Interim Results - 6 Months to 31 March 2000

Foresight Technology VCT PLC
4 May 2000


Foresight Technology VCT plc

Interim Results

6 months ended 31 March 2000

Chairman's Statement

I  have  pleasure  in  enclosing  the  Interim  Report  and  Financial
Statements  of  Foresight Technology VCT plc for the period  from  1st
October 1999 to 31st March 2000.

The  return  (after  tax)  attributable to Ordinary  shareholders  was
272.08  pence  per  Ordinary Share.  The net asset  value,  after  the
interim  dividend referred to below, per Ordinary Share at 31st  March
2000  was 264.08 pence. With regard to the holders of 'C' Shares,  the
attributable return (after tax) was 0.16p per share and the net  asset
value  was  94.07p  per  share. I am also pleased  to  note  that  the
Ordinary  Shares  fund  has  now achieved its  Venture  Capital  Trust
qualification  investment  target of  having  more  than  70%  of  its
portfolio  invested  in  qualifying shares and securities  within  its
first three years.

As  announced  to  the  London Stock Exchange on 29th  February  2000,
following   the  successful  realisation  of  part  of  the  Company's
shareholding  in  e-district.net  plc,  the  Company's  status  as  an
investment  company  has been revoked and a capital  dividend  of  100
pence  per  Ordinary Share will be paid by one instalment to  Ordinary
shareholders on the register at close of business on 10th March  2000.
This payment should be received on 8th May 2000.

This makes Foresight the first venture capital trust to pay a dividend
to  Ordinary  shareholders equivalent to the starting capital  of  the
Ordinary   Shares  fund;  100  pence  per  share.  What   makes   this
particularly  pleasing is that this is entirely  attributable  to  the
partial  realisation  of  just one of the  Company's  investments:  e-
district.net plc.

As a result of this distribution the hurdle on the performance related
carried  interest  arrangements relating to the Ordinary  Shares  fund
will be met and 1,960,324 new Ordinary Shares have been issued at  par
to  the  parties  entitled  under those  arrangements  who  will  also
participate in the proposed dividend to the extent of 39.8p per share.

I am pleased to report that the public offer of 'C' Shares launched on
1st  October  1999  raised, before expenses,  £30,261,496.  A  further
£2,738,500  was  raised after the tax year making an aggregate  amount
raised of £32,999,996.

I would like to take this opportunity of thanking all shareholders and
warrantholders for their continuing support of the Company.   My  next
statement will be in respect of the year to 30th September 2000.


Peter Dicks
Chairman

4th May 2000

ORDINARY SHARES FUND

Sapphire International Limited
Owns  the  long  established 'DataEase' family  of  computer  database
software products and has a worldwide base of several hundred thousand
users.   The  company  is now introducing new technology  that  allows
existing DataEase users to update their applications for client/server
operation and internet enablements.

Revaluation:  Sapphire Group completed a second round equity financing
with a third party resulting in a premium exceeding 80% on Foresight's 
equity cost.

Results  from  the  latest audited accounts  for  the  year  ended  31
December 1999: profit before tax £244,000, net assets £1,761,000

Date        Amount       Valuation   % Equity/   Loan       % of Ordinary
of          invested                 Voting      Stock      Shares
Investment  including                Rights                 Portfolio
            Loan Stock
July 1998   £1,000,000   £1,484,337  17.6%     £400,000 10%    5.1%
                                           Unsecured Loan Stock


Aran Software Plc
Is  a  leading  supplier  of  'Open Systems'  business  solutions  and
associated  services to wholesale, distribution and  banking  business
throughout the UK.  The company was formed in March 1999 when  Unisoft
Solutions  Group  Limited, the original Foresight  investment,  merged
with  Aran  Limited to form a larger business with annual revenues  of
around £8 million.

Since  the merger of the two companies a significant amount of product
and people reorganisation has taken place.  The benefits of the merger
have  taken longer to come through than expected.  The company is  now
trading  profitably.  However, the costs of  high  borrowing  place  a
continuing pressure on cash flow and it is anticipated that  Foresight
will  provide  a bridging facility of £400,000 in advance  of  another
capital raising to reduce the burden of debt.

Results from the latest audited accounts of Aran Limited for the  year
ended  31  March  1998:  loss  before  tax  £14,000,  net  liabilities
£1,345,000.

