Travelusacc Regulatory News (TRIP)

30 Nov 2007 07:00

Triple Point VCT PLC29 November 2007 FOR IMMEDIATE RELEASE 29 November 2007 TRIPLE POINT VCT PLC INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 The directors of Triple Point VCT plc today announce their interim results forthe six months ended 30 September 2007. For further information, please contact : Peter Hargreaves, Company Secretary 01534 814806 Triple Point VCT plcChairman's statement Introduction I am pleased to be writing to you to present the unaudited interim results forTriple Point VCT plc ("the Company") for the six months ended 30 September 2007. The investment strategy of the Company is to build a diversified portfolio ofinvestments in smaller unquoted companies whilst at the same time structuringtransactions so as to limit the risk normally associated with such investments. Investment review The important feature of the 6 months under review is that as detailed in theportfolio summary appearing on page 2, qualifying holdings now comprise 44.4% ofholdings compared to 25.9% at 31 March 2007 representing substantial furtherprogress towards meeting our target of being 70% invested in qualifyingholdings. The increase in the 6 months reflects a new investment in CranmerLawrence Engineering Solutions Limited together with five follow on investmentsin existing holdings. Since 30 September 2007 the company has invested £900,000in another new investment Per-Port Services Limited which will be providingultra-thin client network services comprising hardware and services ultimatelyto a government agency. As a result qualifying investments now stand at 47.4%approximately of all holdings. Investment pipeline The pipeline of potential investments presently totals some £65 million with therange of activities including services for crematoria, combined heat and powergeneration, telephony and diagnostic services for the NHS. For the Company to be 70% invested in qualifying holdings implies investmentscosting £20.651m compared to £13.061m of qualifying holdings achieved by 30 September 2007. The Company is thus realistically optimistic of achieving its target of being70% invested before the end date by which this should be achieved. In orderthat this target is achieved the investment manager has increased itsorigination staff by three individuals. Conversion of C Shares The interim results reflects conversion of the C shares into new ordinaryshares, so that, for the current period the results are reported for a singleclass of ordinary shareholders which hopefully makes the figures moreunderstandable. Dividends During the period the Company declared and paid a dividend of 2.3p per share inrespect of the year ended 31 March 2007. The Directors do not propose to declarea dividend in respect of the half year to 30 September 2007. Results As at 30 September 2007, the net asset value of the Company's Ordinary Shares,after payment of a dividend of 2.3p per share, was £30.198 million or 94.40p pershare (2006: Ordinary shares, £3.150 million or 94.73p per share and C Shares,£27.224 million or 95.52p per share). The profit after taxation was £0.361million (2006 £0.162 million). As always, please do not hesitate to call us on 020 7404 7403 or email me atmichael.sherry@triplepoint.co.uk. Michael SherryChairman21 November 2007 Triple Point VCT plcFinancial Summary Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net assets 30,198 3,150 27,224 30,374 3,178 27,395 30,573Net profit before tax 506 20 169 189 45 407 455Share Price at end of period 100.00p 100.00p 100.00p 100.00p 100.00p 100.00p 100.00pEarnings per share 1.13p 0.51p 0.51p 0.51p 1.35p 1.12p 1.14pNet asset value per share 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06pDividend per share 2.30p - - - - - -Total return per share 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Portfolio summary (unaudited)As at 30 September 2007 Security Activity Cost & Valuation Cost & Valuation 31-Mar-07 30-Sep-07 £'000 % £'000 %Qualifying holdings 7,784 25.91 13,061 44.36Non-qualifying holdings 18,230 60.67 15,572 52.88Uninvested funds 4,034 13.43 812 2.76 _____________________________________ 30,048 100.01 29,445 100.00 =====================================Qualifying Holdings (All Unquoted)Beam Carrier Trading Ltd Provision of satelliteEquity capacity 315 4.05 600 4.59Debt 685 8.80 1,350 10.33 Broadsword Satellite Communications Ltd Provision of satelliteEquity capacity 385 4.95 685 5.24Debt 615 7.90 1,315 10.07 Cranmer Lawrence Engineering Solutions Ltd AmbulanceEquity refurbishment - - 475 3.64Debt - - 475 3.64 High Definition Broadcast Services Ltd Provision of satelliteEquity capacity 270 3.47 532 4.07Debt 730 9.38 1,343 10.28 Meaujo 732 Ltd Provision of virtual Equity communications 288 3.70 288 2.20Debt systems 650 8.35 657 5.03 Satellite Broadband Access Solutions Ltd Provision of satellite Equity capacity 280 3.60 526 4.03Debt 720 9.25 1,359 10.41 WAN Solutions Ltd (formerly Meaujo 731) Provision of virtualEquity communications 328 4.21 328 2.51Debt systems 672 8.63 672 5.15 Wide Area Network Services Ltd (formerly Meaujo 733) Provision of virtualEquity communications 265 3.40 265 2.03Debt systems 600 7.71 1,203 9.21 Wide Area Network Solutions Ltd (formerly Meaujo 734) Provision of virtual Equity communications 300 3.85 300 2.30Debt systems 681 8.75 688 5.27 _____________________________________ 7,784 100.00 13,061 100.00 _____________________________________ Triple Point VCT plcProfit & Loss Account Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________________ _________________________ _________________________ Rev. Cap. Tot. Rev. Cap. Tot. Rev. Cap. Tot. £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Ordinary SharesInvestment income 934 - 934 63 - 63 135 - 135Investment management fees (90) (271) (361) (8) (24) (32) (19) (57) (76)Other expenses (67) - (67) (11) - (11) (11) - (11) _________________________ _________________________ _________________________Return on ordinaryactivities before taxation 777 (271) 506 44 (24) 20 105 (57) 48Taxation on ordinary activities (223) 78 (145) (6) 3 (3) (7) 4 (3) _________________________ _________________________ _________________________Profit/(loss) onordinary activities after taxation 554 (193) 361 38 (21) 17 98 (53) 45 _________________________ _________________________ _________________________ Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.94p (1.59p) 1.35p _________________________ _________________________ _________________________"C" SharesInvestment income - - - 539 - 539 1,142 - 1,142Investment management fees - - - (68) (205) (273) (160) (480) (640)Other expenses - - - (97) - (97) (95) - (95) _________________________ _________________________ _________________________ Return on ordinary activities - - - 374 (205) 169 887 (480) 407Taxation on ordinary activities - - - (54) 30 (24) (198) 107 (91) _________________________ _________________________ _________________________Profit/(loss) onordinary activities after taxation - - - 320 (175) 145 689 (373) 316 _________________________ _________________________ _________________________ Earnings/(loss) per share - - - 1.13p (0.62p) 0.51p 2.44p (1.32p) 1.12p _________________________ _________________________ _________________________ TotalInvestment income 934 - 934 602 - 602 1,277 - 1,277Investment management fees (90) (271) (361) (76) (229) (305) (179) (537) (716)Other expenses (67) - (67) (108) - (108) (106) - (106) _________________________ _________________________ _________________________Return on ordinaryactivities before taxation 777 (271) 506 418 (229) 189 992 (537) 455Taxation on ordinary activities (223) 78 (145) (60) 33 (27) (205) 111 (94) _________________________ _________________________ _________________________Profit/(loss)onordinary activities after taxation 554 (193) 361 358 (196) 162 787 (426) 361 _________________________ _________________________ _________________________Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.49p (1.35p) 1.14p _________________________ _________________________ _________________________ All earnings / (loss) per share figures are basic as there are no potentially dilutitive instruments in issue. Triple Point VCT plcStatement of Movements in Shareholders' Funds Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Shareholders' funds at 1 April 2007 30,573 3,133 10,114 13,247 3,133 10,114 13,247Total gain recognised inperiod 361 17 145 162 45 316 361Net proceeds of share issues - - 16,965 16,965 - 16,965 16,965Dividends declared (736) - - - - - - _________________ ___________________________ ___________________________Shareholders' funds at 30 September 2007 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Balance Sheet Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Fixed Assets:Investments 13,061 393 3,607 4,000 797 6,987 7,784 _________________ ___________________________ ___________________________ Current assets:Debtors 1,184 3 22 25 86 732 818Current asset investments 15,572 1,899 16,275 18,174 1,905 16,325 18,230Cash at bank 812 877 7,513 8,390 422 3,612 4,034 _________________ ___________________________ ___________________________ 17,568 2,779 23,810 26,589 2,413 20,669 23,082 _________________ ___________________________ ___________________________Creditors: amounts falling duewithin one year (431) (22) (193) (215) (32) (261) (293) _________________ ___________________________ ___________________________Net current assets 17,137 2,757 23,617 26,374 2,381 20,408 22,789 _________________ ___________________________ ___________________________Total assets less currentliabilities 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Capital and reserves:Share capital 320 33 1,425 1,458 33 1,425 1,458Share premium 28,798 3,134 25,665 28,799 3,134 25,665 28,799Capital redemption reserve 1,139 - - - - - -Capital reserve (619) (21) (175) (196) (53) (373) (426)Revenue reserve 560 4 309 313 64 678 742 _________________ ___________________________ ___________________________Shareholders' funds 30,198 3,150 27,224 30,374 3,178 27,395 30,573 _________________ ___________________________ ___________________________ Net asset value per share pence 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06pDividends paid 2.30p - - - - - -Total return to shareholders 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p Triple Point VCT plcCash Flow Statement Unaudited Unaudited Audited 6 months Ended 6 months Ended Year Ended 30 September 2007 30 September 2006 31 March 2007 _________________ ___________________________ ___________________________ Ord. Ord. "C" Ord. "C" Shares Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net cash inflow from operatingactivitiesProfit on ordinary activitiesbefore tax 506 20 169 189 48 407 455Adjusted for:Taxation charge for the period (145) (3) (24) (27) (3) (91) (94)Realised gains on investment disposals - - - - - - -Unrealised appreciation in investment values - - - - - - - _________________ ___________________________ ___________________________Cash generated fromoperations before changes in working capital 361 17 145 162 45 316 361Increase