Albion. Tch Vct Regulatory News (AATG)

22 Sep 2005 14:16

Close Technology & General VCT PLC22 September 2005 CLOSE TECHNOLOGY & GENERAL VCT PLC INTERIM RESULTS Close Technology & General VCT PLC ("the Company"), today announces its interimresults for the six months to 30 June 2005. Financial Highlights: •NAV per Ordinary Share of 118.5 pence (2004: 108.4 pence (restated)) •Interim dividend paid in July 2005 of 4.0 pence per share (2004: first interim dividend paid of 1.0 pence) •A further interim dividend of 4 pence per share will be paid on 4 November 2005 to shareholders on the register on 7 October 2005. For further information, please contact: Patrick Reeve/ Will Fraser-Allen Clemmie CarrClose Venture Management Limited Tavistock CommunicationsTel: 020 7422 7830 Tel: 020 7920 3150 Notes to Editors: 1) Close Technology & General VCT PLC is managed by Close Venture Management Limited. 2) Close Venture Management Limited is a subsidiary of Close Brothers Group Plc and is regulated by the FSA. 3) Unaudited interim reports for the period will be sent to shareholders shortly. 4) The financial information set out in the announcement does not constitute the Company's statutory accounts for the six months ended 30 June 2005 or 2004. The financial information for the year ended 31 December 2004 is derived from the statutory accounts delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237 (2) or (3) of the Companies Act 1985. Chairman's statement Introduction Close Technology & General VCT has raised £14.4 million from private investorssince its launch in January 2001 and offers investors the opportunity toparticipate in a balanced portfolio of technology and non-technology businesses.The Company's investment portfolio is currently split by value approximately asfollows: • 30% invested in technology companies, of which:- 12% in quoted investments in international technology stocks;- 18% in unquoted UK technology-related companies,• 70% in unquoted investments in UK non-technology companies. Investment progress The first six months of the year has seen excellent further progress in theCompany's portfolio, leading to another strong rise in asset value. This wasprincipally due to the sale of investments; first in Automotive Technik(Holdings) Limited, a manufacturer of military vehicles, which realised a profitof £2.05 million, and second in Cassium Technologies Limited, a softwareservices provider, for a profit of £790,000. This more than offset provisions inother parts of the portfolio. The main new investments in the period were £500,000 in Xceleron, a spin-outfrom York University, which provides analysis services to the pharmaceuticalindustry, £667,000 in Q Gardens, which secured us a first charge over the 7 acrefreehold garden centre in Fareham, and £500,000 in Weybridge Limited, which isdeveloping a health and fitness club on a 30 acre freehold site in Weybridge,Surrey. Your Company also invested in an additional number of companies whichown and operate freehold pubs. As a result of the introduction of revised Financial Reporting Standards forperiods commencing on or after 1 January 2005, dividends to shareholders arerecognised in the accounts in the period in which they are approved, rather thanthe period in which they are proposed, as was previously the case. It isintended that the "interim" and "final" dividends will be replaced by twointerim dividends. In the current financial year, however, shareholders willreceive three dividends. The first, of 1 penny, representing last year's "final"dividend was approved on 19 April 2005. The second, of 4 pence, was paid on14 July 2005 to shareholders on the register on 24 June 2005. The third, which is also 4 pence, was approved by the Board of Directors on 12 September 2005 and will be paid on 4 November 2005 to those shareholders on the register on 7 October 2005. It is intended that, so far as is practicable and if the Company's performance permits, the Company will pay total dividends of 8 pence per annum for future periods. New C Share issue As a result of our successful investment record, it is intended to increase thescale of the Company by a new issue of C shares. The issue, which is