27 Oct 2011 11:21
New Century AIM VCT plc
Unaudited Interim Report
Six months to 31st August 2011
New Century AIM VCT plc
For the six months to 31st August 2011
Chairman's Statement
During the 6 month period to the 31st August 2011, the fund made a relatively good showing. Against a 17% fall in the FTSE Aim Index, the fund declined by just 3.3%.
Net revenue reached £15,000 against £20,000 for the whole of the previous year which augurs well for the dividend prospects in the current year.
Qualifying investments have shown a slight increase to 82.3%.
The main feature of the period was the strength of the shareholding in Cupid which more than doubled on increasingly upgraded profits forecasts. Other useful gains were achieved by Belgravium, Coolabi, which received a bid approach, Advanced Computer, and Green Compliance.
A profit of just over £76,000 was realised on Educational Developments following a bid for the company. A large profit was also realised on Alliance Pharmaceuticals. Partial profits were taken on Cupid.
We decided to exit at a loss from Chime, Superglass and Record all of which did not live up to expectations.
Since August, the AIM market has fallen by a further 8%. We are pleased that the fund has continued to show resilience with the net asset value per share declining by just 2.9% to 56.3p.
Geoff Gamble
19 November 2010
New Century AIM VCT plc
For the six months to 31st August 2011
Balance Sheet
| Interim Accounts as at 31 August 2011 | Final Accounts as at 28 February 2011* | Interim Accounts as at 31 August 2010 | |||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||
| Fixed Assets | |||||||||||||
| Investments | 5,929 | 6,009 | 5,138 | ||||||||||
| Current Assets | |||||||||||||
| Sundry debtors | 0 | 0 | 0 | ||||||||||
| Uninvested cash on deposit with broker | 320 | 320 | 332 | 332 | 462 | 462 | |||||||
| Current Liabilities | |||||||||||||
| Creditors: amounts due | |||||||||||||
| within one year | 0 | (25) | (19) | ||||||||||
| 6,249 | 6,316 | 5,581 | |||||||||||
| Capital and Reserves | |||||||||||||
| Share capital | 1,073 | 1,053 | 1,053 | ||||||||||
| Share premium | 9,003 | 8,912 | 8,913 | ||||||||||
| Capital reserve - realised | 2,287 | 2,241 | 2,162 | ||||||||||
| Capital reserve - unrealised | (6,149) | (5,910) | (6,629) | ||||||||||
| Revenue reserve | 35 | 20 | 82 | ||||||||||
| 6,249 | 6,316 | 5,581 | |||||||||||
| Asset value per share | 58p | 60p | 53p | ||||||||||
|
| *Audited accounts | ||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2011
Unaudited Income Statement
(incorporating the revenue account)
| 6 month period ended 31 August 2011 | Year to 28 February 2011* | 6 month period ended 31 August 2010 | ||||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | ||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||
| Gains on investments | ||||||||||||||||||||||
| Realised | 0 | 71 | 71 | 0 | 146 | 146 | 0 | 24 | 24 | |||||||||||||
| Unrealised | 0 | (239) | (239) | 0 | (82) | (82) | 0 | (819) | (819) | |||||||||||||
| Income | 39 | 0 | 39 | 71 | 0 | 71 | 32 | 0 | 32 | |||||||||||||
| Investment management fees | (8) | (24) | (32) | (15) | (47) | (62) | (7) | (22) | (29) | |||||||||||||
| Other expenses | (16) | 0 | (16) | (36) | 0 | (36) | (25) | 0 | (25) | |||||||||||||
| Return on ordinary activities | 15 | (192) | (177) | 20 | 17 | 37 | 0 | (817) | (817) | |||||||||||||
| Tax on ordinary activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Return on ordinary activities | ||||||||||||||||||||||
| after taxation | 15 | (192) | (177) | 20 | 17 | 37 | 0 | (817) | (817) | |||||||||||||
| Return per ordinary share in pence | 0.14 | (1.80) | (1.66) | 0.19 | 0.16 | 0.35 | 0.00 | (7.83) | (7.83) | |||||||||||||
