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CT PRIVATE EQUITY TRUST PLC
Quarterly Report • Nov 28, 2024
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Quarterly Report
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National Storage Mechanism | Additional information 
RNS Number : 9152N
CT Private Equity Trust PLC
28 November 2024
| To: Stock Exchange | For immediate release: |
| 28 November 2024 |
CT Private Equity Trust PLC
Quarterly results for the three months ended 30 September 2024 (unaudited)
· Net asset value of 680.03p per Ordinary Share reflecting a total return for the three months of -1.0 per cent for the Ordinary Shares
· Share price total return for the three-month period of 6.6%.
· Total quarterly dividends of 21.03p per Ordinary Share year to date representing an increase of 3.3 per cent from the same period last year.
o Quarterly dividend of 7.01p paid on 31 July 2024
o Quarterly dividend of 7.01p paid on 31 October 2024
o Quarterly dividend of 7.01p to be paid on 31 January 2025
· Dividend yield of 6.2 per cent based on the period end share price (1).
· As at 30 September 2024 net debt was £70.3 million equivalent to a gearing level of 12.6%.
· Realisations year to date of £94.5 million. This represents an increase of 75.3% in comparison to the same period last year.
(1) Calculated as dividends of 7.01p paid on 30 April 2024, 7.01p paid on 31 July 2024, 7.01p paid on 31 October 2024 and 7.01p payable on 31 January 2025, divided by the Company's share price of 455.00p as at 30 September 2024.
Manager's Review
Introduction
As at 30 September 2024 the net assets of the Company were £486.2 million giving a NAV per share of 680.03p, which taking into account the dividend of 7.01p per share paid on 31 July 2024, gives a total return for the third quarter of -1.0%. The total return for the year to date is -0.2%. In the third quarter, there was an adverse influence from currency of around 1.5% as both the dollar and euro were weak against sterling. Underlying valuations are slightly ahead for the year to date. It is worth bearing in mind that the September valuation is largely based on June marks with only around 8% of September valuations included.
The Company had net debt of £70.3 million at 30 September 2024. Outstanding undrawn commitments were £192.0 million of which £21.5 million were to funds where the investment period has expired.
The dividend for the quarter will be unchanged at 7.01p per share, payable on 31 January 2025 to shareholders on the register on 3 January 2025 with an ex-dividend date of 2 January 2025.
New Investments
There was only one new investment in the quarter with £5 million committed to Inflexion Enterprise Fund VI, the latest in a series of Inflexion funds focusing on lower mid-market buyouts in the UK and Western Europe.
There were some small follow-on investments in our co-investment portfolio which occurred just after the quarter end. £0.9 million was added to the digital payments merchant acquirer Aurora Payment Solutions and £0.5 million was added to police and local offence processing software provider Polaris Software (formerly StarTraq).
The funds in the portfolio made a few notable new investments this quarter.
HG Saturn 3 called £1.7 million for three investments in Visma (£0.8 million, European and LatAm mission-critical cloud software), Iris (£0.7 million, tax and accounting software) and GGW (£0.1 million, German insurance brokerage and MGA platform).
Med Platform II invested £0.8 million in two companies; Jeisys, a South Korean based producer of energy based medical devices and Irrimax Corporation, a US based wound irrigation and anti-microbial solutions provider. Volpi invested £0.8 million in Yaveon (ERP software and consulting provider) and Xalient (software and cybersecurity services provider) and Summa III called £0.5 million for Axion (bioelectronic array and live-cell imaging instruments). Inflexion called £0.5 million for a carve-out of the healthcare division from AIM-listed GlobalData and £0.7 million for DwF, the global legal and professional services firm.
In total the third quarter was fairly quiet for new investments with drawdowns totalling just £9.3 million. Total new investment so far this year amounts to £45.2 million which is down on last year by more than 50%.
Realisations
There were several good exits in the quarter, a number of which have already been reported.
The largest exit was the sale of the Kester led co-investment in ATEC. The combined proceeds from both the co-investment, the proportion held in the GCP Europe II fund and the proportion held through The Aurora Fund position was £18.5 million. This represented an excellent return over the seven-year hold. ATEC is an insurance broker and managing general agent covering caravans, small boats and beach huts. It has grown profits by almost fourfold over the holding period.
