Quarterly Results and Dividend Announcement

CT Private Equity Trust PLC

28 May 2026

 

To: Stock Exchange	For immediate release:
	28 May 2026

CT Private Equity Trust PLC

Quarterly results for the three months ended 31 March 2026 (unaudited)

 

·      Net asset value of 699.67 pence per share as at 31 March 2026 reflecting a total return for the three-month period of -0.5%.

·      Quarterly dividend of 7.10 pence per Ordinary Share payable on 31 July 2026. The Company has achieved thirteen consecutive years of dividend growth, and the Board fully expects this impressive track record to continue.

·      Dividend yield of 6.1% based on the period end share price. ∞

∞ Calculated as dividends of 7.01 pence paid on 31 October 2025, 7.01 pence paid on 30 January 2026, 7.10 pence paid on 30 April 2026 and 7.10 pence payable on 31 July 2026 divided by the Company's share price of 465.00 pence as at 31 March 2026.

Manager's Review

Introduction

This report is for the three-month period ended 31 March 2026. As at 31 March 2026, the net assets of the Company were £500.3m, giving a Net Asset Value ('NAV') per share of 699.67p. Taking into account the dividend of 7.01p paid on 30 January 2026, this gives a NAV total return of -0.5% for the first quarter. The share price at 31 March 2026 was 465.0p, representing a discount to NAV of 33.5% (31 December 2025: 21.2%).

As at 31 March 2026, the Company had net debt of £94.0m, representing gearing of 15.8% (31 December 2025: 16.0%). A surplus of realisations versus investments in the quarter has enabled a modest reduction in net debt. The Company retains approximately £50.0m of headroom in its borrowing facility and cash resources, providing significant flexibility to meet outstanding commitments and pursue new opportunities.

During the three-month period the Company made new investments, either through funds or as co-investments, totalling £14.7m (Q4 2025: £19.1m). Realisations and associated income totalled £31.7m, of which £3.5m will be received in December 2026. This is up 43% on last quarter and more than three times the £10.3m received in Q1 2025. Total realisations represent 5.2% of opening portfolio value, which is just below the 10-year average of 5.4%, showing a continued recovery in exit activity.

Outstanding undrawn commitments at the period-end were £182.8m, of which £22.6m was to funds where the investment period had expired.

A dividend of 7.10p will be paid on 31 July 2026 to shareholders on the register on 3 July 2026, with an ex-dividend date of 2 July 2026. The Company has achieved thirteen consecutive years of dividend growth, and the Board fully expects this impressive track record to continue.

New Investments

The total drawn in the quarter was £14.7m. One new co-investment was completed in the quarter, with £4.0m invested into Voltheia. Voltheia is a consolidator of low voltage electric cable and accessories manufacturers across Europe. It is led by Buckthorn Partners, with whom we have co-invested multiple times, most recently in social housing maintenance provider CARDO Group.

The funds in our portfolio made several drawdowns for new investments and follow-ons. The diverse nature of the investments continues, spanning multiple geographies and sectors across the European and North American lower to mid-market.

SEP VI called £2.6m for two recently completed UK based investments. Enate is a provider of business process orchestration software whose customers use its product to manage and automate the delivery of business services such as accounting, payroll, insurance claims and fund administration. Mea Platform provides AI solutions which manage the ingestion of new insurance policy submissions and automate insurance operations including underwriting, claims and finance workflows. Both investments reflect SEP's continued focus on high-growth enterprise software businesses.

Verdane Edda III drew £1.0m primarily for a new investment in Guardsquare, a Belgian provider of mobile application security software embedded directly into the development process to defend against reverse engineering, tampering and runtime threats.

Apposite Healthcare III drew £0.9m for an investment in Octavia House, a UK-based sector-leading therapeutic chain of schools and a follow-on investment in 1MED, the Swiss clinical research organisation focused on the medical device sector.

MVM VI called £0.8m for investments in Avanzanite Holding (commercialisation partner for novel medtech devices), Icotec (carbon-fibre spinal implants), BioProtect (devices used to protect healthy tissue during radiotherapy) and Neurent Medical (chronic sinusitis treatment). These investments reflect MVM's continued focus on high-growth medical technology and life sciences businesses.