currentlyanticipated to raise £25 million, will be subject to shareholders' approval atan extraordinary general meeting to be scheduled for November 2005. Furtherdetails will be sent to shareholders over the next few weeks. Results and dividend As at 30 June 2005 the net asset value of the Company was £16.4 million (30 June2004 restated: £15.2 million), equivalent to 118.46 pence per share (30 June2004 restated: 108.4 pence per share). Net income after taxation was £222,000for the period, which enabled the Board to pay a net interim revenue dividend of2.0 pence per share which was combined with a capital dividend of 2.0 pence pershare. This was paid on 14 July 2005 (first interim 2004: 1 pence per share). Dr N E CrossChairman 21 September 2005 Statement of total return for the six months to 30 June 2005 Unaudited Unaudited Audited Six months to Six months to, Year to, 30 June 2005 30 June 2004 31 December 2004 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses)on investments - 1,609 1,609 - (17) (17) - 1,274 1,274 InvestmentIncome 421 - 421 305 - 305 670 - 670 Investmentmanagementfees (54) (161) (215) (50) (150) (200) (104) (312) (416) Other expenses (72) - (72) (64) - (64) (126) - (126) Return/(loss)on ordinaryactivitiesbefore tax 295 1,448 1,743 191 (167) 24 440 962 1,402 Tax onordinaryactivities (73) 49 (24) (45) 38 (7) (101) 78 (23) Return/(loss)attributableto equityshareholders 222 1,497 1,719 146 (129) 17 339 1,040 1,379 Amountsrecognised asdistributionsto equityshareholdersin the period (415) (276) (691) (215) - (215) (353) (699) (1,052) Transfer(from)/toreserves (193) 1,221 1028 (69) (129) (198) (14) 341 327Return pershare (pence) 1.5 10.5 12.0 1.0 (0.9) 0.1 2.4 7.4 9.8 All revenue and capital items in the above statement derive from continuingoperations.No operations were acquired or discontinued during the period.*Comparative figures have been restated in accordance with FRS 21 in respect ofdeclared dividends. Balance sheet as at 30 June 2005 Unaudited Unaudited Audited 30 June 2005 30 June 2004 31 December 2004 (Restated)* (Restated)* £'000 £'000 £'000 Fixed asset investmentsQualifying investments 8,674 12,923 9,534Non-qualifying investments 1,673 1,426 1,328 Total fixed asset investments 10,347 14,349 10,862 Current assetsDebtors 318 55 61Cash at bank 6,446 993 4,819 6,764 1,048 4,880 Creditors: amounts fallingdue within one year (745) (213) (117) Net current assets 6,019 835 4,763 Total assets less current liabilities 16,366 15,184 15,625 Capital and reservesCalled up share capital 6,908 7,004 6,958Share premium 165 165 165Special reserve 5,785 5,978 5,894Capital redemption reserve 287 191 237Realised capital reserve 4,974 (777) 2,722Unrealised capital reserve (1,779) 2,392 (637)Revenue reserve 26 231 286 Total equity shareholders'funds 16,366 15,184 15,625 Net asset value per share(pence) 118.5 108.4 112.3 *Comparative figures have been restated in accordance with FRS21 in respect ofdeclared dividends.The interim information was approved by the Board of Directors on 21 September2005.Signed on behalf of the Board of Directors by Dr N E CrossChairman Cash flow statement for the six months to 30 June 2005 Unaudited Unaudited Audited Six months to Six months to Year to 30 June 2005 30 June 2004 31 December 2004 £'000 £'000 £'000 Operating activities Investment income received 398 160 593Deposit income received 42 10 50Investment management feespaid (158) (235) (480)Other cash payments (84) (91) (119) Net cash inflow/(outflow)from 198 (156) 44operating activities TaxationUK corporation tax paid - 4 (8) Capital expenditure and financialinvestmentPurchase of investments (3,484) (762) (2,959)Disposal of investments 5,159 801 7,635 Net cash inflow frominvesting activities 1,675 39 4,676 Equity dividends paidDividends paid on ordinaryshares (139) (212) (1,052) Net cash inflow/(outflow)before financing 1,734 (325) 3,660 FinancingCancellation of shares (107) (192) (351) Net cash outflow fromfinancing (107) (192) (351) Increase/(decrease) in cashin the period 1,627 (517) 3,309_______________________________________________________________________________ This information is provided by RNS The company news service from the London Stock Exchange