Results  from  the latest audited accounts of Unisoft Solutions  Group
Limited  for the year ended 31 March 1998: profit before tax  £44,000,
retained profit £35,000, net liabilities £796,000.

Date        Amount       Valuation   % Equity/      % of Ordinary
of          invested     at cost     Voting         Shares
Investment                           Rights         Portfolio
Oct 1998    £1,400,000               18.6% (plus    4.8%
                                     warrants to a 
                                     total of 40%)
            
                                           

Actimax plc
Supplies digital telecommunications systems to small and medium  sized
customers.   The  company's  management  team  previously  started   a
successful  telecommunications  business  and  developed  a  focus  on
customer   satisfaction.   Actimax  installs  complex   computer   and
telephone  combined systems using components from  suppliers  such  as
Ascom, Lucent and Intertel.

Since Foresight's investment the company has progressively reduced its
monthly trading losses and is now trading profitably.

Results from the latest audited accounts for the period ended 31 December
1999: operating loss £220,108, net liabilities £411,280.

Date        Amount       Valuation   % Equity/   Loan       % of Ordinary
of          invested                 Voting      Stock      Shares
Investment  including    at cost     Rights                 Portfolio
            Loan Stock
Nov 1998    £600,000     £1,484,337  42%     £120,000 10%    2.1%
                                     (plus 6% warrants) Unsecured Loan Stock



Survey and Development Services Limited
Is  a  specialist  geo-spatial  data software  products  and  services
company.   It  serves the growing market for digital mapping  and  the
building  of geographical information system databases.  The  products
include a software system that creates digital maps and a system  that
uses  satellite  positioning in conjunction with video  for  recording
facilities  for  utilities.  The company converts existing  maps  into
digital format.

The  company is emerging from a difficult period and is now
trading profitably on a month by month basis. A temporary facility  of
£100,000 was provided by shareholders in anticipation of the provision
of  a  convertible loan facility by a new investor of  £250,000.   The
provision  made at the end of the last year against the  cost  of  the
investment continues.

Results  from the latest audited accounts for the year ended  30  June
1999: loss before tax £404,152, net assets £916,925.

Date        Amount       Valuation   % Equity/   Loan       % of Ordinary
of          invested                 Voting                 Shares
Investment                           Rights                 Portfolio
Dec 1998    £550,000     £300,000    29.2%     £50,000      1%
            

CyberLife Technology Limited
Is  a leading artificial intelligence software company.  The range  of
products under development covers entertainment software (such as  the
computer  game  'Creatures') and productivity tools.   The  technology
also  relates to new platforms such as toys, mobile phones and digital
television.

Results from the latest audited accounts for the year ended 31  August
1999: loss before tax £1,322,150, net assets £3,178,459

Date        Amount       Valuation   % Equity/   % of Ordinary
of          invested     at cost     Voting      Shares
Investment                           Rights      Portfolio
Jan 1999    £1,000,000               5.3%        3.5%
            

Advanced Composites Group Limited
Is  a  well  established manufacturer of high technology carbon  fibre
composite  material,  with factories in Heanor  north  of  Derby,  and
Tulsa,  USA.   Successful  markets  include  F1  racing  cars,  sports
equipment, and aerospace applications.

Results  from  the  latest  consolidated  audited  accounts   of   the
subsidiary undertakings for the year ended 31 August 1999: loss before
tax £365,000, net assets £3,505,000.

Date          Amount       Valuation   % Equity/   % of Ordinary
of            invested     at cost     Voting      Shares
Investment                             Rights      Portfolio
March 1999    £1,500,000               26%         5.2%


e-district.net plc (formerly SyNet Communications Limited)
Runs  an internet portal site with an international community of  over
1.8 million registered users which generated approximately 120 million
page  hits  in March 2000.  The site provides an increasing number  of
facilities  including online games, e-mail, personal  home  pages  and
chat,  with  e-commerce being introduced.  The company was floated  on
the  AIM  market  in  March  2000 at a valuation  of  £149.7  million.
Foresight sold 6,623,030 shares in the flotation at a placing price of
195p per share to raise £12.39 million net of expenses.

Results  from  the  latest audited accounts for the  period  ended  31
December 1999:  profit before tax £81,059, net assets £517,554.

