Final Results

NEW CENTURY AIM VCT PLC
                  

                             NEW CENTURY AIM VCT PLC

                            PRELIMINARY ANNOUNCEMENT

                                   OF RESULTS

                             AS AT 29 FEBRUARY 2008

Financial Summary

-0-
*T
                                                       Year ended    Period ended
                                                 29 February 2008    28 February
                                                                             2007
Revenue return per share (pence) for the
 period                                                      1.17            0.66
Total return per share (pence) for the
 period                                                    -18.92           10.42
Dividends per share (pence)                                  1.90            0.70
Cumulative dividends per share (pence)
                                                             2.20            1.50
Net asset value per share (pence)                          115.46           136.5
Cumulative value of shareholder
 investment (net asset value plus
 cumulative dividends per share) (pence)
                                                           117.20          136.50
Shareholders' funds (£'000)                                 9,773          11,434
*T

Chairman's Statement

The past twelve months has continued to be difficult with the FTSE AIM Index
falling by 7.9%. This index contains many strong performing natural resources
stocks, without which the index would have been much lower. The majority of
natural resources stocks are not eligible as qualifying investments for VCT's.
Reflecting this, your fund Net Asset Value fell by 14.8% over the period.
Liquidity played a major part in the weakness of the AIM market. Price falls
were often disproportionate to the size of sales. Good results and encouraging
statements often saw little reaction to the underlying share prices while
anything negative tended to lead to heavy mark downs.

During the year, we realised net profits of £1.677million. Most importantly,
qualifying investments rose to 77.1% of the total investment cost, i.e. well
above the 70% level required to retain VCT qualifying status.

Our gross income increased to £166,208 from which we propose to pay a dividend
of 1.9p per share, costing £160,826 or 96.8% of the gross income received.

While the recent performance has been disappointing, the investment management
team believe that many of the constituents of your fund have fallen to levels at
which they represent exceptionally good value and this augurs well for the
future.

On your behalf, I would like to thank the management team for their hard work
during these trying times. I would also like to thank our two assistants who, in
the interest of saving costs, copied and collated all the annual reports for
shareholders. To reduce the amount of work involved and to reduce costs further,
it would help, if you have not already done so, to arrange for your future
reports to be sent by e-mail. This can be arranged by contacting Alison or
Jackie on 01268 493333.

Annual General Meeting

The annual general meeting will be held at 11.30 a.m. on 28 August 2008 at 17-21
New Century Road, Laindon, Essex SS15 6AG. I look forward to meeting those
shareholders who are able to attend.

John Brice
Chairman
27 May 2008

Investment Managers' Review

With smaller company funds like New Century AIM VCT, one of the most difficult
problems facing fund managers is the liquidity of the holdings. While it is
relatively easy to sell large holdings of bigger companies, the same is not true
for many AIM companies. When a company floats on the Stock Market for the first
time, or when it comes back to the Stock Market to raise extra capital, it is
often possible to obtain a meaningful holding in the company, typically between
£100,000 and £500,000 in value. However, when it comes to selling, it can prove
difficult to shift holdings of this size. For this reason, we have to take a
long term approach regarding investment. Maintaining at least 70% of the fund in
VCT qualifying stocks also necessitates us to view such shares as long term
investments.

To reduce such risks, we carefully analyse each investment prior to purchase and
in the case of the largest holdings, we spend as much time as possible meeting
the management of the companies in order to understand their business and long
term prospects. To help mitigate the risks of liquidity, we aim to build up an
ever increasing spread of investments, made up of smaller and smaller holdings.
Thus, over the past year, we have increased the number of holdings from 48 to
67. The advantage of this approach is that, if any one investment goes wrong, it
has a less detrimental impact on the overall performance of the fund; while the
smaller the size holding, the easier it is to dispose of. We also look to bank
some of the profits when holdings become disproportionately large. Where
possible, we try to adhere to the old adage of running our successful
investments but cutting those that go wrong.

