Interim Results

CHELVERTON GROWTH TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS The Directors announce the unaudited statement of results for the period 1 September 2005 to 28 February 2006 as follows:- INCOME STATEMENT Six months to Six months to 28 February 2006 28 February 2005 (restated)* Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 735 735 - 1,064 1,064 Income 22 - 22 16 - 16 Investment management fee (24) (72) (96) (23) (69) (92) Other expenses (111) - (111) (106) - (106) Net return on ordinary (113) 663 550 (113) 995 882 activities before finance costs and taxation Interest payable and (5) (14) (19) (6) (18) (24) similar charges Return for the period (118) 649 531 (119) 977 858 Revenue Capital Total Revenue Capital Total Pence Pence Pence Pence Pence Pence Return per Ordinary share (0.65) 3.57 2.92 (0.66) 5.38 4.72 # * For details of the restatement of the Company's comparative figures please refer to note 1. # The return per Ordinary share is based on 18,141,939 (2005: 18,163,814) shares, being the weighted average number of shares is issue during the period. All revenue and capital items in the above statement derive from continuing operations. The total column of this statement is the profit and loss account of the Company. A separate Statement of Total Recognised Gains and Losses has not been prepared as all such gains and losses are included in the Income Statement. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months to 28 February 2006 Share Capital Share premium Capital redemption Revenue capital account reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Period ended 28 February 2006 1 September 2005 182 2,674 99 7 4,011 6,973 (restated) Net return after taxation - - 649 - (118) 531 for the period 28 February 2006 182 2,674 748 7 3,893 7,504 Year ended 31 August 2005 1 September 2004 (as 182 2,674 (259) 7 4,217 6,821 originally stated) Restatements* - - (300) - - (300) 1 September 2004 182 2,674 (559) 7 4,217 6,521 (restated) Cost of shares repurchased - - (7) - - (7) Net return after taxation - - 665 - (206) 459 for the year (restated) 31 August 2005 (restated) 182 2,674 99 7 4,011 6,973 Period ended 28 February 2005 1 September 2004 182 2,674 (559) 7 4,217 6,521 (restated) Net return after taxation - - 977 - (119) 858 for the period (restated) 28 February 2005 182 2,674 418 7 4,098 7,379 (restated) * For details of the restatement of the Company's comparative figures please refer to note 1. BALANCE SHEET as at 28 February 2006 As at As at As at 28 February 2006 31 August 28 February 2005 2005 (restated)* (restated)* £'000 £'000 £'000 Fixed assets Investments at fair value 8,632 6,878 8,151 Current assets Debtors 9 364 108 Cash at bank 20 41 23 29 405 131 Creditors - amounts falling due within one year Bank overdraft 1,104 235 851 Creditors 53 75 52 1,157 310 903 Net current (liabilities)/ assets (1,128) 95 (772) Net assets 7,504 6,973 7,379 Share capital and reserves Share capital 182 182 182 Share premium account 2,674 2,674 2,674 Capital reserve 748 99 418 Capital redemption reserve 7 7 7 Revenue reserve 3,893 4,011 4,098 Total shareholders' funds 7,504 6,973 7,379 Net Asset Value per Ordinary 41.36p 38.44p 40.63p share Ordinary shares in issue at 18,141,939 18,141,939 18,163,814 period end * For details of the restatement of the Company's comparative figures please refer to note 1. SUMMARISED STATEMENT OF CASHFLOWS for the six months to 28 February 2006 Six months to Six months to 28 February 2006 28 February 2005 £'000 £'000 Net cash outflow from operating (191) (166) activities Servicing of finance Interest paid (8) (23) Net cash outflow from servicing of (8) (23) finance Capital expenditure and financial investment Purchases of investments (1,467) (612) Sales of investments 776 838 Net cash (outflow)/ inflow from (691) 226 capital expenditure and financial investment Net cash (outflow)/ inflow (890) 37 (Decrease)/ increase in cash (890) 37 NOTES The unaudited interim financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year to 31 August 2005, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement required under Section 237(2) or (3) of the Companies Act 1985. This information has been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year to 31 August 2005, with the exception of the changes stated below. The Company has adopted the Statement of Recommended Practice: Financial Statements of Investment Trust Companies January 2003 as revised in December 2005. 1 Changes in accounting policies These financial statements have been prepared using new accounting standards ("revised UK GAAP") which have been issued to begin the process of converging UK accounting standards with International Financial Reporting Standards. With effect from 1 September 2005, the Company has adopted the following Financial Reporting Standards ("FRS"): FRS 25 Financial Instruments: Disclosure and Presentation FRS 26 Financial Instruments: Measurement All investments held by the Company are classified as `fair value through profit or loss'. For investments actively traded in organised financial markets, fair value is generally determined by reference to Stock Exchange quoted market bid prices at the close of business on the balance sheet date. Previously all listed investments were valued using closing mid market prices at the balance sheet date. Comparatives for previous periods have been restated where necessary to reflect the change in accounting policies. 2 Net asset value per share The net asset values have been calculated in accordance with the revised accounting policies set out in note 1. 31 August 2005 28 February 2005 £'000 pence £'000 pence Net assets attributable to Ordinary shareholders (as originally published) 7,274 40.10 7,681 42.29 Decrease due to using fair value of (301) (1.66) (302) (1.66) investments Net assets attributable to Ordinary 6,973 38.44 7,379 40.63 shareholders per revised UK GAAP 3 Status of Company It is the intention of the Directors to conduct the affairs of the Company so that they satisfy the conditions for approval as an investment trust company set out in Section 842 of the Income and Corporations Taxes Act 1988. Chairman's Statement Over the past six months the Company's net asset value per share increased to 41.36p per share as at 28 February 2006, representing an increase of 7.6% from the year end position of 38.44p (based on the bid price). This compares with a rise of 11.2% in the FTSE All-Share index, the Company's benchmark. Over the same period the FTSE AIM index rose 7.2%. The share price has risen since the year end from 34p to 42p at 31 March 2006, an increase of 23.5%. This has resulted in the year end discount of 11.6% changing to a premium of 3.4% at 31 March 2006. As at 28 February 2006 your Company held 44 investment positions, up from 39 at the year end. Since the year end, the portfolio has seen continuing corporate activity and the Company has participated in eight placings. The most notable has been Plus Markets Group, the UK's independent provider of primary and secondary equity market services, which has increased from its initial placing price of 5p to 35.5p at 31 March 2006. We have also taken part in placings for Minorplanet Systems, Asfare, AT Communications, Datong, Belgravium, Conder Environmental and PSG (formerly London & Boston Investments). Since the period end the Company has participated in two further placings: MTI Wireless Edge and Northbridge. The Board and the Manager remain confident about the overall progression of the portfolio value and look forward to reporting further progress at the year end. Pratt Thompson Chairman 12 April 2006 Enquiries: William van Heesewijk Chelverton Asset Management Ltd email: cam@chelvertonam.com Tel: 020 7222 8989

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