TRADING AND EARNINGS: Puma VCTs report mixed NAV performance
The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Puma Alpha VCT PLC - London-based venture capital trust managed by Puma Investments - Net asset value per basic share at 31 August 86.73 pence, down 6.9% from 93.21 pence the previous year. Loss per share was 2.10 pence, narrowing from 6.61 pence. No dividend declared. Puma Alpha says the Russian invasion of Ukraine and conflict in the Middle East, alongside US tariffs, "have caused geopolitical and economic uncertainty and subdued economic growth resulting from high levels of inflation". Despite this backdrop, the trust says it "is well placed" given the depth and breadth of its investment manager's commercial expertise, its pan-sector investment approach and its AIM expertise, as demonstrated by the performance of the Puma AIM Inheritance Tax Service.
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Puma VCT 13 PLC - London-based venture capital trust managed by Puma Investments - Reports net asset value per share of 121.70 pence at August 31, up 0.3% from 121.28 pence the previous year. Return per ordinary share was 0.36 pence, swings from negative 1.15 pence a year earlier. Says the UK and international outlook remains "uncertain and difficult to predict", but periods of disruption can create opportunities for businesses able to respond quickly. It says the UK has an established small and medium-sized enterprise market, where its manager has built a strong reputation as a capital provider, particularly for later-stage businesses facing challenging access to bank lending. Puma VCT 13 says it is confident its team can adapt to volatile market conditions and build a portfolio capable of delivering attractive shareholder returns.
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Puma AIM VCT – London-based venture capital trust – Reports net asset value per ordinary share of 91.20 pence at Aug. 31, down 11% from 102.30 pence at Feb. 28. Says the investment case remains intact across its portfolio and that it remains confident in the quality of its investments. Says it continues to see opportunities to invest in well-managed UK growth companies, supported by a healthy pipeline of VCT-qualifying investments. Says changes to VCT rules broaden the range of eligible businesses, creating opportunities to back larger and more mature growth companies. The manager says it will remain selective in deploying capital and believes the current environment offers attractive opportunities to generate long-term value for investors.
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Cirata PLC - Jersey-based data management and orchestration company - Says annualised contract value falls for the third quarter ended September 30 was USD5.2 million, down 1.9% from USD5.3 million quarter-on-quarter. Billings were USD1.3 million jumping from USD500,000, while remaining contracted billings fall 23% to USD4.4 million from USD5.7 million. Cash was USD6.2 million at September 30, rising from USD2.6 million at June 30. Short-term trade receivables increase to USD1.1 million from USD200,000. Cash overheads are USD3.2 million for the quarter, in line with the expected annualised range of USD12 million to USD13 million. The company says its full-year 2026 outlook remains unchanged. Chief Executive Officer Stephen Kelly says the second half is "heavily weighted towards the final quarter" as Cirata pursues larger enterprise opportunities. Cirata says its Symphony product is now in deployment with a leading UK retailer and through a proof of concept with a major US bank. The product is available to IBM customers through an original equipment manufacturer agreement.
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PetroTal Corp - Calgary, Alberta-based oil and gas producer - Says it averages barrels of oil per day in the third quarter period ended September 30 was 11,797 with year-to-date output at 13,076. The company says unrestricted cash rose 6.3% to USD115.6 million as at September 30, from USD108.8 year-on-year. Drilling at the Bretana field in Peru progresses on schedule, with the 25H well reaching 3,362 metres. PetroTal targets production of 20,000 barrels per day at Bretana by the end of the first quarter of 2027. It also signs a 24-month technical evaluation agreement with PeruPetro for Area CXVII in Peru's Maranon Basin, covering two structures where legacy wells have tested oil. PetroTal holds hedges covering 1.7 million barrels through 2027. Third-quarter financial results are due on November 9.
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