NCA.L Regulatory News (NCA)

1 Nov 2007 09:00

NEW CENTURY AIM VCT PLC INTERIM RESULTS HALF YEAR TO 31 AUGUST 2007 New Century AIM VCT plc Chairman's Statement I am pleased to report that, as at 31st August 2007, the Net Asset Value ('NAV')per share of the Company had increased to 142.3p while qualifying investmentsaccounted for 72.2% of the Company by value. With a view to reducing the risk of the fund, we have continued to reduce thelarger holdings and have re-invested in new smaller holdings. This policy hasbeen vindicated as can be seen by the massive profits secured in the IVA stocksprior to their fall from favour. We now have only a minor exposure to thissector having sold our remaining holdings in Debtmatters and Accuma during theperiod. Worthington Nicholls is another company on which we took substantialprofits, following which the shares fell sharply from grace. Since the half year end, the shares of smaller companies have weakened and thishas been reflected in a small decline in the NAV to 139.4p per share, as at 26thOctober 2007. I am sure you would agree that our investment team has once again achievedexcellent results, and in this respect I would like to thank them for theirsuperb efforts. John Brice Chairman \* TNew Century AIM VCT plcfor the half year ended 31 August 2007Unaudited Income Statement(incorporating the revenue account) * audited accounts 6 mths ended 31 August 6 mths ended 30 11 mths ended 28 2007 September 2006 February 2007* Revenue Capital Total Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 £000 £000 £000------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- -----Gains on investments Realised 0 1,621 1,621 0 537 537 0 1,176 1,176 Unrealised 0 -1,029 -1,029 0 59 59 0 -262 -262Income 102 0 102 56 0 56 111 0 111Investment management fees -19 -57 -76 -15 -45 -60 -29 -88 -117Other expenses -18 0 -18 -10 0 -10 -26 0 -26 -------- ------- ------ ------- ------- ----- ------- ------- -----Return on ordinary activities 65 535 600 31 551 582 56 826 882Tax on ordinary activities -3 0 -3 -1 0 -1 0 0 0------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- -----Return on ordinary activitiesafter taxation 62 535 597 30 551 581 56 826 882 ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- -----Return per ordinary share in pence 0.73 6.32 7.05 0.35 6.51 6.86 0.66 9.76 10.42------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- 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.There were 8464500 ordinary shares in issue throughout the period\* T \* TNew Century AIM VCT plcfor the half year ended 31 August 2007Unaudited Balance Sheet. as at 31 August 2007 as at 30 September 2006 as at 28 February 2007* £000 £000 £000 £000 £000 £000 ------------------ ------------- -------------- ------------ ------------- ------------Fixed Assets Investments 10,885 9,892 8,934 Current Assets Sundry Debtors 0 24 0 Cash with Broker 1,145 1,145 1,232 1,256 2,528 2,528 ------------------ -------------- ------------- Current Liabilities Creditors 0 -16 28 ------------- ------------ ------------ 12,030 11,132 11,434 ============= ============ ============ Capital and Reserves Share Capital 846 846 846 Share Premium 7,534 7,534 7,534 Capital reserve- realised 2,696 565 1,131 Capital reserve-unrealised 833 2,154 1,863 Revenue reserve 121 33 60 ------------- ------------ ------------ 12,030 11,132 11,434 ============= ============ ============ *audited accountsAsset Value per share 142p 131p 135p\* T \* T New Century AIM VCT plc Six months to 31 August 2007 Unaudited Cash Flow Statement 6 mths to 31/08/2007 6 mths to 30/09/2006 11 mths to 28/02/2007* £000 £000 £000 £000 £000 £000 Operating activity: Net cash outflow -93 -70 -143 Returns on investments Interest received 62 30 55 Investment income 39 26 56 ================ =========== ============ 38 101 56 111 Taxation -4 0 -14 Dividend paid 0 -127 -127 Financial investment Sale of investments 2,657 1,405 3,789 Purchase of investments -4,015 -1,613 -2,721 ================ =========== ============ -1,358 -208 1,068 ----------- ----------- -------------- Net cash outflow before financing -1,354 -349 895 Financed By: Reduction / increase in creditors -28 -32 -19 Increase in debtors 0 -24 0 ================ =========== ============ -28 -56 -4 ----------- ----------- -------------- Reduction in uninvested cash -1,382 -405 891 =========== =========== ============== *means audited\* T New Century AIM VCT plc Notes 1. This interim financial information and the unaudited interim accounts for thehalf-year ended 30 August 2007 from which it has been extracted, which are theresponsibility of the directors and were approved by them on 31 October 2007, donot constitute statutory accounts within the meaning of Section 240 of theCompanies Act 1985 and have not been delivered to the Registrar of Companies. 