The Buckthorn-led energy services company Coretrax was fully realised during the quarter with the shares with which its acquirer, Expro, bought the company being sold down successfully realising £10.3 million bringing the total consideration to £13.7 million which at 1.7x cost and 11% IRR is a fair result given the volatile conditions in its sector since the investment was made nearly six years ago.
From the funds portfolio there were some excellent further exits.
Summa II sold Olink to Thermo Fisher raising £3.6 million. Olink has developed a technology for analysing proteins which is used in human protein biomarker research. The investment achieved a highly creditable 10x cost and an IRR of 67%.
Italian fund Nem Imprese made its final exit with the sale of business processing and outsourcing company Kauri yielding £2.1 million.
UK fund RJD Fund III exited veterinary education company Improve International returning £1.4 million which represents 3.3x cost and an IRR of 49%.
Inflexion Enterprise Fund IV sold pet supplements company Lintbells yielding £1.0 million (5.5x and an IRR of 34%).
Astorg VI has made the exits of two companies returning a combined £0.9 million. Acturis, a provider of software for the insurance sector (2.6x, 21% IRR) and Audiotonix the designer and manufacturer of premium professional audio equipment and software (2.6x, 25% IRR). In the case of Acturis, Astorg remains invested in the company through its later funds.
In Finland Vaaka II has achieved a remarkable exit of Cloudpermit, a software company serving building permit and land management functions mainly for municipalities. This has been driven by a shift away from predominantly paper-based process to a digital one, increasing the efficiency of the permitting process. £0.7 million was returned which represents 8.7x cost and 53% IRR.
As can be noted from the above there remains a strong technology theme in the companies achieving strong exits across the portfolio.
Total realisations in the quarter were £42.2 million which brings the year-to-date total to £94.5 million, which compares with £61.8 million for the whole of 2023.
Valuation movements
The overall valuation movement this quarter is slightly negative. Before taking account of currency movements the underlying portfolio is up by 1.2%. The weakness of both the euro (-1.9%) and the dollar (-5.8%) has resulted in a FX movement in the portfolio of -£10.7 million over the quarter, which has more than offset the gains.
The most notable movements in the quarter are as follows. ATEC (+£1.8 million) reflecting its sale at above the latest valuation, Weird Fish (+£1.8 million) due to improved trading, Educa Edtech (+£1.6 million) also trading well and Ambio (+£1.0 million) based on an improved sales multiple. Several of the funds are also up, led by GCP Europe II which holds ATEC (+£0.7 million). Avallon III is up by £0.6 million due to pet food company MPPK trading well. RJD III (+£0.6 million) is up reflecting the sale of Improve International above the holding value as noted above.
On the negative side there were a few actual downgrades of note. Breeze Group (formerly Contained Air Solutions) was down by £1.0 million and Bulgarian bike assembler Leader96 was down by £1.5 million. Breeze is in reasonable shape having just completed some useful new additions, with the UK add-on Amercare trading very well in the year to date. Leader96 faces a challenging market which is destocking; however, an agreement with the banks has been reached, part of the old factory has been sold and reinforcement of management is under way. Most of the fund positions were slightly up or slightly down, cancelling out one another.
Financing
The Company had net debt at the end of September of £70.3 million which is well down from £91.3 million at June. This represents gearing of 12.6%. Approximately half of the Company's borrowing facilities are unused with plenty of headroom.
Outlook
The private equity market internationally has been going through a period of adjustment for most of the last two years. Much higher interest rates and external pressures such as inflation and world events have impacted the dealmaking environment in 2023 and the first half of 2024. The latest trend is more clearly upwards and growth in deal volume and value over 2023 is expected for 2024 as a whole. The clear upswing in realisations across our portfolio confirms this trend. As always business and consumer confidence is an important factor. In many markets, including the US and the UK, 2024 has been an election year and with each of these behind us there is clear scope for a better trend to take root.
