Final Results

CHELVERTON GROWTH TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS The Directors announce the unaudited statement of results for the year ended 31 August 2004 as follows:- SUMMARISED STATEMENT OF TOTAL RETURN (*incorporating the revenue account) of the Company 1 September 2003 1 September 2002 to 31 August 2004 to 31 August 2003 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,104 1,104 - 1,293 1,293 Income 130 - 130 65 - 65 Investment management (43) (128) (171) (32) (95) (127) fee Other expenses (213) - (213) (206) - (206) Net return before finance costs and taxation (126) 976 850 (173) 1,198 1,025 Interest payable (8) (24) (32) (10) (30) (40) Return on ordinary activities before taxation (134) 952 818 (183) 1,168 985 Taxation on ordinary - - - - - - activities Return on ordinary activities after taxation (134) 952 818 (183) 1,168 985 Dividends in respect - - - - - - of equity shares Transfer (from)/to (134) 952 818 (183) 1,168 985 reserves Revenue Capital Total Revenue Capital Total Pence Pence Pence Pence Pence Pence Return per Ordinary (0.73) 5.21 4.48 (0.97) 6.19 5.22 share * The revenue column of this statement is the revenue account of the Company. BALANCE SHEET As at 31 August 2004 31 August 2004 31 August 2003 £'000 £'000 Fixed assets Investments 7,711 6,958 Investment in subsidiary - 27 undertakings 7,711 6,985 Current assets Debtors 33 14 Cash at bank - 103 33 117 Creditors - amounts falling due within one year Creditors 923 966 Net current liabilities (890) (849) Net assets 6,821 6,136 Share capital and reserves Called up share capital 182 189 Share premium account 2,674 2,674 Capital reserve - realised (611) (913) - unrealised 352 (165) - capital redemption reserve 7 - Revenue reserve 4,217 4,351 Shareholders' funds 6,821 6,136 Pence Pence Net Asset Value per Ordinary 37.55 32.49 share SUMMARISED STATEMENT OF CASHFLOWS For the year ended 31 August 2004 1 September 2003 1 September 2002 to 31 August 2004 to 31 August 2003 £'000 £'000 Operating activities Investment income received 100 64 Deposit interest received 3 2 Investment management fees paid (170) (138) Secretarial fees paid (45) (44) Other cash payments (167) (160) Net cash outflow from operating (279) (276) activities Returns on investments and servicing of finance Interest paid (28) (37) Final distribution from subsidiary 27 - undertaking Net cash outflow from returns on (1) (37) investments and servicing of finance Capital expenditure and financial investment Purchases of investments (1,811) (944) Sales of investments 2,168 1,056 Net cash inflow from capital expenditure and financial 357 112 investment Financing Share repurchase (133) - Net cash outflow (56) (201) Decrease in cash (56) (201) NOTE The comparative information presented above is in relation to the Company only and will differ to that presented in the statutory accounts for the year ended 31 August 2003 which was based on the Group. During the year the Company's subsidiary undertakings MAH Investments Limited and The Micro Quoted Growth Trust PLC were dissolved. The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. This financial information has been prepared on the basis of the accounting policies stated in the statutory accounts for the year ended 31 August 2003, save that the Company has adopted the 2003 Statement of Recommended Practice, regarding the Financial Statements of Investment Trust Companies. The auditor s have reported on those accounts; their report was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985. The 31 August 2003 accounts have been delivered to the Registrar of Companies. CHAIRMAN'S STATEMENT I am pleased to say that whilst the Company's benchmark index, the FTSE All Share, rose over the year by 7.24%, Chelverton's net asset value per share has increased from 32.49p to 37.55p - an increase of 15.57% over the same period, while the FTSE 100 rose 7.17% However, the improvement seen in the first six months of the year has not been maintained in the second half as share prices have stabilised and market attention has, at the moment, returned to larger companies. This is not to say that small companies are now over-priced - just that larger companies, particularly in the FTSE 350, are attracting greater interest as potential takeover situations, with trade buyers and venture capitalists focussed on undervalued companies. The large discount of the share price to the net asset value per share remains a concern and an irritant to the Board and to try and narrow this discount the Board will be introducing a dealing facility such that all shareholders will be able to tender 3,000 shares to be acquired by a broker. The objective of this is to provide a simple and cost effective mechanism for shareholders with relatively small holdings to be able to realise their investment. Additionally, we will seek to renew the buy-back powers at the forthcoming Annual General Meeting. During the year the Company purchased from the Receivers of one of our former shareholders 699,231 shares at a price of 18.1p per share, a discount at the time of some 46.26%. David Horner, the Manager, has increased his holding to 1,006,368 (5.54%) with the purchase of an additional 325,000 shares during the year and he has stated his intention, when not restricted by close periods, to continue to acquire shares in the Company. Whilst there are concerns and problems in the market, in the main the portfolio is in good shape, and with positive signs from some of our under-performing companies returning to profit, we can look forward with some confidence. Pratt Thompson Chairman 2 November 2004

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