2. As of 2007 the company changed its financial year end from 31 March to 28February. Comparative information represents the audited accounts for the 11months to 28 February 2007 and the previously published financial informationfor the 6 months to 30 September 2006. 3. The Company is an investment company as defined in Section 266 of theCompanies Act 1985. The financial statements have been prepared under thehistorical cost convention, modified to include the revaluation of fixed assetinvestments, and in accordance with applicable accounting standards in the UKand with the Statement of Recommended Practice "Financial statements andinvestment trust companies" issued in January 2003 and revised in December 2005. 4. Listed or AIM-traded investments are stated at market value, which is basedupon market bid prices at the balance sheet date. 5. During the period under review, the Company did not issue any new OrdinaryShares of 10 pence each : the number of such shares in issue throughout theperiod was 8,464,500. 6. Net Asset Value per share at 31 August 2007 was 142p per share (at 30September 2006 - 131p and at 28 February 2007 - 135p) 7. No dividend was paid during the period 7. Copies of the Interim Report to Shareholders have been sent to shareholdersand are available at the Company's Registered Office: 17/21 New Century Road,Laindon SS15 6AG or from Woodside Secretaries Ltd, 4th Street, London W1K 4QJ. New Century AIM VCT plc Statement of Directors' Responsibilities The directors are required by UK Company Law to prepare accounts for eachfinancial year which give a true and fair view of the state of affairs of thecompany and the group at the end of the financial year and of the profit or lossfor that period. In preparing the accounts, the directors are required to select appropriateaccounting policies and apply them consistently, to make reasonable and prudentjudgements and estimates, and to state that all applicable accounting standardshave been followed, save as disclosed and explained in the accounts. Thedirectors are also required to prepare the accounts on the going concern basisunless it is inappropriate to presume that the group will continue in business. The directors have responsibility for keeping proper accounting records whichdisclose with reasonable accuracy at any time the financial position of thecompany and which enable them to ensure that the accounts comply with theCompanies Act 1985. The directors also have general responsibility for takingsuch steps as are reasonably open to them to safeguard the assets of the groupand to prevent and detect fraud and other irregularities. NEW CENTURY AIM VCT PLC \* TDirectorsJohn Roger Simpson Brice (Chairman)Michael David BarnardGeoffrey Charles GambleRobin William KirbyPeter William Riley Details of advisers Secretary and Registered Office Solicitors Investment Manager and BrokerWoodside Secretaries Limited Dundas & Wilson LLP M D Barnard & Company Limited4th Floor, 150-152 Fenchurch Street 5th Floor Northwest Wing 17/21 New Century RoadLondon EC2M 6BB Bush House Laindon London WC2B 4EZ Essex SS15 6AG Auditors & VCT Advisers SponsorUHY Hacker Young LLP Teather & Greenwood LimitedSt Alphage House Beaufort House2 Fore Street 15 St. Botolph StreetLondon EC2Y 5DH London EC3A 7QR Registrars BankersNeville Registrars Limited Bank of Scotland18 Laurel Lane New Uberior HouseHalesowen B63 3DA 11 Earl Grey Street Edinburgh EH3 9BN\* T Company Registered Number: 5352611 \* T New Century AIM VCT plc Top Ten Investments ---------------------------------------------------------------------- -------- ---------- --------- Security Cost Valuation % £ 31/08/2007 ---------------------------------------------------------------------- -------- ---------- --------- 1 DCD Media plc 595463 666000 5.54 2 Western & Oriental plc 502,500 625,000 5.20 3 CKS Group plc 526,369 545,300 4.53 4 ILX Group 753,750 463,750 3.85 5 AT Communications Group 422,100 460,000 3.82 6 Jelf Group plc 191,754 453,600 3.77 7 EBTM plc 477,375 450,000 3.74 8 Investec Perpetual 477,227 450,000 3.74 9 Lighthouse Group plc 203,513 390,000 3.24 10 Cantono plc 402,000 372,000 3.09 (The invesments shown above are expressed as a percentage of the company's current assets.) DCD Media plc is a leading producer and distributor of programme content for TV focused on arts, 1 entertainment, music and drama. Western & Oriental plc is the holding company of a specialist luxury 2 travel group. 