Date          Amount       Valuation     % Equity/   % of Ordinary
of            invested                   Voting      Shares
Investment                               Rights      Portfolio
March 1999    £341,319     £15,670,549   18.8%       54.2%


Telecom 'plus' plc (OFEX listed)
Offers  low  cost  telephone  services to  private  subscribers  using
relationship  marketing  as  a  means  of  obtaining  new   customers.
Services  currently offered include the provision of  fixed  wire  and
cellular  phone  services  with the company  acting  as  a  switchless
reseller.   This  business  is now growing rapidly  and  Telecom  plus
intends  to add gas and electricity to its offering shortly,  allowing
its customers to buy all major utilities from one source.

Results  from the latest audited accounts for the year ended 31  March
1999: loss before tax £1,135,000, net assets £281,000.

Date        Amount       Valuation  % Equity/    Loan       % of Ordinary
of          invested                 Voting      Stock      Shares
Investment  including                Rights                 Portfolio
            Loan Stock
June 1998   £475,000     £3,096,250  1.5%     £250,000      10.7%
                                              Convertible


The e-Exchange Limited
Has  designed and built an internet-based online trading  exchange  to
deal  in  the  PC  market.  The company went live  with  its  site  in
November and is now generating a growing volume of completed trades.

A  further financing round at a price 50% above our cost was completed
in  March.   This  investment has therefore has  been  valued  at  the
increased  price, some two months after the Company's  investment,  in
accordance with BVCA guidelines.

Results from the latest audited accounts for the period ended 31
December 1999: operating loss US$6,755,000, net liabilities
US$4,423,000

Date        Amount       Valuation  Ordinary   Convertible Warrants % Shares
of          invested                Shares     Loan                 Ordinary
Investment  including               US$ each   Stock                Portfolio
            Convertible
            Loan Stock
Jan 1998    £933,000     £1,399,500  50,000    450,000      100,000    4.8%
                                               units        exercisable
                                               exercisable  at US $3 per
                                               at US $1     ordinary
                                               per ordinary share
                                               share


THE 'C' SHARES FUND
UK Directory (Holdings) Limited (OFEX listed)
Operates  an  internet  directory  with  a  search  engine  containing
approximately 42,000 UK business web site addresses.  A magazine which
lists  some  21,000 web sites and has a circulation  of  approximately
17,000.  France Telecom uses the UK Directory database for its 'Voila'
web site.  Revenue is generated from advertising in various forms.

Results from the latest audited accounts for the period ended 31
August 1999: loss before tax £2,519, net liabilities £44,224.

Date         Amount      Valuation   % Equity/      % of 'C' Shares
of           Invested    at cost     Voting Rights  Portfolio
Investment
March 2000   £1,000,000              10%            3.5%


eclipsis.com Group plc (trading as Travelstore.com)
This  business has developed an internet-based travel site focused  on
the  business traveller/SME market.  The company is growing partly  by
acquiring existing travel agents.  Their target customers are frequent
travellers,  buying premium tickets, interested in other services  and
motivated by loyalty programmes.

A  further round of funding is currently in progress and is likely  to
raise more expansion capital at a price substantially higher than  our
cost.

Results from the latest audited accounts for the period ended 31 March
1999:loss before tax £508,153, net assets £647,445.

Date         Amount      Valuation   % Equity/      % of 'C' Shares
of           Invested    at cost     Voting Rights  Portfolio
Investment
Dec 2000     £1,000,000              3.3%            3.5%



FURTHER INVESTMENTS - 'C' SHARES FUND

KeepAhead Limited (Investment completed in April 2000)
Sends  out  a  growing  portfolio  of  quality  email  services  which
consumers  can  receive  virtually every day,  for  free.  Revenue  is
generated  from  advertising, and longer term  from  e-commerce.   The
services cover subjects like sport and current affairs.

The company has 75,000 registered users and is growing rapidly.

No audited accounts produced since incorporation in February 1999.
 Date of Investment     Amount Invested     % Equity/Voting Rights
     April 2000            £1,000,000       15% (plus 4% warrants)

                    Six months to                  Six months to 
                    31st March 2000                31st March 1999
                    (unaudited)                    (unaudited)

                    Revenue    Capital     Total    Revenue   Capital    Total
                          £          £         £          £         £        £