| *Audited Accounts | ||||||||||||||||||||||
| All revenue and capital items in the above statement derive from continuing operations. | ||||||||||||||||||||||
| The company has only one class of business and derives its income from investments in shares and securities, and | ||||||||||||||||||||||
| from bank and money market funds. | ||||||||||||||||||||||
| The weighted average number of shares in issue during the period was 10,697,768. | ||||||||||||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2011
Unaudited Cash Flow Statement
| 6 month period ended 31 August 2011 | Year to 28 February 2011* | 6 month period ended 31 August 2010 | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Operating activity: Net cash outflow | (73) | (96) | (60) | |||||||||
| Returns on investments | ||||||||||||
| Interest received | 2 | 4 | 2 | |||||||||
| Investment income | 37 | 39 | 67 | 71 | 30 | 32 | ||||||
| Taxation | 0 | 0 | 0 | |||||||||
| Dividend paid | 0 | (58) | 0 | |||||||||
| Financial investment | ||||||||||||
| Sale of investments | 468 | 1,009 | 296 | |||||||||
| Purchase of investments | (557) | (88) | (1,412) | (403) | (625) | (329) | ||||||
| Net cash inflow/(outflow) before financing | (122) | (486) | (357) | |||||||||
| Net proceeds of share issue | 110 | 484 | 484 | |||||||||
| (12) | (2) | 127 | ||||||||||
| Increase/(decrease) in uninvested cash with broker | (12) | (2) | 127 | |||||||||
| *Audited Accounts | ||||||||||||
| New Century AIM VCT plc | ||||||||||||
| Investment Portfolio: Qualifying | ||||||||||||
| Security | Cost | Valuation | % | % | ||||||||
| 31 Aug 2011 | Cost | Valuation | ||||||||||
| Qualifying Investments | 9,952,550 | 4,461,715 | 80 | 71 | ||||||||
| Non-qualifying Investments | 2,131,290 | 1,467,967 | 17 | 24 | ||||||||
| Uninvested funds | 319,926 | 319,926 | 3 | 5 | ||||||||
| 12,403,767 | 6,249,609 | 100 | 100 | |||||||||
| AIM Quoted | ||||||||||||
| Tristel plc | 253,678 | 259,960 | 2.05 | 4.16 | ||||||||
| PHSC plc | 182,910 | 70,000 | 1.47 | 1.12 | ||||||||
| DCD Media plc | 555,263 | 23,375 | 4.48 | 0.37 | ||||||||
| Legion Group plc | 175,875 | 0 | 1.42 | 0.00 | ||||||||
| K3 Business Technology Group | 140,198 | 271,250 | 1.13 | 4.34 | ||||||||
| Belgravium Technologies | 281,400 | 120,000 | 2.27 | 1.92 | ||||||||
| ILX Group | 753,750 | 218,750 | 6.08 | 3.50 | ||||||||
| Lighthouse Group plc | 203,513 | 101,250 | 1.64 | 1.62 | ||||||||
| AT Communications Group | 422,100 | 0 | 3.40 | 0.00 | ||||||||
| Invocas Group plc | 100,400 | 8,100 | 0.81 | 0.13 | ||||||||
| Jelf Group plc | 157,132 | 87,025 | 1.27 | 1.39 | ||||||||
| Relax Group | 135,675 | 0 | 1.09 | 0.00 | ||||||||
| Brulines (Hldgs) plc | 40,175 | 29,900 | 0.32 | 0.48 | ||||||||
| HML Holdings plc | 351,549 | 124,000 | 2.83 | 1.98 | ||||||||
| CBG Group plc | 99,947 | 26,325 | 0.81 | 0.42 | ||||||||
| Coolabi plc | 237,071 | 203,206 | 1.91 | 3.25 | ||||||||
| Sinclair Pharma | 211,050 | 199,495 | 1.70 | 3.19 | ||||||||
| Western & Oriental plc | 502,500 | 0 | 4.05 | 0.00 | ||||||||
| EBTM plc | 640,888 | 0 | 5.17 | 0.00 | ||||||||
| Sport Media Group | 125,625 | 0 | 1.01 | 0.00 | ||||||||
| Environ Group plc | 704,900 | 81,375 | 5.68 | 1.30 | ||||||||
| Kurawood plc | 150,750 | 0 | 1.22 | 0.00 | ||||||||
| Boomerang Plus plc | 238,185 | 79,500 | 1.92 | 1.27 | ||||||||
| Fishworks plc | 180,900 | 0 | 1.46 | 0.00 | ||||||||
| Optare plc | 50,753 | 2,946 | 0.41 | 0.05 | ||||||||
| Advanced Computer Software | 354,514 | 788,500 | 2.86 | 12.62 | ||||||||
| Cyan Holdings plc | 150,737 | 108,323 | 1.22 | 1.73 | ||||||||
| Marechale Capital plc | 202,005 | 20,000 | 1.63 | 0.32 | ||||||||
