Final Results

Final Results

Keydata AIM VCT

KEYDATA AIM VCT plc

Preliminary Announcement of Final Results for the year ending 30 September 2008

Financial Highlights

Ordinary shares	Â
		2008	Â	2007	Â	%Change
Net asset value per share		66.21p		104.48p		-36.6%
Cumulative distributions paid since launch		14.00p		10.00p
Net asset value total return		80.21p		114.48p		-29.9%
Net asset value total return since launch at 95p		80.21p		N/A		-15.6%
Share price (mid)		60.5p		100p		-39.5%
Discount to net asset value		8.62%		4.06%		Â
Returns (losses) per share:
Revenue return		0.38p		0.40p
Capital return		(36.01)p		2.04p
		(35.63)p		2.44p
Dividends per share:
Interim paid Final proposed		4.0p 1.0p		5.0p -
Total dividend for year		5.0p		5.0p		+0%

C Ordinary shares	Â
		2008	Â	2007	Â	%Change
Net asset value per share		82.06p		96.07p		-14.6%
Cumulative distributions paid since launch		3.20p		1.75p
Net asset value total return		85.62p		97.82p		-12.5%
Net asset value total return since launch at 95p		85.62p		N/A		-9.9%
Share price (mid)		77.5p		93p		-16.7%
Discount (premium) to net asset value		5.56%		3.43%		Â
Returns per share:
Revenue return		1.24p		1.63p
Capital return		(13.92)p		0.00p
		(12.68)p		1.63p
Dividends per share:
Interim paid Final proposed		0.7p -		0.75 0.75p
Total dividend for year   Company Total expense ratio		0.7p     2.99%		1.5p     2.33%		-53.3%

Chairman’s Statement

The period covered by these accounts has seen growing concern about the state of the economy, continuing selling pressure on small company shares and of increasing difficulties in the financial sector, culminating, since the period end, in the part nationalisation of several banks. It has been a particularly poor period in which to announce any shortfall of previous expectations. Although smaller growing companies cannot reasonably be expected always to comply with their business plan, some share price reactions in the market as a whole have been very savage.

Needless to say, your company’s portfolio has not been immune from these conditions. The net asset value per ordinary share decreased by 36.6% to 66.21 pence during the year. After adjusting for dividends paid, the underlying decrease in NAV on a total return basis was 29.9% in the year. Losses per ordinary share for the year were 35.63 pence per share (comprising revenue earnings of 0.38 pence and capital losses of 36.01 pence).

The net asset value per C share decreased by 14.6% to 82.06 pence during the year. After adjusting for dividends paid, the underlying decrease in NAV on a total return basis was 12.5% in the year. Losses per C share for the year were 12.68 pence per share (comprising revenue earnings of 1.24 pence and capital losses of 13.92 pence).

Although it is never pleasant to report a decline in asset values, against a backdrop of a 44% fall in the FTSE aim All Share index during the year, your board believes that this is not an unreasonable performance under the circumstances.

Investment- Ordinary Fund

The Investment Manager, Hargreave Hale, invested a further £0.1 million in 1 qualifying AIM company during the year and made disposals or part disposals of nine of the AIM investments, realising a net gain on sale of £0.45 million in the year. The main contributors to this realised gain were Portland Gas, Jelf, BBI and Energetix. The bid value of qualifying investments at 30 September 2008 was £6.2 million invested in 44 AIM companies. The balance was held in non-qualifying AIM stocks. The shareholding in Clerkenwell Ventures became non-qualifying in September 2008.

Investment - C Fund

The Investment manager invested £2.1 million in 9 AIM investments during the year and made disposals or part disposals of two investments. The bid value of qualifying investments at 30 September 2008 was £5.3 million invested in 34 AIM companies. The balance was held in short dated Treasury gilts.

From 30 September 2008, we are required to meet the 70% test in relation to the combined fund (ordinary and C together). As at 30 September 2008, the combined fund was 71.2% invested in qualifying companies.

