Interim Results

Close Technology & General VCT PLC
14 September 2004


14 September 2004

                       CLOSE TECHNOLOGY & GENERAL VCT PLC
                                INTERIM RESULTS
                                        
Close Technology & General VCT PLC ('the Company'), which offers investors the
opportunity to participate in a balanced portfolio of technology and
non-technology businesses, today announces interim results for the six months
to 30 June 2004.

Financial Highlights:

   •NAV per Ordinary Share of 107.4 pence (2003: 83.0 pence)
   •Interim dividend of 1.0 pence per Ordinary Share (2003: 0.5 pence)

Dr Neil Cross, Chairman, commented: 'The six months to 30 June 2004 have been
encouraging for the Company. Net assets per share have been steady at just over
107 pence, while there has been a recovery in net revenue enabling the Company
to declare an interim dividend of 1 penny per share compared with 0.5 pence for
the six months to 30 June 2003.

Performance has continued to be strong at the Company's largest investment by
value, Active Hotels, with profits running at over twice last year's levels,
though a general decline in valuation in the quoted sector have led us not to
alter the investment's value from its level at the end of 2003. Automotive
Technik is also performing well, with a substantial increase in its order book
leading to an increase in holding value. These two increases have been balanced
by a decline in the value of the Company's international quoted and AIM
portfolios, and partial provisions against Consolidated Communications and Q
Gardens.'


For further information, please contact:

Patrick Reeve/ Ole Bettum              Justin Griffiths/ John West
Close Venture Management               Tavistock Communications
Tel: [phone]                     Tel: [phone]


Notes to Editors:

1)  Close Technology & General VCT PLC is managed by Close Venture Management 
    limited.

2)  Close Venture Management Limited is a subsidiary of Close Brothers Group
    PLC and is regulated by the FSA.

3)  Unaudited interim reports for the period will be sent to shareholders 
    shortly.

4)  The financial information set out in the announcement does not
    constitute the Company's statutory accounts for the six months ended 30 
    June 2004 or 2003. The financial information for the year ended 31 December
    2003 is derived from the statutory accounts delivered to the Registrar of 
    Companies. The auditors reported on those accounts; their report was 
    unqualified and did not contain a statement under s237 (2) or (3) of the 
    Companies Act 1985.

                              Chairman's Statement

Introduction

Close Technology & General VCT has raised £14.4 million from private investors
since its launch in January 2001 and offers investors the opportunity to
participate in a balanced portfolio of technology and non-technology 
businesses. It is intended 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

The six months to 30 June 2004 have been encouraging for the Company. Net 
assets per share have been steady at just over 107 pence, while there has been 
a recovery in net revenue enabling the Company to declare an interim dividend 
of 1 penny per share compared with 0.5 pence for the six months to 30 June 2003.

Performance has continued to be strong at the Company's largest investment by
value, Active Hotels, with profits running at over twice last year's levels,
though a general decline in valuation in the quoted sector has led us not to
alter the investment's value from its level at the end of 2003. Automotive
Technik is also performing well, with a substantial increase in its order book
leading to an increase in holding value. These two increases have been balanced
by a decline in the value of the Company's international quoted and AIM
portfolios, and partial provisions against Consolidated Communications and Q
Gardens.

£527,000 was invested in qualifying companies during the period. This was
principally accounted for by investments in Grosvenor Healthcare, a business
providing healthcare outsourcing services to large corporates and Bold Pub
Company, which owns and operates a group of public houses in the North West of
England. Our holding in Leisure Links International was sold shortly after the
period end, at a price equal to the prevailing written down value, realising a
loss of £210,000.

Results and dividend

As at 30 June 2004 the net asset value of the Company was £15.05 million (30
June 2003: £11.90 million), equivalent to 107.4 pence per share (30 June 2003:
83.0p per share). Net income after taxation was £146,000 for the period enabling
the board to declare a net interim dividend of 1.0 pence per share (30 June
2003: 0.5p per share). Dividends will be payable on 21 October 2004 to those
shareholders registered on 24 September 2004.

Dr N E Cross
Chairman                                                      14 September 2004


                                Portfolio Summary

The following is a summary of the qualifying investments at 30 June 2004.

Technology Investments                          Invested to        Valuation at
======================                         date at cost        30 June 2004
                                                      £'000               £'000


Active Hotels Limited

Founded in 1998, Active Hotels has developed 
internet based software to act as 
an intermediary to the hotel industry, enabling 
hotels to post their room availability on on-line, 
real time booking sites. Active Hotels has built 
up a large portfolio of both hotel operators 
principally in the UK and France, and internet
based distribution partners.                            500               4,247

Advanced Medical Solutions PLC (AIM Listed)


Advanced Medical Solutions Group
designs, develops and manufactures
products for the advanced wound care
market.                                                 300                 300


AIT Group PLC (AIM Listed)

AIT Group is a provider of IT
solutions principally for the retail
financial sector.                                       310                 374


Bond International PLC (AIM Listed)

Bond International provides
software, hardware and related
support services, principally to the
recruitment industries.                                  70                  83