Private equity is the most interventionist of asset classes where managers can make adjustments as the world around them changes and there is a very strong record of making good returns over the long term irrespective of the background conditions. As we approach the end of 2024, the mood of our investment partners is considerably better than it was earlier in the year and both statistical and anecdotal evidence suggests good grounds for optimism as we finish 2024 and enter 2025. We remain confident that we will continue to build value for Shareholders over the short and longer term.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
| Portfolio Distribution at 30 September 2024 | % of Total 30 September 2024 |
% of Total 31 December 2023 |
| Buyout Funds - Pan European* | 11.2 | 10.5 |
| Buyout Funds - UK | 18.7 | 16.2 |
| Buyout Funds - Continental Europe† | 16.7 | 18.2 |
| Secondary Funds | 0.1 | 0.1 |
| Private Equity Funds - USA | 4.4 | 5.0 |
| Private Equity Funds - Global | 2.3 | 1.7 |
| Venture Capital Funds | 4.6 | 3.7 |
| Direct Investments/Co-investments | 42.0 | 44.6 |
| 100.0 | 100.0 | |
| * Europe including the UK. † Europe excluding the UK. |
| Ten Largest Holdings As at 30 September 2024 |
Total Valuation £'000 | % of Total Portfolio |
| Inflexion Strategic Partners | 16,342 | 2.9 |
| Sigma | 14,972 | 2.7 |
| August Equity Partners V | 11,363 | 2.0 |
| Weird Fish | 11,313 | 2.0 |
| Aliante Equity 3 | 11,262 | 2.0 |
| TWMA | 10,847 | 1.9 |
| San Siro | 10,127 | 1.8 |
| Axiom 1 | 9,942 | 1.8 |
| Stirling Square Capital II | 9,363 | 1.7 |
| SEP V | 9,110 | 1.6 |
| 114,641 | 20.4 |
Portfolio Holdings
| Investment | Geographic Focus | Total Valuation £'000 |
% of Total Portfolio | ||||||
| Buyout Funds - Pan European | |||||||||
| Stirling Square Capital II | Europe | 9,363 | 1.7 | ||||||
| Apposite Healthcare III | Europe | 9,076 | 1.6 | ||||||
| Apposite Healthcare II | Europe | 8,880 | 1.6 | ||||||
| F&C European Capital Partners | Europe | 8,784 | 1.6 | ||||||
| MED II | Western Europe | 3,286 | 0.6 | ||||||
| Agilitas 2015 Fund | Northern Europe | 2,719 | 0.5 | ||||||
| Magnesium Capital 1 | Europe | 2,392 | 0.4 | ||||||
| Astorg VI | Western Europe | 2,231 | 0.4 | ||||||
| Volpi III | Northern Europe | 2,080 | 0.4 | ||||||
| Verdane XI | Northern Europe | 2,041 | 0.4 | ||||||
| MED Platform II | Global | 1,700 | 0.3 | ||||||
| Wisequity VI | Italy | 1,644 | 0.3 | ||||||
| Summa III | Northern Europe | 1,611 | 0.3 | ||||||
| Agilitas 2020 Fund | Europe | 1,261 | 0.2 | ||||||
| TDR Capital II | Western Europe | 1,065 | 0.2 | ||||||
| ARCHIMED MED III | Global | 1,061 | 0.2 | ||||||
| Verdane Edda III | Northern Europe | 943 | 0.2 | ||||||
| TDR II Annex Fund | Western Europe | 921 | 0.1 | ||||||
| KKA II | Europe | 908 | 0.1 | ||||||
| Inflexion Partnership III | Europe | 540 | 0.1 | ||||||
| Agilitas 2024 HIF | Europe | 98 | - | ||||||
| Volpi Capital | Northern Europe | 38 | - | ||||||
| Total Buyout Funds - Pan European | 62,642 | 11.2 | |||||||
| Buyout Funds - UK | |||||||||
| Inflexion Strategic Partners | United Kingdom | 16,342 | 2.9 | ||||||
| August Equity Partners V | United Kingdom | 11,363 | 2.0 | ||||||
| Axiom 1 | United Kingdom | 9,942 | 1.8 | ||||||
| Inflexion Supplemental V | United Kingdom | 8,543 | 1.5 | ||||||