3 CKS Group plc specialises in recycling computers. ILX Group offers classroom and online based training in various 4 aspects of business management. 5 AT Communications Group delivers IP based communications solutions. Jelf Group plc provides insurance, healthcare, employee benefit, commercial finance and wealth 6 management services. 7 EBTM plc is an online retailer of clothes and accessories. 8 Investec Perpetual is a FTSE 250 International Banking Group. 9 Lighthouse Group plc is an Independent Financial Advisor. 10 Cantono plc manages IT services and requirements for companies.\* T \* TNew Century AIM VCT plcInvestment Portfolio Summary ----------------------------- ---------- ---------- ------- -------------------------------- --------- ---------- ----- Security Cost Valuation % Security Cost Valuation % £ 31/08/2007 £ 31/08/2007----------------------------- ---------- ---------- ------- -------------------------------- --------- ---------- ----- Qualifying Investments 7,902,157 8,685,952 72.20Non qualifying Investments 2,094,730 2,199,177 18.28Uninvested funds 1,145,273 1,145,273 9.52 ---------- ---------- ------- 11,142,160 12,030,402 100.00 ========== ========== ======= Qualifying InvestmentsAIM ListedPHSC plc 182,910 147,000 1.22 Brought forward 4743813 5195712 43.19Tristel plc 167,333 225,000 1.87 Amteus plc 39,074 19,440 0.16DCD Media plc 562,383 629,000 5.23 St Helens Capital plc 202,005 335,000 2.78SectorGuard plc 175,875 137,500 1.14 Bglobal plc 100,500 118,000 0.98K3 Business Technology Group 180,900 302,000 2.51 Coolabi plc 105,525 105,000 0.87Belgravium Technologies 281,400 290,000 2.41 Maelor 241,200 300,000 2.49Internet Business Group 213,311 201,637 1.68 Western & Oriental plc 502,500 625,000 5.20Synexus Clinical Research plc 391,950 240,000 1.99 EBTM plc 477,375 450,000 3.74Healthcare Locums plc 82,913 161,250 1.34 Essentially Group plc 155,776 152,500 1.27ILX Group 753,750 463,750 3.85 Cantono plc 402,000 372,000 3.09 --------- ---------- -----Lighthouse Group plc 203,513 390,000 3.24 6,969,768 7,672,652 63.78 --------- ---------- -----AT Communications Group 422,100 460,000 3.82 Plus Markets ListedTanfield Group 24,924 220,850 1.84 CKS Group plc 526,369 545,300 4.53Invocas Group plc 100,400 100,800 0.84 Air Touring 201,000 252,000 2.09Jelf Group plc 191,754 453,600 3.77 General Medical Clinics plc 205,020 216,000 1.80 --------- ---------- -----Debts Co UK 289,440 168,000 1.40 932,389 1,013,300 8.42 --------- ---------- -----Brulines (Hldgs) plc 64,898 76,125 0.63HML Holdings plc 351,549 347,200 2.89 Total Qualifying Investments 7,902,157 8,685,952 72.20CBG Group plc 102,510 182,000 1.51 ---------- ---------- ------- 4,743,813 5,195,712 43.19 ---------- ---------- -------\* T \* TNew Century AIM VCT plcInvestment Portfolio Summary ---------------------------- ---------- ----------- ------ -------------------------------- ---------- ---------- -----Security Cost Valuation % Security Cost Valuation % £ 31/08/2007 £ 31/08/2007---------------------------- ---------- ----------- ------ -------------------------------- ---------- ---------- ----- Non qualifying InvestmentsAIM Listed Fully ListedBrightview plc 22,726 2,400 0.02 EAGA plc 18,191 21,100 0.18Hallin Marine Subsea Int 19,296 22,500 0.19 HBOS plc preference 360,274 351,250 2.92RDF Media Group Ltd 31,838 42,240 0.35 Superglass Hldgs 45,225 50,750 0.42Sirvis IT plc 32,826 32,500 0.27 Norcros plc 31,356 31,200 0.26DCD Media plc 33,080 37,000 0.31 Investec Perpetual preference 477,227 450,000 3.74Smart Focus Group plc 27,353 25,125 0.21 Premier Farnell preference 44,542 41,250 0.34Velosi Ltd 22,613 31,250 0.26 PV Crystalox Solar olc 28,091 28,750 0.24 ---------- ---------- -----RC Group Hldgs 34,542 86,400 0.72 1004906.00 974300.00 8.10 ---------- ---------- -----Eservglobal Ltd 46,230 58,500 0.49Arbuthnot Banking Group 49,966 54,600 0.45 Plus Markets ListedCommodity Growth plc 150,750 90,000 0.75 China Eastsea Bus. Software 40200.00 104000 0.86Blue Oar Securities 40,200 31,200 0.26 ---------- ---------- -----Education Development Int 27,489 96,000 0.80 Total non qualifying Investments 2094730.00 2199177.00 18.28 ========== ========== =====Bond Intl. Software 34,874 62,762 0.52Impact Holdings (UK) plc 26,160 9,750 0.08Hightex Group plc 59,441 50,150 0.42Leadcom Integrated Solutions 22,852 33,000 0.27NetDimensions Ltd 31,155 29,000 0.24Ashley House plc 79,286 74,500 0.62Microemissive Displays 45,587 53,000 0.44London Asia Capital 20,504 11,000 0.09Media Surface plc 92,460 80,000 0.66Private & Commercial 17,688 16,000 0.13STM Group plc 50,250 62,000 0.52Neutrahealth plc 30,458 30,000 0.25 ---------- ----------- ------ 1049624.00 1120877.00 9.32 ---------- ----------- ------\* T Copyright Business Wire 2007