Interim Results

CHELVERTON GROWTH TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS The Directors announce the unaudited statement of results for the period 1 September 2001 to 28 February 2002 as follows:- SUMMARISED CONSOLIDATED STATEMENT OF TOTAL RETURN (*incorporating the revenue account) of the Group 1 September 2001 1 September 2000 to 28 February 2002 to 28 February 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (96) (96) - (1,002) (1,002) Income 39 - 39 23 - 23 Investment management fee (22) (66) (88) (7) - (7) Other expenses (92) (18) (110) (41) - (41) Net return on ordinary activities before finance costs and (75) (180) (255) (25) (1,002) (1,027) taxation Interest payable and (9) (25) (34) - - - similar charges Return on ordinary activities before and after taxation (84) (205) (289) (25) (1,002) (1,027) Dividends in respect of - -- - - -- - equity shares Transfer from reserves (84) (205) (289) (25) (1,002) (1,027) Revenue Capital Total Revenue Capital Total Pence Pence Pence Pence Pence Pence Return per Ordinary share (0.45) (1.10) (1.55) (0.23) (8.97) (9.20) *The revenue column of this statement is the revenue account of the Group. All revenue and capital items in the above statement derive from continuing operations. The Statement of Total Return includes the results of The Micro Quoted Growth Trust PLC up to 5 February 2002, the date it went into voluntary liquidation. All investments that were previously owned by The Micro Quoted Growth Trust plc were subsequently transferred to the parent company, Chelverton Growth Trust PLC. The comparative figures are for Chelverton Growth Trust PLC only (formerly: MAH plc). CONSOLIDATED BALANCE SHEET As at 28 February 2002 28 February 2002 28 February 2001 £'000 £'000 Fixed assets Investments 7,474 4,176 Current assets Debtors 53 12 Cash at bank* 685 251 738 263 Creditors - Amounts falling due within one year Bank overdraft* 1,937 - Creditors 73 31 2,010 31 Net current (liabilities)/assets (1,272) 232 Net assets 6,202 4,408 Share capital and reserves Share capital 189 112 Share premium account 2,674 - Capital reserve (1,316) (611) Revenue reserve 4,655 4,907 Net assets 6,202 4,408 Pence Pence Net Asset Value per ordinary 32.84 39.47 share Ordinary shares in issue at 18,883,045 11,167,426 period end Weighted average number of 18,766,181 11,167,426 ordinary shares in issue during the period * Cash at bank includes £680,000, held by the Liquidator of The Micro Quoted Growth Trust plc. The Liquidator will shortly be making a distribution of this cash to the Company, which will be used to reduce the current artificially high level of Bank overdraft. SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS For the period ended 28 February 2002 1 September 2001 1 September 2000 to 28 February 2002 to 28 February 2001 £'000 £'000 Net cash outflow from operating activities (221) (21) Servicing of finance Interest paid (33) - Net cash outflow from servicing (33) - of finance Capital expenditure and financial investment Purchases of investments (218) (100) Sales of investments 372 - Acquisition costs* (272) - Net cash outflow from capital expenditure and financial (118) (100) investment Net cash outflow before and (372) (121) after financing Decrease in cash (372) (121) * The acquisition costs represent cash payments made by the Group since 31 August 2001, in acquiring the remaining ordinary shares of The Micro Quoted Growth Trust plc. The original purchase transaction, which increased the Company's holding in The Micro Quoted Growth Trust plc to 6,137,369 shares, representing 98.99% of the issued capital, occurred during the previous accounting period on 2 August 2001. NOTE The above financial information, which does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985, has been prepared on the basis of the accounting policies set out in the statutory financial statements for the period ended 31 August 2001. The auditors have reported on those accounts; their reports were unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. These accounts have been filed with the Registrar of Companies. CHAIRMAN'S STATEMENT Results Much has been written regarding the bear market of the past two years which was sparked by the technology sell-off in March 2000, the global downturn and the subsequent uncertainty in world markets, all exacerbated by the 11 September 2001 atrocities in America. These factors are illustrated to some extent by the net asset value of your shares, which on 31 August 2001 stood at 34.33p per share, dropping to a low of 30.14p per share on 30 September 2001, whence it has improved to 32.84p at the end of February 2002, a decline of 4.34% over the six months. This compares with the FTSE All Share Index, which declined by 4.8% over the same period. At its August 2001 period end your Company held 35 investment positions: this has since been reduced to 32 as under performing stocks and those no longer considered to fit the portfolio criteria have been sold down. This re-appraisal is a continuing process. The proceeds from these sales have been used to reduce gearing and for re-investment in new opportunities. The net asset value per share increased to 34.55p at the end of March, an increase since the end of February of 5.21%. This suggests that, although it may be too soon to draw a firm line under the past two years, the worst may well be over. Going forward, growth in the UK economy looks set to remain positive and there are signs of recovery elsewhere. We expect that our prudent investment criteria, with a keen eye for opportunities, place the Company well for the year as a whole. Pratt Thompson Chairman 23 April 2002

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