Final Results

Close Brothers Venture Cap Tst PLC
29 June 2007

                    CLOSE BROTHERS VENTURE CAPITAL TRUST PLC

                             PRELIMINARY RESULTS





Close Brothers Venture Capital Trust PLC ('the Company'), which invests in
qualifying unquoted companies providing a high level of asset backing whilst
maintaining an attractive yield, today announces preliminary results for the
year ended 31 March 2007.  This announcement has been approved by the Board of
Directors on 29 June 2007.



Financial Highlights:


                                                                              31 March 2007        31 March 2006

Dividends paid per share (pence)                                                      10.00              11.75 (i)
                                                                                      

Net asset value per share (pence)                                                    120.17             116.49

                                                                            Ordinary shares           'C' shares
Shareholder value created per share since launch:                                   (Pence)              (Pence)

Gross revenue dividends paid during the year ended 31 March 1997                       2.00                  -

Gross revenue dividends paid during the year ended 31 March 1998                       5.20                 2.00

Gross interim dividends and net final dividend paid during the year ended
31 March 1999                                                                         11.05                 8.75

Net revenue and capital dividends paid during the year ended 31 March 2000             3.00                 2.70

Net revenue and capital dividends paid during the year ended 31 March 2001             8.55                 4.80

Net revenue dividends paid during the year ended 31 March 2002                         7.60                 7.60

Net revenue and capital dividends paid during the year ended 31 March 2003             7.70                 7.70

Net revenue and capital dividends paid during the year ended 31 March 2004             8.20                 8.20

Net revenue and capital dividends paid during the year ended 31 March 2005             9.75                 9.75

Net revenue and capital dividends paid during the year ended 31 March 2006            11.75                11.75

Net revenue and capital dividends paid during the year ended 31 March 2007            10.00                10.00


Total dividends paid to 31 March 2007                                                 84.80                73.25

Net asset value as at 31 March 2007                                                  120.17               120.17

Total shareholder net asset value return to 31 March 2007                            204.97               193.42



In addition to the above dividends, the Company has paid a first Dividend of 5
pence per share on 5 April 2007 to shareholders who were on the register as at
16 March 2007.



(i) The apparent dividend reduction is due to the change in the accounting
treatment of dividends, which was fully explained in last year's Report and
Accounts.





For further information, please contact:


Patrick Reeve                                     Roddi Vaughan-Thomas
Close Ventures Limited                            Peregrine Communications Group
Tel: [phone]                                Tel: [phone]


                              CHAIRMAN'S STATEMENT



Introduction



The year has been a busy and successful one for your Company.  The year end net
asset value per Share rose to 120.17p while dividends paid from launch to 31
March 2007 amount to 84.8p per Ordinary Share and 73.25p per C Share.  This
results in a compound annual return of 8.4 per cent. per Ordinary Share and 8.2
per cent. per C Share over the period from 1996 and 1997 respectively.  In
addition, not only has this return been free of tax to all shareholders but
original subscribers for the Shares would have benefited from both income tax
relief and, where relevant, the deferral of capital gains tax.





Performance



A total of £5.34 million was invested in 16 new and existing investee companies
during the year.  Amongst the investments in new investee companies, it is worth
mentioning £1 million invested and reserved for investment in Kensington Health
Clubs Limited, which will develop a 29,000 square foot health and fitness club
on a 999 year lease at Olympia in Kensington and £380,000 invested in Premier
Leisure (Suffolk) Limited which is developing and will operate a freehold
leisure centre at Ipswich in Suffolk.  Your Company disposed of the holding in
Premier VCT Mailbox Limited, owner and operator of the 90-bedroom Ramada Hotel
in the Mailbox development in Birmingham.  This realised a capital profit of £3
million on the net cost of £4.6 million, in addition to the annual yield on
investment of in excess of 10% per annum.  In addition, as reported in last
year's annual report and accounts, our two care homes at Romford and Dover were
sold in April 2006 for a profit of just over £1 million.



Investment portfolio as a whole continues to perform well with particular strong
performances from our investment in Kew Green VCT (Stansted) Limited, which owns
the Express by Holiday Inn Hotel at Stansted Airport, and The Bold Pub Company
Ltd, which owns and operates 30 pubs in the north west of England. We continue
to review a variety of promising new investment opportunities in the hotel,
leisure and healthcare sectors.





Results and dividends



As at 31 March 2007 the net asset value was £43.1 million or 120.17p per Share,
which compares with the net asset value as at 31 March 2006 of £41.8 million or
116.49p per Share.  The revenue return before taxation was £2.54 million
compared to £2.68 million for the previous period.  Following the disposal of
Premier VCT (Mailbox), your board declared a dividend payable to Shareholders on
5 April 2007 of 5p per Share, which constitutes the first dividend for the
current financial year.  The second dividend, which is expected to be of a
similar amount, will be declared at the time of the announcement of the interim
results.





Prospects



Overall, we continue to be confident about the prospects of the Company and its
property backed investments.  While the UK property market in general has risen
to new highs, the investments that we make are in sound operating businesses,
supported by long-term property assets.  Our strategy remains to build up
sufficient revenue and realised capital reserves to maintain a 10p per annum
dividend, while seeking to continue to enhance net asset value per share over
the medium term.







