable realisations in the portfolio.

We have completed the sell down of energy services company Ashtead Technology, which is now listed, with a final £5.5 million realised. This brings total proceeds to £20 million representing 2.5x cost and an IRR of 19%. This investment was led by Buckthorn with whom we have three other co-investments.

The Agilitas 2015 Fund has had a good exit with the sale of Hydro International, the water services company to CRH plc. This realised £2.1 million representing 3.1x cost.

ArchiMed II returned £1.0 million principally from the sale of gene therapy company Polyplus. This represented 4.6x cost and an IRR of 75%.

Other notable exits include the sale by Inflexion 2012 Co-investment Fund of the specialist design engineering services company PDMS which sells to the oil and gas sector, returning £0.7 million. Summa II, the Nordic sustainable fund returned £0.5 million from the sale of construction sector software company Infobric which returned 3.8x cost and an IRR of 36%.

In total realisations for the quarter were £14.1 million which is slightly down on Q2. This brings realisations in 2023 to date to £53.9 million which is just over 30% down on the same period in 2022.

Valuation Changes

There were many valuation movements this quarter. Most of these were upwards and they were quite well balanced between the funds and co-investment elements of the portfolio.

The largest individual uplift was for Italian investment company Aliante Equity 3 (+£3.1 million) which has benefitted from a revised third-party valuation, good progress in the portfolio and debt reduction. August Equity IV and August Equity V were up by £2.1 million and £1.0 million respectively. Our holding in US fund Graycliff IV was up by £1.8 million reflecting good fundamental progress across its portfolio. Amongst the co-investment portfolio there were uplifts for TWMA (+£1.8 million), Utimaco (+£1.6 million), Jollyes (+£1.5 million) and Coretrax (+£1.3 million). With the exception of Utimaco, these are mature holdings well on the way towards exit.

Financing

The Company has maintained a strong investment programme throughout the year which has turned out to exceed the total proceeds from realisations for the year to date. This results in a net increase in debt with net debt standing at £74.5 million at 30 September 2023. This equates to gearing of 12.8%, which is well within our usual comfort range. The Company retains considerable headroom in its borrowing facility. Our £116.7 million facility is due to be renewed or extended by June 2024 and we have already commenced discussions with the lenders on this topic.

Capital Allocation

The Company aims to maintain a fully invested portfolio and to provide a strong dividend. The dividend which is 4% of NAV and is paid at the same or higher levels is substantial and has grown in tandem with NAV since the Company introduced this policy in 2012.  We believe that a growing and largely predictable dividend is highly appreciated by our shareholders and we intend to direct and manage the Company with the long term growth of the dividend as a high priority.

The Company, in common with the rest of the Private Equity investment trust sector, trades on a substantial discount to NAV. Whilst the realisations from our portfolio have consistently been at a substantial premium to previous carrying value, usually well above 30%, this proof of the conservative nature of the valuations does not seem to have had any bearing on the share ratings which one could argue represent a 'double discount' to ultimate value.

The Company routinely takes buy-back powers and has used these sparingly when necessary over the years. A purchase of a loose line of stock by the Company is usually in the interests of all shareholders acting to stabilise the share price. At a substantial discount to NAV this also immediately enhances NAV per share. This is a one-off benefit, but it does act to reduce the asset base of the Company potentially permanently and the capital used for buy-backs cannot subsequently be used for longer term multi-year investments nor to fund the dividend or to repay debt. The importance of the dividend has been mentioned above.

The long-term annualised return from investments is substantial and these returns should be compared with the return from a share buy-back using the same capital. The last 149 exits from the Company, which gave proceeds of £318 million, from 2020 to 30 September 2023 have produced an average return of 3.6x cost and an IRR of 27%, a strong annual return over a median holding period of 5.6 years. Whilst the past is not necessarily a guide to the future, these statistics provide some idea of the opportunity cost of using this capital for buy-backs. These factors, namely the protection of a growing dividend, the potential returns of new investments and the immediate enhancement of NAV from buy-backs at a discount are carefully considered by the Company's directors and management on a tactical and strategic basis when determining the use of the Company's precious capital.