| Inflexion Buyout Fund V | United Kingdom | 6,093 | 1.1 | ||||||
| Apiary Capital Partners I | United Kingdom | 5,116 | 0.9 | ||||||
| Inflexion Buyout Fund VI | United Kingdom | 4,811 | 0.9 | ||||||
| August Equity Partners IV | United Kingdom | 4,551 | 0.8 | ||||||
| Kester Capital II | United Kingdom | 3,854 | 0.7 | ||||||
| FPE Fund II | United Kingdom | 3,846 | 0.7 | ||||||
| Piper Private Equity VI | United Kingdom | 3,803 | 0.7 | ||||||
| FPE Fund III | United Kingdom | 3,725 | 0.7 | ||||||
| Inflexion Partnership Capital II | United Kingdom | 3,610 | 0.6 | ||||||
| Inflexion Enterprise Fund V | United Kingdom | 3,206 | 0.6 | ||||||
| Corran Environmental II | United Kingdom | 2,747 | 0.5 | ||||||
| Inflexion Buyout Fund IV | United Kingdom | 2,481 | 0.4 | ||||||
| Piper Private Equity VII | United Kingdom | 2,446 | 0.4 | ||||||
| Inflexion Supplemental IV | United Kingdom | 1,457 | 0.3 | ||||||
| Inflexion Enterprise Fund IV | United Kingdom | 1,439 | 0.3 | ||||||
| Inflexion Partnership Capital I | United Kingdom | 1,078 | 0.2 | ||||||
| Primary Capital IV | United Kingdom | 1,067 | 0.2 | ||||||
| Horizon Capital 2013 | United Kingdom | 1,067 | 0.2 | ||||||
| Kester Capital III | United Kingdom | 906 | 0.2 | ||||||
| RJD Private Equity Fund III | United Kingdom | 404 | 0.1 | ||||||
| Piper Private Equity V | United Kingdom | 227 | - | ||||||
| GCP Europe II | United Kingdom | 127 | - | ||||||
| August Equity Partners VI | United Kingdom | 46 | - | ||||||
| Dunedin Buyout Fund II | United Kingdom | 17 | - | ||||||
| Total Buyout Funds - UK | 104,314 | 18.7 | |||||||
| Investment | Geographic Focus | Total Valuation £'000 |
% of Total Portfolio | ||||||
| Buyout Funds - Continental Europe | |||||||||
| Aliante Equity 3 | Italy | 11,262 | 2.0 | ||||||
| Bencis V | Benelux | 6,693 | 1.2 | ||||||
| Avallon MBO Fund III | Poland | 6,246 | 1.1 | ||||||
| DBAG VIII | DACH | 5,814 | 1.0 | ||||||
| DBAG VII | DACH | 5,603 | 1.0 | ||||||
| Vaaka III | Finland | 5,234 | 0.9 | ||||||
| Chequers Capital XVII | France | 4,932 | 0.9 | ||||||
| Capvis III CV | DACH | 4,931 | 0.9 | ||||||
| Verdane Edda | Nordic | 4,163 | 0.8 | ||||||
| Montefiore V | France | 4,118 | 0.7 | ||||||
| Procuritas VI | Nordic | 3,799 | 0.7 | ||||||
| ARX CEE IV | Eastern Europe | 3,030 | 0.5 | ||||||
| Corpfin V | Spain | 3,015 | 0.5 | ||||||
| Procuritas VII | Nordic | 2,720 | 0.5 | ||||||
| Procuritas Capital IV | Nordic | 2,472 | 0.4 | ||||||
| Italian Portfolio | Italy | 2,399 | 0.4 | ||||||
| Capvis IV | DACH | 2,092 | 0.4 | ||||||
| Vaaka IV | Finland | 2,073 | 0.4 | ||||||
| Montefiore IV | France | 1,840 | 0.3 | ||||||
| Aurica IV | Spain | 1,514 | 0.3 | ||||||
| Summa I | Nordic | 1,367 | 0.3 | ||||||
| Summa II | Nordic | 1,329 | 0.2 | ||||||
| Portobello Fund III | Spain | 1,204 | 0.2 | ||||||
| Corpfin Capital Fund IV | Spain | 1,065 | 0.2 | ||||||
| DBAG VIIB | DACH | 1,038 | 0.2 | ||||||
| DBAG VIIIB | DACH | 885 | 0.2 | ||||||
| Chequers Capital XVI | France | 675 | 0.1 | ||||||
| DBAG Fund VI | DACH | 583 | 0.1 | ||||||
| PineBridge New Europe II | Eastern Europe | 308 | 0.1 | ||||||
| Ciclad 5 | France | 297 | 0.1 | ||||||
| Procuritas Capital V | Nordic | 261 | 0.1 | ||||||
| Vaaka II | Finland | 121 | - | ||||||
| Montefiore Expansion | France | 106 | - | ||||||
| Gilde Buyout Fund III | Benelux | 89 | - | ||||||