Conversion of C shares

On 8 October 2008, in accordance with the Articles of Association, the C shares were converted into new Ordinary shares based on the respective net asset value per share of each fund at 30 September 2008. The conversion ratio was 1.2935 new ordinary shares for each C share held on 8 October 2008. The 17,719,270 C shares in issue were converted into 21,959,891 new ordinary shares which rank pari passu with the existing ordinary shares. The two investment funds are combined from this date.

Dividend

An interim dividend of 4 pence was paid on 23 June 2008 (2007 – 5 pence) to ordinary shareholders on the share register on 6 June 2008. An interim dividend of 0.7 pence was paid on 23 June 2008 (2007 – 0.75p) to C shareholders on the share register on 6 June 2008.

A final dividend of 1 pence is proposed on the Ordinary shares (2007- Nil), payable on 30 January 2009, subject to AGM approval, to ordinary shareholders on the register on 9 January 2009 (including former C shareholders following conversion).

Outlook

There have been some quite shocking events, particularly in the last few weeks, major financial institutions have been rescued by governments around the world and the IMF has had to bail out several countries to date. With sentiment worsening and fear escalating share prices have been volatile and falling.

The AIM index has fallen by a further 28% in October 2008. In comparison, the NAV on the Ordinary share fund fell 8.4% to 60.66 pence per share.

It is difficult to be optimistic in the near term and it is difficult to escape the conclusion that small companies’ share prices now seem to discount an outright and prolonged recession. The FTSE 100 index has fallen 24.2% during the year with major companies trading on historically very low multiples with attractive yields. It is hardly surprising that liquidity in smaller stocks is almost non-existent and many are now trading on low single figure price earnings ratios.

However with share prices at rock bottom there should be some attractive opportunities to invest in sound companies that merit capital for sensible expansion plans. We hope to be able to reap rewards for shareholders in due course

Sir Aubrey Brocklebank Bt
Chairman

4 December 2008

Income Statement for the year ended 30 September 2008– Ordinary Shares

	Â	For the year ended 30 September 2008(unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		454 (4,895)		454 (4,895)
Income		179 --------		- --------		179 --------
		179		(4,441)		(4,262)
							Â
Management fee		(28)		(83)		(111)
Other expenses		(113) --------		- --------		(113) --------
		(141)		(83)		(224)
		--------		--------		--------
Profit (loss) before taxation		38		(4,524)		(4,486)
Taxation		9		16		25
		--------		--------		--------
Profit (loss) after taxation		47 --------		(4,508) --------		(4,461) --------
Earnings (losses) per share (Note 2)		0.38p		(36.01)p		(35.63)p

Income Statement for the year ended 30 September 2008 – C shares

	Â	For the year ended 30 September 2008 (unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		234 (2,613)		234 (2,613)
Income		482 --------		- --------		482 --------
		482		(2,379)		(1,897)
							Â
Management fee		(40)		(121)		(161)
Other expenses		(175) --------		- --------		(175) --------
		(215)		(121)		(336)
		--------		--------		--------
Profit (loss) before taxation		267		(2,500)		(2,233)
Taxation		(47)		22		(25)
		--------		--------		--------
Profit (loss) after taxation		220 --------		(2,478) --------		(2,258) --------
Earnings (losses) per share (Note 2)		1.24p		(13.92)p		(12.68)p

Income Statement for the year ended 30 September 2008- Company

	Â	For the year ended 30 September 2008 (unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		688 (7,508)		688 (7,508)
Income		661 --------		- --------		661 --------
		661		(6,820)		(6,159)
							Â
Management fee		(68)		(204)		(272)
Other expenses		(288) --------		- --------		(288) --------
		(356)		(204)		(560)
		--------		-------		--------
Profit before taxation		305		(7,024)		(6,719)
Taxation		(38)		38		-
		--------		--------		--------
Profit after taxation		267 --------		(6,986) --------		(6,719) --------
The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations.

