Northern Venture Trust Regulatory News (NVT)

9 May 2007 17:04

Northern Venture Trust PLC09 May 2007 9 MAY 2007 NORTHERN VENTURE TRUST PLC UNAUDITED INTERIM RESULTSFOR THE SIX MONTHS ENDED 31 MARCH 2007 Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVMPrivate Equity (formerly Northern Venture Managers). The trust was one of thefirst VCTs launched on the London Stock Exchange in 1995. It invests mainly inunquoted venture capital holdings and aims to provide high long-term tax-freereturns to shareholders through a combination of dividend yield and capitalgrowth. Financial highlights:(comparative figures as at 31 March 2006, in italics) 2007 2006ORDINARY SHARES• Net assets £33.2m £32.1m• Net asset value per share 85.9p 82.4p• Return per shareRevenue 1.1p 1.2pCapital 5.1p 1.2pTotal 6.2p 2.4p• Interim dividend per shareproposed in respect of the periodRevenue 1.0p 1.0pCapital 2.0p 2.0pTotal 3.0p 3.0p• Cumulative return toshareholders since launchNet asset value per share 85.9p 82.4pDividends paid per share* 62.0p 53.0pNet asset value plus dividendspaid per share 147.9p 135.4p• Share price at end of period 70.0p 72.0p *Excluding proposed interim dividend 2007 2006C SHARES• Net assets £19.2m £15.0m• Net asset value per share 93.0p 94.5p• Return per shareRevenue 1.1p 0.2pCapital (1.8)p (0.3)pTotal (0.7)p (0.1)p• Interim dividend per shareproposed in respect of the periodRevenue 1.0p -Capital - -Total 1.0p -• Cumulative return toshareholders since launchNet asset value per share 93.0p 94.5pDividends paid per share* 1.0p -Net asset value plus dividendspaid per share 94.0p 94.5p• Share price at end of period 84.5p 95.0p *Excluding proposed interim dividend For further information, please contact: NVM Private Equity LimitedChristopher Mellor, Director 0191 244 6000Website: www.nvm.co.ukLansons CommunicationsKaren Mignon 020 7294 3685 NORTHERN VENTURE TRUST PLC CHAIRMAN'S STATEMENT The Chairman of Northern Venture Trust PLC, Professor Sir Frederick Holliday CBEFRSE, included the following points in his statement to shareholders: I am pleased to report on a period of further progress for our company. Sinceclosing the successful C share issue a year ago we have been able to concentrateour attention on investment matters in the knowledge that the company has ampleliquidity available for investment. This is particularly important as theGovernment has announced various measures which may well have the overall effectof reducing investor demand for new VCT issues. Results - ordinary shares The net asset value (NAV) per ordinary share at 31 March 2007 was 85.9p,compared with 82.4p a year earlier. As dividends totalling 9.0p per share havebeen paid over the past 12 months, the total return generated for shareholdersis 12.5p per share which is equivalent to 15.2% of the opening NAV. The revenue return per ordinary share for the six months to 31 March 2007 was1.1p, down from 1.2p in the corresponding period. The directors propose anunchanged interim dividend of 3.0p per ordinary share, comprising 1.0p revenueand 2.0p capital distribution, which will be paid on 15 June 2007 toshareholders on the register on 18 May 2007. This will take the cumulativeordinary dividends paid by the company to 65p per share. Results - C shares The net asset value per C share at 31 March 2007 was 93.0p, a fall of 1.5p fromthe corresponding figure at 31 March 2006. This reflects a reduction in thedirectors' valuation of the investment portfolio, which at this early stage isnot unusual. The revenue return per C share for the half year was 1.1p, compared with 0.2pfor the shortened period to 31 March 2006. The directors are pleased to declarea maiden C share interim dividend of 1.0p, also payable on 15 June 2007 toshareholders on the register on 18 May 2007. Investments During the six months to 31 March 2007 the following new investments wereacquired: • Brulines (Holdings) (£182,000) - provider of revenue protection systems for the licensed trade, Stockton-on-Tees • Product Support (Holdings) (£1,000,000) - logistics services contractor to the defence industry, Kingswinford • Gentronix (£203,000) - drug development support services, Manchester • Promanex Group Holdings (£1,000,000) - engineering and maintenance services contractor, Nuneaton In addition the ordinary share investment