Half-yearly Report

NEW CENTURY AIM VCT PLC NEW CENTURY AIM VCT PLC INTERIM RESULTS HALF YEAR TO 31 AUGUST 2007 New Century AIM VCT plc Chairman's Statement I am pleased to report that, as at 31st August 2007, the Net Asset Value ('NAV') per share of the Company had increased to 142.3p while qualifying investments accounted for 72.2% of the Company by value. With a view to reducing the risk of the fund, we have continued to reduce the larger holdings and have re-invested in new smaller holdings. This policy has been vindicated as can be seen by the massive profits secured in the IVA stocks prior to their fall from favour. We now have only a minor exposure to this sector having sold our remaining holdings in Debtmatters and Accuma during the period. Worthington Nicholls is another company on which we took substantial profits, following which the shares fell sharply from grace. Since the half year end, the shares of smaller companies have weakened and this has been reflected in a small decline in the NAV to 139.4p per share, as at 26th October 2007. I am sure you would agree that our investment team has once again achieved excellent results, and in this respect I would like to thank them for their superb efforts. John Brice Chairman -0- *T New Century AIM VCT plc for the half year ended 31 August 2007 Unaudited Income Statement (incorporating the revenue account) * audited accounts 6 mths ended 31 August 6 mths ended 30 11 mths ended 28 2007 September 2006 February 2007* Revenue Capital Total Revenue Capital Total Revenue Capital Total £000 £000 £000 £000 £000 £000 £000 £000 £000 ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- Gains on investments Realised 0 1,621 1,621 0 537 537 0 1,176 1,176 Unrealised 0 -1,029 -1,029 0 59 59 0 -262 -262 Income 102 0 102 56 0 56 111 0 111 Investment management fees -19 -57 -76 -15 -45 -60 -29 -88 -117 Other expenses -18 0 -18 -10 0 -10 -26 0 -26 -------- ------- ------ ------- ------- ----- ------- ------- ----- Return on ordinary activities 65 535 600 31 551 582 56 826 882 Tax on ordinary activities -3 0 -3 -1 0 -1 0 0 0 ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- Return on ordinary activities after taxation 62 535 597 30 551 581 56 826 882 ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- Return per ordinary share in pence 0.73 6.32 7.05 0.35 6.51 6.86 0.66 9.76 10.42 ------------------------------------------------------------ ------- ------ ------- ------- ----- ------- ------- ----- All revenue and capital items in the above statement derive from continuing operations. The company has only one class of business and derives its income from investments in shares and securities, and from bank and money market funds. There were 8464500 ordinary shares in issue throughout the period *T -0- *T New Century AIM VCT plc for the half year ended 31 August 2007 Unaudited Balance Sheet. as at 31 August 2007 as at 30 September 2006 as at 28 February 2007* £000 £000 £000 £000 £000 £000 ------------------ ------------- -------------- ------------ ------------- ------------ Fixed Assets Investments 10,885 9,892 8,934 Current Assets Sundry Debtors 0 24 0 Cash with Broker 1,145 1,145 1,232 1,256 2,528 2,528 ------------------ -------------- ------------- Current Liabilities Creditors 0 -16 28 ------------- ------------ ------------ 12,030 11,132 11,434 ============= ============ ============ Capital and Reserves Share Capital 846 846 846 Share Premium 7,534 7,534 7,534 Capital reserve- realised 2,696 565 1,131 Capital reserve-unrealised 833 2,154 1,863 Revenue reserve 121 33 60 ------------- ------------ ------------ 12,030 11,132 11,434 ============= ============ ============ *audited accounts Asset Value per share 142p 131p 135p *T -0- *T New Century AIM VCT plc Six months to 31 August 2007 Unaudited Cash Flow Statement 6 mths to 31/08/2007 6 mths to 30/09/2006 11 mths to 28/02/2007* £000 £000 £000 £000 £000 £000 Operating activity: Net cash outflow -93 -70 -143 Returns on investments Interest received 62 30 55 Investment income 39 26 56 ================ =========== ============ 38 101 56 111 Taxation -4 0 -14 Dividend paid 0 -127 -127 Financial investment Sale of investments 2,657 1,405 3,789 Purchase of investments -4,015 -1,613 -2,721 ================ =========== ============ -1,358 -208 1,068 ----------- ----------- -------------- Net cash outflow before financing -1,354 -349 895 Financed By: Reduction / increase in creditors -28 -32 -19 Increase in debtors 0 -24 0 ================ =========== ============ -28 -56 -4 ----------- ----------- -------------- Reduction in uninvested cash -1,382 -405 891 =========== =========== ============== *means audited *T New Century AIM VCT plc Notes 1. This interim financial information and the unaudited interim accounts for the half-year ended 30 August 2007 from which it has been extracted, which are the responsibility of the directors and were approved by them on 31 October 2007, do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies. 2. As of 2007 the company changed its financial year end from 31 March to 28 February. Comparative information represents the audited accounts for the 11 months to 28 February 2007 and the previously published financial information for the 6 months to 30 September 2006. 