Income Statement for the year ended 30 September 2007 – Ordinary Shares

	Â	For the year ended 30 September 2007 (unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		609 (229)		609 (229)
Income		315 --------		- --------		315 --------
		315		380		695
							Â
Management fee		(44)		(120)		(164)
Other expenses		(216) --------		- --------		(216) --------
		(260)		(120)		(380)
		--------		--------		--------
Profit before taxation		55		260		315
Taxation		1		34		35
		--------		--------		--------
Profit after taxation		56 --------		294 --------		350 --------
Earnings per share (Note 2)		0.40p		2.04p		2.44p

Income Statement for the year ended 30 September 2007 – C shares

	Â	For the year ended 30 September 2007 (unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		- 112		- 112
Income		661 --------		- --------		661 --------
		661		112		773
							Â
Management fee		(46)		(139)		(185)
Other expenses		(254) --------		- --------		(254) --------
		(300)		(139)		(439)
		--------		--------		--------
Profit before taxation		361		(27)		334
Taxation		(69)		28		(41)
		--------		--------		--------
Profit after taxation		292 --------		1 --------		293 --------
Earnings per share (Note 2)		1.63p		0.00p		1.63p

Income Statement for the year ended 30 September 2007 - Company

	Â	For the year ended 30 September 2007 (unaudited)
		Revenue £000	Â	Capital £000	Â	Total £000
Realised gains on investments Unrealised gains on investments		- -		609 (117)		609 (117)
Income		976 --------		- --------		976 --------
		976		492		1,468
							Â
Management fee		(90)		(259)		(349)
Other expenses		(470) --------		- --------		(470) --------
		(560)		(259)		(819)
		--------		--------		--------
Profit before taxation		416		233		649
Taxation		(68)		62		(6)
		--------		--------		--------
Profit after taxation		348 --------		295 --------		643 --------
							Â
The total column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations.

Balance sheet as at 30 September 2008 (Unaudited)

	Â	As at 30	Â	September	Â	2008
		Ordinary Shares £000		C Shares £000		Total £000
Fixed assets
Investments at fair value through profit or loss		6,393 --------		14,301 --------		20,694 --------
Current assets
Debtors		68		88		156
Cash at bank and on deposit		385 -------		224 --------		609 --------
		453		312		765
							Â
Creditors: amounts falling due within one year		(8) -------		(73) -------		(81) --------
Net current assets		445 -------		239 -------		684 --------
Net assets		6,838 -------		14,540 -------		21,378 --------
Capital and Reserves
Called up share capital		103		886		989
Capital redemption reserve Capital reserve – realised		40 61		10 (20)		50 41
Capital reserve – unrealised		(3,301)		(2,359)		(5,660)
Special reserve		9,772		15,927		25,699
Revenue reserve		163 --------		96 --------		259 --------
Equity shareholders’ funds Rights of C shareholders   Equity shareholders’ funds and rights of C shareholders		6,838 - -------- 6,838 --------		- 14,540 ------- 14,540 --------		6,838 14,540 --------- 21,378 --------
Net asset value per share (Note 3)		66.21p		82.06p

Balance sheet as at 30 September 2007 (Unaudited)

	Â	As at 30	Â	September	Â	2007
		Ordinary Shares £000		C Shares £000		Total £000
Fixed assets
Investments at fair value through profit or loss		14,624 --------		16,918 --------		31,542 --------
Current assets
Debtors		12		37		49
Cash at bank and on deposit		354 -------		374 --------		728 --------
		366		411		777
							Â
Creditors: amounts falling due within one year		(11) -------		(104) -------		(115) --------
Net current assets		355 -------		307 -------		662 --------
Net assets		14,979 -------		17,225 -------		32,204 --------
Capital and Reserves
Called up share capital		143		897		1,040
Share premium Capital reserve – realised		- 128		- (154)		- (26)
Capital reserve – unrealised		1,593		254		1,847
Special reserve		12,999		16,094		29,093
Revenue reserve		116 --------		134 --------		250 --------
Equity shareholders’ funds Rights of C shareholders   Equity shareholders’ funds and rights of C shareholders		14,979 - -------- 14,979 --------		- 17,225 ------- 17,225 --------		14,979 17,225 --------- 32,204 --------
Net asset value per share (Note 3)		104.48p		96.07p