portfolio acquired a new investmentvalued at £182,000 in Vastox, an AIM-quoted provider of drug discovery servicesbased in Abingdon, in a share-for-share exchange for the former holding inDaniolabs which cost £120,000 in February 2005. Proceeds of disposals from the ordinary share venture capital portfolio duringthe half year totalled £2.6 million. The company's shareholding in Union Snackwas sold to the German group Intersnack for £1.4 million, generating a realisedgain of £1.3 million, and a number of smaller exits were also achieved. Since31 March an agreed cash bid for Computer Software Group has been declaredunconditional, giving rise to proceeds of £1.1 million and a realised gain of£0.9 million which will be reflected in our full year accounts. A number ofother investments are currently the subject of discussions with a view to exit.We noted with interest recent press speculation concerning a possible sale ofCGI Group, currently our largest investment. The venture capital portfolio is generally making satisfactory progress and amore detailed report will as usual be made at the year end. However we mustdraw attention to two holdings which have experienced difficulties. IRISTechnology, a developer of sophisticated remote data monitoring systems for theoffshore and automotive industries which we backed as an early-stage investmentin 2002, has suffered continuing delays in the build-up of sales revenues andduring the half year reached the point where a substantial additional investmentwould have been required to enable a continuation of trading. Our managersrecommended that no further commitment be made and consequently the investmenthas been written off at a cost of £948,000. Nightingales Holdings, the mailorder and internet retailer of women's clothing, has found trading conditionsvery difficult over the past 12 months and a 50% provision has been made againstthe cost of the investment to reflect this, although our managers are workingclosely with the company as it seeks to improve performance. Shareholder issues The company has continued to provide shareholder liquidity by re-purchasing itsshares in the market for cancellation. In the half year to 31 March 2007 atotal of 329,800 ordinary shares, representing approximately 0.9% of the issuedordinary capital, were re-purchased at a cost of £240,000. No C shares havebeen re-purchased. There has been relatively little trading activity in the company's ordinaryshares in the past three years. Your directors believe that the market has beenslow to recognise the intrinsic potential attraction of the shares: not only isthere a strong and consistent dividend yield, but also the shares are notaffected by the Government's progressive tightening of the investment criteriafor VCTs in recent years, as this does not have a retrospective impact. Howeverthere are some signs that investors are beginning to appreciate the merits of "second-hand" VCT shares in general and those of Northern Venture Trust inparticular. We are keen to encourage the development of a secondary market aswe do not consider it is in the long-term interests of shareholders as a wholethat funds should be permanently lost to the company through extensive sharebuy-backs. The annual general meeting this year will be held in London on 13 December andyour directors look forward to meeting as many shareholders as possible on thatoccasion. VCT qualifying status The company has continued to retain PricewaterhouseCoopers LLP as advisers onmatters relating to VCT status and the directors are satisfied that thequalifying conditions for VCT approval laid down by HM Revenue & Customs havebeen met throughout the period. The 2007 Budget announcement contained someuseful guidance as to the future application of the relevant legislation. Thecompany has until 30 September 2008 to meet the qualifying requirements inrelation to the proceeds of the C share issue and we are monitoring progresscarefully. Outlook With a maturing ordinary share fund and a liquid C share fund, we expect to bebusy with both disposals and new investments for the foreseeable future.Although the market for new transactions is competitive, our managers havecontinued to strengthen their investment team in order to maintain theircapacity for winning deals. The exit opportunities currently