TorQuest drew £0.8m for three new investments: Avex, a Canadian aviation services provider; GlassRatner a North American specialist financial advice provider; and WSC, a Canadian technology-enabled waste management company.

In Italy Wisequity VI drew £0.6m for new investments in Absolute, a leading manufacturer of luxury motor yachts and Marullo, a leader in pistachio-based ingredients.

Montefiore Expansion called £0.5m for further investment in Milani, an Italian engineering and installation specialist for complex electrical and mechanical systems, particularly in data centres.

MED Platform II called £0.5m for investments in Instem (UK-based software and data solutions for life sciences R&D), ARK Diagnostics (California-based diagnostic assays manufacturer) and Plasmid Factory (a German business producing high-quality plasmid DNA for gene therapy, vaccines, and biotech applications).

Kester Capital IV drew £0.3m primarily for an investment in Nutritics, a UK nutrition and sustainability software business.

Realisations

The total of realisations and associated income in the first quarter was £31.7m, representing a solid start to the year and exceeding drawdown activity by £16.9m.

The largest distribution was £14.2m from CARDO Group, the Buckthorn-led social housing maintenance provider. This relates to the sale of 65% of the holding in February 2026. The transaction returned 4.3x total invested capital and increased total DPI to 5.3x including dividends previously received. It also provides CARDO with additional capital to continue its M&A strategy. The Company retains 35% of its holding (£7.7m) in this high-performing asset, providing further upside potential. The transaction valued CARDO at 7.9x cost and approximately 130% IRR in under three years.

£6.9m was also returned through the sale of Stirling Square Capital II, a 2008 vintage pan-European fund, to a secondary investor. Of the total proceeds of £6.9m, £3.5m was received in March 2026 with the remaining £3.5m deferred until December 2026.

In Germany, DBAG VII distributed £3.0m relating to two exits. Duagon, a railway data communications business, was sold to Knorr-Bremse AG in January 2026, returning 2.7x cost and 14% IRR. Kraft & Bauer, a specialist manufacturer of fire extinguishing systems, was sold to the investment arm of the Grohe family in March 2026.

Bencis V returned £2.0m relating to the exit of Belgium based Rubio Monocoat, a producer and distributor of wood protection coatings, which was sold to Apheon. The investment returned an excellent 5.2x cost and 32% gross IRR.

In the UK £1.3m was returned from the sale of our co-investment in Avalon, which provides pre-paid funeral plans, representing a total return of 1.4x cost including prior proceeds.

MVM V distributed £0.6m relating to the exit of US-based Nalu Medical, which developed a miniaturised, battery-free, remotely controlled neurostimulator for chronic pain treatment. It was sold to Boston Scientific in January 2026. The investment is expected to return 1.9x following release of escrow.

August Equity Partners IV distributed £0.6m following the sale of Hallmarq, the UK veterinary imaging specialist, to Nord Holding at 1.3x cost. This is a somewhat disappointing result, with pricing reflecting the impact of potential US tariffs in the key US market combined with higher interest rates impacting the capex-intensive business model.

Verdane Edda distributed £0.4m following a dividend paid by Talentech, the Nordic-based provider of cloud-based HR and recruitment software following strong performance in 2025. In January 2026, the business completed the transformational acquisition of Swedish company Grade, creating a larger platform with approximately NOK 700m of combined revenues.

Summa I distributed £0.4m following the sale of Milarex, the Norwegian salmon value-added processing company, returning 2.1x cost and 11% IRR. This represents a strong result given a tumultuous holding period that included significant raw material price volatility in 2022.

Valuation Changes

As is typical for the first quarter of the year, there were very few significant valuation movements. Only 6.7% of investments by value were based on 31 March 2026 valuations, with the remainder based on the previous quarter's valuation adjusted for cashflows.

Before foreign exchange movements, the portfolio decreased by £1.6m (-0.3%) in the first quarter. Foreign exchange gains for the quarter were £2.1m (+0.3%), reflecting the weakening of sterling against the euro and US dollar.

The most significant uplift was in Magnesium-led co-investment Cyberhawk, which increased by £1.4m (+14.6%) to £10.7m. The unmanned aerial vehicle inspection and software company continued its strong growth momentum. It has recently won work with new clients including utilities Hawaii Electric Co and Avangrid, plus global technology company and data centre owner Meta.