3. The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable accounting standards in the UK and with the Statement of Recommended Practice 'Financial statements and investment trust companies' issued in January 2003 and revised in December 2005. 4. Listed or AIM-traded investments are stated at market value, which is based upon market bid prices at the balance sheet date. 5. During the period under review, the Company did not issue any new Ordinary Shares of 10 pence each : the number of such shares in issue throughout the period was 8,464,500. 6. Net Asset Value per share at 31 August 2007 was 142p per share (at 30 September 2006 - 131p and at 28 February 2007 - 135p) 7. No dividend was paid during the period 7. Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 17/21 New Century Road, Laindon SS15 6AG or from Woodside Secretaries Ltd, 4th Street, London W1K 4QJ. New Century AIM VCT plc Statement of Directors' Responsibilities The directors are required by UK Company Law to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and the group at the end of the financial year and of the profit or loss for that period. In preparing the accounts, the directors are required to select appropriate accounting policies and apply them consistently, to make reasonable and prudent judgements and estimates, and to state that all applicable accounting standards have been followed, save as disclosed and explained in the accounts. The directors are also required to prepare the accounts on the going concern basis unless it is inappropriate to presume that the group will continue in business. The directors have responsibility for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and which enable them to ensure that the accounts comply with the Companies Act 1985. The directors also have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities. NEW CENTURY AIM VCT PLC -0- *T Directors John Roger Simpson Brice (Chairman) Michael David Barnard Geoffrey Charles Gamble Robin William Kirby Peter William Riley Details of advisers Secretary and Registered Office Solicitors Investment Manager and Broker Woodside Secretaries Limited Dundas & Wilson LLP M D Barnard & Company Limited 4th Floor, 150-152 Fenchurch Street 5th Floor Northwest Wing 17/21 New Century Road London EC2M 6BB Bush House Laindon London WC2B 4EZ Essex SS15 6AG Auditors & VCT Advisers Sponsor UHY Hacker Young LLP Teather & Greenwood Limited St Alphage House Beaufort House 2 Fore Street 15 St. Botolph Street London EC2Y 5DH London EC3A 7QR Registrars Bankers Neville Registrars Limited Bank of Scotland 18 Laurel Lane New Uberior House Halesowen B63 3DA 11 Earl Grey Street Edinburgh EH3 9BN *T Company Registered Number: 5352611 -0- *T New Century AIM VCT plc Top Ten Investments ---------------------------------------------------------------------- -------- ---------- --------- Security Cost Valuation % £ 31/08/2007 ---------------------------------------------------------------------- -------- ---------- --------- 1 DCD Media plc 595463 666000 5.54 2 Western & Oriental plc 502,500 625,000 5.20 3 CKS Group plc 526,369 545,300 4.53 4 ILX Group 753,750 463,750 3.85 5 AT Communications Group 422,100 460,000 3.82 6 Jelf Group plc 191,754 453,600 3.77 7 EBTM plc 477,375 450,000 3.74 8 Investec Perpetual 477,227 450,000 3.74 9 Lighthouse Group plc 203,513 390,000 3.24 10 Cantono plc 402,000 372,000 3.09 (The invesments shown above are expressed as a percentage of the company's current assets.) DCD Media plc is a leading producer and distributor of programme content for TV focused on arts, 1 entertainment, music and drama. Western & Oriental plc is the holding company of a specialist luxury 2 travel group. 3 CKS Group plc specialises in recycling computers. ILX Group offers classroom and online based training in various 4 aspects of business management. 