15 Oct 2008 16:09
Oxford Technology 4
Venture Capital Trust plc
Interim Statement
For the period 1 March 2008 to 31 August 2008
Statement on behalf of the Board
Net Assets per share were £1.09 on 31 August 2008, compared to £1.11 a year ago and £1.08 on 29 February 2008. The portfolio contains investments in several companies which are making excellent progress and which continue to have the potential to be very valuable.
Glide continues to make excellent progress with its needle free injection technology and raised an additional £2.2m in summer 2008 at an increased valuation. MirriAd also continues to make excellent progress with its business which enables advertisers to place product in video and film post-production. Diamond Hard Surfaces is raising capital to build a production chamber in the UK, having now secured its first customers. Meciria's tool has started its down-hole testing in a gas drilling well in Oklahoma and we expect this testing process to continue for the next few months. Many other investees are also making good progress while one or two have had setbacks.
On behalf of the Board
John Jackson - Chairman
Unaudited Financial Information
| Summarised Statement of Total Return for the Period |
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| Six monthsto 31 Aug 08 | Six monthsto 31 Aug 07 | Year to29 Feb 08 |
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| £'000 | £'000 | £'000 |
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| Gain/Loss on investments | 226 | 2,137 | 1,921 |
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| Income | 50 | 70 | 139 |
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| Expenses | (175) | (144) | (289) |
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| Net return before taxation | 101 | 2,063 | 1,771 |
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| Tax on ordinary activities | - | - | - |
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| Return attributable to equity shareholders | 101 | 2,063 | 1,771 |
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| Dividends in respect of equity shares | - | - | - |
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| Transfers to reserves | 101 | 2,063 | 1,771 |
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| Revenue return per share | (1.22)p | (0.72)p | (1.45)p |
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| Capital return per share | 2.19p | 20.67p | 18.58p |
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| Total return per ordinary share | 0.97p | 19.95p | 17.13p |
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| Summarised Balance Sheet | 31 Aug 08 | 31 Aug 07 | 29 Feb 08 |
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| £'000 | £'000 | £'000 |
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| Investments held at fair value | 9,194 | 8,286 | 8,640 |
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| Other net current assets | 2,043 | 3,142 | 2,497 |
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| Net assets | 11,237 | 11,428 | 11,136 |
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| Capital and Reserves |
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| Called up share capital | 1,034 | 1,034 | 1,034 |
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| Share premium: Share issues | 9,184 | 9,184 | 9,184 |
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| 10,095 | 10,095 | 10,095 |
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| Expenses on share issues | (123) | (123) | (123) |
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| Capital reserve - realised | 318 | 318 | 318 |
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| unrealised | 1,443 | 1,433 | 1,217 |
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| Revenue reserve | (619) | (418) | (494) |
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| Shareholders' funds | 11,237 | 11,428 | 11,136 |
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| Net asset value per share | 109p | 111p | 108p |
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| Cash Flow Statement |
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| for the Period | 31 Aug 08 | 31 Aug 07 | 29 Feb 08 |
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| £'000 | £'000 | £'000 |
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| Net cash outflow |
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| from operating activities | (90) | (78) | (130) |
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| Capital expenditure and financial investment |
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| Purchase of investments | (328) | (1,141) | (1,710) |
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| Disposal of investments | - | 168 | 168 |
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| Net cash outflow from capital |
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| expenditure and financial investment | (328) | (973) | (1,542) |
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| Decrease in cash | (418) | (1,051) | (1,672) |
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Notes to the Unaudited Financial Information
1 The financial information for each of the interim periods ended 31 August 2008 and 31 August 2007 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ending 29 February 2008. The financial information for the year ended 29 February 2008 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.
2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
3 Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments and the gains and losses arising on the disposal of investments are dealt with in the capital reserve.
4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.