being developedshould lead to the realisation of further capital gains for distribution toordinary shareholders. The UK economy continues to achieve steady if modestgrowth and against this background our company can be expected to make goodprogress over the remainder of the financial year. PROFESSOR SIR FREDERICK HOLLIDAYChairman The unaudited interim financial statements for the six months ended 31 March2007 are set out below. INCOME STATEMENT (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000Gain/(loss) on disposal of investments - 310 310 - (3) (3)Unrealised adjustments tofair value of investments - 1,888 1,888 - (267) (267) ---------- ---------- ---------- ---------- ---------- ---------- - 2,198 2,198 - (270) (270)Income 684 - 684 469 - 469Investment management fee (97) (292) (389) (58) (172) (230)Other expenses (92) - (92) (87) - (87) ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities before tax 495 1,906 2,401 324 (442) (118)Tax on return on ordinary (85) 81 (4) (97) 62 (35)activities ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities after tax 410 1,987 2,397 227 (380) (153) ---------- ---------- ---------- ---------- ---------- ---------- Return per share 1.1p 5.1p 6.2p 1.1p (1.8)p (0.7)p Company ---------------------------------------------------- Revenue Capital Total £000 £000 £000Gain on disposal of investments - 307 307Unrealised adjustments to fairvalue of investments - 1,621 1,621 ---------- ---------- ---------- - 1,928 1,928Income 1,153 - 1,153Investment management fee (155) (464) (619)Other expenses (179) - (179) ---------- ---------- ----------Return on ordinary activities before tax 819 1,464 2,283Tax on return on ordinary (182) 143 (39)activities ---------- ---------- ----------Return on ordinary activities after tax 637 1,607 2,244 ---------- ---------- ---------- Return per share 1.1p 2.7p 3.8p INCOME STATEMENT (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000Loss on disposal of - (490) (490) - - -investmentsUnrealised adjustments tofair value of investments - 1,164 1,164 - - - ---------- ---------- ---------- ---------- ---------- ---------- - 674 674 - - -Income 806 - 806 37 - 37Investment management fee (92) (276) (368) (7) (21) (28)Other expenses (113) - (113) (15) - (15) ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities before tax 601 398 999 15 (21) (6)Tax on return on ordinary (134) 86 (48) (5) 5 -activities ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities after tax 467 484 951 10 (16) (6) ---------- ---------- ---------- ---------- ---------- ---------- Return per share 1.2p 1.2p 2.4p 0.2p (0.3)p (0.1)p Company ---------------------------------------------------- Revenue Capital Total £000 £000 £000Loss on disposal of investments - (490) (490)Unrealised adjustments to fairvalue of investments - 1,164 1,164 ---------- ---------- ---------- - 674 674Income 843 - 843Investment management fee (99) (297) (396)Other expenses (128) - (128) ---------- ---------- ----------Return on ordinary activities before tax 616 377 993Tax on return on ordinary (139) 91 (48)activities ---------- ---------- ----------Return on ordinary activities after tax 477 468 945 ---------- ---------- ---------- Return per share 1.1p 1.0p 2.1p INCOME STATEMENT (unaudited) for the year ended 30 September 2006 Ordinary shares C shares ---------------------------------------------------- ---------------------------------------------------- Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000Loss on disposal of investments - (431) (431) - - -Unrealised adjustments tofair value of investments - 3,065 3,065 - (78) (78) ---------- ---------- ---------- ---------- ---------- ---------- - 2,634 2,634 - (78) (78)Income 1,754 - 1,754 512 - 512Investment management fee (183) (548) (731) (64) (191) (255)Other expenses (200) - (200) (90) - (90) ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities before tax 1,371 2,086 3,457 358 (269) 89Tax on return on ordinary (281) 169 (112) (107) 59 (48)activities ---------- ---------- ---------- ---------- ---------- ----------Return on ordinaryactivities after tax 1,090 2,255 3,345 251 (210) 41 ---------- ---------- ---------- ---------- ---------- ---------- Return per share 2.8p 5.8p 8.6p 1.6p (1.3)p 0.3p Company ---------------------------------------------------- Revenue