Weird Fish increased by £0.5m (+3.2%) to £15.1m, reflecting continued strong trading. The casual clothing brand has performed exceptionally well in a difficult consumer market under CEO David Butler, who joined in December 2023.

SEP V was written down by £0.9m (-10.7%) to £7.6m due to a decline in sector multiples in the quarter, reflecting a broader reset in the software market driven by higher interest rates, increased focus on profitability, and uncertainty around the long-term impact of AI on software valuations. The portfolio continues to trade well, and SEP is confident that it is well positioned to benefit from AI over the longer term.

Financing

The Company's borrowing facility is composed of a €60 million term loan with RBSI and a £95 million revolving credit line with RBSI and State Street. The term of the facility is due to expire in February 2027. An extension of these facilities for a three-year period to February 2030 has been agreed with the lenders and is now being documented.

Market Environment and Outlook

The global economic backdrop remains challenging and uncertain. The conflict in Iran is ongoing, and the Straits of Hormuz remain effectively closed.

Against this backdrop, global M&A and private equity activity proved resilient, with a continued gradual recovery in activity in Q1 2026. Exit markets remain challenging. However, high-quality companies continue to demand excellent prices, and there are encouraging signs of a further improvement in exit volumes.

AI-related uncertainty has resulted in some sector rotation, as investors are drawn to more traditional industrial sectors which have recently been out of favour which should benefit the Company's well diversified portfolio. Meanwhile, within software there is an increasing focus on revenue quality, margin durability and evidence of AI-driven product differentiation.

Within the software sector, which accounts for approximately 20% of portfolio value, we have long focused on profitable companies with proprietary knowledge and data, deep domain expertise, customer trust, complex workflows and mission-critical use cases. We believe these attributes provide strong defensive moats. The companies are focused on rapidly addressing AI opportunities and risks and investing to capture the significant benefits of AI.

The portfolio has also been acquired at modest valuations and has limited leverage. At 31 December 2025, the last valuation date for most investments, the portfolio was valued at 10.3x EV/EBITDA and had net debt of 2.5x EBITDA.

The underlying companies continue to demonstrate robust operational performance, with the portfolio recording 17% revenue growth and 24% EBITDA growth for the year to 31 December 2025, while the co-investment portfolio achieved revenue growth of 24% and EBITDA growth of 32%.

We have confidence in the outlook for the portfolio, based on the strength of the underlying companies, the strong diversification of the portfolio and the support of our investment partners. The portfolio contains over 500 high-quality small and mid-sized companies in high-growth sub-sectors, led by entrepreneurial management and supported by experienced private equity specialists. We believe they are well positioned to adapt to changing environments and gain market share from those companies that do not benefit from supportive private equity ownership.

This is my last manager's report for the Company. I have been involved for the entire period since its inception in 1999. During this time shareholders have benefited from the strong performance of the Company's shares, which have outperformed most other investment trusts and collective investment vehicles.

Private equity is the ultimate long-term asset class where shareholders' patience is usually strongly rewarded. Within the context of a well-diversified and carefully selected portfolio of funds and co-investments, the innate high risks of private equity associated with illiquidity, smaller company size, higher gearing and novel business models or technologies are matched by high long-term returns. There are many opportunities in fast-growing and well-managed companies which cannot be accessed through the listed markets but can be accessed through a private equity portfolio. Our portfolio is international in scope, with the largest component being the UK, our home market, one of the most developed private equity markets in the world.

Private equity is a notably constructive form of investment which contains the vital ingredient of alignment of interest across all stakeholders: management, employees, private equity managers and investors, and their shareholders. The medium to long term investment horizons give time for genuine value creation and this makes it one of the purest forms of capitalism. Based on my experience I have no hesitation in recommending that all long-term investors should have some private equity in their portfolios. I also have every confidence in the new management of your company to deliver excellent returns for shareholders for many years to come.  I have greatly appreciated the support of shareholders over the years. I hope that shareholders will extend the same support to Andrew Carnwath and his team. Thank you.

