16 Nov 2009 16:30
Oxford Technology Venture Capital Trust PLCInterim StatementFor the period 1 March 2009 to 31 August 2009Statement on behalf of the Board
While several investee companies in the portfolio continue to have the potential to deliver excellent returns for shareholders others have experienced problems of one sort or another often related to the general adverse economic circumstances which have resulted in reduced orders. Company valuations are generally lower now than they were a year ago. Net Asset Value per share at 31 August was 41p which compares to 51p at 31 August 2008 and 36p at 28 February 2009.
On behalf of the BoardJohn Jackson - Chairman
Unaudited Financial Information
| Profit and Loss Account for the Period | Six months to31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to28 Feb 09 £'000 |
| Profit/(loss) on disposal of assets held at fair value | - | - | - |
| Unrealised profit/(loss) on fair value of investments | 247 | 311 | (167) |
| Other income | 2 | 14 | 23 |
| Other expenses | (34) | (34) | (70) |
| Profit/(loss) on ordinary activities before tax | 215 | 291 | (214) |
| Tax on profit/(loss) on ordinary activities | - | - | - |
| Profit/(loss) on ordinary activities after tax | 215 | 291 | (214) |
| Earnings per Share | 4.2p | 5.79p | (4.2)p |
| Historic Cost Profits and Losses Note | Six months to31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to28 Feb 09 £'000 |
| Profit/(loss) for the financial period | 215 | 291 | (214) |
| Unrealised profit/(loss) on investments held at fair value | (247) | (311) | 167 |
| Historical cost profit/(loss) before tax | (32) | (20) | (47) |
| Historical cost profit/(loss) after tax | (32) | (20) | (47) |
| Summarised Balance Sheet | Six months to31 Aug 09 £'000 | Six months to31 Aug 08 £'000 | Year to28 Feb 09 £'000 |
| Investments held at fair value | 1,947 | 1,990 | 1,658 |
| Other net current assets | 159 | 571 | 144 |
| Net assets | 2,106 | 2,561 | 1,802 |
| Capital and Reserves | Six months to31 Aug 09 £'000 | Six months to31 Aug 08 £'000 | Year to28 Feb 09 £'000 |
| Called up share capital | 529 | 506 | 506 |
| Share premium: Shares issued | 141 | 78 | 76 |
| Expenses on shares issued | (5) | (5) | (5) |
| Profit and loss account | 1,234 | 1,656 | 1,377 |
| Revaluation reserve | 207 | 326 | (152) |
| Shareholders'funds | 2,106 | 2,561 | 1,802 |
| Net asset value per share | 41p | 51p | 36p |
| Cash Flow Statement for the Period | Six months to31 Aug 09 £'000 | Six months to31 Aug 08 £'000 | Year to28 Feb 09 £'000 |
| Net cash outflow from operating activities | (36) | (27) | (43) |
| Capital expenditure and financial investment Purchase of investments | (42) | (27) | (173) |
| Disposal of investments | - | - | - |
| Net cash outflow from capital expenditure and financial investment | (42) | (27) | (173) |
| Financing Issue of Shares | 93 | 99 | 97 |
| Expenses paid in connection with shares issued | (5) | (5) | (5) |
| Net cash flow from financing | 88 | 94 | 92 |
| Dividends paid | - | - | (252) |
| Increase/(decrease) in cash | 10 | 40 | (376) |
Notes to the Unaudited Financial Information on pages 2 and 3
The financial information for each of the interim periods ended 31 August 2009 and 31 August 2008 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February 2009. The financial information for the year ended 28 February 2009 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.
The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.