Half-yearly Report

New Cent. Aim Vct 2 New Century AIM VCT2 plc Unaudited Interim Report For the period to 30 September 2007 New Century AIM VCT2 plc Chairman's Statement I would like to welcome our shareholders to this, our second VCT, and to thank you for your support. After set up expenses of only £64,418, your fund raised £5.681 million in March this year, giving an initial net asset value of 98.9 pence per share. As at 30th September 2007, the net asset value, based on the bid value of the investments, had risen marginally to 99 pence per share. Good progress has been made in building up qualifying holdings and as at 26th October 2007, they had risen to 52.2% of total investments. I would like to pay thanks to our investment team who have worked hard to achieve these results. John Brice Chairman New Century AIM VCT2 plc For the period ended 30 September 2007 Unaudited Income Statement (incorporating the revenue account) -0- *T Period ended 30 September 2007 Revenue Capital Total £000 £000 £000 ---------------------------------------------- --------- ---------- -------------- Gain on investments Realised 0 13 13 Unrealised 0 15 15 Income 62 0 62 Investment management fees -9 -26 -35 Other expenses -30 0 -30 ---------------------------- --------- ---------- -------------- Return on ordinary activities 23 2 25 Tax on ordinary activities -5 0 -5 ---------------------------------------------- --------- ---------- -------------- Return on ordinary activities after taxation 18 2 20 ---------------------------- --------- ---------- -------------- Return per ordinary share in pence 0.33 0.03 0.36 ---------------------------------------------- --------- ---------- -------------- *T 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 5,745,530 ordinary shares in issue throughout the period. New Century AIM VCT2 plc For the period ended 30 September 2007 Unaudited Balance Sheet -0- *T As at 30 September 2007 £000 £000 -------- ----------- Fixed Assets Investments 5,728 Current Liabilities Creditors 22 Cash due to broker 4 -26 -------- ----------- 5,702 =========== Capital and Reserves Share Capital 574 Share Premium 5,107 Capital reserve-realised 1 Capital reserve-unrealised 1 Revenue reserve 19 ----------- 5,702 =========== Asset Value per share 99p *T New Century AIM VCT2 plc For the period ended 30 September 2007 Unaudited Cash Flow Statement -0- *T Period ended 30/09/2007 £000 £000 Net cash outflow from operating activity -44 Returns on investments Interest received 61 Investment income 1 =========== 62 Taxation -4 Dividend paid 0 Financial investment Sale of investments -330 Purchase of investments 6,029 =========== -5,699 ------------- Net cash outflow before financing -5,685 Financed By: Net Proceeds of Share Issue 5,681 =========== 5,681 ------------- Decrease in cash held -4 ============= *T New Century AIM VCT2 plc Notes to the Unaudited Interim Report 1.This interim financial information for the period ended 30 September 2007 which is the responsibility of the directors and was approved by them on 26 November 2007, does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 and has not been delivered to the Registrar of Companies. 2.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. 3.The company was admitted to the London Stock Exchange on 3 April 2007. 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 issued 5,745,530 new Ordinary Shares of 10 pence each. 5.Net Asset Value per share at 30 September 2007 was 99p. 6.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 Corporate Services, 4th Floor, 150-152 Fenchurch Street, London EC2M 6BB. New Century AIM VCT2 plc Investment Portfolio Summary -0- *T Security Cost Valuation % £ 30/09/2007 --------------------------------- ------------ ------------ ------------ Qualifying Investments 3,135,267 3,205,535 56.01 Non qualifying Investments 2,577,122 2,522,350 44.07 Uninvested funds -4,369 -4,369 -0.08 ------------ ------------ ------------ 5,708,021 5,723,516 100.00 ============ ============ ============ Qualifying Investments AIM Listed Bglobal plc 170,850 149,600 2.61 Coolabi plc 126,630 126,000 2.20 Maelor 301,500 382,500 6.68 Western & Oriental plc 30,150 37,500 0.66 Sirvis IT plc 64,804 107,468 1.88 EBTM plc 405,770 382,500 6.68 Essentially Group plc 145,726 140,323 2.45 Media Surface plc 83,415 66,761 1.17 Cantono plc 301,500 216,000 3.77 HML Holdings plc 271,350 280,000 4.89 Clerkenwell Ventures 100,500 106,666 1.86 Sports Media Group plc 125,625 114,167 1.99 Southern Bear 301,500 281,250 4.91 Kurawood plc 150,750 150,000 2.62 ------------ ------------ ------------ 2,580,070 2,540,735 44.39 ------------ ------------ ------------ Plus Markets listed St Helens Capital plc 151,504 240,000 4.19 General Medical Clinics plc 37,371 36,000 0.63 CKS Group plc 366,323 388,800 6.79 ------------ ------------ ------------ 555,197 664,800 11.62 ------------ ------------ ------------ Total Qualifying Investments 3,135,267 3,205,535 56.01 *T New Century AIM VCT2 plc Investment Portfolio Summary -0- *T Security Cost Valuation % £ 30/09/2007 --------------------------------- ------------ ------------ ------------ Non Qualifying Investments Fully listed EAGA plc 18,191 19,800 0.35 HBOS plc 360,275 335,000 5.85 Norcros plc 31,356 30,400 0.53 Superglass Hldgs plc 45,225 55,500 0.97 Investec Perpetual 477,227 415,000 7.25 PV Crystalox Solar plc 28,092 30,250 0.53 ------------ ------------ ------------ 960,365 885,950 15.48 ------------ ------------ ------------ AIM listed K3 Business Technology 34,972 46,250 0.81 NetDimensions Ltd 31,155 28,000 0.49 Ashley House plc 39,644 36,250 0.63 Microemissive Displays 36,470 42,400 0.74 London Asia Capital 20,504 11,500 0.20 Private & Commercial 17,688 16,400 0.29 DCD Media 60,300 51,000 0.89 Neutrahealth plc 30,459 30,000 0.52 ------------ ------------ ------------ 271,192 261,800 4.57 ------------ ------------ ------------ Plus Markets listed Pannal plc 15,530 15,000 0.26 UK Government Loans Treasury 21/2% 2009 515,662 523,800 9.15 Treasury 21/2% 2011 814,374 835,800 14.60 ------------ ------------ ------------ 1,330,036 1,359,600 23.75 ------------ ------------ ------------ Total Non Qualifying Investments 2,577,122 2,522,350 44.07 *T New Century AIM VCT2 plc Directors, Investment Manager and Advisors -0- *T Directors John Roger Simpson Brice (Chairman) Michael David Barnard Geoffrey Charles Gamble Robin William Kirby Peter William Riley Secretary Woodside Secretaries Ltd and registered office 4th Floor, 150-152 Fenchurch Street London EC2M 6BB Investment Manager and Broker MD Barnard & Co Ltd 17-21 New Century Road Laindon Essex SS15 6AG Solicitors Dundas & Wilson LLP 5th Floor Northwest Wing Bush House London WC2B 4EZ Registrars Neville Registrars 18 Laurel Lane Halesowen B63 3DA Auditors and VCT status advisors UHY Hacker Young LLP St Alphage House 2 Fore Street London EC2Y 5DH Bankers Bank of Scotland New Uberior House 11 Earl Grey Street Edinburgh EH3 9BN *T

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