Cash flow statement for the year ended 30 September 2008

	Â		Â		Â	For the year ended 30 September 2008 (unaudited)
		Ordinary Shares £000		C Shares £000		Total £000
Net cash (outflow) inflow from operating activities		(78)		37		(41)
Net financial investment		3,791		238		4,029
Equity dividends paid		(454)		(258)		(712)
							Â
		-------		-------		--------
Cash outflow before management of liquid resources		3,259		17		3,276
Financing: Repurchase of shares		(3,228) ---------		(167) -------		(3,395) --------
Increase (decrease) in cash		31 ---------		(150) --------		(119) --------

Cash flow statement for the year ended 30 September 2007

	Â		Â		Â	For the year ended 30 September 2007 (unaudited)
		Ordinary Shares £000		C Shares £000		Total £000
Net cash (outflow) inflow from operating activities		(60)		248		188
Net financial investment		271		(59)		212
Equity dividends paid		(717)		(314)		(1,031)
							Â
		-------		-------		--------
Cash outflow before management of liquid resources		(506)		(125)		(631)
Financing		- ---------		- --------		- --------
Increase (decrease) in cash		(506) ---------		(125) --------		(631) --------

Reconciliation of movements in shareholders’ funds for the year ended 30 September 2008 (unaudited)

Ordinary Shares	Â		Â		Â		Â		Â		Â		Â
Â		Share Capital   £000		Capital Redemption Reserve £000		Capital Reserve Realised £000		Capital Reserve Unrealised £000		Special Reserve   £000		Revenue Reserve   £000		Total     £000
At 1 October 2007		143		-		128		1,593		12,999		116		14,979
Previously recognised gains now realised		  -		  -		  454		  (454)		  -		  -		  -
Unrealised gains on investments		-		-		-		(4,440)		-		-		(4,440)
Management fee charged to capital		-		-		(83)		-		-		-		(83)
Tax relief Equity dividends paid Share buybacks		-   - (40)		-   - 40		16   (454) -		-   - -		-   - (3,227)		-   - -		16   (454) (3,227)
Profit after tax		- ------		- ------		- ------		- ------		- --------		47 --------		47 --------
At 30 September 2008		103 ------		40 ------		61 ------		(3,301) ------		9,772 --------		163 --------		6,838 --------

C Shares	Â		Â		Â		Â		Â		Â		Â
Â		Share Capital   £000		Capital Redemption Reserve £000		Capital Reserve Realised £000		Capital Reserve Unrealised £000		Special Reserve   £000		Revenue Reserve   £000		Total     £000
At 1 October 2007		897		-		(154)		254		16,094		134		17,225
Transfer between reserves		-		-		-		-		-		-		-
Previously recognised gains now realised		-		-		234		(234)		-		-		-
Equity dividends paid		-		-		-		-		-		(259)		(259)
Unrealised gains on investments		-		-		-		(2,379)		-		-		(2,379)
Management fee charged to capital		-		-		(121)		-		-		-		(121)
Tax relief Share buybacks		- (11)		- 11		20 -		- -		- (167)		- -		21 (167)
Profit after tax		- ------		- ------		- ------		- ------		- --------		220 --------		220 --------
At 30 September 2008		886 ------		11 ------		(21) ------		(2,359) ------		15,927 --------		96 --------		14,540 --------

Reconciliation of movements in shareholders’ funds for the year ended 30 September 2007 (unaudited)