Capital Total £000 £000 £000Loss on disposal of investments - (431) (431)Unrealised adjustments to fairvalue of investments - 2,987 2,987 ---------- ---------- ---------- - 2,556 2,556Income 2,266 - 2,266Investment management fee (247) (739) (986)Other expenses (290) - (290) ---------- ---------- ----------Return on ordinary activities before tax 1,729 1,817 3,546Tax on return on ordinary (388) 228 (160)activities ---------- ---------- ----------Return on ordinary activities after tax 1,341 2,045 3,386 ---------- ---------- ---------- Return per share 2.5p 3.7p 6.2p RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares Company £000 £000 £000Equity shareholders'funds at 1 October 2006 33,118 19,571 52,689Return on ordinary 2,397 (153) 2,244activities after taxDividends recognised in (2,319) (207) (2,526)the periodNet proceeds of share 268 - 268issuesShares purchased for (240) - (240)cancellationExpenses charged to - - -capital reserve ---------- ---------- ----------Equity shareholders'funds at 31 March 2007 33,224 19,211 52,435 ---------- ---------- ---------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares Company £000 £000 £000Equity shareholders'funds at 1 October 2005 33,532 - 33,532Return on ordinary 951 (6) 945activities after taxDividends recognised in (2,340) - (2,340)the periodNet proceeds of share 254 15,026 15,280issuesShares purchased for (344) - (344)cancellation ---------- ---------- ----------Equity shareholders'funds at 31 March 2006 32,053 15,020 47,073 ---------- ---------- ---------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the year ended 30 September 2006 Ordinary shares C shares Company £000 £000 £000Equity shareholders'funds at 1 October 2005 33,532 - 33,532Return on ordinary 3,345 41 3,386activities after taxDividends recognised in (3,492) - (3,492)the periodNet proceeds of share 371 19,530 19,901issuesShares purchased for (623) - (623)cancellationExpenses charged to (15) - (15)capital reserve ---------- ---------- ----------Equity shareholders'funds at 30 September 2006 33,118 19,571 52,689 ---------- ---------- ---------- BALANCE SHEET (unaudited) as at 31 March 2007 Ordinary shares C shares Company £000 £000 £000Fixed asset investments:Venture capital investments Unquoted 24,633 3,172 27,805 Quoted 3,639 633 4,272 ---------- ---------- ----------Total venture capital 28,272 3,805 32,077investmentsOther quoted investments - 14,320 14,320 ---------- ---------- ----------Total fixed asset 28,272 18,125 46,397investments ---------- ---------- ----------Current assets: Debtors 920 340 1,260 Cash at bank 4,124 833 4,957 ---------- ---------- ---------- 5,044 1,173 6,217Creditors (amounts falling (92) (87) (179)due within one year) ---------- ---------- ----------Net current assets 4,952 1,086 6,038 ---------- ---------- ---------- Net assets 33,224 19,211 52,435 ---------- ---------- ---------- Capital and reserves:Called-up equity share 9,666 15,500 25,166capitalShare premium 8,997 2,030 11,027Capital redemption reserve 1,854 - 1,854Capital reserve - realised 5,084 1,755 6,839Capital reserve - unrealised 6,720 (345) 6,375Revenue reserve 903 271 1,174 ---------- ---------- ---------- Total equity shareholders' 33,224 19,211 52,435funds ---------- ---------- ----------Net asset value per share 85.9p 93.0p 88.4p BALANCE SHEET (unaudited) as at 31 March 2006 Ordinary shares C shares Company £000 £000 £000Fixed asset investments:Venture capital investments Unquoted 23,736 198 23,934 Quoted 4,467 198 4,665 ---------- ---------- ----------Total venture capital 28,203 396 28,599investmentsOther quoted investments - 3,074 3,074 ---------- ---------- ----------Total fixed asset 28,203 3,470 31,673investments ---------- ---------- ----------Current assets: Debtors 250 33 283 Cash at bank 3,815 11,945 15,760 ---------- ---------- ---------- 4,065 11,978 16,043Creditors (amounts falling (215) (428) (643)due within one year) ---------- ---------- ----------Net current assets 3,850 11,550 15,400 ---------- ---------- ---------- Net assets 32,053 15,020 47,073 ---------- ---------- ---------- Capital and reserves:Called-up equity share 9,720 11,926 21,646capitalShare premium 16,736 3,100 19,836Capital redemption reserve 1,676 - 1,676Capital reserve - realised 515 (16) 499Capital reserve - unrealised 