Cassium Technologies Limited

Cassium is an IT services company
which provides web service solutions
using Microsoft.NET technology. The
company has developed a suite of
proprietary products as well as
providing high level technology
consulting to the telecoms and
financial sectors.                                      500                 619


Deltex Medical Group PLC (AIM Listed)

Deltex develops, manufactures and
markets the 'CardioQ', an
oesophageal device which monitors in
real time the heart's response to
medical treatment.                                      101                 181


Intelligent Environment Group PLC (AIM Listed)

iE is a leading provider of
integrated e-finance for the credit
and wealth management market.                           270                 578


OneClickHR PLC (AIM Listed)

OneClickHR develops and markets
human resources software under the
'Vizual' brand.                                          58                   7


Peakdale Molecular Limited

Peakdale Molecular is principally
engaged in research, processing and
the supply of chemical compounds to
the major pharmaceutical companies.
It operates from a substantial
freehold site in Chapel-en-le-Frith,
Derbyshire.                                             360                 180


Pilat Media Global PLC (AIM Listed)

The company develops, markets and
supports business operations
software for the media industry.                        168                 306


sparesFinder Limited

sparesFinder has developed a
software suite which enables
multinational, multi-site customers
to trace and control their
inventory.                                              500                 158


Tepnel Life Sciences PLC (AIM Listed)

Tepnel Life Sciences develops
automated systems for DNA
purification and offers a broad
range of DNA related services such
as genotyping.                                          328                 127


Warthog PLC (AIM Listed)

Warthog is a leading independent
games software developer.                                90                   3
-------------------------------------------------------------------------------
Total qualifying technology
investments                                           3,555               7,163
===============================================================================
Percentage of portfolio on cost                          31%

Unquoted Non-Technology Investments             Invested to        Valuation at
------------------------------------           date at cost       30 June 2004
                                                      £'000               £'000
  

Automotive Technik Holdings Limited

Automotive Technik holds the
exclusive world-wide licence to
manufacture the Pinzgauer off-road
vehicle. Automotive Technik's main
clients include the UK Ministry of
Defence and overseas armed forces.                    1,020               1,262


Careforce Staffing Group Limited

Careforce Staffing was established
in 1999 to build, both organically
and through acquisition, a group
providing home care services to the
elderly, principally on behalf of
local authorities.                                    1,080               1,158


City Centres Breweries Limited

City Centres Breweries was formed to
purchase the Smiles Brewery in
central Bristol and thereafter to
provide a base for building up an
integrated brewery and pub business
based in the South West.                                350                 298


City Screen (Liverpool) Limited

City Screen was formed to own and
operate a three screen 'art house'
cinema in the centre of Liverpool,
which opened in February 2003.                           50                  45


Consolidated Communications Management Limited

Consolidated Communications is a
management buy-out of an established
public relations company with a
broad range of 'blue chip' clients.                   1,000                 988


Grosvenor Health Limited

Grosvenor Health is an occupational
health provider to major corporates.                    275                 277


Leisure Links International Limited

Leisure Links was formed to manage
and operate golf clubs. It
currently owns the Test Valley Golf
Course near Basingstoke.                                950                 740


Peakdale Molecular Limited

This part of the Peakdale investment
(as discussed above) is in loan
stock secured against debtors and
property and is classified as a
non-technology holding.                                 533                 631


The Bold Pub Company Limited

The Bold Pub Company is a management
buy-in of a freehold pub operator in
the North West of England.                              100                 111


The Q Garden Company Limited

The Q Garden Company operates a
chain of garden centres based in the
South of England.                                     1,167                 250
-------------------------------------------------------------------------------
Total unquoted qualifying
non-technology investments                            6,525               5,760
===============================================================================

Percentage of portfolio on cost                          57%                   

Total qualifying investments                         10,080              12,923
===============================================================================
Total percentage of portfolio on
cost                                                     88%                   


Non-qualifying technology investments

Ten largest holdings by value of non-qualifying international quoted technology
stocks.

Company                Sector                   Invested to        Valuation at
                                               date at cost        30 June 2004
                                                      £'000               £'000

Digital River Inc      E-commerce outsourcing            20                 117

Infovista S.A.         Data processing                   40                  94

Nortel Networks
  Communications 
  Corp                 Software                         125                  88

Tecnomatix
  Technologies
  Ltd                  Software                          74                  88

Ericsson B             Telecommunications                64                  84

Amdocs Limited         Software                          88                  80

Melexis N.V.           Microelectronics                  51                  68

Wind River             Software applications
  Systems Inc            development                     36                  65

Verisign Inc           Internet and telecommunications
                         services                        29                  56

Applied Materials Inc  Semiconductor                     48                  54
-------------------------------------------------------------------------------
                                                        575                 794

27 other non-qualifying international quoted
technology stocks                                       779                 632
-------------------------------------------------------------------------------
Total non-qualifying
investments                                           1,354               1,426
================================================================================
Total percentage of
portfolio on cost                                        12%