| N+1 Private Equity Fund II | Iberia | 87 | - | ||||||
| Capvis III | DACH | 50 | - | ||||||
| DBAG Fund V | DACH | 5 | - | ||||||
| Herkules Private Equity III | Nordic | 4 | - | ||||||
| Total Buyout Funds - Continental Europe | 93,424 | 16.7 | |||||||
| Secondary Funds | |||||||||
| The Aurora Fund | Europe | 330 | 0.1 | ||||||
| Total Secondary Funds | 330 | 0.1 | |||||||
| Investment | Geographic Focus | Total Valuation £'000 |
% of Total Portfolio | ||||||
Total Private Equity Funds - USA
| Blue Point Capital IV | North America | 7,329 | 1.3 |
| Camden Partners IV | United States | 3,006 | 0.5 |
| Level 5 Fund II | United States | 2,734 | 0.5 |
| Purpose Brands (Level 5) | United States | 2,642 | 0.5 |
| Graycliff IV | North America | 2,594 | 0.5 |
| Blue Point Capital III | North America | 1,946 | 0.3 |
| Stellex Capital Partners | North America | 1,701 | 0.3 |
| MidOcean VI | United States | 1,563 | 0.3 |
| Graycliff III | United States | 980 | 0.2 |
| Blue Point Capital II | North America | 150 | - |
| Total Private Equity Funds - USA | 24,645 | 4.4 | |
| Private Equity Funds - Global | |||
| Corsair VI | Global | 6,528 | 1.2 |
| Hg Saturn 3 | Global | 4,363 | 0.8 |
| PineBridge GEM II | Global | 610 | 0.1 |
| Hg Mercury 4 | Global | 508 | 0.1 |
| F&C Climate Opportunity Partners | Global | 459 | 0.1 |
| AIF Capital Asia III | Asia | 108 | - |
| PineBridge Latin America II | South America | 55 | - |
| Warburg Pincus IX | Global | 9 | - |
| Total Private Equity Funds - Global | 12,640 | 2.3 | |
| Venture Capital Funds | |||
| SEP V | United Kingdom | 9,110 | 1.6 |
| MVM V | Global | 3,790 | 0.7 |
| SEP VI | Europe | 3,161 | 0.6 |
| Kurma Biofund II | Europe | 2,786 | 0.5 |
| MVM VI | Global | 2,653 | 0.5 |
| Northern Gritstone | United Kingdom | 2,000 | 0.4 |
| SEP IV | United Kingdom | 1,113 | 0.2 |
| Pentech Fund II | United Kingdom | 385 | 0.1 |
| SEP II | United Kingdom | 260 | - |
| Life Sciences Partners III | Western Europe | 248 | - |
| SEP III | United Kingdom | 60 | - |
| Environmental Technologies Fund | Europe | 56 | - |
| Total Venture Capital Funds | 25,622 | 4.6 | |
| Investment | Geographic Focus | Total Valuation £'000 |
% of Total Portfolio |
| Direct Investments/Co-investments | |||
| Sigma | United States | 14,972 | 2.7 |
| Weird Fish | United Kingdom | 11,313 | 2.0 |
| TWMA | United Kingdom | 10,847 | 1.9 |
| San Siro | Italy | 10,127 | 1.8 |
| Aurora Payment Solutions | United States | 9,005 | 1.6 |
| Utimaco | DACH | 8,852 | 1.6 |
| Cyclomedia | Netherlands | 8,751 | 1.6 |
| Cyberhawk | United Kingdom | 8,530 | 1.5 |
| Breeze Group (CAS) | United Kingdom | 8,270 | 1.5 |
| Amethyst Radiotherapy | Europe | 8,118 | 1.5 |
| Asbury Carbons | North America | 6,831 | 1.2 |
| Velos IoT (JT IoT) | United Kingdom | 6,741 | 1.2 |
| Habitus | Denmark | 6,739 | 1.2 |
| Prollenium | North America | 6,227 | 1.1 |
| CARDO Group | United Kingdom | 6,204 | 1.1 |
| Swanton | United Kingdom | 6,199 | 1.1 |
| Family First | United Kingdom | 5,968 | 1.1 |
| Orbis | United Kingdom | 5,799 | 1.0 |
| Cybit (Perfect Image) | United Kingdom | 5,176 | 0.9 |
| Rosa Mexicano | United States | 5,103 | 0.9 |
| Polaris Software (StarTraq) | United Kingdom | 4,840 | 0.9 |
| AccuVein | United States | 4,634 | 0.8 |
| Educa Edtech | Spain | 4,583 | 0.8 |