| Lombard Risk Mgt | 24,120 | 42,000 | 0.19 | 0.67 | ||||||||
| Savile Group | 126,254 | 24,375 | 1.02 | 0.39 | ||||||||
| Winkworth plc | 72,360 | 75,600 | 0.58 | 1.21 | ||||||||
| Green Compliance plc | 100,628 | 104,564 | 0.81 | 1.67 | ||||||||
| Bango plc | 43,215 | 71,000 | 0.35 | 1.14 | ||||||||
| Cupid plc | 172,942 | 705,533 | 1.39 | 11.29 | ||||||||
| Managed Support Group | 70,350 | 16,000 | 0.57 | 0.26 | ||||||||
| Eco City Vehicles | 76,683 | 56,220 | 0.62 | 0.90 | ||||||||
| Corac Group plc | 109,278 | 72,483 | 0.88 | 1.16 | ||||||||
| Brady plc | 59,594 | 69,345 | 0.48 | 1.11 | ||||||||
| Angel Biotech | 73,080 | 51,936 | 0.59 | 0.83 | ||||||||
| In-Deed Online | 133,812 | 145,820 | 1.08 | 2.33 | ||||||||
| Music Festivals plc | 68,090 | 65,660 | 0.55 | 1.05 | ||||||||
| Angle plc | 10,053 | 10,000 | 0.08 | 0.16 | ||||||||
| Networkers International | 25,014 | 25,900 | 0.20 | 0.41 | ||||||||
| 8,768,912 | 4,359,715 | 70.70 | 69.76 | |||||||||
|
New Century AIM VCT plc | ||||||||||||
| Investment Portfolio: Qualifying | ||||||||||||
| Security | Cost | Valuation | % | % | ||||||||
| 31 Aug 2011 | Cost | Valuation | ||||||||||
| Plus Markets Quoted | ||||||||||||
| CKS Group plc | 526,369 | 0 | 4.31 | 0.00 | ||||||||
| Air Touring | 201,000 | 0 | 1.65 | 0.00 | ||||||||
| General Medical Clinics plc | 205,020 | 102,000 | 1.68 | 1.63 | ||||||||
| 932,389 | 102,000 | 7.64 | 1.63 | |||||||||
| Unlisted Investments | ||||||||||||
| Air Touring Group plc | 251,250 | 0 | 2.03 | 0.00 | ||||||||
| 251,250 | 0 | 2.03 | 0.00 | |||||||||
| Total qualifying investments | 9,952,550 | 4,461,715 | 80.24 | 71.39 | ||||||||
| New Century AIM VCT plc | |||||||||
| Investment Portfolio: Non-qualifying | |||||||||
| Security | Cost | Valuation 31 Aug 2011 | % Cost | % Valuation | |||||
| AIM Quoted | |||||||||
| Arbuthnot Banking Group | 45,207 | 30,875 | 0.36 | 0.49 | |||||
| Commodity Growth plc | 150,750 | 42,000 | 1.22 | 0.67 | |||||
| DCD Media plc | 40,200 | 1,375 | 0.32 | 0.02 | |||||
| Impact Holdings (UK) plc | 26,160 | 2,250 | 0.21 | 0.04 | |||||
| STM Group plc | 54,739 | 22,230 | 0.44 | 0.36 | |||||
| NetDimensions Ltd | 31,155 | 11,500 | 0.25 | 0.18 | |||||
| Ashley House plc | 116,975 | 18,000 | 0.94 | 0.29 | |||||
| Sanderson Group | 92,521 | 85,000 | 0.75 | 1.36 | |||||
| Eco City Vehicles | 62,116 | 42,000 | 0.5 | 0.67 | |||||
| Pactolus Hungarian Prop. | 49,749 | 19,500 | 0.4 | 0.31 | |||||
| Burford Capital | 25,250 | 30,250 | 0.2 | 0.48 | |||||
| Colliers CRE plc | 20,200 | 8,000 | 0.16 | 0.13 | |||||
| Rotala plc | 54,046 | 55,500 | 0.44 | 0.89 | |||||
| Motivcom | 19,732 | 23,500 | 0.16 | 0.38 | |||||
| First Derivatives plc | 19,797 | 31,500 | 0.16 | 0.5 | |||||
| Tristel plc | 60 | 40 | 0 | 0 | |||||
| K3 Business Technology | 131 | 175 | 0 | 0 | |||||
| Bango plc | 291 | 142 | 0 | 0 | |||||
| Hydrodec Group plc | 70,350 | 87,500 | 0.57 | 1.4 | |||||
| Interior Services | 9,393 | 8,900 | 0.08 | 0.14 | |||||
| China Food Co plc | 20,204 | 15,000 | 0.16 | 0.24 | |||||
| Hansard Global plc | 24,727 | 25,815 | 0.2 | 0.41 | |||||
| Abbey Protection plc | 27,224 | 28,000 | 0.22 | 0.45 | |||||
| 2Ergo Group | 37,879 | 25,673 | 0.31 | 0.41 | |||||
| Bezant Resources plc | 15,078 | 11,850 | 0.12 | 0.19 | |||||
| Merchant House Group | 45,228 | 49,950 | 0.36 | 0.8 | |||||
| Geong International | 9,802 | 7,250 | 0.08 | 0.12 | |||||
| Spectra Systems | 24,886 | 24,332 | 0.2 | 0.39 | |||||
| 1,093,847 | 708,106 | 8.82 | 11.33 | ||||||
| UK listed | |||||||||
| Investec | 477,227 | 200,000 | 3.85 | 3.2 | |||||
| Premier Farnell | 44,542 | 40,500 | 0.36 | 0.65 | |||||
| Diploma plc | 35,927 | 59,800 | 0.29 | 0.96 | |||||
| 4Imprint Group | 30,806 | 46,000 | 0.25 | 0.74 | |||||
