15 Oct 2008 14:27
Oxford Technology 2
Venture Capital Trust plc
Interim Statement
For the period 1 March 2008 to 31 August 2008
Statement on behalf of the Board
Net Assets per share were 71p on 31 August 2008 compared to 68p on 31 August 2007 and 68p on 28 February 2008. Including dividends of 6p per share, total return to 31 August 2008 is 77p. During the period, OT2VCT has raised £253,329 net of expenses through the issue of 374,602 shares at 71p per share. While there is the usual mixture of news, several companies in the portfolio are making good progress and have the potential to be stars. OCRobotics, in which OT2VCT invested when the company was based in the home of one of the founders who had an idea but no prototype, is continuing to make excellent progress. It is now profitable and paid a dividend for the first time in spring 2008. Orthogem is now generating revenues, is increasing its users and has encouraging potential. Since the date of these accounts, Commerce Decisions was bought by QinetiQ in an all cash transaction. Since the consideration was close to the value at which we hold the company in our accounts, this transaction will have little impact on earnings or net asset value. However, given current market conditions, the realisation was felt to be a good outcome for shareholders.
On behalf of the Board
John Jackson - Chairman
Unaudited Financial Information
Profit and Loss Accountfor the Period Six months Six months Year to
to 31 Aug 08 to 31 Aug 07 29 Feb 08
£'000 £'000 £'000
Profit/(loss) on disposal of assets
held at fair value - - -
Unrealised profit/(loss) on fair
value of investments 124 (28) 82
Other income 74 7 14
Other expenses (79) (78) (151)
Profit/(loss) on ordinary activities
before tax 119 (99) (55)
Tax on profit/(loss) on ordinary
activities - - -
Profit/(loss) on ordinary activities
after tax 119 (99) (55)
Earnings per Share 1.87p (1.65)p (0.92)p
Historic Cost Profits and Six months Six months Year to
Losses Note to 31 Aug 08 to 31 Aug 07 29 Feb 08
£'000 £'000 £'000
Profit/(loss) for the financial period 119 (99) (55)
Unrealised (loss)/profit on investments
held at fair value (124) 28 (82)
Historical cost loss before tax (5) (71) (137)
Historical cost loss after tax (5) (71) (137)
Summarised Balance Sheet 31 Aug 08 31 Aug 07 29 Feb 08
£'000 £'000 £'000
Investments held at fair value 4,348 4,026 4,137
Other net current assets/(liabilities) 128 33 (34)
____ ____ ____
Net assets 4,476 4,059 4,103
____ ____ ____
Capital and Reserves
Called up share capital 637 600 600
Share premium:
Shares issued 225 - -
Expenses on shares issued (8) - -
Profit and loss account 2,295 2,366 2,300
Revaluation reserve 1,327 1,093 1,203
_____ _____ _____
Shareholders' funds 4,476 4,059 4,103
____ ____ ____
Net asset value per share 71p 68p 68p
____ ____ ____
Cash Flow Statement
for the Period 31 Aug 08 31 Aug 07 29 Feb 08
£'000 £'000 £'000
Net cash inflow/(outflow) from
operating activities 52 (26) (25)
Dividends paid - - -
Capital expenditure and financial investment
Purchase of investments (87) (13) (13)
_____ _____ _____
Net cash outflow from capital expenditure
and financial investment (87) (13) (13)
Financing
Issue of Shares 266 - -
Expenses paid in connecton
with shares issued (8) - -
_____ _____ _____
Net cash inflow from financing 258 - -
_____ _____ _____
Increase/(decrease) in cash 223 (39) (38)
____ ____ ____
Notes to the Unaudited Financial Information
1 The financial information for each of the interim periods ended 31 August 2008 and 31 August 2007 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 29 February 2008. The financial information for the year ended 29 February 2008 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.
2 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.
3 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.
4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.
Oxford Technology 2 VCT (OXH)