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

Portfolio Summary

Portfolio Distribution at 31 March 2026	% of Total 31 March 2026	% of Total 31 December 2025
Buyout Funds - Pan European*	14.2	14.3
Buyout Funds - UK	19.9	19.2
Buyout Funds - Continental Europe†	15.4	16.1
Secondary Funds	-	-
Private Equity Funds - USA	4.2	3.9
Private Equity Funds - Global	3.1	3.0
Venture Capital Funds	4.8	4.5
Direct Investments/Co-investments	38.4	39.0
	100.0	100.0
* Europe including the UK. † Europe excluding the UK.

Ten Largest Individual Holdings As at 31 March 2026	Total Valuation £'000	% of Total Portfolio
Inflexion Strategic Partners	19,038	3.2
Weird Fish	15,051	2.5
Utimaco	13,568	2.3
San Siro	12,297	2.1
Sigma	12,239	2.1
August Equity Partners V	11,764	2.0
Apposite Healthcare III	11,396	1.9
Cyberhawk	10,705	1.8
Cyclomedia	9,974	1.7
Corsair VI	9,457	1.6
125,489		21.2

Portfolio Holdings

Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Buyout Funds - Pan European
Apposite Healthcare III	Europe	11,396	1.9
F&C European Capital Partners	Europe	8,638	1.5
Apposite Healthcare II	Europe	5,651	1.0
Verdane XI	Northern Europe	5,318	0.9
Summa III	Northern Europe	4,943	0.8
Wisequity VI	Italy	4,655	0.8
MED Platform II	Global	4,515	0.8
Castle Mount Impact Partners	Global	4,351	0.7
Volpi III	Northern Europe	4,030	0.7
Agilitas 2015 Fund	Northern Europe	3,365	0.6
Magnesium Capital 1	Europe	3,226	0.6
KKA II	DACH	2,885	0.5
MED II	Western Europe	2,875	0.5
Verdane Edda III	Northern Europe	2,868	0.5
ARCHIMED MED III	Global	2,635	0.5
Agilitas 2020 Fund	Europe	2,332	0.4
Astorg VI	Western Europe	2,315	0.4
Inflexion Partnership III	Europe	2,030	0.3
Queka II	Europe	1,734	0.3
TDR Capital II	Western Europe	944	0.2
TDR II Annex Fund	Western Europe	828	0.1
Inflexion Enterprise Fund VI	Europe	351	0.1
Agilitas 2024 HIF	Europe	360	0.1
MED Rise	Global	265	-
Total Buyout Funds - Pan European		82,510	14.2
Buyout Funds - UK
Inflexion Strategic Partners	United Kingdom	19,038	3.2
August Equity Partners V	United Kingdom	11,764	2.0
Inflexion Buyout Fund VI	United Kingdom	8,165	1.4
Axiom 1	United Kingdom	7,439	1.3
FPE Fund III	United Kingdom	7,361	1.3
Apiary Capital Partners I	United Kingdom	7,361	1.2
Piper Private Equity VII	United Kingdom	6,671	1.1
Inflexion Supplemental V	United Kingdom	6,392	1.1
Kester Capital II	United Kingdom	6,022	1.0
Kester Capital III	United Kingdom	5,718	1.0
Corran Environmental II	United Kingdom	4,637	0.8
Inflexion Partnership Capital II	United Kingdom	4,227	0.7
FPE Fund II	United Kingdom	3,867	0.7
Inflexion Buyout Fund V	United Kingdom	3,138	0.5
Inflexion Enterprise Fund V	United Kingdom	2,845	0.5
Piper Private Equity VI	United Kingdom	2,526	0.4
Inflexion Buyout Fund IV	United Kingdom	2,395	0.4
August Equity Partners IV	United Kingdom	2,345	0.4
August Equity Partners VI	United Kingdom	1,522	0.3
Inflexion Supplemental IV	United Kingdom	1,327	0.2
Inflexion Partnership Capital I	United Kingdom	985	0.2
Inflexion Enterprise Fund IV	United Kingdom	516	0.1
Kester Capital IV	United Kingdom	343	0.1
Investment	Geographic Focus	Total Valuation £'000	% of Total   Portfolio
Axiom 2	United Kingdom	120	-
Primary Capital IV	United Kingdom	57	-
RJD Private Equity Fund III	United Kingdom	36	-
Dunedin Buyout Fund II	United Kingdom	2	-
Total Buyout Funds - UK		116,819	19.9
Buyout Funds - Continental Europe
Aliante Equity 3	Italy	6,763	1.1
Bencis V	Benelux	6,264	1.1
Avallon MBO Fund III	Poland	6,218	1.1
Corpfin V	Spain	5,839	1.0
DBAG VIII	DACH	5,435	0.9
Procuritas VII	Nordic	5,417	0.9
Procuritas VI	Nordic	5,343	0.9
Vaaka III	Finland	4,906	0.8
Capvis III CV	DACH	4,833	0.8
Montefiore V	France	4,752	0.8
Verdane Edda	Nordic	4,422	0.7
DBAG VII	DACH	4,257	0.7
Vaaka IV	Finland	3,762	0.6
Procuritas Capital IV	Nordic	3,404	0.6
Chequers Capital XVII	France	3,158	0.5
ARX CEE IV	Eastern Europe	2,406	0.4
Aurica IV	Spain	2,307	0.4
Montefiore IV	France	1,504	0.3
Montefiore Expansion	France	1,311	0.2
DBAG VIIB	DACH	1,291	0.2
Summa II	Nordic	1,221	0.2
Summa I	Nordic	1,082	0.2
DBAG VIIIB	DACH	1,068	0.2
DBAG Fund VI	DACH	1,005	0.2
Capvis IV	DACH	931	0.2
Portobello Fund III	Spain	848	0.2
Ciclad 5	France	421	0.1
Vaaka II	Finland	376	0.1
Chequers Capital XVI	France	269	-
Corpfin Capital Fund IV	Spain	157	-
PineBridge New Europe II	Eastern Europe	124	-
Procuritas Capital V	Nordic	78	-
Capvis III	DACH	52	-
Gilde Buyout Fund III	Benelux	5	-
Italian Portfolio	Italy	3	-
Total Buyout Funds - Continental Europe		91,232	15.4
Secondary Funds
The Aurora Fund	Europe	18	-
Total Secondary Funds		18	-

