17th Nov 2025 09:15
(Alliance News) - Puma VCT 13 PLC and Puma Alpha VCT on Friday reported decreases in interim net asset value and pretax losses, which the two companies attribute to an uncertain economic and political environment.
Based in London, VCT 13 and Alpha VCT are venture capital trusts.
Alpha VCT net asset value per share fell 13% to 93.21 pence for the six months ended August 31, from 107.45p a year ago.
VCT 13's NAV fell 4.9% to 121.28p from 127.56p.
Alpha VCT's pretax loss widened to GBP2.2m from GBP221,000 a year ago. This was driven by a higher capital loss on fixed asset investments, particularly decreases in valuations for Everpress Ltd, Le Col Holdings Ltd, and Dymag Group Ltd.
VCT 13 swung to a loss of GBP1.8m from a profit of GBP3.4m a year ago, due to a swing to a profit to loss on fixed asset investments.
Like Alpha VCT, VCT 13's biggest losses in its investment portfolio were due to Everpress, Le Col and Dymag.
Both Alpha VCT and VCT 13 said: "For prudence, we have again marked down the carrying value of Le Col."
Influencer Ltd, which VCT 13 invested in, had a gain of GBP12.9 million, the biggest across both portfolios. VCT 13 noted that Influencer had a write up of GBP1.8 million "after continuing to show strong growth, in particular in the US market."
Both Alpha VCT and VCT 13 declared no interim dividend, the same as the year before.
Looking ahead, Alpha VCT Chair Egmont Kock said: "Whilst the picture remains uncertain and difficult both in the UK and globally, turbulent times bring opportunity especially for businesses agile enough to respond rapidly to disruption and change.
"This VCT has shown that it can adapt quickly to changes in the political and economic environment when developing its portfolio."
VCT 13 Chair David Buchler said that, despite current "risks" in the UK's economy, "with inflation expected to fall to 2.5% in 2026 and interest rates easing, conditions may improve for investment and consumption.
"VCT 13 is well-placed to support dynamic UK enterprises and contribute to a more robust and resilient economy."
Both trusts noted the success of the UK's current small and medium-sized enterprises market.
"The management team have positioned your VCT to capitalise on these opportunities," said Buchler.
On Monday morning in London, VCT 13 traded flat at 127.00p and Alpha VCT traded flat at 93.85p.
By Roya Shahidi, Alliance News reporter
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