It is worth recording that the Company has recently underwritten the purchase of its own shares in the recent past when a loose line of stock was in the market. On that occasion it was not ultimately necessary for the shares to be bought back. It should also be noted that the Company's substantial dividend policy was initiated more than a decade ago as a means of allowing our shareholders to benefit from the steady flow of realisations that the Company achieves without the need to sell any of their shareholdings. Many shareholders choose to reinvest their dividends back into the shares which, as the Company routinely observes, is a good way of building up a larger shareholding over time.

Outlook

The private equity sector internationally has gone through an adjustment phase this year. Inflation and interest rates have been high and there is either sluggish growth or mild recession in most of our target markets. The banking environment is somewhat tighter than previously and some highly rated sectors no longer command very high prices unconditionally. The international environment is volatile with the external shock risk elevated. It is therefore taking longer for deals to be confirmed with buyers and sellers starting off with differing price expectations. That all said, business confidence is robust and there remain healthy levels of turnover in private companies. Our dealflow of investable companies is excellent. The exit boom of recent years is now past and we are returning to more 'normal' conditions. The Company's portfolio is fundamentally sound, conservatively valued and deriving strength through its comprehensive diversification whilst having plenty of meaningful holdings in companies with potential for superior returns. As we approach the end of 2023 the prospects for further returns for shareholders in line with our long-term growth trend is good. Your Company was recently named as Private Equity and Growth Capital Investment Trust of the year by Investment Week.

 

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

 

 

Portfolio Summary

Portfolio Distribution at 30 September 2023

% of Total

30 September 2023

% of Total

31 December 2022

Buyout Funds - Pan European*

10.0

11.1

Buyout Funds - UK

16.5

15.4

Buyout Funds - Continental Europe†

17.6

20.1

Secondary Funds

0.1

0.1

Private Equity Funds - USA

5.3

4.3

Private Equity Funds - Global

1.6

1.2

Venture Capital Funds

3.5

3.7

Direct - Quoted

-

1.1

Direct Investments/Co-investments

45.4

43.0


100.0

100.0

* Europe including the UK.

† Europe excluding the UK.



 

 

 

 

Ten Largest Holdings

As at 30 September 2023

Total Valuation £'000

% of Total Portfolio

Sigma

16,457

2.8

Inflexion Strategic Partners

15,346

2.6

Coretrax

14,554

2.5

Jollyes

13,485

2.3

TWMA

11,765

2.0

Aliante Equity 3

11,528

1.9

Aurora Payment Solutions

10,618

1.8

San Siro

10,240

1.7

August Equity Partners V

9,780

1.6

SEP V

9,395

1.6

123,168

20.8

 

 

 

 

 

Portfolio Holdings

 

Investment

Geographic Focus

 

Total

Valuation

£'000

% of Total Portfolio

 

 

Buyout Funds - Pan European




 

 

Apposite Healthcare II

Europe

8,865

1.5

 

 

F&C European Capital Partners

Europe

8,858

1.5

 

 

Stirling Square Capital II

Europe

8,277

1.4

 

 

Apposite Healthcare III

Europe

7,381

1.3

 

 

ArchiMed II

Western Europe

4,132

0.7

 

 

Agilitas 2015 Fund

Northern Europe

3,639

0.6

 

 

Magnesium Capital 1

Europe

3,265

0.6

 

 

Astorg VI

Western Europe

3,188

0.5

 

 

KKA II

Europe

1,513

0.3

 

 

Summa III

Northern Europe

1,480

0.3

 

 

Volpi III

Northern Europe

1,316

0.2

 

 

Silverfleet European Dev Fund

Europe

1,233

0.2

 

 

Agilitas 2020 Fund

Europe

1,199

0.2

 

 

TDR Capital II

Western Europe

1,175

0.2

 

 

TDR II Annex Fund

Western Europe

1,012

0.2

 

 

Verdane XI

Northern Europe

732

0.1

 

 

Med Platform II

Global

714

0.1

 

 

ArchiMed MED III

Global

649

0.1

 

 

Volpi Capital

Northern Europe

76

-

 

 

Wisequity VI

Italy

71

-

 