2,570 - 2,570Revenue reserve 836 10 846 ---------- ---------- ---------- Total equity shareholders' 32,053 15,020 47,073funds ---------- ---------- ----------Net asset value per share 82.4p 94.5p 85.9p BALANCE SHEET (unaudited) as at 30 September 2006 Ordinary shares C shares Company £000 £000 £000Fixed asset investments:Venture capital investments Unquoted 24,577 1,593 26,170 Quoted 3,771 299 4,070 ---------- ---------- ----------Total venture capital 28,348 1,892 30,240investmentsOther quoted investments - 13,885 13,885 ---------- ---------- ----------Total fixed asset 28,348 15,777 44,125investments ---------- ---------- ----------Current assets: Debtors 417 467 884 Cash at bank 4,523 3,401 7,924 ---------- ---------- ---------- 4,940 3,868 8,808Creditors (amounts falling (170) (74) (244)due within one year) ---------- ---------- ----------Net current assets 4,770 3,794 8,564 ---------- ---------- ---------- Net assets 33,118 19,571 52,689 ---------- ---------- ---------- Capital and reserves:Called-up equity share 9,663 15,500 25,163capitalShare premium 8,814 2,030 10,844Capital redemption reserve 1,772 - 1,772Capital reserve - realised 6,946 1,868 8,814Capital reserve - unrealised 4,850 (78) 4,772Revenue reserve 1,073 251 1,324 ---------- ---------- ---------- Total equity shareholders' 33,118 19,571 52,689funds ---------- ---------- ----------Net asset value per share 85.7p 94.7p 88.8p CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2007 Ordinary shares C shares Company £000 £000 £000Net cash inflow from 245 305 550operating activitiesTaxation:Corporation tax paid (112) (48) (160)Financial investment:Purchase of investments (859) (3,774) (4,633)Sale/repayment of 2,618 1,156 3,774investmentsNet cash inflow/(outflow)from financial investment 1,759 (2,618) (859)Equity dividends paid (2,319) (207) (2,526) ---------- ---------- ----------Net cash outflow before (427) (2,568) (2,995)financingFinancing:Issue of shares 273 - 273Share issue expenses (5) - (5)Purchase of ordinary shares (240) - (240)for cancellationNet cash inflow/(outflow) 28 - 28from financing ---------- ---------- ----------Decrease in cash at bank (399) (2,568) (2,967) ---------- ---------- ---------- Reconciliation of returnbefore tax tonet cash flow from operatingactivitiesReturn on ordinary 2,401 (118) 2,283activities before tax(Gain)/loss on disposal of investments held at fair (310) 3 (307)valueUnrealised adjustments tofair value of investments (1,888) 267 (1,621)Decrease in debtors 12 127 139Increase in creditors 30 26 56 ---------- ---------- ----------Net cash inflow from 245 305 550operating activities ---------- ---------- ---------- Analysis of movement in netfunds 1 October 31 March 2006 Cash flows 2007 £000 £000 £000Cash at bank 7,924 (2,967) 4,957 ---------- ---------- ---------- CASH FLOW STATEMENT (unaudited) for the six months ended 31 March 2006 Ordinary shares C shares Company £000 £000 £000Net cash inflow from 250 389 639operating activitiesTaxation:Corporation tax paid - - -Financial investment:Purchase of investments (765) (3,470) (4,235)Sale/repayment of 3,704 - 3,704investmentsNet cash inflow/(outflow)from financial investment 2,939 (3,470) (531)Equity dividends paid (2,340) - (2,340) ---------- ---------- ----------Net cash inflow/(outflow) 849 (3,081) (2,232)before financingFinancing:Issue of shares 264 15,901 16,165Share issue expenses (10) (875) (885)Purchase of ordinary shares (344) - (344)for cancellationNet cash (outflow)/inflow (90) 15,026 14,936from financing ---------- ---------- ----------Increase in cash at bank 759 11,945 12,704 ---------- ---------- ---------- Reconciliation of returnbefore tax tonet cash flow from operatingactivitiesReturn on ordinary 999 (6) 993activities before taxLoss/(gain) on disposal of investments held at fair 490 - 490valueUnrealised adjustments tofair value of investments (1,164) - (1,164)Increase in debtors (85) (47) (132)Increase in creditors 10 442 452 ---------- ---------- ----------Net cash inflow from 250 389 639operating activities ---------- ---------- ---------- Analysis of movement in netfunds 1 October 31 March 2005 Cash flows 2006 £000 £000 £000Cash at bank 3,056 12,704 15,760 ---------- ---------- ---------- CASH FLOW STATEMENT (unaudited) for the year ended 30 September 2006 Ordinary shares