Ordinary Shares	Â		Â		Â		Â		Â		Â		Â
Â		Share Capital   £000		Share Premium   £000		Capital Reserve Realised £000		Capital Reserve Unrealised £000		Special Reserve   £000		Revenue Reserve   £000		Total     £000
At 1 October 2006		143		-		322		1,823		12,999		60		15,347
Previously recognised gains now realised		  -		  -		  609		  (609)		  -		  -		  -
Unrealised gains on investments		-		-		-		379		-		-		379
Management fee charged to capital		-		-		(120)		-		-		-		(120)
Tax relief Transfer between reserves Equity dividends paid		-   -   -		-   -   -		34   -   (717)		-   -   -		-   -   -		-   -   -		34   -   (717)
Profit after tax		- ------		- ------		- ------		- ------		- --------		56 --------		56 --------
At 30 September 2007		143 ------		- ------		128 ------		1,593 ------		12,999 --------		116 --------		14,979 --------

C Shares	Â		Â		Â		Â		Â		Â		Â	Â	Â
Â		Share Capital   £000		Share Premium   £000		Capital Reserve Realised £000		Capital Reserve Unrealised £000		Special Reserve   £000		Revenue Reserve   £000				Total     £000
At 1 October 2006		897		16,094		(43)		141		-		156				17,245
Equity dividends paid		-		-		-		-		-		(314)				(314)
Transfer between reserves		-		(16,094)		-		-		16,094		-				-
Realised gains on investments		-		-		-		-		-		-				-
Unrealised gains on investments		-		-		-		113		-		-				113
Management fee charged to capital		-		-		(139)		-		-		-				(139)
Tax relief		-		-		28		-		-		-				28
Profit after tax		- ------		- ------		- ------		- ------		- --------		292 --------				292 --------
At 30 September 2007		897 ------		- ------		(154) ------		254 ------		16,094 --------		134 --------				17,225 --------

Notes to the preliminary announcement

1	Â	The financial information above has been prepared in accordance with UK GAAP and with the Statement of Recommended Practice (SORP) for “Financial Statements of Investment Trust Companies” issued in December 2005. The financial information set out above does not constitute the Company’s statutory accounts for the year ended 30 September 2008. The full statutory annual accounts will be delivered to shareholders in December 2008 and delivered to the Registrar of Companies following the Company’s.AGM. Copies may in due course be obtained during normal business hours from Keydata Investment Services Limited, One Angel Court, London EC2R 7HJ.   Statutory accounts for the year ended 30 September 2007 have been delivered to the Registrar of Companies and contained an unqualified audit report.   The Annual general meeting of the Company will be held at the Company’s registered office at 19 Cavendish Square, London W1A 2AW on 20 January 2009 at 11.00am.
2		Revenue return per ordinary share is based on a net revenue profit on ordinary activities after tax of £47,000 (2007 £56,000) and on 12,520,138 (2007 14,337,731) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are £220,000 (2007 £292,000) and 17,789,162 (2007 17,928,720) C ordinary shares.   Capital return per ordinary share is based on a net capital loss on ordinary activities after tax of £4,508,000 (2007 £294,000 profit) and on 12,520,138 (2007 14,337,731) ordinary shares, being the weighted average number of ordinary shares in issue during the year. The comparative figures for the C ordinary shares are a loss of £2,478,000 (2007 £1,000 profit ) and 17,789,162 (2007 17,928,720) C ordinary shares.
		Â
3		The net asset value per ordinary share at 30 September 2008 of 66.21p (2007 104.48p) is based on net assets of £6,838,000 (2007 £14,979,000) and on 10,327,905 shares, being the number of ordinary shares in issue as at 30 September 2008 (2007 14,337,731).   The net asset value per C share at 30 September 2008 of 82.06p (2007 96.07p) is based on net assets of £14,540,000 (2007 £17,225,000) and on 17,719,270 shares, being the number of C shares in issue as at 30 September 2008 (2007 17,928,720).