5 AT Communications Group delivers IP based communications solutions. Jelf Group plc provides insurance, healthcare, employee benefit, commercial finance and wealth 6 management services. 7 EBTM plc is an online retailer of clothes and accessories. 8 Investec Perpetual is a FTSE 250 International Banking Group. 9 Lighthouse Group plc is an Independent Financial Advisor. 10 Cantono plc manages IT services and requirements for companies. *T -0- *T New Century AIM VCT plc Investment Portfolio Summary ----------------------------- ---------- ---------- ------- -------------------------------- --------- ---------- ----- Security Cost Valuation % Security Cost Valuation % £ 31/08/2007 £ 31/08/2007 ----------------------------- ---------- ---------- ------- -------------------------------- --------- ---------- ----- Qualifying Investments 7,902,157 8,685,952 72.20 Non qualifying Investments 2,094,730 2,199,177 18.28 Uninvested funds 1,145,273 1,145,273 9.52 ---------- ---------- ------- 11,142,160 12,030,402 100.00 ========== ========== ======= Qualifying Investments AIM Listed PHSC plc 182,910 147,000 1.22 Brought forward 4743813 5195712 43.19 Tristel plc 167,333 225,000 1.87 Amteus plc 39,074 19,440 0.16 DCD Media plc 562,383 629,000 5.23 St Helens Capital plc 202,005 335,000 2.78 SectorGuard plc 175,875 137,500 1.14 Bglobal plc 100,500 118,000 0.98 K3 Business Technology Group 180,900 302,000 2.51 Coolabi plc 105,525 105,000 0.87 Belgravium Technologies 281,400 290,000 2.41 Maelor 241,200 300,000 2.49 Internet Business Group 213,311 201,637 1.68 Western & Oriental plc 502,500 625,000 5.20 Synexus Clinical Research plc 391,950 240,000 1.99 EBTM plc 477,375 450,000 3.74 Healthcare Locums plc 82,913 161,250 1.34 Essentially Group plc 155,776 152,500 1.27 ILX Group 753,750 463,750 3.85 Cantono plc 402,000 372,000 3.09 --------- ---------- ----- Lighthouse Group plc 203,513 390,000 3.24 6,969,768 7,672,652 63.78 --------- ---------- ----- AT Communications Group 422,100 460,000 3.82 Plus Markets Listed Tanfield Group 24,924 220,850 1.84 CKS Group plc 526,369 545,300 4.53 Invocas Group plc 100,400 100,800 0.84 Air Touring 201,000 252,000 2.09 Jelf Group plc 191,754 453,600 3.77 General Medical Clinics plc 205,020 216,000 1.80 --------- ---------- ----- Debts Co UK 289,440 168,000 1.40 932,389 1,013,300 8.42 --------- ---------- ----- Brulines (Hldgs) plc 64,898 76,125 0.63 HML Holdings plc 351,549 347,200 2.89 Total Qualifying Investments 7,902,157 8,685,952 72.20 CBG Group plc 102,510 182,000 1.51 ---------- ---------- ------- 4,743,813 5,195,712 43.19 ---------- ---------- ------- *T -0- *T New Century AIM VCT plc Investment Portfolio Summary ---------------------------- ---------- ----------- ------ -------------------------------- ---------- ---------- ----- Security Cost Valuation % Security Cost Valuation % £ 31/08/2007 £ 31/08/2007 ---------------------------- ---------- ----------- ------ -------------------------------- ---------- ---------- ----- Non qualifying Investments AIM Listed Fully Listed Brightview plc 22,726 2,400 0.02 EAGA plc 18,191 21,100 0.18 Hallin Marine Subsea Int 19,296 22,500 0.19 HBOS plc preference 360,274 351,250 2.92 RDF Media Group Ltd 31,838 42,240 0.35 Superglass Hldgs 45,225 50,750 0.42 Sirvis IT plc 32,826 32,500 0.27 Norcros plc 31,356 31,200 0.26 DCD Media plc 33,080 37,000 0.31 Investec Perpetual preference 477,227 450,000 3.74 Smart Focus Group plc 27,353 25,125 0.21 Premier Farnell preference 44,542 41,250 0.34 Velosi Ltd 22,613 31,250 0.26 PV Crystalox Solar olc 28,091 28,750 0.24 ---------- ---------- ----- RC Group Hldgs 34,542 86,400 0.72 1004906.00 974300.00 8.10 ---------- ---------- ----- Eservglobal Ltd 46,230 58,500 0.49 Arbuthnot Banking Group 49,966 54,600 0.45 Plus Markets Listed Commodity Growth plc 150,750 90,000 0.75 China Eastsea Bus. Software 40200.00 104000 0.86 Blue Oar Securities 40,200 31,200 0.26 ---------- ---------- ----- Education Development Int 27,489 96,000 0.80 Total non qualifying Investments 2094730.00 2199177.00 18.28 ========== ========== ===== Bond Intl. Software 34,874 62,762 0.52 Impact Holdings (UK) plc 26,160 9,750 0.08 Hightex Group plc 59,441 50,150 0.42 Leadcom Integrated Solutions 22,852 33,000 0.27 NetDimensions Ltd 31,155 29,000 0.24 Ashley House plc 79,286 74,500 0.62 Microemissive Displays 45,587 53,000 0.44 London Asia Capital 20,504 11,000 0.09 Media Surface plc 92,460 80,000 0.66 Private & Commercial 17,688 16,000 0.13 STM Group plc 50,250 62,000 0.52 Neutrahealth plc 30,458 30,000 0.25 ---------- ----------- ------ 1049624.00 1120877.00 9.32 ---------- ----------- ------ *T

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