 

Verdane Edda III

Northern Europe

25

-

 

 

Total Buyout Funds - Pan European


58,800

10.0

 

 

 

Buyout Funds - UK




 

 

Inflexion Strategic Partners

United Kingdom

15,346

2.6

 

 

August Equity Partners V

United Kingdom

9,780

1.6

 

 

August Equity Partners IV

United Kingdom

8,166

1.4

 

 

Axiom 1

United Kingdom

6,266

1.1

 

 

Inflexion Supplemental V

United Kingdom

6,211

1.1

 

 

Apiary Capital Partners I

United Kingdom

5,898

1.0

 

 

Inflexion Buyout Fund V

United Kingdom

5,657

1.0

 

 

Kester Capital II

United Kingdom

4,236

0.7

 

 

Piper Private Equity VI

United Kingdom

4,066

0.7

 

 

Inflexion Buyout Fund IV

United Kingdom

3,416

0.6

 

 

Inflexion Partnership Capital II

United Kingdom

3,100

0.5

 

 

Inflexion Enterprise Fund IV

United Kingdom

3,015

0.5

 

 

FPE Fund III

United Kingdom

2,850

0.5

 

 

FPE Fund II

United Kingdom

2,752

0.5

 

 

Inflexion Buyout Fund VI

United Kingdom

2,275

0.4

 

 

Inflexion Enterprise Fund V

United Kingdom

2,152

0.4

 

 

RJD Private Equity Fund III

United Kingdom

2,030

0.3

 

 

Inflexion Supplemental IV

United Kingdom

1,545

0.3

 

 

GCP Europe II

United Kingdom

1,495

0.2

 

 

Horizon Capital 2013

United Kingdom

1,265

0.2

 

 

Piper Private Equity VII

United Kingdom

1,146

0.2

 

 

Primary Capital IV

United Kingdom

1,126

0.2

 

 

Inflexion Partnership Capital I

United Kingdom

1,019

0.2

 

 

Dunedin Buyout Fund II

United Kingdom

860

0.1

 

 

Kester Capital III

United Kingdom

796

0.1

 

 

Piper Private Equity V

United Kingdom

387

0.1

 

 

Inflexion 2012 Co-Invest Fund

United Kingdom

127

-

 

 

Inflexion 2010 Fund

United Kingdom

89

-

 

 

Total Buyout Funds - UK


97,071

16.5

 

 





 

 





 

 

Investment

Geographic Focus

 

Total

Valuation £'000

% of Total Portfolio

 

 

Buyout Funds - Continental Europe




 

 

Aliante Equity 3

Italy

11,528

1.9

 

 

Bencis V

Benelux

9,348

1.6

 

 

DBAG VII

DACH

5,388

0.9

 

 

Vaaka III

Finland

5,269

0.9

 

 

Capvis III CV

DACH

5,152

0.9

 

 

Avallon MBO Fund III

Poland

4,769

0.8

 

 

Montefiore IV

France

4,677

0.8

 

 

Italian Portfolio

Italy

4,623

0.8

 

 

Chequers Capital XVII

France

4,148

0.7

 

 

Procuritas VI

Nordic

3,999

0.7

 

 

DBAG VIII

DACH

3,945

0.7

 

 

Summa II

Nordic

3,836

0.7

 

 

Verdane Edda

Nordic

3,511

0.6

 

 

ARX CEE IV

Eastern Europe

3,101

0.5

 

 

Montefiore V

France

2,979

0.5

 

 

Capvis IV

DACH

2,727

0.5

 

 

Corpfin Capital Fund IV

Spain

2,675

0.4

 

 

Procuritas Capital IV

Nordic

2,442

0.4

 

 

NEM Imprese III

Italy

2,338

0.4

 

 

Procuritas VII

Nordic

2,271

0.4

 

 

Corpfin V

Spain

2,122

0.4

 

 

Summa I

Nordic

2,100

0.4

 

 

DBAG Fund VI

DACH

1,710

0.3

 

 

Portobello Fund III

Spain

1,355

0.2

 

 

Vaaka II

Finland

1,345

0.2

 

 

