Interim Results

RCM Technology Trust PLC
05 July 2007



For immediate release


5 July 2007



RCM TECHNOLOGY TRUST PLC


ANNOUNCEMENT OF INTERIM RESULTS
For the six months ended 31 May 2007


Highlights


                                                             31 May         30 November 2006        % Change
                                                               2007

Net Asset Value per Ordinary share                           240.2p                   227.4p            5.6%
Share price                                                  229.0p                   212.5p            7.8%
Discount                                                      -4.7%                    -6.6%             n/a
Shareholders' Funds                                         £57.5m*                   £55.2m            4.2%
Dow Jones World Technology Index (sterling                    245.9                    231.8            6.1%
adjusted, total return)



*After share buy backs totalling £760,551.





The Company has not declared an interim dividend (2006: nil).







Chairman's Statement



Performance



During the six months ended 31 May 2007 the Company's net asset value per share
rose from 227.4p to 240.2p, an increase of 5.6 per cent. This compares with a
rise of 6.1per cent. in the Company's benchmark, the Dow Jones World Technology
Index, which is measured in sterling terms on a total return basis. There was a
narrowing of the discount of share price to net asset value per share over the
period from 6.6 per cent. to 4.7 per cent., which contributed to a rise of 7.8
per cent. in the share price from 212.5p to 229.0p.   Over the period since the
appointment of RCM as Managers from 1 May to 3 July 2007, the net asset value
per share has increased by 7.8 per cent. against an increase of 6.3 per cent. in
the Dow Jones World Technology Index and an increase of 3.9 per cent. in the
NASDAQ Composite Price Index.



Results and Dividend



There was a gain of 12.8p in the net asset value per share for the six months
ended 31 May 2007 compared with a loss of 4.8p per share for the corresponding
period last year.



The Company's investments typically provide a very low yield and accordingly no
dividend is payable in respect of the six months ended 31 May 2007 (2006: Nil).



Change of Manager



Following a review of the management and investment management arrangements, RCM
was appointed to manage the Trust on 1 May 2007.  RCM has a significant UK
investment trust business and its technology  investment management team, which
is principally based in San Francisco, has a very strong track record of
managing technology funds. We believe that the investment management resources
that RCM brings will improve the future prospects of the Trust. Since the new
Manager assumed responsibility, the portfolio has been rebalanced to reflect
RCM's views on current markets, trends and investment opportunities. This has
resulted in a significantly higher weighting in larger capitalisation securities
and a reduced allocation to the UK and Europe.  The existing investment
objective of investing principally in the equity securities of quoted technology
companies on a worldwide basis remains in place.



Discount Management Policy and Buy Back Authority



As part of proposals put to shareholders in December 2005, the Board adopted a
discount management policy under which the Company buys back shares, for
cancellation, at prices representing a discount of not less than 7.0 per cent.
to NAV, where there is demand in the market for it to do so. Shareholders will
note that the discount may exceed 7.0 per cent., but that there may be no unmet
demand from selling shareholders at this level. Under the discount management
policy a total of 346,500 shares have been purchased for cancellation since the
year end at a total cost of £760,551 (excluding expenses).



Proposed Bonus Issue of Subscription Shares



Further to the Company's announcement on 26 March 2007 and following the recent
change of investment manager, the Board announced on 31 May 2007 that it
proposes to make a bonus issue of subscription shares to current shareholders.
The terms of the subscription shares will be set out in full in a circular to be
sent to shareholders shortly.



Outlook

Whilst there is continued uncertainty about the global economic outlook,
valuations in the technology sector,  relative to earnings growth, are now at
low levels compared to historic averages.  With high levels of funding available
for buy outs and selectively a more favourable background for capital
expenditure there are increasing grounds for optimism.  A vibrant consumer
sector should provide greater scope for innovative companies to build new and
growing revenue streams.

Following the change in Manager earlier in the year and the subsequent
reorganisation of the portfolio, the Trust now has a portfolio of companies that
we believe have strong prospects arising from their market leading positions in
high growth sectors.