D J Watkins

Chairman




                                Income Statement




                                                     Year ended 31 March 2007             Year ended 31 March 2006

                                                    Revenue     Capital        Total      Revenue    Capital      Total
                                                      £'000       £'000        £'000        £'000      £'000      £'000

Gains on investments                                      -       3,374        3,374            -        939       939
                                                                                                               
Investment income                                     2,997           -        2,997        3,044         -       3,044
                                                                      

Investment management fees                            (232)       (678)        (910)        (180)      (539)       (719)

Other expenses                                        (220)           -        (220)        (183)          -       (183)
                                                                      

Return on ordinary activities before tax              2,545       2,696        5,241        2,681        400      3,081

Tax (charge)/credit on ordinary activities            (535)         203        (332)        (544)        162      (382)

Return attributable to shareholders                   2,010       2,899        4,909        2,137        562      2,699
Basic and diluted return per share (pence)             5.60        8.08        13.68         5.96       1.56       7.52




The total column of this Income Statement represents the profit and loss account
of the Company. The supplementary revenue and capital columns have been prepared
in accordance with the Association of Investment Trust Companies' Statement of
Recommended Practice.



All of the Company's activities derive from continuing operations.



There are no recognised gains or losses other than the results for the year
disclosed above. Accordingly a statement of total recognised gains and losses is
not required.



                                 Balance Sheet


                                                         31 March 2007      31 March 2006
                                                                 £'000              £'000

Fixed asset investments
Qualifying investments                                          32,234             36,022
Non-qualifying investments                                           -                262
Total fixed asset investments                                   32,264             36,284

Current assets
Debtors                                                            180                 18
Cash at bank                                                    11,066              5,842
                                                                11,246              5,860

Creditors: amounts falling due within one year                   (394)              (349)

Net current assets                                              10,852              5,511

Total assets less current liabilities                           43,116             41,795

Capital and reserves
Called up share capital                                         17,939             17,939
Special reserve                                                 14,110             14,110
Capital redemption reserve                                       1,914              1,914
Realised capital reserve                                         4,021              2,204
Unrealised capital reserve                                       3,737              4,449
Revenue reserve                                                  1,395              1,179

Total equity shareholders' funds                                43,116             41,795

Net asset value per share (pence)                               120.17             116.49




The financial statements were approved by the Board of Directors on 29 June 2007.



               Reconciliation of movements in shareholders' funds




                              Called up   Special       Capital   Realised   Unrealised   Revenue
                                  share              redemption    capital      capital
                                capital    reserve      reserve    reserve      reserve   reserve      Total
                                  £'000      £'000        £'000      £'000        £'000       £'000    £'000

As at 1 April 2005               17,939     14,110        1,914      4,124        3,510       1,715   43,312

Net realised gains on                 -          -            -          -                                 -
investments in the year                                                               -           -

Capitalised investment                -          -            -      (539)            -           -    (539)
management and performance                                                                
fees

Tax relief on costs charged           -          -            -        162            -           -      162
to capital                                                                            

Movement in unrealised                
appreciation                          -          -            -          -          939           -      939

Revenue return attributable           -          -            -          -            -        2,137    2,137
to shareholders                                                                       

Dividends                             -          -            -    (1,543)            -      (2,673)  (4,216)

As at 31 March 2006              17,939     14,110        1,914      2,204        4,449       1,179   41,795


Net realised gains on                 -          -            -      4,086            -           -    4,086
investments in the year                                                                   

Capitalised investment                -          -            -      (678)            -           -    (678)
management and performance                                                            
fees

Tax relief on costs charged           -          -            -        203            -           -     203
to capital                                                                            

Movement in unrealised                
depreciation                          -          -            -          -        (712)           -    (712)

Revenue return attributable           
to shareholders                       -          -            -          -            -       2,010    2,010

Dividends                             -          -            -    (1,794)            -     (1,794)  (3,588)

As at 31 March 2007              17,939     14,110        1,914      4,021        3,737       1,395   43,116
                                                                                  


                              Cash flow Statement
                                                                   Year ended           Year ended
                                                                31 March 2007        31 March 2006
                                                                        £'000                £'000

Operating activities
Investment income                                                       2,410                2,706
Dividend income                                                             4                   21
Deposit interest                                                          302                  427
Other income                                                                -                    2
Investment management fees paid                                         (798)              (1,006)
Administrative expenses paid                                            (235)                (216)

Net cash  inflow from operating activities                              1,683                1,934

Taxation
                                                                        (447)                (517)
UK corporation tax
 VAT repaid/ (paid)                                                         -                   22

Capital expenditure and financial investments
Purchase of investments
                                                                      (5,343)              (6,173)
Disposals of investments                                               12,919                   55

Net cash inflow/(outflow) from investing activities                     7,576              (6,118)
                                                                        

Equity dividends paid
Dividends paid on ordinary shares
                                                                      (3,588)              (4,216)

Net cash inflow/(outflow) before financing
                                                                        5,224              (8,895)

Increase/(decrease) in cash                                             5,224              (8,895)
                                                                        



Notes



1)  Close Brothers Venture Capital Trust VCT PLC is managed by Close
    Ventures Limited.



2)  Close Ventures Limited is authorised and regulated by the Financial
    Services Authority.



3)  The financial information set out in this announcement does not
    constitute the Company's statutory accounts for the year ended 31 March 2007 
    or 2006.



4)  The financial information for the year ended 31 March 2006 is derived
    from the statutory accounts for that year delivered to the Registrar of
    Companies. The auditors reported on those accounts; their report was unqualified
    and did not contain any emphasis of matter or a statement under s237(2) or (3)
    Companies Act 1985.



5)  The financial information for the year ended 31 March 2007 has been
    derived from the statutory accounts for the year which will be delivered to the
    Registrar of Companies shortly. The auditors reported on those accounts; their
    report was unqualified and did not contain statements under s237(2) or (3)
    Companies Act 1985.



6)  The financial information has been prepared on the basis of the
    accounting policies set out in the Company's financial statements for the year
    ended 31 March 2006.



7)  There were no changes in equity other than those arising from capital
    transactions with owners and distributions to owners.






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