| Tesco plc | 25,625 | 23,660 | 0.21 | 0.38 | |||||
| British American Tobacco | 44,189 | 54,480 | 0.36 | 0.87 | |||||
| Astrazeneca | 61,213 | 57,300 | 0.49 | 0.92 | |||||
| G4S plc | 19,464 | 19,500 | 0.16 | 0.31 | |||||
| Greggs plc | 30,775 | 29,340 | 0.25 | 0.47 | |||||
| Aviva plc | 22,268 | 16,450 | 0.18 | 0.26 | |||||
| Chemring Group | 39,379 | 32,460 | 0.32 | 0.52 | |||||
| Cineworld Group | 32,799 | 29,796 | 0.26 | 0.48 | |||||
| HSBC | 21,955 | 18,375 | 0.18 | 0.29 | |||||
| 886,170 | 627,661 | 7.14 | 10.04 | ||||||
| Unlisted Investments | |||||||||
| DCD Media plc | 101,023 | 97,200 | 0.81 | 1.56 | |||||
| Southern Bear plc | 50,250 | 35,000 | 0.41 | 0.56 | |||||
| 151,273 | 132,200 | 1.22 | 2.12 | ||||||
| Total non-qualifying investments | 2,131,290 | 1,467,967 | 17.18 | 23.49 | |||||
New Century AIM VCT plc
Notes to the Accounts
| 1 | This interim financial information and the unaudited interim accounts for the six months to 31 August 2011 from | |
| which it has been extracted, are the responsibility of the directors and were approved by them on 22nd November | ||
| 2010, do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have | ||
| not been delivered to the Registrar of Companies. | ||
| 2 | The Company is an investment company as defined in Section 833 of the Companies Act 2006. The financial | |
| statements have been prepared under the historical cost convention, modified to include the revaluation of fixed | ||
| asset investments, and in accordance with applicable accounting standards in the UK and with the Statement | ||
| of Recommended Practice "Financial statements and investment trust companies" issued in January 2003 | ||
| and revised in December 2005. | ||
| 3 | Listed, AIM or Plus Markets-traded investments are stated at market value, which is based upon market bid prices | |
| at the balance sheet date. | ||
| 4 | 10,534,329 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review. | |
| 32,834 additional shares were issued on 18th March 2011, 130,272 were issued on 1st April 2011, 24,150 were issued | ||
| on 13th April 2011, and 12,744 were issued on 10th May 2011. | ||
| The weighted average shares in issue during the period was 10,697,768 (10,434,260 for the year to 28/02/11; | ||
| 10,355,823 for the six months to 31/08/10). | ||
| 5 | Net Asset Value per share at 31 August 2011 was 58p (at 28 February 2011: 60p; 31 August 2010 53p). | |
| 6 | No dividend was paid in the period. | |
| 7 | Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's | |
| Registered Office: 17/21 New Century Road, Laindon SS15 6AG or from Woodside Corporate Services, | ||
| 4th Floor, 150-152 Fenchurch Street, London EC2M 6BB. |
New Century AIM VCT plc
Directors, Investment Managers and Advisors
| Directors, Investment Manager and Advisors | ||
| Directors | Geoffrey Charles Gamble (Chairman) | |
| Michael David Barnard | ||
| Peter William Riley | ||
| Ian Cameron-Mowat | ||
| Secretary | Woodside Secretaries Ltd | |
| and registered office | 4th Floor, 150-152 Fenchurch Street | |
| London EC2M 6BB | ||
| Investment Manager and Broker | MD Barnard & Co Ltd | |
| 17-21 New Century Road | ||
| Laindon | ||
| Essex SS15 6AG | ||
| Solicitors | Dundas & Wilson LLP | |
| 5th Floor Northwest Wing | ||
| Bush House | ||
| London WC2B 4EZ | ||
| Registrars | Neville Registrars | |
| 18 Laurel Lane | ||
| Halesowen | ||
| B63 3DA | ||
| Auditor and VCT status advisors | UHY Hacker Young LLP | |
| Quadrant House | ||
| 4 Thomas More Street | ||
| Thomas More Square | ||
| London E1W 1YW | ||
| Bankers | Bank of Scotland | |
| New Uberior House | ||
| 11 Earl Grey Street | ||
| Edinburgh EH3 9BN | ||
Copyright Business Wire 2011