16 Nov 2009 15:24
New Century AIM VCT plc
Unaudited Interim Report
Six months to 31st August 2009
New Century AIM VCT plcFor the six months to 31st August 2009
Chairman's Statement
In the 6 months to 31st August, 2009, the AIM markrt recovered sharply with a 52.4% gain.
Your fund benefited from this recovery in sentiment. The shares of Healthcare Locums, Net Dimensions, Superglass, Bond International and Lipoxen all improved in value by over 80%. Essentially, HML and Velosi all more than doubled in price. Progressive Digital trebled and Cyan went up nearly five fold. The banking preference shares also showed a big recovery with LLoyds Bank preference up by over 80% while Investec preference doubled.
Unfortunately, shortage of bank credit led to the demise of EBTM and AT Communications and we have had to write off these investments. Air Touring was also a victim of the credit crisis and were forced to close their UK operations although the company is still trading overseas. The onerous economic conditions led to profit warnings or downgrades which were responsible for falls in the share prices of eServe Global, Private and Commercial, Relax, Vyke, Boomerang, CBG and Invocas.
Sadly, the loss of the investments in AT Communications and EBTM, together with those investments hit by profits warnings, restricted the growth in the net asset value of your fund to 18.9%.
Since August, the AIM market has continued to strengthen and as at the 29th October, 2009, the net asset value of your fund had advanced by a further 13% to 71.2p per share.
Geoff Gamble
29th October 2009
New Century AIM VCT plcFor the six months to 31st August 2009
Balance Sheet
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||
| as at 31 August 2009 | as at 29 February 2009* | as at 31 August 2008 | |||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||
| Fixed Assets | |||||||||||||
| Investments | 5,477 | 4,547 | 7,966 | ||||||||||
| Current Assets | |||||||||||||
| Sundry Debtors | 0 | 0 | 0 | ||||||||||
| Uninvested cash | 617 | 617 | 266 | 266 | 0 | 0 | |||||||
| Current Liabilities | |||||||||||||
| Creditors: amounts due | |||||||||||||
| within one year | 0 | -14 | -39 | ||||||||||
| 6,094 | 4,799 | 7,927 | |||||||||||
| Capital and Reserves | |||||||||||||
| Share Capital | 975 | 915 | 915 | ||||||||||
| Share Premium | 8,506 | 8,236 | 8,237 | ||||||||||
| Capital reserve - realised | 2,774 | 2,831 | 2,719 | ||||||||||
| Capital reserve - unrealised | -6,178 | -7201 | -4,071 | ||||||||||
| Revenue reserve | 17 | 18 | 127 | ||||||||||
| 6,094 | 4,799 | 7,927 | |||||||||||
| Asset Value per share | 63p | 115p | 89p | ||||||||||
|
| *Audited accounts | ||||||||||||
New Century AIM VCT plcFor the six months to 31st August 2009
Unaudited Income Statement
(incorporating the revenue account)
| 6 month period ended 31 August 2009 | Year to 29 February 2009* | 6 month period ended 31 August 2008 | |||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||
| Gains on investments | |||||||||||||||||||||
| Realised | 0 | -32 | -32 | 0 | 177 | 177 | 0 | 51 | 51 | ||||||||||||