Vaaka IV

Finland

1,319

0.2

 

 

Avallon MBO Fund II

Poland

1,037

0.2

 

 

DBAG VIIB

DACH

998

0.2

 

 

Chequers Capital XVI

France

800

0.1

 

 

DBAG VIIIB

DACH

608

0.1

 

 

Ciclad 5

France

553

0.1

 

 

PineBridge New Europe II

Eastern Europe

458

0.1

 

 

Procuritas Capital V

Nordic

126

-

 

 

Gilde Buyout Fund III

Benelux

93

-

 

 

Capvis III

DACH

51

-

 

 

N+1 Private Equity Fund II

Iberia

42

-

 

 

Montefiore Expansion

France

26

-

 

 

Ciclad 4

France

18

-

 

 

DBAG Fund V

DACH

5

-

 

 

Total Buyout Funds - Continental Europe


103,492

17.6

 

 





 





 

Secondary Funds

 

 

 

 

 

The Aurora Fund

Europe

678

0.1

 

 

Total Secondary Funds


678

0.1

 

 





 





 





Investment

Geographic Focus

 

Total

Valuation £'000

% of Total Portfolio

 











Total Private Equity Funds - USA

Blue Point Capital IV

North America

8,088

1.4

Graycliff IV

North America

4,648

0.8

Camden Partners IV

United States

3,268

0.6

Graycliff III

United States

3,235

0.5

Stellex Capital Partners

North America

3,109

0.5

Blue Point Capital III

North America

2,822

0.5

Purpose Brands (Level 5)

United States

2,458

0.4

Level 5 Fund II

United States

2,286

0.4

MidOcean VI

United States

1,069

0.2

Blue Point Capital II

North America

156

-

HealthpointCapital Partners III

United States

36

-

Total Private Equity Funds - USA

31,175

5.3

 




 




Private Equity Funds - Global




Corsair VI

Global

5,099

0.9

Hg Saturn 3

Global

2,589

0.4

PineBridge GEM II

Global

865

0.2

F&C Climate Opportunity Partners

Global

725

0.1

AIF Capital Asia III

Asia

69

-

PineBridge Latin America II

South America

58

-

Hg Mercury 4

Global

34

-

Warburg Pincus IX

Global

9

-

Total Private Equity Funds - Global


9,448

1.6

 

 

Venture Capital Funds




SEP V

United Kingdom

9,395

1.6

MVM V

Global

4,151

0.7

Kurma Biofund II

Europe

2,704

0.5

SEP IV

United Kingdom

1,268

0.2

Northern Gritstone

United Kingdom

1,010

0.2

SEP VI

Europe

927

0.1

1Pentech Fund II

United Kingdom

436

0.1

MVM VI

Global

423

0.1

SEP II

United Kingdom

273

-

Life Sciences Partners III

Western Europe

251

-

Environmental Technologies Fund

Europe

56

-

SEP III

United Kingdom

43

-

Total Venture Capital Funds


20,937

3.5









































Investment

Geographic Focus

 

Total

Valuation £'000

% of Total Portfolio

Direct Investments/Co-investments




Sigma

United States

16,457

2.8

Coretrax

United Kingdom

14.554

2.5

Jollyes

United Kingdom

13,485

2.3

TWMA

United Kingdom

11,765

2.0

Aurora Payment Solutions

United States

10,618

1.8

San Siro

Italy

10,240

1.7

ATEC (CETA)

United Kingdom

9,113

1.5

Amethyst Radiotherapy

Europe

8,296

1.4

Cyclomedia

Netherlands

8,013

1.4

AccuVein

United States

7,679

1.3

Utimaco

DACH

7,200

1.2

Leader96

Bulgaria

7,107

1.2

Velos IoT (JT IoT)

United Kingdom

7,050

1.2

Prollenium

North America

6,809

1.2

Rosa Mexicano

United States

6,761

1.1

Asbury Carbons

North America

6,554

1.1

Swanton

United Kingdom

6,477

1.1

Cyberhawk

United Kingdom

5,632

1.0

Orbis

United Kingdom

5,477

0.9

Weird Fish

United Kingdom

5,465

0.9

Family First

United Kingdom

5,431

0.9

1Med

Switzerland

5,339

0.9

Cybit (Perfect Image)