                            Statement of total return
                  (incorporating the profit and loss account)
                       for the six months to 30 June 2004

---------------------------------------------------------------------------------
                          Unaudited             Unaudited                 Audited
                      Six months to         Six months to                 Year to
                       30 June 2004          30 June 2003             31 December
                                                                             2003
                  Revenue Capital Total   Revenue  Capital  Total    Revenue Capital Total
                    £'000   £'000 £'000     £'000    £'000  £'000      £'000   £'000 £'000 
------------------------------------------------------------------------------------------ 
(Losses)/
 gains on
 investments            -     (17)  (17)        -    1,267  1,267          -   4,959 4,959

Investment
 income               305       -   305       198        -    198        556       -   556

Investment
 management
 fees                 (50)   (150) (200)      (37)    (112)  (149)       (93)   (278) (371)

Other
 expenses             (64)      -   (64)      (59)       -    (59)      (120)      -  (120)
------------------------------------------------------------------------------------------
Return on
 ordinary
 activities
 before tax           191    (167)   24       102    1,155  1,257        343   4,681 5,024

Tax on
 ordinary
 activities           (45)     38    (7)      (20)      22      2        (70)     58   (12)
------------------------------------------------------------------------------------------
Return
 attributable
 to equity
 shareholders         146    (129)   17        82    1,177  1,259        273   4,739 5,012

Dividends            (138)      -  (138)      (72)       -    (72)      (286)      -  (286)
------------------------------------------------------------------------------------------
Transfer
 to/(from)
 reserves               8    (129) (121)       10    1,177  1,187        (13)  4,739 4,726 
=========================================================================================  
Return per
 share                1.0p   (0.9)p 0.1p      0.6p     8.2p   8.8p       1.9p   33.1p 35.0p
-------------------------------------------------------------------------------------------

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.

No operations were acquired nor discontinued during the period.


                                 Balance sheet
                               as at 30 June 2004
-------------------------------------------------------------------------------
                                     Unaudited      Unaudited           Audited
                                  30 June 2004   30 June 2003  31 December 2003
                                         £'000          £'000             £'000
-------------------------------------------------------------------------------
Fixed asset investments      
Qualifying investments
----------------------
Unquoted technology                      5,204          1,933             5,071
AIM technology stocks                    1,959          1,691             2,240
Unquoted non-technology                  5,760          4,657             5,416
-------------------------------------------------------------------------------
Total qualifying investments            12,923          8,281            12,727

Non-qualifying investments
------------------------- 
Quoted international
technology stocks                        1,426          1,369             1,512
Floating rate notes                          -          1,501                 -
-------------------------------------------------------------------------------
Total non-qualifying
 investments                             1,426          2,870             1,512

Total investments                       14,349         11,151            14,239

Current assets
Debtors                                     55             64                70
Cash: short term money 
  market deposits                          993            916             1,510
-------------------------------------------------------------------------------
                                         1,048            980             1,580

Creditors: due within one
  year                                    (351)          (236)             (385)
--------------------------------------------------------------------------------

Net current assets                         697            744             1,195
--------------------------------------------------------------------------------

Net assets                              15,046         11,895            15,434
===============================================================================

Represented by:
 Share capital                           7,004          7,160             7,160
 Share premium account                     165            165               165
 Special reserve                         5,978          6,245             6,245
 Capital redemption reserve                191             35                35
 Capital reserve             
 realised                                 (777)          (702)             (936)
 unrealised                              2,392         (1,116)            2,680
 Revenue reserve                            93            108                85
-------------------------------------------------------------------------------

Total equity shareholders'
funds                                   15,046         11,895             15,434
================================================================================
Net asset value per share                107.4p          83.0p            107.8p
--------------------------------------------------------------------------------


                              Cash flow statement
                       For the six months to 30 June 2004

-------------------------------------------------------------------------------
                              Six months to   Six months to             Year to
                               30 June 2004    30 June 2003    31 December 2003
                                      £'000           £'000               £'000
-------------------------------------------------------------------------------

Operating activities
Investment income received              160             140                 341
Deposit interest received                10              21                  35
Investment management fees
 paid                                  (235)            (93)               (273)
Other cash payments                     (91)            (68)               (119)
--------------------------------------------------------------------------------
Net cash flow from operating
 activities                            (156)              -                 (16)

Taxation
UK corporation tax
 received/(paid)                          4               -                 (52)

Investing activities
Purchase of investments                (762)           (744)             (1,813)
Disposal of investments                 801             129               1,931
--------------------------------------------------------------------------------
Net cash flow from investing
 activities                              39            (615)                118

Equity dividends paid
Dividends paid on ordinary
 shares                                (212)           (144)               (215)
--------------------------------------------------------------------------------
Net cash outflow before
 financing                             (325)           (759)               (165)

Financing
Redemption of own shares               (192)            (13)                (13)
--------------------------------------------------------------------------------
Net cash outflow from
financing                              (192)            (13)                (13)
--------------------------------------------------------------------------------
Decrease in cash                       (517)           (772)               (178)
--------------------------------------------------------------------------------






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