| 123Dentist | Canada | 4,533 | 0.8 |
| Braincube | France | 4,477 | 0.8 |
| MedSpa Partners | Canada | 4,201 | 0.8 |
| Dotmatics | United Kingdom | 4,043 | 0.7 |
| 1Med | Switzerland | 3,933 | 0.7 |
| LeadVenture | United States | 3,913 | 0.7 |
| Walkers Transport | United Kingdom | 3,729 | 0.7 |
| Vero Biotech | United States | 2,956 | 0.5 |
| PathFactory | Canada | 2,934 | 0.5 |
| Omlet | United Kingdom | 2,832 | 0.5 |
| Collingwood Insurance Group | United Kingdom | 2,671 | 0.5 |
| AccountsIQ | Ireland | 2,530 | 0.5 |
| Agilico (DMC Canotec) | United Kingdom | 2,516 | 0.5 |
| GT Medical | United States | 2,236 | 0.4 |
| Neurolens | United States | 2,215 | 0.4 |
| Ambio Holdings | United States | 2,041 | 0.4 |
| Alessa (Tier1 CRM) | Canada | 1,947 | 0.4 |
| OneTouch | United Kingdom | 1,861 | 0.3 |
| Bomaki | Italy | 1,466 | 0.3 |
| Rephine | United Kingdom | 1,360 | 0.2 |
| Avalon | United Kingdom | 1,234 | 0.2 |
| Leader96 | Bulgaria | 704 | 0.1 |
| Jollyes | United Kingdom | 397 | 0.1 |
| TDR Algeco/Scotsman | Europe | 226 | - |
| Coretrax | United Kingdom | 94 | - |
| Total Direct Investments/Co-investments | 234,878 | 42.0 | |
| Total Portfolio | 558,495 | 100.0 |
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2024 (unaudited)
| Revenue £'000 |
Capital £'000 |
Total £'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
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
year ended 31 December 2023 (audited)
| Revenue £'000 |
Capital £'000 |
Total £'000 |
|
| ##### Income | |||
| Gains on investments held at fair value | - | 25,226 | 25,226 |
| Exchange gains | - | 863 | 863 |
| Investment income | 2,703 | - | 2,703 |
| Other income | 689 | - | 689 |
| ##### Total income | 3,392 | 26,089 | 29,481 |
| ##### Expenditure | |||
| Investment management fee - basic fee | (474) | (4,263) | (4,737) |
| Investment management fee - performance fee | - | (4,767) | (4,767) |
| Other expenses | (1,064) | - | (1,064) |
| ##### Total expenditure | (1,538) | (9,030) | (10,568) |
| Profit before finance costs and taxation | 1,854 | 17,059 | 18,913 |
| Finance costs | (513) | (4,616) | (5,129) |
| Profit before taxation | 1,341 | 12,443 | 13,784 |
| Taxation | - | - | - |
| Profit for year/total comprehensive income | 1,341 | 12,443 | 13,784 |
| Return per Ordinary Share | 1.84p | 17.08p | 18.92p |
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
| As at 30 September 2024 | As at 30 September 2023 | As at 31 December 2023 |
|
| (unaudited) | (unaudited) | (audited) | |
| £'000 | £'000 | £'000 | |
| Non-current assets | |||
| Investments at fair value through profit or loss | 558,495 | 589,185 | 605,603 |
| Current assets | |||
| Other receivables | 3,196 | 1,551 | 841 |
| Cash and cash equivalents | 22,678 | 3,995 | 9,879 |
| 25,874 | 5,546 | 10,720 | |
| Current liabilities | |||
| Other payables | (5,144) | (9,036) | (8,121) |
| Interest-bearing bank loan | (44,222) | (78,477) | (97,109) |
| (49,366) | (87,513) | (105,230) | |
| Net current liabilities | (23,492) | (81,967) | (94,510) |
| Interest-bearing bank loan | (48,760) | - | - |
| Net assets | 486,243 | 507,218 | 511,093 |
| Equity | |||
| Called-up ordinary share capital | 739 | 739 | 739 |
| Share premium account | 2,527 | 2,527 | 2,527 |
| Special distributable capital reserve | 3,818 | 10,026 | 9,597 |