| Unrealised | 0 | 1,022 | 1,022 | 0 | -5,852 | -5852 | 0 | -2,697 | -2,697 | ||||||||||||
| Income | 29 | 0 | 29 | 206 | 0 | 206 | 95 | 0 | 95 | ||||||||||||
| Investment management fees | -8 | -24 | -32 | -17 | -51 | -68 | -12 | -36 | -48 | ||||||||||||
| Other expenses | -22 | 0 | -22 | -33 | 0 | -33 | -17 | 0 | -17 | ||||||||||||
| Return on ordinary activities | -1 | 966 | 965 | 156 | -5,726 | -5570 | 66 | -2,682 | -2,616 | ||||||||||||
| Tax on ordinary activities | 0 | 0 | 0 | -5 | 1 | -4 | 0 | 0 | 0 | ||||||||||||
| Return on ordinary activities | 0 | ||||||||||||||||||||
| after taxation | -1 | 966 | 965 | 151 | -5,725 | -5574 | 66 | -2,682 | -2,616 | ||||||||||||
| Return per ordinary share in pence | -0.01 | 9.99 | 9.98 | 1.67 | -63.26 | -61.59 | 0.73 | -29.95 | -29.21 | ||||||||||||
| *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 9,671,003 | |||||||||||||||||||||
New Century AIM VCT plcFor the six months to 31st August 2009
Unaudited Cash Flow Statement
| 6 month period ended 31 August 2009 | Year to 29 February 2009* | 6 month period ended 31 August 2008 | ||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Operating activity: Net cash outflow | -68 | -61 | -54 | |||||||||
| Returns on investments | ||||||||||||
| Interest received | 3 | 18 | 13 | |||||||||
| Investment income | 25 | 28 | 136 | 154 | 82 | 95 | ||||||
| Taxation | 0 | 0 | 0 | |||||||||
| Dividend paid | 0 | -174 | 0 | |||||||||
| Financial investment | ||||||||||||
| Sale of investments | 614 | 1,249 | 517 | |||||||||
| Purchase of investments | -553 | 61 | -2,264 | -1,015 | -1,923 | -1,406 | ||||||
| Net cash inflow/(outflow) before financing | 21 | -1,096 | -1,365 | |||||||||
| Net proceeds of share issue | 330 | 771 | 771 | |||||||||
| Sundry Creditors | 0 | -24 | ||||||||||
| 351 | -325 | -618 | ||||||||||
| Increase/ -decrease in univested cash with broker | 351 | -1937 | -618 | |||||||||
| *Audited Accounts | ||||||||||||
New Century AIM VCT plcInvestment Portfolio Summary
| Security | Cost | Valuation | % | % | |||||
| £ | 31/08/2009 | Cost | Valuation | ||||||
| Qualifying Investments | 9,540,347 | 4,510,415 | 77.69 | 74.00 | |||||
| Non-qualifying Investments | 2,122,909 | 967,101 | 17.29 | 15.87 | |||||
| Uninvested funds | 617,346 | 617,346 | 5.03 | 10.13 | |||||
| 12,280,602 | 6,094,862 | 100.00 | 100.00 | ||||||
| Qualifying Investments | |||||||||
| AIM Quoted | |||||||||
| Tristel plc | 312267.50 | 384000.00 | 2.54 | 6.30 | |||||
| PHSC plc | 182910.00 | 56000.00 | 1.49 | 0.92 | |||||
| DCD Media plc | 555262.50 | 85000.00 | 4.52 | 1.39 | |||||
| SectorGuard plc | 175875.00 | 75000.00 | 1.43 | 1.23 | |||||
| K3 Business Technology Group | 180900.00 | 180000.00 | 1.47 | 2.95 | |||||
| Belgravium Technologies | 281400.00 | 55000.00 | 2.29 | 0.90 | |||||
| Progressive Digital Media | 213311.25 | 54495.35 | 1.74 | 0.89 | |||||
| Healthcare Locums plc | 52511.25 | 207575.00 | 0.43 | 3.41 | |||||
| ILX Group | 753750.00 | 315000.00 | 6.14 | 5.17 | |||||
| Lighthouse Group plc | 203512.50 | 150000.00 | 1.66 | 2.46 | |||||
