NCA.L Regulatory News (NCA)

1 Dec 2006 11:13

NEW CENTURY AIM VCT PLC INTERIM RESULTS HALF YEAR TO 30 SEPTEMBER 2006 New Century AIM VCT plc (the "Company") Chairman's Statement I am pleased to report that, as at 30th September 2006, the Net Asset Value('NAV') per share of the Company had increased to 131.52p while qualifyinginvestments accounted for 74% of the Company by value. It is our intention to de-risk the Company by gradually trimming the largerholdings and utilising the proceeds to re-invest in new smaller holdings. Inthis respect, we have taken partial profits on Debtmatters, GTL Resources, ApaceMedia, Internet Business Group, debts.co.uk, Invocas and Talarius. WE havedisposed of certain holdings which have not met our expectations. As a result ofthese actions, we have realised profits over the last half year of £536,525 andthe number of holdings has risen to 50. Since the half year end, the NAV has continued to rise and as at 2 November2006, had advanced to 136p per share whilst the VCT-qualifying investments hadincreased to 78%. Once again, I would like to thank our Investment Manager and its analysts fortheir help in achieving this impressive performance. They remain determined tocontinue achieving success for your Company. John Brice Chairman \* TNew Century AIM VCT plcfor the half year ended 30 September 2006 * means audited Period to 30 September Period to 30 September Period to 31 MarchUnaudited Income Statement 2006 2005 2006*(incorporating the revenue account) Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments Realised - 536 536 - 20 20 - 55 55 Unrealised - 59 59 - 256 256 - 2,180 2,180Income 56 - 56 136 - 136 226 - 226Investment management fee (15) (45) (60) (12) (37) (49) (27) (83) (110)Other expenses (10) - (10) (26) - (26) (38) - (38) -------- ------- ------- ------- ------- ------ ------- ------- ------- Return on ordinary activities 31 551 582 98 239 337 161 2,152 2,313Tax on ordinary activities (1) - (1) (21) - (21) (30) 15 (15) -------- ------- ------- ------- ------- ------ ------- ------- ------- Return on ordinary activities after taxation 30 551 581 77 239 316 131 2,167 2,298 Transfer to reserves (30) (551) (581) (77) (239) (316) (131) (2,167) (2,298) -------- ------- ------- ------- ------- ------ ------- ------- ------- Return per ordinary share 0.35p 6.51p 6.86p 0.12p 2.82p 2.94p 1.54p 25.61p 27.15p 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 made in shares and securities and from bank and money market funds. There were 8,464,500 ordinary shares in issue throughout the period New Century AIM VCT plc * means audited 30 September 30 SeptemberUnaudited Balance Sheet as at 30 September 2006 2005 31 March 2006* 2006 £'000 £'000 £'000 £'000 £'000 £'000 Fixed Assets Investments 9,892 2,843 9,088 Current assets Sundry Debtors 24 56 0 Cash with Broker 1,232 5,896 1,637 ------- ------- ------ 1,256 5,952 1,637Current Liabilities Creditors (16) (98) (47) ------- ------ ------- Net assets 11,132 8,697 10,678 ------- ------ ------- Capital and Reserves Share Capital 846 846 846Share Premium 7,534 7,534 7,534Capital reserve - realised 565 17 68Capital reserve - unrealised 2,154 222 2,099Revenue reserve 33 78 131 ------- ------ ------- Total 11,132 8,697 10,678 ------- ------ ------- Net asset value per share 131p 102p 126p\* T \* T New Century AIM VCT plcfor the half year ended 30 September 2006 * means audited Unaudited Cash Flow Statement 30 September 2006 30 September 2005 31 March 2006* £'000 £'000 £'000 £'000 £'000 £'000 Net cash outflow from operating activities (70) (76) (148) Net cash inflow from financial investment 56 137 226 Dividend paid (127) - - Net cash outflow for capital expenditure &Financial investment (206) (2,566) (6,853) _____ ______ ______Net cash outflow before financing (349) (2,505) (6,775) Financed by : Net proceeds of share issue - 8,380 8,380 (Reduction)/increase in creditors (32) 77 32 Increase in debtors (24) (56) - ----------- ----------- -----------Net cash outflow from Net Current Assets (56) 8,401 8,402 _____ _____ _____Uninvested Funds with broker (405) 5,896 1,637 ===== ===== =====\* T Notes 1. This interim financial information and the unaudited interim accounts for thehalf-year ended 30 September 2006 from which it has been extracted, which arethe responsibility of the directors and were approved by them on 30 November2006, do not constitute statutory accounts within the meaning of Section 240 ofthe Companies Act 1985 and have not been delivered to the Registrar ofCompanies. 