David Quysner
Chairman









Enquiries:


For further information, please contact:


RCM (UK) Limited
Simon White
Head of Investment Trusts
Tel: [phone]



SUMMARY OF UNAUDITED RESULTS
INCOME STATEMENT
for the six months ended 31 May 2007


                                                        Revenue                    Capital              Total
                                                                                                       Return
                                                                 £'000s             £'000s             £'000s
                                                                                                     (Note 2)
Net gains on investments held at fair value                           -              3,797              3,797
Exchange losses on currency balances                                  -              (115)              (115)
Income from investments                                             163                  -                163
Other income                                                         17                  -                 17
Investment management fee                                         (233)                  -              (233)
Performance fee                                                       -                (2)                (2)
Administration expenses                                           (574)                  -              (574)
Net return before finance costs and taxation                      (627)              3,680              3,053
Finance costs: interest payable and similar charges                (14)                  -               (14)
Net return on ordinary activities before taxation                 (641)              3,680              3,039
Taxation                                                           (10)                  -               (10)
Net return attributable to Ordinary Shareholders                  (651)              3,680              3,029
Return per Ordinary Share (Note 1)
(basic and diluted)                                              (2.7)p              15.3p              12.6p





BALANCE SHEET
as at 31 May 2007

                                                                                                         £'000s
Investments held at fair value through profit or loss                                                    56,447
Net current assets                                                                                        1,040
Total Net Assets                                                                                         57,487

Called up Share Capital                                                                                   5,983
Share Premium Account                                                                                    23,488
Capital Redemption Reserve                                                                                  921
Capital Reserves:   Realised                                                                             34,599
                    Unrealised                                                                            2,813
Revenue Reserve                                                                                        (10,317)
Shareholders' Funds                                                                                      57,487

Net Asset Value per Ordinary Share                                                                       240.2p

The net asset value is based on 23,933,812 Ordinary Shares in issue







SUMMARY OF UNAUDITED RESULTS
INCOME STATEMENT
for the six months ended 31 May 2006

                                                        Revenue                    Capital              Total
                                                                                                       Return
                                                                 £'000s             £'000s             £'000s
                                                                                                     (Note 2)
Net losses on investments held at fair value                          -              (544)              (544)
Exchange losses on currency balances                                  -               (75)               (75)
Income from investments                                              57                  -                 57
Other income                                                          4                  -                  4
Investment management fee                                         (320)                  -              (320)
Administration expenses                                           (262)                  -              (262)
Net return before finance costs and taxation                      (521)              (619)            (1,140)
Finance costs: interest payable and similar charges                (12)                  -               (12)
Net return on ordinary activities before taxation                 (533)              (619)            (1,152)
Taxation                                                              -                  -                  -
Net return attributable to Ordinary Shareholders                  (533)              (619)            (1,152)
Return per Ordinary Share (Note 1)                               (2.1)p             (2.4)p             (4.5)p
(basic and diluted)






BALANCE SHEET
as at 31 May 2006
                                                                                                         £'000s
Investments held at fair value through profit or loss                                                    57,986
Net current assets                                                                                           59
Total Net Assets                                                                                         58,045

Called up Share Capital                                                                                   6,245
Share Premium Account                                                                                    23,488
Capital Redemption Reserve                                                                                  659
Capital Reserves:   Realised                                                                             47,242
                    Unrealised                                                                         (10,253)
Revenue Reserve                                                                                         (9,336)
Shareholders' Funds                                                                                      58,045

Net Asset Value per Ordinary Share                                                                       232.4p

The net asset value is based on 24,980,312 Ordinary Shares in issue






SUMMARY OF UNAUDITED RESULTS
INCOME STATEMENT
for the year ended 30 November 2006


                                                        Revenue                    Capital              Total
                                                                                                       Return
                                                                 £'000s             £'000s             £'000s
                                                                                                     (Note 2)
Net losses on investments held at fair value                          -            (1,597)            (1,597)
Exchange losses on currency balances                                  -               (67)               (67)
Income from investments                                             208                  -                208
Other income                                                         10                  -                 10
Investment management fee                                         (595)                  -              (595)
Administration expenses                                           (464)                  -              (464)
Net return before finance costs and taxation                      (841)            (1,664)            (2,505)
Finance costs: interest payable and similar charges                (17)                  -               (17)
Net return on ordinary activities before taxation                 (858)            (1,664)            (2,522)
Taxation                                                            (5)                  -                (5)
Net return attributable to Ordinary Shareholders                  (863)            (1,664)            (2,527)
Return per Ordinary Share (Note 1)                               (3.5)p             (6.6)p            (10.1)p
(basic and diluted)






BALANCE SHEET
as at 30 November 2006


                                                                                                         £'000s
Investments held at fair value through profit or loss                                                    55,073
Net current assets                                                                                          151
Total Net Assets                                                                                         55,224

Called up Share Capital                                                                                   6,070
Share Premium Account                                                                                    23,488
Capital Redemption Reserve                                                                                  834
Capital Reserves:   Realised                                                                             45,334
                    Unrealised                                                                         (10,836)
Revenue Reserve                                                                                         (9,666)
Shareholders' Funds                                                                                      55,224