United Kingdom

5,116

0.9

123Dentist

Canada

4,848

0.8

Dotmatics

United Kingdom

4,538

0.8

SEP VI Co-investment 3

France

4,479

0.8

Omlet

United Kingdom

4,371

0.7

StarTraq

United Kingdom

4,240

0.7

Agilico (DMC Canotec)

United Kingdom

4,159

0.7

LeadVenture

United States

3,954

0.7

Walkers Transport

United Kingdom

3,908

0.7

Habitus

Denmark

3,752

0.6

MedSpa Partners

Canada

3,721

0.6

PathFactory

Canada

3,608

0.6

Ambio Holdings

United States

3,557

0.6

Alessa (Tier1 CRM)

Canada

3,540

0.6

Contained Air Solutions

United Kingdom

3,501

0.6

Avalon

United Kingdom

3,441

0.6

Vero Biotech

United States

2,733

0.5

Collingwood Insurance Group

United Kingdom

2,671

0.5

CARDO Group (Sigma II)

United Kingdom

2,661

0.5

Neurolens

United States

2,453

0.4

GT Medical

United States

1,963

0.3

Rephine

United Kingdom

1,575

0.3

Bomaki

Italy

1,484

0.3

OneTouch

United Kingdom

1,450

0.2

TDR Algeco/Scotsman

Europe

264

-

Babington

United Kingdom

75

-

Total Direct - Investments/Co-investments


267,584

45.4

Total Portfolio


589,185

100.0

 

 

 

 

CT PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

nine months ended 30 September 2023 (unaudited)

 

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

14,181

14,181

Exchange gains

-

759

759

Investment income

1,618

-

1,618

Other income

552

-

552

Total income

2,170

14,940

17,110





Expenditure




Investment management fee - basic fee

(354)

(3,187)

(3,541)

Investment management fee - performance fee

-

(5,017)

(5,017)

Other expenses

(816)

-

(816)

Total expenditure

(1,170)

(8,204)

(9,374)





Profit before finance costs and taxation

1,000

6,736

7,736





Finance costs

(336)

(3,026)

(3,362)

 




Profit before taxation

664

3,710

4,374





Taxation

-

-

-





Profit for period/total comprehensive income

664

3,710

4,374

 




Return per Ordinary Share

0.91p

5.09p

6.00p

 




 

 

 

 

 

 

 

CT PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

nine months ended 30 September 2022 (unaudited)

 


 

 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

71,703

71,703

Exchange losses

-

(1,757)

(1,757)

Investment income

3,971

-

3,971

Other income

121

-

121

Total income

4,092

69,946

74,038





Expenditure




Investment management fee - basic fee

(343)

(3,084)

(3,427)

Investment management fee - performance fee

-

(5,443)

(5,443)

Other expenses

(822)

-

(822)

Total expenditure

(1,165)

(8,527)

(9,692)





Profit before finance costs and taxation

2,927

61,419

64,346





Finance costs

(182)

(1,639)

(1,821)

 




Profit before taxation

2,745

59,780

62,525





Taxation

-

-

-





Profit for period/total comprehensive income

2,745

59,780

62,525

 




Return per Ordinary Share

3.73p

81.32p

85.05p

 




 

 



CT PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

year ended 31 December 2022 (audited)

 

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

77,330

77,330

Exchange gains

-

(2,083)

(2,083)

Investment income

4,550

-

4,550

Other income

186

-

186

Total income

4,736

75,247

79,983





Expenditure




Investment management fee - basic fee

(464)

(4,172)

(4,636)

Investment management fee - performance fee

-

(5,402)

(5,402)

Other expenses

(1,077)

-

(1,077)

Total expenditure

(1,541)

(9,574)

(11,115)





Profit before finance costs and taxation

3,195

65,673

68,868





Finance costs

(254)

(2,294)

(2,548)

 




Profit before taxation

2,941

63,379

66,320





Taxation

-

-

-





Profit for year/total comprehensive income

2,941

63,379

66,320

 