2. 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. 3. Listed or AIM-traded investments are stated at market value, which is basedupon market bid prices at the balance sheet date. 4. 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. 5. Net Asset Value per share at 30 September 2006 was 131p per share (at 31March 2006 - 126p and at 30 September 2005 - 102p) 6. A dividend in respect of the period ended 31 March 2006 amounting to £126,968was 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 Corporate Services, 21-22 Grosvenor Street,London W1K 4QJ. NEW CENTURY AIM VCT PLC Directors John Roger Simpson Brice (Chairman) Michael David Barnard Geoffrey Charles Gamble Robin William Kirby Peter William Riley Details of advisers \* TSecretary and Registered Office Solicitors Investment Manager and BrokerWoodside Secretaries Limited Dundas & Wilson LLP M D Barnard & Company Limited21-22 Grosvenor Street 5th Floor Northwest Wing 17/21 New Century RoadLondon W1K 4QJ Bush House Laindon London WC2B 4EZ Essex SS15 6AG Auditors & VCT Advisers SponsorUHY Hacker Young Teather & Greenwood LimitedSt Alphage House Beaufort House2 Fore Street 15 St. Botolph StreetLondon EC2Y 5DH London EC3A 7QR Registrars BankersPark Circus Registrars Limited Bank of Scotland2nd Floor, 144 West George Street New Uberior HouseGlasgow G2 2HG 11 Earl Grey Street Edinburgh EH3 9BN Company Registered Number: 5352611\* T \* TNew Century AIM VCT plcTop Ten Investments Security Cost Valuation % Notes 30/09/2006 £'000 £'000 DCD Media plc 595 990 10.01 Film production and distribution. ILX Group plc 754 849 8.58 Education and training specialist. Debtmatters Group plc 121 620 6.27 Insolvency and consumer debt specialist. Internet Business Group plc 317 578 5.84 On-line advertising and e-commerce. Recruitment of patients for the clinicalSynexus Clinical Research plc 392 546 5.52 trials industry. Manufacturers and retailers of low emissionTanfield Group plc 302 533 5.38 vehicles. CKS Group plc 402 425 4.30 Recycling and disposal of computers. Worthington Nicholls Group plc 302 417 4.22 Air conditioning specialists. Communications integrator for small/mediumAT Communications Group plc 422 410 4.14 businesses. Accuma Group plc 251 360 3.64 Insolvency and consumer debt specialist.\* T \* TNew Century AIM VCT plc Investment Portfolio Summary Security Cost Valuation Security Cost Valuation 30/09/2006 % 30/09/2006 %AIM Listed £'000 £'000 AIM Listed £'000 £'000 Invox plc 23 2 0.02 Healthcare Locums plc 304 333 3.36Talarius plc 40 107 1.08 ILX Group plc 754 849 8.58Hallin Marine Subsea International plc 19 20 0.20 Lighthouse Group plc 204 263 2.65 AT Communications GroupRDF Media Group Ltd 32 46 0.47 plc 422 410 4.14Tristel plc 167 203 2.05 Tanfield Group plc 302 533 5.38PHSC plc 183 186 1.88 Apace Media plc 255 296 2.99 Arbuthnot Banking GroupDebtmatters Group plc 121 620 6.27 plc 50 59 0.59System C Healthcare plc 407 188 1.90 Corac Group 16 17 0.17DCD Media plc 595 990 10.01 Sirvis IT plc 33 35 0.35SectorGuard plc 176 175 1.77 Accuma Group plc 251 360 3.64GTL Resources plc 13 22 0.22 Dealogic Holdings 46 41 0.41XKO Group plc 26 29 0.30 Europasia Education plc 101 120 1.21K3 Business Technology Group 181 206 2.08 Europasia Education plc 50 60 0.61Broker Network Holdings plc 26 62 0.63 Gaming VC Holdings 39 14 0.14Smart Focus Group plc 27 27 0.27 Vantis plc 33 39 0.39Flomerics plc 12 12 0.12 Corporate Synergy plc 40 36 0.36Personal Group 25 25 0.25 Invocas Group plc 167 278 2.81Belgravium Technologies plc 281 250 2.53 Jelf Group plc 192 324 3.28 Education DevelopmentRC Group Holdings plc 35 59 0.59 Int plc 27 38 0.39 Worthington NichollsInternet Business Group 317 578 5.84 Group plc 302 417 4.22I-Mate plc 34 23 0.23 Velosi Ltd 23 23 0.23 Impact Holdings (UK)Inova Holdings plc 21 11 0.11 plc 20 20 0.20Bond Intl. Software plc 35 41 0.42 Hightex Group plc 59 59 0.60debts.co.uk 289 326 3.30 7,251 9,467 95.70 -------- ----------- --------- Plus Markets (formerlyComputer Software Group plc 40 58 0.58 Ofex) ListedEserve Global Ltd 46 38 0.38 CKS Group plc 402 425 4.3 -------- ----------- ---------Synexus Clinical Research plc 392 546 5.52 7,653 9,892 100.00 -------- ----------- ---------\* T Copyright Business Wire 2006