During the year we benefited from takeovers of Computer Software Group, Broker
Network Holdings and Synexus Clinical Research. These three investments netted
your fund profits of just over £185,000. We took profits or partial profits on
16 other investments, the most notable being on Tanfield where we secured a
profit of over £1.56million. We reduced or disposed of holdings in eight
companies where we believed the prospects had diminished. In total, we cut
losses of just over £250,000 on these investments.

We have continued to invest in companies that will benefit from new legislation,
particularly relating to environmental issues. These have included:

BGlobal - Provides smart metering services to record and monitor energy
consumption.

Eaga - Engaged in making residential improvements in the environmental, social
justice and energy efficiency arenas.

Superglass Holdings - Manufacturing and supplying glass wool thermal insulation
products.

Kurawood - Manufactures and distributes organically hardened softwood using a
proprietary and innovative timber treatment process.

Southern Bear - Installs energy efficient heating systems to social housing.

Prospects

You may feel concerned and disappointed to have seen a reduction in the net
asset value of your fund. Indeed, I regret to say that since the year end, we
have continued on a downward trend and at the time of writing, 27th May 2008,
the net asset value per share has fallen further to 113.2p. Whilst we share your
disappointment in the fall in share price, we do not see this as a cause for
concern. We are very happy with the constituents of the fund, most of which are
making good progress in profit terms, even if their share prices are not
reflecting this. Many shares within the fund are on ratings that historically
looked exceptionally good value. That does not mean that they will not become
cheaper still but at current levels, we believe there is scope for the value of
the shares within your fund to move considerably higher.

Michael Barnard
27 May 2008

Income Statement (incorporating the revenue account)

for the year to 29 February 2008

-0-
*T
                                                              Year ended                     Period ended
                                                        29 February 2008                 28 February 2007
                                          Revenue    Capital       Total    Revenue  Capital        Total
                                            £'000      £'000       £'000      £'000    £'000        £'000
Gains/ (losses) on investments
- realised                                      -      1,677       1,677          -    1,176        1,176
- unrealised                                    -    (3,274)     (3,274)          -    (262)        (262)
Income                                        166          -         166        111        -          111
Investment management fee                    (34)      (103)       (137)       (29)     (88)        (117)
Other expenses                               (33)          -        (33)       (26)        -         (26)

                                       ---------- ---------- ----------- ---------- -------- ------------
Return on ordinary activities
 before taxation                               99    (1,700)     (1,601)         56      826          882
Tax (charge)/credit on
 ordinary activities                         (20)         20           -       (17)       17            -

                                       ---------- ---------- ----------- ---------- -------- ------------
Return on ordinary activities
 after taxation                                79    (1,680)     (1,601)         39      843          882

                                       ========== ========== =========== ========== ======== ============

Return per ordinary share
 (pence)                                     0.93    (19.85)     (18.92)       0.47     9.95        10.42
*T

All revenue and capital items in the above statement are from continuing
operations in the current year. No operations were acquired or discontinued in
the current period. Other than shown above, the company had no recognised gains
or losses. Accordingly no statement of total recognised gains and losses has
been prepared.

Balance Sheet

At 29 February 2008

-0-
*T
                                                          Year ended             Period ended
                                                   29 February 2008          28 February 2007
                                                                £000                     £000

Fixed assets
Investments                                                    9,206                    8,934

Current assets
Debtors                                                          591                    2,528


Current liabilities
Creditors: amounts falling due
within one year                                                 (24)                     (28)


                                                      --------------             ------------
                                                               9,773                   11,434

                                                      ==============             ============
Capital and reserves
Called up share capital                                          846                      846
Share premium                                                  7,534                    7,534
Capital reserve - realised                                     2,705                    1,131
Capital reserve - unrealised                                 (1,374)                    1,880
Revenue reserve                                                   62                       43



                                                      --------------             ------------
Total equity shareholders' funds                               9,773                   11,434
*T