| AT Communications Group | 422100.00 | 0.00 | 3.44 | 0.00 | |||||
| Invocas Group plc | 100399.50 | 24300.00 | 0.82 | 0.40 | |||||
| Jelf Group plc | 157131.75 | 85550.00 | 1.28 | 1.40 | |||||
| Relax Group | 289440.00 | 25600.00 | 2.36 | 0.42 | |||||
| Brulines (Hldgs) plc | 40174.88 | 35100.00 | 0.33 | 0.58 | |||||
| HML Holdings plc | 351549.00 | 155000.00 | 2.86 | 2.54 | |||||
| CBG Group plc | 99947.25 | 54112.50 | 0.81 | 0.89 | |||||
| Coolabi plc | 164711.00 | 102837.50 | 1.34 | 1.69 | |||||
| IS Pharma | 241200.00 | 291428.45 | 1.96 | 4.78 | |||||
| Western & Oriental plc | 502500.00 | 187500.00 | 4.09 | 3.08 | |||||
| Lipoxen plc | 72114.93 | 130200.00 | 0.59 | 2.14 | |||||
| Alliance Pharma plc | 50501.00 | 67000.00 | 0.41 | 1.10 | |||||
| EBTM plc | 640887.50 | 0.00 | 5.22 | 0.00 | |||||
| Essentially Group plc | 155776.00 | 65000.00 | 1.27 | 1.07 | |||||
| Cantono plc | 351750.00 | 0.00 | 2.86 | 0.00 | |||||
| Sport Media Group | 125624.50 | 7499.97 | 1.02 | 0.12 | |||||
| Southern Bear plc | 633150.00 | 430000.00 | 5.16 | 7.06 | |||||
| Kurawood plc | 150750.00 | 3000.00 | 1.23 | 0.05 | |||||
| Boomerang Plus plc | 238185.00 | 113250.00 | 1.94 | 1.86 | |||||
| Fishworks plc | 180900.00 | 0.00 | 1.47 | 0.00 | |||||
| Optare plc | 50752.59 | 13466.64 | 0.41 | 0.22 | |||||
| Advanced Computer Software | 354513.75 | 664000.00 | 2.89 | 10.89 | |||||
| Cyan Holdings plc | 100500.00 | 270000.00 | 0.82 | 4.43 | |||||
| Norcon plc | 19695.00 | 25500.00 | 0.16 | 0.42 | |||||
| St Helens Capital plc | 202005.00 | 30000.00 | 1.64 | 0.49 | |||||
| 8,607,959 | 4,342,415 | 70.09 | 71.25 |
New Century AIM VCT plcInvestment Portfolio Summary
| Security | Cost | Valuation | % | % | |||||
| £ | 31/08/2009 | Cost | Valuation | ||||||
| Plus Markets Listed | |||||||||
| CKS Group plc | 526368.75 | 0.00 | 4.29 | 0.00 | |||||
| Air Touring | 201000.00 | 0.00 | 1.64 | 0.00 | |||||
| General Medical Clinics plc | 205020.00 | 168000.00 | 1.67 | 2.76 | |||||
| 932,389 | 168,000 | 7.59 | 2.76 | ||||||
| Total Qualifying Investments | 9,540,347 | 4,510,415 | 77.69 | 74.00 | |||||
| Non Qualifying Investments | |||||||||
| AIM Quoted | |||||||||
| Hallin Marine Subsea Int | 19296.00 | 30300.00 | 0.16 | 0.50 | |||||
| Eservglobal Ltd | 46230.00 | 30000.00 | 0.38 | 0.49 | |||||
| Arbuthnot Banking Group | 45207.33 | 34675.00 | 0.37 | 0.57 | |||||
| Commodity Growth plc | 150750.00 | 37500.00 | 1.23 | 0.62 | |||||
| DCD Media plc | 40200.00 | 5000.00 | 0.33 | 0.08 | |||||
| Education Development Int | 3665.22 | 43200.00 | 0.03 | 0.71 | |||||
| Bond Intl. Software | 14070.10 | 9556.59 | 0.11 | 0.16 | |||||
| Velosi Ltd | 22612.50 | 21625.00 | 0.18 | 0.35 | |||||
| Impact Holdings (UK) plc | 26160.00 | 2100.00 | 0.21 | 0.03 | |||||
| STM Group plc | 50250.00 | 34000.00 | 0.41 | 0.56 | |||||
| NetDimensions Ltd | 31155.00 | 7000.00 | 0.25 | 0.11 | |||||
| Ashley House plc | 79286.00 | 39000.00 | 0.65 | 0.64 | |||||
| Microemissive Displays | 56067.12 | 0.00 | 0.46 | 0.00 | |||||
| Premier Farnell | 44542.00 | 30000.00 | 0.36 | 0.49 | |||||