Unrealised gains 
  and losses on
  investments             - 30,181,102 30,181,102         -  101,929  101,929
Income              589,152          -    589,152    260,577       -  260,577
Investment 
  management fees   (77,801)  (233,405)  (311,206)   (32,612)(97,837)(130,449)
Other expenses     (184,967)         -   (184,967)   (86,406)      -  (86,406)
                   --------- ----------  ---------   -------- ------- --------
Return on ordinary
  activities before
  taxation          326,384 29,947,697 30,274,081    141,559   4,092  145,651
                    (97,916)    70,022    (27,894)   (29,727) 20,546   (9,181)
                   --------- --------- -----------   -------- ------  --------
Return attributable
  to equity
  shareholders      228,468 30,017,719  30,246,187   111,832  24,638  136,470
Dividends in
  respect of
  equity shares           - (11,889,529)(11,889,529)(109,427)      - (109,427)
                    -------- ---------- -----------  -------- ------- --------
Transfer to
  reserves          228,468  18,128,190  18,356,658    2,405  24,638   27,043
                    ------   ----------  ----------  -------- ------- --------
Return per Share:
  Ordinary Shares         0.84p   271.24p     272.08p      1.0p    0.2p   1.2p
                    ------   ----------  ----------  -------- ------- --------
Return per Share
  'C' Shares              0.94p   (0.78)p       0.16p         -      -       -
                    ------   ----------  ----------  --------- ------ --------


Unrealised gains and 
  and losses on
  investments             -       529,243       593,243                     
Income              437,381             -       437,381                       
Investment 
  management fees   (64,627)     (193,881)     (258,508)                     
Other expenses     (174,030)            -      (174,030)                      
                   --------       -------       --------
Return on ordinary
  activities before
  taxation          198,724       399,362       598,086                      
                    (69,355)       39,746       (29,609)                      
                   ---------      -------       --------   
Return attributable
  to equity
  shareholders      129,369       439,108        568,477                     
Dividends in
  respect of
  equity shares    (110,295)            -       (110,295)                  
                    --------      --------      ---------  
Transfer to
  reserves           19,074        439,108         458,182                    
 
                    ---------     ---------     ----------   
Return per Share:
  Ordinary Shares         1.17p            4.00p            5.17p            
                    ---------     ---------     ----------  
Return per Share
  'C' Shares              -                -                -               
                    ---------    ----------     ----------  



Analysis Between the Ordinary Shares and 'C' Shares Funds (unaudited)
       Six months to 31st March 2000       Six months to 31st March 2000
         Ordinary Shares Fund                    'C' Shares Fund
                   Revenue  Capital     Total       Revenue Capital   Total
       £                 £        £         £             £       £       £

Unrealised gains and 
losses on investments    -  30,203,153 30,203,153      -    (22,051)  (22,051)
Income              211,333          -    211,333  377,819       -    377,819
Investment management 
   fees             (34,418)  (103,256)  (137,674) (43,383)(130,149) (173,532)
Other expenses      (44,369)         -    (44,369)(140,598)       -  (140,598)
                   --------- ---------  --------- --------- -------- ---------
Return on ordinary 
  activities before 
  taxation          132,546 30,099,897 30,232,443  193,838 (152,200)   41,638
Tax on ordinary 
  activities        (39,764)    30,977     (8,787) (58,152)  39,045   (19,107)
                   --------- ---------  --------- --------- -------- ---------
      
Return attributable 
  to equity 
  shareholders       92,782 30,130,874 30,223,656  135,686 (113,155)   22,531
Dividends in respect 
  of equity shares       - (11,889,529)(11,889,529)      -        -         -
                    ------- ---------- ---------- -------- --------    ------
Transfer to reserves 92,782 18,241,345 18,334,127  135,686 (113,155)   22,531
                    ------- ---------- ---------- -------- --------    ------ 
     

            
Unaudited Balance Sheet
                    31 March 2000      31 March 1999       31 March 2000
                                             30th September 1999
                    (unaudited)   (unaudited)     (audited)
                         £         £     £       £       £       £
Fixed Assets
Investments               46,753,157      10,026,569      10,036,805
Monies held on deposit
  pending investment      10,180,399       299,668           719,032
                          ----------      ----------      ----------
                          56,933,556      10,326,237      10,755,837