| Special distributable revenue reserve | 31,403 | 31,403 | 31,403 |
| Capital redemption reserve | 1,335 | 1,335 | 1,335 |
| Capital reserve | 446,421 | 461,188 | 465,492 |
| ## Shareholders' funds | 486,243 | 507,218 | 511,093 |
| Net asset value per Ordinary Share | 680.03p | 696.30p | 702.50p |
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
| ### Nine months ended ### 30 September ### 2024 |
### Nine months ended ### 30 September 2023 |
### Year ### ended ### 31 December 2023 |
|
| ### (unaudited) | ### (unaudited) | ### (audited) | |
| ### £'000 | ### £'000 | ### £'000 | |
| ### Opening shareholders' funds | ### 511,093 | ### 517,675 | ### 517,675 |
| ### Buyback of ordinary shares | ### (5,779) | ### - | ### (429) |
| ### (Loss)/profit for the period/total ### comprehensive income |
(3,929) | 4,374 | ### 13,784 |
| ### Dividends paid | ### (15,142) | ### (14,831) | ### (19,937) |
| ### Closing shareholders' funds | 486,243 | ### 507,218 | ### 511,093 |
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 2023. Earnings for the nine months to 30 September 2024 should not be taken as a guide to the results for the year to 31 December 2024.
2. Investment management fee:
| ### Nine months ended ### 30 September 2024 (unaudited) |
### Nine months ended ### 30 September 2023 (unaudited) |
### Year ended ### 31 December 2023 (audited) |
|||||||
| ### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
|
| ### Investment management fee - basic fee | 365 | 3,284 | 3,649 | 354 | 3,187 | 3,541 | 474 | 4,263 | 4,737 |
| ### Investment management fee - performance fee | - | - | - | - | 5,017 | 5,017 | - | 4,767 | 4,767 |
| 365 | 3,284 | 3,649 | 354 | 8,204 | 8,558 | 474 | 9,030 | 9,504 | |
3. Finance costs:
| ### Nine months ended ### 30 September 2024 (unaudited) |
### Nine months ended ### 30 September 2023 (unaudited) |
### Year ended ### 31 December 202 3 (audited) |
|||||||
| ### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
### Revenue ### £'000 |
### Capital ### £'000 |
### Total ### £'000 |
|
| ### Interest payable on bank loans | ### 679 | ### 6,115 | ### 6,794 | ### 336 | ### 3,026 | ### 3,362 | ### 513 | ### 4,616 | ### 5,129 |
4. Returns and net asset values
| ### Nine months ended ### 30 September 2024 (unaudited) |
### Nine months ended ### 30 September 2023 (unaudited) |
### Year ended ### 31 December 2023 (audited) |
|
| ### The returns and net asset values per share are based on the following figures: | |||
| ### Revenue Return | ### £944,000 | ### £664,000 | ### £1,341,000 |
| ### Capital Return | ### £(4,873,000) | ### £3,710,000 | ### £12,443,000 |
| ### Net assets attributable to shareholders | ### £486,243,000 | ### £507,218,000 | ### £511,093,000 |
| ### Number of shares in issue at end of period (excluding shares held in treasury) | ### 71,502,938 | ### 72,844,938 | ### 72,752,938 |
| ### Weighted average number of shares in issue during the period (excluding shares held in treasury) |
### 71,960,967 | ### 72,844,938 | ### 72,838,637 |
5. The financial information for the nine months ended 30 September 2024, 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 2023, 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 |
| [email protected] / [email protected] | |
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