| Private & Commercial | 17688.00 | 6400.00 | 0.14 | 0.11 | |||||
| Neutrahealth plc | 30458.81 | 9375.00 | 0.25 | 0.15 | |||||
| Sanderson Group | 92521.02 | 37500.00 | 0.75 | 0.62 | |||||
| Eco City Vehicles | 62116.00 | 37800.00 | 0.51 | 0.62 | |||||
| Pactolus Hungarian Prop. | 49748.50 | 27000.00 | 0.41 | 0.44 | |||||
| Shed Media plc | 19755.08 | 25200.00 | 0.16 | 0.41 | |||||
| Vyke Communications plc | 27877.00 | 7200.00 | 0.23 | 0.12 | |||||
| Clerkenwell Ventures | 0.00 | 6399.84 | 0.00 | 0.11 | |||||
| China Eastsea Bus. Software | 40200.00 | 32000.00 | 0.33 | 0.53 | |||||
| 969,856 | 512,831 | 7.90 | 8.41 | ||||||
| UK Listed | |||||||||
| EAGA plc | 22800.81 | 19500.00 | 0.19 | 0.32 | |||||
| Lloyds Banking Group | 143734.90 | 77000.00 | 1.17 | 1.26 | |||||
| Superglass Hldgs | 45225.00 | 8250.00 | 0.37 | 0.14 | |||||
| Norcros plc | 31356.00 | 3100.00 | 0.26 | 0.05 | |||||
| Investec | 477227.00 | 185000.00 | 3.89 | 3.04 | |||||
| Record plc | 30150.00 | 16875.00 | 0.25 | 0.28 | |||||
| 750,494 | 309,725 | 6.11 | 5.08 | ||||||
| Unlisted Investments | |||||||||
| Air Touring Group plc | 251250.00 | 0.00 | 2.05 | 0.00 | |||||
| Cantono plc | 50285.68 | 47344.68 | 0.41 | 0.78 | |||||
| DCD Media plc | 101023.49 | 97200.00 | 0.83 | 1.60 | |||||
| 402,559 | 144,545 | 3.29 | 2.38 | ||||||
| Total Non Qualifying Investments | 2,122,909 | 967,101 | 17.29 | 15.87 |
New Century AIM VCT plcNotes to the Accounts
| 1 | This interim financial information and the unaudited interim accounts for the six months to 31 August 2009 from | ||
| which it has been extracted, are the responsibility of the directors and were approved by them on 2nd November | |||
| 2009, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have | |||
| not been delivered to the Registrar of Companies. | |||
| 2 | The Company is an investment company as defined in Section 266 of the Companies Act 1985. 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 or AIM-traded investments are stated at market value, which is based upon market bid prices | ||
| at the balance sheet date. | |||
| 4 | 9,147,199 Ordinary Shares of 10 pence each were in issue at the commencement of the period under review. | ||
| 610,000 additional shares were issued on 20th. March 2009. | |||
| The weighted average shares in issue during the period was 9,671,003 (9,050,248 year to 28/02/09; | |||
| 8,954,878 six months to 31/08/08) | |||
| 5 | Net Asset Value per share at 31 August 2009 was 63p (at 29 February 2009: 53p; 31 August 2008 89p). | ||
| 6 | 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 plcDirectors, Investment Managers and Advisors
| Directors, Investment Manager and Advisors | ||||
| Directors | Geoffrey Charles Gamble (Chairman) | |||
| Michael David Barnard | ||||
| Robin William Kirby | ||||
| Peter William Riley | ||||
| 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 | ||||
| Auditors and VCT status advisors | UHY Hacker Young LLP | |||
| Quadrant House | ||||
| 17 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 2009