Return per Ordinary Share

4.01p

86.42p

90.43p

 




 

 



CT PRIVATE EQUITY TRUST PLC

 

Balance Sheet

 

 

 

 

As at 30 September 2023

As at 30 September 2022

As at 31

December

2022

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

 £'000

Non-current assets

 

 


Investments at fair value through profit or loss

589,185

548,871

528,557

 




Current assets




Other receivables

1,551

717

389

Cash and cash equivalents

3,995

14,062

34,460


5,546

14,779

34,849





Current liabilities




Other payables

(9,036)

(7,364)

(7,411)

Interest-bearing bank loan

(78,477)

(16,437)

(16,618)


(87,513)

(23,801)

(24,029)

Net current (liabilities)/assets

(81,967)

(9,022)

10,820

 




 




Interest-bearing bank loan

-

(21,373)

(21,702)

Net assets

507,218

518,476

517,675

 




Equity




Called-up ordinary share capital

739

739

739

Share premium account

2,527

2,527

2,527

Special distributable capital reserve

10,026

10,026

10,026

Special distributable revenue reserve

31,403

31,403

31,403

Capital redemption reserve

1,335

1,335

1,335

Capital reserve

461,188

472,446

471,645

Shareholders' funds

507,218

518,476

517,675





Net asset value per Ordinary Share

696.30p

711.75p

710.65p





 



CT PRIVATE EQUITY TRUST PLC

               

Reconciliation of Movements in Shareholders' Funds

 

 

 

 

 

Nine months ended

30 September

2023

Nine months ended

30 September 2022

Year

ended

31 December 2022

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

£'000

Opening shareholders' funds

517,675

473,447

473,447

Buyback of ordinary shares

-

(5,014)

(5,014)

Profit for the period/total

comprehensive income

 

4,374

 

62,525

 

66,320

Dividends paid

(14,831)

(12,482)

(17,078)

 

Closing shareholders' funds

 

 

507,218          

 

518,476

 

517,675

 

 


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 2022.  Earnings for the nine months to 30 September 2023 should not be taken as a guide to the results for the year to 31 December 2023.

 

 

2.     Investment management fee:

 

 

 

Nine months ended

30 September 2023

                              (unaudited)

 

 

Nine months ended

30 September 2022

                             (unaudited)

 

 

Year ended

31 December 2021

                                 (audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Investment management       fee - basic fee

 

354

 

3,187

 

3,541

 

343

 

3,084

 

3,427

 

464

 

4,172

 

4,636

Investment management       fee - performance fee

 

-

 

5,017

 

5,017

 

-

 

5,443

 

5,443

 

-

 

5,402

 

5,402

 

 

354

 

8,204

 

8,558

 

343

 

8,527

 

8,870

 

464

 

9,574

 

10,038

 

 

 

 

 

 

 

 

 

 

 

3.     Finance costs:

 

 

 

Nine months ended

30 September 2023

                             (unaudited)

 

 

Nine months ended

 30 September 2022

                             (unaudited)

 

 

Year ended

31 December 2022

(audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Interest payable on bank loans

336

3,026

3,362

182

1,639

1,821

254

2,294

2,548

 

 

 

 

 

 

 

 

 

 

 

4.     Returns and net asset values

 

             Nine months ended

30 September 2023

                        (unaudited)

        Nine months ended

 30 September 2022

                  (unaudited)

                Year ended

31 December 2022

                      (audited)

The returns and net asset values per share are based on the following figures:

 

 

 

 

Revenue Return

£664,000

£2,745,000

£2,941,000

Capital Return

£3,710,000

£59,780,000

£63,379,000

Net assets attributable to shareholders

£507,218,000

£518,476,000

£517,675,000

Number of shares in issue at end of period (excluding shares held in treasury)

72,844,938

72,844,938

72,844,938

Weighted average number of shares in issue during the period

(excluding shares held in treasury)

72,844,938

73,509,913

73,342,303


 

 

5.     The financial information for the nine months ended 30 September 2023, 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 2022, on which the auditor issued an unqualified report, have been lodged with the Registrar of Companies.  The quarterly report is available 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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