C shares Company £000 £000 £000Net cash inflow/(outflow) 662 (274) 388from operating activitiesTaxation:Corporation tax paid (11) - (11)Financial investment:Purchase of investments (1,654) (15,855) (17,509)Sale/repayment of 6,214 - 6,214investmentsNet cash inflow/(outflow)from financial investment 4,560 (15,855) (11,295)Equity dividends paid (3,492) - (3,492) ---------- ---------- ----------Net cash outflow before 1,719 (16,129) (14,410)financingFinancing:Issue of shares 385 20,667 21,052Share issue expenses (14) (1,137) (1,151)Purchase of ordinary shares (623) - (623)for cancellationNet cash (outflow)/inflow (252) 19,530 19,278from financing ---------- ---------- ----------Increase in cash at bank 1,467 3,401 4,868 ---------- ---------- ---------- Reconciliation of returnbefore tax tonet cash flow from operatingactivitiesReturn on ordinary 3,457 89 3,546activities before taxLoss on disposal ofinvestments held at fair value 431 - 431Unrealised adjustments tofair value of investments (3,065) 78 (2,987)Increase in debtors (141) (467) (608)(Decrease)/increase in (5) 26 21creditorsExpenses charged to capital (15) - (15)reserve ---------- ---------- ----------Net cash inflow from 662 (274) 388operating activities ---------- ---------- ---------- Analysis of movement in netfunds 1 October 30 September 2005 Cash flows 2006 £000 £000 £000Cash at bank 3,056 4,868 7,924 ---------- ---------- ---------- INVESTMENT PORTFOLIO SUMMARYas at 31 March 2007 ORDINARY SHARES Cost Valuation % of net assets £000 £000 by valuationFifteen largest venture capital investments:CGI Group 2,325 5,096 15.3TFB Group 1,000 1,698 5.1Weldex (International) Offshore 200 1,609 4.8Envirotec 812 1,499 4.5John Laing Partnership 356 1,340 4.0Barony Universal Products 184 1,217 3.7Alaric Systems 1,578 1,184 3.6DxS 1,105 1,070 3.2Computer Software Group* 220 1,064 3.2Pivotal Laboratories Holdings 714 849 2.6KCS Global Holdings 572 839 2.5Ithaca Holdings 492 783 2.4Arleigh International 375 733 2.2Direct Valeting 732 732 2.2Abermed Group 600 720 2.2 ---------- ---------- ---------- 11,265 20,433 61.5Other venture capital investments 10,287 7,839 23.6 ---------- ---------- ----------Total fixed asset investments 21,552 28,272 85.1 ----------Net current assets 4,952 14.9 ---------- ----------Net assets 33,224 100.0 ---------- ---------- C SHARES Cost Valuation % of net assets £000 £000 by valuationPromanex Group Holdings 801 801 4.2Touchstone Asset Management 800 800 4.2Product Support (Holdings) 800 800 4.2Nightingales Holdings 596 298 1.5Wear Inns 270 270 1.4Brulines (Holdings)* 182 244 1.3Hat Pin* 149 231 1.2Gentronix 203 203 1.0Twenty* 198 158 0.8 ---------- ---------- ----------Total venture capital investments 3,999 3,805 19.8Listed fixed interest investments 14,471 14,320 74.5 ---------- ---------- ----------Total fixed asset investments 18,470 18,125 94.3 ----------Net current assets 1,086 5.7 ---------- ----------Net assets 19,211 100.0 ---------- ----------*Quoted on Alternative Investment Market The above summary of results for the six months ended 31 March 2007 does notconstitute statutory financial statements within the meaning of Section 240 ofthe Companies Act 1985 and has not been delivered to the Registrar of Companies.The figures for the year ended 30 September 2006 have been extracted from thefinancial statements for that year, which have been delivered to the Registrarof Companies; the independent auditors' report on those financial statementsunder Section 235 of the Companies Act 1985 was unqualified. The proposed interim ordinary share dividend of 3.0p per share for the yearending 30 September 2007 will be paid on 15 June 2007 to ordinary shareholderson the register at the close of business on 18 May 2007. The proposed interim C share dividend of 1.0p per share for the year ending 30September 2007 will be paid on 15 June 2007 to ordinary shareholders on theregister at the close of business on 18 May 2007. A copy of the interim report for the six months ended 31 March 2007 is expectedto be posted to shareholders on 18 May 2007 and will be available to the publicat the registered office of the company at Northumberland House, PrincessSquare, Newcastle upon Tyne NE1 8ER. ENDS This information is provided by RNS The company news service from the London Stock Exchange