Interim Results

Close Technology & General VCT PLC
13 September 2001


                      Close Technology & General VCT PLC


                            Interim Results for the period

                           21 November 2000 to 30 June 2001

                                Chairman's Statement

                                   Introduction


Close Technology & General VCT has raised £14 million from private investors
since its launch in January of this year and offers investors the opportunity
to participate in a balanced portfolio of technology and non-technology
businesses. Once fully invested, it is anticipated that the Company's
investment portfolio will be split approximately as follows:

  * 50% to be invested in technology companies, of which:
      + 20% will be invested in quoted investments in international
        technology stocks; and
      + 30% will be invested in unquoted UK technology-related companies.
  * 50% to be invested in unquoted investments in UK non-technology
    companies.

Investment Progress

I am pleased to announce that your Company's investment programme is
proceeding according to plan. The Company commenced trading on 16 January of
this year, and by 30 June a total of £1.5 million had been invested in two
unquoted companies and £156,000 in international quoted technology stocks.
Since the half year, three further unquoted investments have been made, taking
the total to £2.4 million, or 18% of the Company's assets, while investments
in international technology stocks now total £615,000.

Deal flow has been strong, particularly on the technology side and valuations
are now at considerably more realistic levels than those seen last year and
the year before. While sentiment towards the technology sector has declined
considerably, your manager still considers that the prospects for technology
investment are good. This is as true for the quoted element as much as for the
unquoted element of the technology portfolio, where a gradual investment
approach aims at building a portfolio of around £2.5 million in international
technology stocks. On the non-technology portfolio, which will ultimately
comprise around 50% of total investments, your manager is concentrating on
profitable, proven businesses which it believes will be well placed to weather
any economic downturn.

Results and Dividend

As at 30 June 2001 the net asset value of the Company was £13.27 million,
equivalent to 94.5 pence per share. Net income after taxation was £104,000 in
the period enabling the board to declare a net interim dividend of 1.0 pence
per share to those shareholders who invested prior to 16 January 2001 and 0.5
pence per share to those shareholders who invested subsequent to 16 January
2001. Dividends will be payable on 19 October 2001 to those shareholders
registered on 21 September 2001.

Cancellation of Share Premium account

As indicated in the prospectus, the Company's share premium account has now
been cancelled, though this took place after the half year. This will give the
Company greater flexibility to purchase its own shares in the market and to
limit the discount at which they trade to net asset value.

Further issue of shares

The Company intends to raise up to a further £1.4 million through a placing of
new shares.
 Dr N E Cross
Chairman                                                      13 September 2001



                     Unaudited Statement of Total Return

                 (incorporating the profit and loss account)

               for the period 21 November 2000 to 30 June 2001


                                                          Period

                                             21 November 2000 to 30 June 2001
                                            Revenue*        Capital       Total

                                               £'000          £'000       £'000
Gains/(losses) on investments                     -              -           -
Investment income                               218              -         218
Investment management fees                      (37)          (110)       (147)
Other expenses                                  (51)             -         (51)
Return on ordinary activities before tax        130           (110)         20
Tax on ordinary activities                      (26)            22          (4)
Return attributable to equity shareholders      104            (88)         16
Dividends                                       (88)             -         (88)
Transfer to/(from) reserves                      16            (88)        (72)
Return per share                                0.9 p         (0.8)p       0.1 p

 All revenue and capital items in the above statement derive from continuing
operations.

*The revenue column of this statement is the profit and loss account of the
company.



              Unaudited Summary Balance Sheet as at 30 June 2001

                                                                   30 June 2001
                                                                          £'000
Fixed asset investments
Qualifying investments
Unquoted technology                                                        500
Unquoted non-technology                                                  1,001
Total qualifying investments                                             1,501
Non-qualifying investments
Quoted international technology stocks                                     157
Total non-qualifying investments                                           157
Total investments                                                        1,658
Current assets
Debtors                                                                      4
Short term money market deposits                                        11,975
                                                                        11,979
Creditors: due within one year                                            (372)
Net current assets                                                      11,607
Net assets                                                              13,265
Represented by:
Share capital                                                            7,019
Share premium account                                                    6,318
Capital reserve
Realised                                                                   (88)
Unrealised                                                                   -
Profit and loss account                                                     16
Total equity shareholders' funds                                        13,265
Net asset value per share                                                94.5p


           This interim report was approved by the Board of Directors on 13
                                    September 2001

Signed on behalf of the Board of Directors by

Dr N E Cross (Chairman)



                        Unaudited Cash Flow Statement

               for the period 21 November 2000 to 30 June 2001



                                                                         Period

                                                            21 November 2000 to

                                                                   30 June 2001

                                                                          £'000
Operating activities
Investment income received                                                   -
Deposit interest received                                                  212
Investment management fees paid                                            (49)
Other cash payments                                                        (25)
Net cash inflow from operating activities                                  138
Taxation
UK corporation tax paid                                                      -
Investing activities
Purchase of investments                                                 (1,500)
Disposals of investments                                                     -
Net cash outflow from investing activities                              (1,500)
Equity dividends paid
Dividends paid on ordinary shares                                            -
Net cash outflow before financing                                       (1,362)
Financing
Issue of shares net of expenses                                          13,337
Net cash inflow from financing                                           13,337
Increase in cash                                                         11,975




           Independent review report to Close Technology & General VCT PLC

                                     Introduction

We have been instructed by the company to review the financial information and
we have read the other information contained in the interim report and
considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the UK Listing Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the annual accounts except where any changes, and the
reason for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board. A review consists principally of
making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and, based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly, we do not express an audit opinion on
the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the period from
21 November 2000, the date of incorporation, to 30 June 2001.



Deloitte & Touche

Chartered Accountants

Stonecutter Court

1 Stonecutter Street

London EC4A 4TR



13 September 2001



        For further information contact:


        Patrick Reeve - Close VCT Management - 020 7426 4000

        Roger Bruce - Close Brothers Investment Limited - 020 7426 4000