-0-
*T
Net asset value per ordinary share                             115p                    135p
*T

Cash Flow Statement

for the year to 29 February 2008

-0-
*T
                                                                Year ended              Period ended
                                             Note        29 February 2008           28 February 2007
                                                                      £000                      £000


Net cash outflow from operating activities 4                         (174)                     (147)

Returns on investments
Interest received                                          86                        55
Investment income                                          80                        56
                                                 ============              ============
Net cash inflow/ (outflow) for returns on
 investments
and servicing of finance                                               166                       111

Taxation                                                                 -                      (14)

Dividend paid                                                         (60)                     (127)

Capital expenditure & financial investment
Sale of investments                                     3,545                     3,789
Purchase of investments                               (5,414)                   (2,721)
                                                 ============              ============
Net cash inflow/ (outflow) for capital
 expenditure                                                       (1,869)                     1,068
& financial investment

                                                              ------------              ------------
Net cash inflow/(outflow) before financing                         (1,937)                       891


Net proceeds of share issue                                              -                         -

                                                              ------------              ------------
(Decrease)/ Increase in uninvested funds with
 broker                                                            (1,937)                       891
                                                              ============              ============
*T

Notes

1 Return per share

The revenue return, per ordinary share, is based on the net revenue on ordinary
activities after taxation of £78,928 (2007: £39,505) and on 8,464,500 (2007:
8,464,500) ordinary shares, being the weighted average number of ordinary shares
in issue during the period.

The capital return per ordinary share is based on a net realised and unrealised
capital profit/(loss) of (£1,700,384) (2007: £809,132) and on 8,464,500 (2007:
8,464,500) ordinary shares, being the weighted average number of ordinary shares
in issue during the period.

2 Dividend

The directors are proposing a final dividend of 1.90p per share for the period
ended 29 February 2008.

3 Accounts

The financial information presented is not statutory accounts within the meaning
of s.240 of the Companies Act 1985.

The Annual Report and Accounts for the year ended 29 February 2008 will be filed
at the Registrar of Companies following the annual general meeting and will be
posted to shareholders shortly.

4 Net cash flows from operating activities

-0-
*T
                                                     Year ended           Period ended
                                              29 February 2008        28 February 2007
                                                           £000                   £000
Operating activities
Operating profit                                        (1,601)                    882
Profit on sale of investments                           (1,677)                (1,176)
Investment income                                         (166)                  (111)
Unrealised losses/(gains) on
 investments                                              3,274                    262
(Decrease)/increase in creditors                            (4)                    (4)

                                                  -------------             ----------
Net cash inflow/outflow from operating
 activities                                               (174)                  (147)
                                                  =============             ==========
*T

5 Announcement

A copy of this announcement will be available at the offices of the Company for
14 days from the date of this announcement. This preliminary announcement is not
being posted to shareholders.

Directors

John Roger Simpson Brice (Chairman)

Michael David Barnard

Geoffrey Gamble

Robin Kirby

Peter William Riley

All directors are non-executive.

Management and Administration

-0-
*T
Registered Office & Registered Number            Investment Manager and Broker
4th Floor,                                       M D Barnard & Company Limited
150-152 Fenchurch Street                         17-21 New Century Road
London EC3M 6BB                                  Laindon
                                                 Essex SS15 6AG
5352611
Company Secretary                                Auditor & VCT Status Adviser

Graham Urquhart                                  UHY Hacker Young
4th Floor,                                       Quadrant House
150-152 Fenchurch Street                         17 Thomas More Street
London EC3M 6BB                                  London E1W 1YW
Registrar                                        Bankers

Neville Registrars Limited                       Bank of Scotland
Neville House, 18 Laurel Lane                    New Uberior House
Halesowen, West Midlands B63 3DA                 11 Earl Grey Street
                                                 Edinburgh EH3 9BN
Solicitors

Dundas & Wilson
5th Floor, Northwest Wing
Bush House
Aldwych
London WC2B 4EZ
*T