Current Assets
Debtors and prepayments1,127,888   294,960         315,873
Cash at bank          12,001,680    31,226          31,937
                      ---------- ----------      ----------
                      13,129,568   326,186         347,810
Creditors: amounts falling due
  within one year    (12,260,006) (249,728)       (102,993)
                      ----------  ----------      ----------
Net current assets         869,562            76,458         244,817
                          ----------      ----------      ----------
Net assets                57,803,118      10,402,695      11,000,654
                          ----------      ----------      ----------
Capital and reserves
Called up share capital      413,700         109,427         111,085
Share premium account     38,485,364      10,177,011      10,342,173
Capital reserves          18,654,797         112,137         526,607
Revenue reserves             249,257           4,120          20,789
                          ----------      ----------      ----------
Equity shareholders' 
funds                     57,803,118      10,402,695      11,000,654
                          ----------      ----------      ----------
Net asset value per share
For Ordinary Shares of 1p each:
   Ordinary Shares             264.08p          95.1p           99.0p
   'C' Shares                   94.07p           -               -


Analysis Between the Ordinary Shares and 'C' Shares Funds (unaudited)
                      31st March 2000    31st March 2000
                    Ordinary Shares Fund 'C' Shares Fund
                             £     £     £         £
Fixed Assets
Investments               27,471,986      19,281,171
Monies held on deposit
  pending investment       1,421,911       8,758,488
                          ----------      ----------
                          28,893,897      28,039,659
Current Assets
Debtors and prepayments 497,938     766,021
Cash at bank         11,959,487      42,193
                     ----------   ----------
                     12,457,425     808,214

Creditors: amounts falling
  due within one 
  year              (12,016,541)   (379,536)
                     ----------   ----------
Net current assets           440,884         428,678
                            ----------    ----------
Net assets                29,334,781      28,468,337
                          ----------      ----------

Capital and reserves
Called up share capital      111,085         302,615
Share premium account     10,342,173      28,143,191
Capital reserves          18,767,952        (113,155)
Revenue reserves             113,571         135,686
                          ----------      ----------
Equity shareholders' 
   funds                  29,334,781      28,468,337
                          ----------      ----------



These  interim accounts for the six months ended 31st March 2000  have
been prepared to confirm that the Company has sufficient distributable
reserves  to support the interim dividend declared on 14th April  2000
which is payable on 8th May 2000.

They  are interim accounts as required by section 272 of the Companies
Act 1985 and are unaudited.

Notes:

1.  The  revenue column of the Statement of Total Return is the profit
and loss account of the Company.

2.  All  revenue  and capital items in the Statement of  Total  Return
derive from continuing operations.

3. In accordance with the policy statement published under 'Management
and  Administration'  in the Company's prospectus  dated  1st  October
1997,  the  Directors  have charged 75% of the  investment  management
expenses to the capital reserve.

4. Earnings for the first six months should not be taken as a guide to
the results for the full year.

5. The 'C' shareholders will be entitled to receive any dividends paid
out of the net income derived from the net assets allocable to the 'C'
Shares.

6.  An  interim dividend of 100p will be paid to Ordinary shareholders
on 8th May 2000 from the capital reserves of the Ordinary Shares fund.
When  this  was declared the Company became obliged to  issue  to  the
carried  interest  rights holders 1,960,324  Ordinary  Shares  at  par
carrying the entitlement to participate in this dividend to the extent
of 39.8 pence per Ordinary Share.

7.  In order that the Company might make this capital distribution, it
has  revoked  its status as an investment company, so that  under  the
Articles of Association, it can regard capital reserves as profits  of
the company available for distribution.

8.  Basic return per Ordinary Share and 'C' Share is based on the  net
revenue  on  ordinary  activities  after  taxation  and  is  based  on
11,108,500   Ordinary  Shares  (31st  March  1999:   10,944,777)   and
14,402,435 'C' Shares (1999: Nil).

9.  The net asset value per share for both the Ordinary Shares and the
'C'  Shares has been calculated on the appropriate allocation  of  the
Company's  assets  and  liabilities. Other than expenses  specifically
attributable  to one fund or the other, one quarter of costs  incurred
since 1st October 1999 has been allocated to the Ordinary Shares  fund
and three quarters to the 'C' Shares.

10. The financial information for the six months ended 31st March 2000
and 31st March 1999 has not been audited. The information for the year
ended  30th September 1999 does not comprise full financial statements
within  the  meaning  of section 240 of the Companies  Act  1985.  The
financial statements for the year ended 30th September 1999 have  been
filed with the Registrar of Companies.

The  auditors  have  reported on those financial statements  and  that
report  was unqualified and did not contain a statement under  Section
237 (2) of the Companies Act 1985.