Investment portfolio summary as at 30 September 2008 – Ordinary Share Fund

Qualifying investments	Â	Book cost £000	Â	Valuation £000	Â	Valuation %
Abcam		250		711		11.1
Cohort		451		641		10.0
Portland Gas		46		433		6.8
Brulines		270		319		5.0
K3 Business Technology Group		270		303		4.7
Pressure Technologies		170		295		4.6
Mama		300		285		4.5
Jelf Group		174		258		4.0
Maxima Holdings		251		254		4.0
FDM Group		250		230		3.6
Idox		150		200		3.1
Intercede		231		175		2.7
Mount Engineering		180		159		2.5
Optare		150		153		2.4
St Helens Capital		211		152		2.4
Rotala		200		134		2.1
Vertu Motors		300		118		1.8
Sectorguard		250		107		1.7
Richoux		300		100		1.6
Universe Group		193		89		1.4
Invocas Group		169		87		1.4
Energetix Group		130		81		1.3
Work Group		300		78		1.2
Enfis		146		77		1.2
Relax		250		76		1.2
TMN		173		68		1.1
Tasty		140		63		1.0
Neutra Health		315		60		0.9
EBTM		184		58		0.9
Hardide		396		54		0.8
Axeon		200		52		0.8
Tangent Communications		150		43		0.7
Optimisa		202		41		0.6
York Pharma		250		38		0.6
Vicorp Group		250		33		0.5
Sports Media Group		150		32		0.5
Autoclenz		256		31		0.5
Egdon Resources		8		25		0.4
Expansys		194		23		0.4
Reneuron		168		21		0.3
Alterian		73		20		0.3
Centrom		400		16		0.3
Zenith Hygiene Group		277		12		0.2
Accuma		50		2		0.0
							Â
		--------		--------		--------
Total qualifying investments		9,427		6,206		97.1
Non-qualifying investments
Clerkenwell Ventures Other non-qualifying AIM		250 17		180 7		2.8 0.1
		--------		--------		--------
Total non-qualifying investments		267 --------		187 -------		2.9 --------
Total investments		9,694 --------		6,393 --------		100.0 --------

Investment portfolio summary as at 30 September 2008 – C Ordinary Share Fund

Qualifying investments	Â	Book cost £000	Â	Valuation £000	Â	Valuation %
Cohort Advanced Computer Software Brulines		351 400 270		468 329 319		3.3 2.3 2.2
CBG Group		204		306		2.1
Optare Keycom Pressure Technologies		399 300 170		303 300 295		2.1 2.1 2.1
Animal Care		300		289		2.0
Craneware		150		270		1.9
Intercede		287		217		1.5
Mount Engineering		220		195		1.4
Hexagon Human Capital		300		173		1.2
Essentially Group		220		171		1.2
Feedback		201		168		1.2
Energetix Group		250		156		1.1
Plastics Capital		250		150		1.1
Rotala		200		134		0.9
Advanced Power Components		149		132		0.9
Vertu Motors		300		118		0.8
Infoserve		200		116		0.8
Relax Fishworks		400 186		97 93		0.7 0.7
Universe Group		193		89		0.6
Invu		200		83		0.6
EBTM		184		58		0.4
Tasty		149		57		0.4
Innovision Research & Technology		174		44		0.3
Tangent Communications		150		43		0.3
Optimisa		203		41		0.3
Sports Media Group		150		32		0.2
Expansys		194		23		0.2
Alterian		73		20		0.1
Vicorp Group		150		19		0.1
Business Direct		150 --------		0 --------		0.0 --------
Total qualifying investments		7,676		5,307		37.1
Non-qualifying investments
Clerkenwell Ventures Non-qualifying AIM investments		300 13		216 13		1.5 0.1
Treasury 4% Stock 2009		8,671		8,765		61.3
		--------		--------		--------
Total non-qualifying investments		8,984 --------		8,994 -------		62.9 --------
Total investments		16,660 --------		14,301 --------		100.0 --------

4 December 2008

For further information please contact:

Craig McNeil

Company Secretary

Keydata AIM VCT plc

0141 228 6310