in debtors (366) (3) (20) (23) (86) (730) (816)(Decrease)/Increase in creditors 138 (71) (105) (176) (62) (37) (99) _________________ ___________________________ ___________________________Net cash (outflow)/inflow from operating activities 133 (57) 20 (37) (103) (451) (554) _________________ ___________________________ ___________________________Financial investment:Purchase of unquoted securities (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784) _________________ ___________________________ ___________________________Net cash outflow fromfinancial investment (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784) _________________ ___________________________ ___________________________ Equity dividends paid (736) - - - - - - _________________ ___________________________ ___________________________ Management of liquidresources:Investment in cashinvestments 2,658 (544) (630) (1,174) (549) (680) (1,229) _________________ ___________________________ ___________________________Financing:Issue of own shares - - 17,812 17,812 - 17,812 17,812Share issue expenses - - (847) (847) - (847) (847)Subscriptions received butnot allotted - - (11,249) (11,249) - (11,249) (11,249) _________________ ___________________________ ___________________________ Net cash inflow fromfinancing - - 5,716 5,716 - 5,716 5,716 _________________ ___________________________ ___________________________ Net (decrease)/increase in cash and cash equivalents (3,222) (994) 1,499 505 (1,449) (2,402) (3,851)Opening Cash and cashequivalents 4,034 1,871 6,014 7,885 1,871 6,014 7,885 _________________ ___________________________ ___________________________Closing Cash and cashequivalents 812 877 7,513 8,390 422 3,612 4,034 _________________ ___________________________ ___________________________ Triple Point VCT plc Notes to the interim report for the six months ended 30 September 2007 1. The unaudited interim results cover the six months to 30 September 2007and have been drawn up in accordance with the Accounting Standard Board's (ASB)Statement on Half-yearly Financial Reports (July 2007) and adopting theaccounting policies set out in the statutory accounts for the year ended 31March 2007 which were prepared under UK GAAP and in accordance with theStatement of Recommended Practice for Investment Companies issued by theAssociation of Investment Trust Companies in January 2003, revised December2005. 2. The financial information set out in this report has not been auditedand does not comprise full financial statements within the meaning of Section240 of the Companies Act 1985. Statutory accounts for the year ended 31 March2007, which were unqualified, have been lodged with the Registrar of Companies.No statutory accounts in respect of any period after 31 March 2007 have beenreported on by the Company's auditors or delivered to the Registrar ofCompanies. 3. Taxation has been provided for at a rate of 28.63% based on theassumption that income for the second half of the year will be equal to that forthe first half. Given that the business is not seasonal the directors regardthis as a reasonable assumption. 4. Copies of the Interim Report to Shareholders have been sent toshareholders and are available at the Company's Registered Office: 10-11 Gray'sInn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services, 4thFloor, 150-152 Fenchurch Street, London EC3M 6BB 5. During the period under review, the Company did not issue any newshares. 6. The earnings per share is based on income from ordinary activities aftertax of £0.361m and on 31,990,482 ordinary shares of 1p, being the weightedaverage number of shares in issue during the period. The net assets per shareis based on total net assets of £30.198m and 31,990,482 ordinary shares of 1p inissue at the period end. 7. Related party transactions Mr Michael Sherry, Chairman of the Company, is an equity Member ofTriple Point LLP (TPLLP). TPLLP in turn holds a controlling interest in TriplePoint Investment Management LLP (TPIMLLP). During the period, TPIMLLP providedmanagement and administrative services to the Company amounting to £361,147(2006 - £304,854) Triple Point VCT plc Responsibility statement of the Directors in respect of the interim report forthe six months ended 30 September 2007 We confirm to the best of our knowledge: • the condensed set of financial statements have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board; • the interim management report includes a fair review of the information required by: • DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and • DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that may have materially effected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. By order of the Board Peter HargreavesSecretary21 November 2007 Triple Point VCT plc DirectorsMichael Gabriel SherryJames Chadwick MurrinRobin David Morrison Secretary and Registered OfficePeter William Hargreaves10-11 Gray's Inn Square,Gray's Inn,London WC1R 5JD Company Registered Number05304481 SolicitorsHoward Kennedy19a Cavendish SquareLondon W1A 2AW BankersHSBC60 Queen Victoria StreetLondon, EC4 Investment Manager and AdministratorTriple Point Investment Management LLP10-11 Gray's Inn Square,Gray's Inn,London WC1R 5JD VCT Tax AdviserPricewaterhouseCoopers LLP1 Embankment PlaceLondon WC2N 6RH Independent AuditorGrant Thornton UK LLP1 Westminster WayOxford OX2 0PZ RegistrarsNeville Registrars LimitedNeville House18 Laurel LaneHalesowenWest Midlands, B63 3DA This information is provided by RNS The company news service from the London Stock Exchange