Net Asset Value per Ordinary Share                                                                       227.4p

The net asset value is based on 24,280,312 Ordinary Shares in issue


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the six months ended 31 May 2007


                                Called up        Share      Capital    Capital      Capital    Revenue      Total
                                    Share      Premium   Redemption    Reserve      Reserve    Reserve  
                                  Capital      Account      Reserve   Realised   Unrealised   
                                                                                                
                                   £'000s       £'000s       £'000s     £'000s       £'000s     £'000s     £'000s
  Six months ended 31 May 2007
    Net Assets at 30  November      6,070       23,488          834     45,334     (10,836)    (9,666)     55,224
                         2006

                Revenue Return          -            -            -          -            -      (651)      (651)

 Shares repurchased during the       (87)            -           87      (766)            -          -      (766)
                        period

                Capital Return          -            -            -    (9,969)       13,649          -      3,680

     Net Assets at 31 May 2007      5,983       23,488          921     34,599        2,813   (10,317)     57,487




  Six months ended 31 May 2006
Net Assets at 30 November 2005      6,539       23,488          365     45,408      (5,158)    (8,803)     61,839


                Revenue Return          -            -            -          -            -      (533)      (533)

 Shares repurchased during the      (294)            -          294    (2,642)            -          -    (2,642)
                        period

                Capital Return          -            -            -      4,476      (5,095)          -      (619)

     Net Assets at 31 May 2006      6,245       23,488          659     47,242     (10,253)    (9,336)     58,045




   Year ended 30 November 2006
    Net Assets at 30  November      6,539       23,488          365     45,408      (5,158)    (8,803)     61,839
                         2005

                Revenue Return          -            -            -          -            -      (863)      (863)

 Shares repurchased during the      (469)            -          469    (4,088)            -          -    (4,088)
                          year

                Capital Return          -            -            -      4,014      (5,678)          -    (1,664)

Net Assets at 30 November 2006      6,070       23,488          834     45,334     (10,836)    (9,666)     55,224






SUMMARY OF UNAUDITED RESULTS
CASH FLOW STATEMENT

                                                        Six Months to        Six Months to              Year to
                                                               31 May               31 May          30 November
                                                                 2007                 2006                 2006
                                                               £'000s               £'000s               £'000s

Net cash outflow from operating activities                      (583)              (1,081)              (1,410)

Servicing of finance
Interest paid                                                    (14)                 (12)                 (17)

Taxation
Tax (paid) recovered                                              (3)                    1                    3

Financial Investment
Purchases of fixed asset investments                         (86,906)             (18,079)             (28,534)
Sales of fixed asset investments                               90,166               19,636               32,251

Net cash inflow from financial investment                       3,260                1,557                3,717

Net cash inflow before financing                                2,660                  465                2,293

Financing
Purchase of Ordinary Shares for cancellation                    (766)              (2,642)              (4,088)

Increase (decrease) in cash                                     1,894              (2,177)              (1,795)

Reconciliation of net cash flow to movement in net
funds
Increase (decrease) in cash as above                            1,894              (2,177)              (1,795)
Exchange movements                                              (115)                 (75)                 (67)
Movement in net funds                                           1,779              (2,252)              (1,862)
Net funds at start of period                                      555                2,417                2,417
Net funds at end of period                                      2,334                  165                  555






RCM TECHNOLOGY TRUST PLC
TOP 20 HOLDINGS


INVESTMENT PORTFOLIO
as at 31 May 2007
                                                                                     Fair Value            % of
Investment                           Sector                    Country                    £'000       Portfolio

Apple                                Hardware                  United States              3,001             5.3
Nintendo                             Leisure Goods             Japan                      2,918             5.2
Intel                                Hardware                  United States              2,793             5.0
Google                               Software                  United States              2,602             4.6
NII                                  Telecommunications        United States              2,348             4.2
Microsoft                            Software                  United States              2,316             4.1
Cisco Systems                        Hardware                  United States              2,198             3.9
Nvidia                               Hardware                  United States              2,115             3.7
Qualcomm                             Hardware                  United States              2,050             3.6
Tencent                              Software                  Hong Kong                  1,690             3.0


Top ten investments                                                                      24,031            42.6


Salesforce.com                       Software                  United States              1,536             2.7
Autodesk                             Software                  United States              1,468             2.6
Focus Media                          Media & Entertainment     United States              1,384             2.5
Activision                           Leisure Goods             United States              1,375             2.5
Comverse Tech                        Software                  United States              1,291             2.3
ABB                                  Electronics               Switzerland                1,265             2.2
Corning                              Hardware                  United States              1,211             2.1
Cerner                               Software                  United States              1,163             2.1
Chartered Semi Con                   Hardware                  Singapore                  1,083             1.9
Infineon Technology                  Hardware                  Germany                    1,083             1.9