	Investment		Geographic Focus		Total Valuation £'000			% of Total Portfolio
	Private Equity Funds - USA
	Blue Point Capital IV		North America		5,172			0.9
	MidOcean VI		United States		3,428			0.6
	Camden Partners IV		United States		3,052			0.5
	Graycliff IV		North America		2,761			0.5
	Purpose Brands (Level 5)		United States		2,412			0.4
	Level 5 Fund II		United States		2,408			0.4
	TorQuest VI		North America		1,622			0.3
	Graycliff III		United States		1,300			0.2
	Blue Point Capital III		North America		1,266			0.2
	Stellex Capital Partners		North America		1,111			0.2
	Blue Point Capital II		North America		154			-
	Total Private Equity Funds - USA				24,686			4.2
Private Equity Funds - Global
Corsair VI				Global		9,457	1.6
Hg Saturn 3				Global		5,195	0.9
Hg Mercury 4				Global		2,613	0.4
PineBridge GEM II				Global		824	0.1
F&C Climate Opportunity Partners				Global		418	0.1
PineBridge Latin America II				South America		59	-
Warburg Pincus IX				Global		8	-
Total Private Equity Funds - Global						18,574	3.1
Growth & Venture Capital Funds
SEP VI		Europe				8,390	1.4
SEP V		United Kingdom				7,629	1.3
MVM VI		Global				3,777	0.6
MVM V		Global				3,162	0.5
Kurma Biofund II		Europe				2,831	0.5
Northern Gritstone		United Kingdom				2,300	0.4
SEP IV		United Kingdom				360	0.1
Pentech Fund II		United Kingdom				230	-
SEP III		United Kingdom				24	-
SEP II		United Kingdom				1	-
Total Growth & Venture Capital Funds						28,704	4.8

Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Direct Investments/Co-investments
Weird Fish	United Kingdom	15,051	2.5
Utimaco	DACH	13,568	2.3
San Siro	Italy	12,297	2.1
Sigma	United States	12,239	2.1
Cyberhawk	United Kingdom	10,705	1.8
Cyclomedia	Netherlands	9,974	1.7
Prollenium	North America	8,711	1.5
Aurora Payment Solutions	United States	7,870	1.3
Asbury Carbons	North America	7,743	1.3
CARDO Group	United Kingdom	7,677	1.3
TWMA	United Kingdom	7,624	1.3
Swanton	United Kingdom	7,471	1.3
Orbis	United Kingdom	7,193	1.2
Habitus	Denmark	6,697	1.1
Velos IoT (JT IoT)	United Kingdom	6,571	1.1
Polaris Software (StarTraq)	United Kingdom	6,412	1.1
Family First	United Kingdom	6,404	1.1
Vanda	United Kingdom	5,933	1.0
123Dentist	Canada	5,819	1.0
Rosa Mexicano	United States	5,389	0.9
Braincube	France	4,566	0.8
AccountsIQ	Ireland	4,448	0.8
MedSpa Partners	Canada	4,166	0.7
Walkers Transport	United Kingdom	4,070	0.7
Voltheia	Europe	4,014	0.7
1Med	Switzerland	3,854	0.7
Vero Biotech	United States	3,779	0.6
LeadVenture	United States	3,698	0.6
Collingwood Insurance Group	United Kingdom	3,587	0.6
Educa Edtech	Spain	3,218	0.5
GT Medical	United States	3,131	0.5
Frendy	Finland	2,569	0.4
OneTouch	United Kingdom	2,250	0.4
Neurolens	United States	2,215	0.4
Breeze Group (CAS)	United Kingdom	2,013	0.3
Omlet	United Kingdom	1,785	0.3
Rephine	United Kingdom	1,252	0.2
Ambio Holdings	United States	761	0.1
Bomaki	Italy	683	0.1
Cybit (Perfect Image)	United Kingdom	283	-
TDR Algeco/Scotsman	Europe	217	-
Leader96	Bulgaria	161	-
Dotmatics	United Kingdom	57	-
Amethyst Radiotherapy	Europe	8	-
PathFactory	Canada	3	-
Total Direct Investments/Co-investments		228,136	38.4
Total Portfolio		590,679	100.0

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

three months ended 31 March 2026 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Losses on investments held at fair value	-	(602)	(602)
Exchange losses	-	(45)	(45)
Investment income	1,140	-	1,140
Other income	93	-	93
Total income	1,233	(647)	586
Expenditure
Investment management fee - basic fee	(123)	(1,105)	(1,228)
Other expenses	(363)	-	(363)
Total expenditure	(486)	(1,105)	(1,591)
Profit/(loss) before finance costs and taxation	747	(1,752)	(1,005)
Finance costs	(160)	(1,445)	(1,605)
Profit/(loss) before taxation	587	(3,197)	(2,610)
Taxation	-	-	-
Profit/(loss) for period/ total comprehensive income	587	(3,197)	(2,610)
Return per Ordinary Share	0.82p	(4.47p)	(3.65p)

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

three months ended 31 March 2025 (unaudited)

	Revenue £'000		Capital £'000	Total £'000
Income
Losses on investments held at fair value	-		(548)	(548)
Exchange losses	-		(1,151)	(1,151)
Investment income	810		-	810
Other income	108		-	108
Total income	918		(1,699)	(781)
Expenditure
Investment management fee - basic fee	(123)		(1,103)	(1,226)
Other expenses	(300)		-	(300)
Total expenditure	(423)		(1,103)	(1,526)
Profit/(loss) before finance costs and taxation	495		(2,802)	(2,307)
Finance costs	(171)		(1,536)	(1,707)
Profit/(loss) before taxation	324		(4,338)	(4,014)
Taxation	-		-	-
Profit/(loss) for period/ total comprehensive income	324		(4,338)	(4,014)
Return per Ordinary Share	0.45p		(6.06p)	(5.61p)