Top twenty investments                                                                   36,890            65.4


McAfee                               Software                  United States              1,063             1.9
Monsanto                             Chemicals                 United States              1,022             1.8
Samsung Electronic                   Hardware                  South Korea                  990             1.8
Analog Devices                       Hardware                  United States                979             1.7
LBI International                    Software                  Sweden                       930             1.6
On Semiconductor                     Hardware                  United States                905             1.6
Level 3 Communications               Telecommunications        United States                850             1.5
Dolby Laboratories                   Media & Entertainment     United States                833             1.5
Texas Instruments                    Hardware                  United States                740             1.3
Macquarie Bank Warrants              Telecommunications        India                        713             1.3


Top thirty investments                                                                   45,915            81.4


Ericsson ADR                         Hardware                  United States                708             1.2
Research in motion                   Hardware                  United States                637             1.1
Renewable Energy                     Energy                    Norway                       627             1.1
Cognizant Technology                 Software                  United States                623             1.1
Wacker Chemie                        Chemicals                 Germany                      617             1.1
Orkla Asa                            Food Producers            Norway                       605             1.1
Sunpower                             Electronics               United States                552             1.0
Maxim Integrated                     Hardware                  United States                550             1.0
T-HQ                                 Leisure Goods             United States                505             0.9
MEMC Electronic MT                   Hardware                  United States                504             0.9


Top forty investments                                                                    51,843            91.9


Suntech Power                        Electronics               United States                494             0.9
Cameron International                Oil & Gas                 United States                455             0.8
Gamestop                             General Retailers         United States                421             0.7
Alcatel Lucent                       Hardware                  France                       402             0.7
Microdose Technology                 Bio Technology            United States                380             0.7
First Solar                          Hardware                  United States                369             0.7
Riverbed Technology                  Hardware                  United States                352             0.6
Energy Conv Device                   Electronics               United States                294             0.5
Sina                                 Software                  United States                289             0.5
Juniper Networks                     Hardware                  United States                288             0.5


Top fifty investments                                                                    55,587            98.5


Macquarie Bank Media Tek             Financials                Hong Kong                    282             0.5
Red Hat                              Software                  United States                175             0.3
Hon Hai Precision                    Hardware                  Taiwan                       143             0.3
Telekomunikasi Industry ADR          Telecommunications        United States                133             0.2
Bede                                 Hardware                  United Kingdom               127             0.2
Insignia Solutions Warrants          Software                  United Kingdom                 -               -
Microvision Warrants                 Healthcare Equipment      United States                  -               -
On Track Innovation Warrants         Hardware                  Israel                         -               -
Stockeryale Warants                  Electronics               United States                  -               -
TTI Team Telecom Warrants            Software                  Israel                         -               -



Top sixty investments                                                                    56,447           100.0


Total Investments                                                                        56,447           100.0








NOTES



Note 1



The return per Ordinary Share is based on a weighted average number of shares in
issue 24,059,706 (31 May 2006: 25,479,515; 30 November 2006: 25,005,709).





Note 2



The total column of this statement is the profit and loss account of the
Company.



All revenue and capital items derive from continuing operations. No operations
were acquired or discontinued in the period.



A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the Income Statement.



Included in the cost of investments are transaction costs incurred on the
purchase and sale of investments. These amounted to £390,000 (31 May 2006 -
£77,000; 30 November 2006 - £248,000).



Note 3



Investments are designated as held at fair value through profit or loss in
accordance with FRS 26 'Financial Instruments: Measurement'.  Listed investments
are valued at bid market prices.



Unlisted and unquoted investments are valued by the Director based upon the
latest dealing prices, stockbrokers' valuations, net asset values, earnings and
other known accounting information in accordance with the principles set out by
the International Private Equity and Venture Capital Valuation Guidelines issued
in March 2005.



Note 4



The interim statement has neither been audited nor reviewed by the Company's
auditors. The financial information for the year ended 30 November 2006 has been
extracted from the statutory accounts for that year which have been delivered to
the Registrar of Companies. The auditor's report on those accounts was
unqualified and did not contain a statement under either Section 237(2) or
Section 237(3) of the Companies Act 1985.



The interim report will be sent to shareholders in mid July 2007 and will be
available to members of the public from the Company's registered office at 155
Bishopsgate, London EC2M 3AD, and on the Company's website
www.rcmtechnologytrust.co.uk .














                      This information is provided by RNS
            The company news service from the London Stock Exchange