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

year ended 31 December 2025 (audited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	36,739	36,739
Exchange losses	-	(5,816)	(5,816)
Investment income	4,800	-	4,800
Other income	461	-	461
Total income	5,261	30,923	36,184
Expenditure
Investment management fee - basic fee	(491)	(4,415)	(4,906)
Other expenses	(1,234)	-	(1,234)
Total expenditure	(1,725)	(4,415)	(6,140)
Profit before finance costs and taxation	3,536	26,508	30,044
Finance costs	(692)	(6,223)	(6,915)
Profit before taxation	2,844	20,285	23,129
Taxation	-	-	-
Profit for year/total comprehensive income	2,844	20,285	23,129
Return per Ordinary Share	3.98p	28.37p	32.35p

CT PRIVATE EQUITY TRUST PLC

Balance Sheet

	As at 31 March 2026	As at 31 March 2025	As at 31 December 2025
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Non-current assets
Investments at fair value through profit or loss	590,679	589,677	607,059
Current assets
Other receivables	8,589	841	1,677
Cash and cash equivalents	6,636	7,836	12,098
	15,225	8,677	13,775
Current liabilities
Other payables	(4,990)	(4,324)	(4,334)
	(4,990)	(4,324)	(4,224)
Net current assets	10,235	4,353	9,441
Total assets less current liabilities	600,914	594,030	616,500
Non-current liabilities
Interest-bearing bank loan	(100,629)	(98,227)	(108,592)
Net assets	500,285	495,803	507,908
Equity
Called-up ordinary share capital	739	739	739
Share premium account	2,527	2,527	2,527
Special distributable capital reserve	3,818	3,818	3,818
Special distributable revenue reserve	31,403	31,403	31,403
Capital redemption reserve	1,335	1,335	1,335
Capital reserve	460,463	455,981	468,086
Shareholders' funds	500,285	495,803	507,908
Net asset value per Ordinary Share	699.67p	693.40p	710.33p

CT PRIVATE EQUITY TRUST PLC

Reconciliation of Movements in Shareholders' Funds

 

	Three months ended 31 March 2026		Three months ended 31 March 2025	Year ended 31 December 2025
	(unaudited)		(unaudited)	(audited)
	£'000		£'000	£'000
Opening shareholders' funds	507,908		504,829	504,829
(Loss)/profit for the period/total comprehensive income		(2,610)	(4,014)	23,129
Dividends paid		(5,013)	(5,012)	(20,050)
Closing shareholders' funds	500,285		495,803	507,908

 

 

Notes (unaudited)

1.     The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2025.  Earnings for the three months to 31 March 2026 should not be taken as a guide to the results for the year to 31 December 2026.

2.     Investment management fee:

	Three months ended 31 March 2026 (unaudited)			Three months ended 31 March 2025 (unaudited)			Year ended 31 December 2025 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment management       fee - basic fee	123	1,105	1,228	123	1,103	1,226	491	4,415	4,906
Investment management       fee - performance fee	-	-	-	-	-	-	-	-	-
	123	1,105	1,228	123	1,103	1,226	491	4,415	4,906

3.     Finance costs:

	Three months ended 31 March 2026 (unaudited)			Three months ended 31 March 2025 (unaudited)			Year ended 31 December 2025 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Interest payable on bank loans	160	1,445	1,605	171	1,536	1,707	692	6,223	6,915

4.     Returns and net asset values

	Three months ended 31 March 2026 (unaudited)	Three months ended 31 March 2025 (unaudited)	Year ended 31 December 2024 (audited)
The returns and net asset values per share are based on the following figures:
Revenue Return	£587,000	£324,000	£2,844,000
Capital Return	(£3,197,000)	(£4,338,000)	£20,285,000
Net assets attributable to shareholders	£500,285,000	£495,803,000	£507,908,000
Number of shares in issue at the period end	71,502,938	71,502,938	71,502,938
Weighted average number of shares in issue during the period	71,502,938	71,502,938	71,502,938

5.     The financial information for the three months ended 31 March 2026, which has not been audited or reviewed by the Company's auditor, comprises non-statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 December 2025, on which the auditor issued an unqualified report, will be lodged shortly with the Registrar of Companies.  The quarterly report will be available shortly on the Company's website www.ctprivateequitytrust.com

Legal Entity Identifier: 2138009FW98WZFCGRN66

For more information, please contact:

Hamish Mair (Investment Manager)	0131 573 8314
Scott McEllen (Company Secretary)	0131 573 8372
[e-mail]  / [e-mail]

 

END