Interim Results

Foresight  VCT PLC
26 September 2007

FORESIGHT VCT PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS



Summary

•   Net asset value per new Ordinary Share as at 30 June 2007 was 74.6p
    (compared to 81.4p as at 16 January 2007, the date of the merger of the 
    Ordinary and C Share funds).

•   £1.6 million of new share capital was raised during the six months under
    review.

•   The Company made a follow-on investment of £300,000 into High Integrity
    Solutions and £325,000 into Trilogy Communications.

•   Proceeds of £756,000 realised from the sale of Rapide Communication and the
    redemption of loan stock from SmartFOCUS.





CHAIRMAN'S STATEMENT

During the six months under review the merger of the Ordinary Shares fund and C
Shares fund was completed and this is the first report of the combined
portfolio. The net asset value at 30 June 2007 decreased 8.4% to 74.6p per new
Ordinary Share, compared to 81.4p per new Ordinary Share on 16 January 2007, the
date of the merger.

Among the Company's quoted holdings, Oxonica, Sarantel and ANT have
disappointed. On 27 April Oxonica's shares were suspended (at 117.5p) from the
AIM market following the termination of a contract for its fuel additive,
Envirox. Following an agreed settlement with Petrol Ofisi, Oxonica's shares
re-listed on 6 June but the impact of the contract loss on its share price was
significant and at 30 June its shares were trading at 60.0p. Oxonica was
Foresight VCT's largest holding and the movement in share price represented a
fall of £4.8 million in the period.

Sarantel announced 15 design wins for its antennae in its interim results to 31
March 2007 but continued to struggle to convert these wins into volume orders.
Sales for the six months ended 31 March 2007 were £1.5 million against £2.3
million a year earlier.  Existing investors including Foresight VCT have
committed to provide £2.1 million in ongoing working capital for the business.

ANT recently announced that the rollout of IPTV across its customer base was not
accelerating as quickly as originally anticipated and that the expected
reduction in current year revenues will result in a significantly greater loss
for 2007 than originally envisaged.

On the other hand, SmartFOCUS increased revenues by 52% and delivered £918,000
in operating profit in the year to 31 December 2006 and continues to make strong
progress. The company's share price improved from to 14.5p to 17.5p in the
period, representing an uplift of some £600,000.

Among the Company's unquoted portfolio companies, Actimax and Covion made
encouraging progress and improved profitability in the period, while
Skillsmarket successfully raised further capital to fund expansion. Actimax
achieved 58% sales growth to £5.0 million in the year to 31 December 2006 and a
four-fold increase in operating profits to £159,000. The company has continued
to win new orders in the current year and is optimistic about its full year
prospects. Covion Holdings continued to win new orders for its facilities
management services from companies such as Britvic, Cooper Avon Tyres and
Cosmetic Outsourcing Solutions International. As a result Covion reported
revenues in excess of £20 million and profits in excess of £1 million for the
year ended 31 December 2006. Skillsmarket successfully raised £2.8 million in
June 2007 to fund its ongoing activities. Although still loss making the company
is starting to achieve sales traction in its core markets.

During the period the Company made follow-on investments of £300,000 in High
Integrity Solutions Limited and £325,000 in Trilogy Communications Limited. High
Integrity Solutions made progress in winning contracts for its software
solutions for project engineers and has secured an order pipeline in excess of
£5 million but continues to operate at a loss. Trilogy Communications raised a
further £1.5 million from existing investors as it seeks to develop products for
the defence and homeland security markets.



Realisations

Foresight VCT received proceeds of £666,667 following the redemption of the loan
stock from SmartFOCUS and a further £88,860 from the sale of the remaining
holding in Rapide Communication (formerly Wire-e).




Results

The results for the six months from 1 January 2007 to 30 June 2007 are set out
below.  The net asset value per new Ordinary Share as at 30 June 2007 was 74.6p
(31 December 2006: N/A).  The total return (after tax) attributable to new
Ordinary Shareholders was a loss of 5.6p (31 December 2006: N/A).  Due to the
merger of the Ordinary Shares fund and C Shares fund on 16 January 2007,
comparative figures to 31 December 2006 are not applicable. The net asset value
per new Ordinary Share immediately following the merger on 16 January was 81.4p.



Dividend

The Company's dividend policy is to aim to distribute to shareholders a steady
flow of dividends from income and realised capital gains.

The Board is not recommending an interim dividend for the year ended 31 December
2007 at this time.



Valuation Policy

Investments held by the Company have been valued in accordance with the
International Private Equity and Venture Capital Valuation Guidelines (IPEVC)
developed by the British Venture Capital Association and other organisations,
under which investments are valued, as defined in the guidelines, at 'fair
value'.  Ordinarily, unquoted investments will be valued at cost for the 12
months following the date of acquisition as the most suitable approximation of
fair value unless there is an impairment in value during the period.  Quoted
investments and investments traded on AIM and OFEX are valued at the bid price
as at 30 June 2007. The portfolio valuations are prepared by Foresight Venture
Partners and are subject to approval by the Board.



Share Issues and Share Buybacks

The Board is pleased to announce that during the period the top-up offer was
closed, fully subscribed, in April 2007 having raised gross process of
approximately £1.6 million from the issue of 1,974,248 New Ordinary Shares.

The Dividend Investment Scheme raised approximately £36,000 in aggregate
following the issue of 45,663 New Ordinary Shares as a result of the 2p per
share dividend paid in January 2007.

Both of the above share issues were under the new VCT provisions that commenced
on 6 April 2006, namely: 30% upfront income tax relief which can be retained by
qualifying investors if the shares are held for the minimum five year holding
period.

As part of the Company's active buyback programme, 1,800,000 Ordinary Shares
were purchased for cancellation at a cost of £1,222,253.



Outlook

The market in which Foresight VCT operates continues to be buoyant in terms of
potential new investment opportunities. However at this time, the combined
portfolio is considered to be fully invested.  Consequently, while your manager
continues to monitor new opportunities it is currently limiting any further
commitments to existing portfolio companies.

Foresight Venture Partners continues to actively investigate liquidity
opportunities within the portfolio, which, if successful, should provide the
resources both to recommence making new investments and enable further
distributions to shareholders.



Peter Dicks

Chairman



 September 2007


 Unaudited Profit and Loss Account

For the six months ended 30 June 2007
                               Six months                     Six months                        Year ended
                               ended 30                       ended 30                          31 December
                               June 2007                      June 2006                         2006
                                                              Restated
                               (unaudited)                    (unaudited)                       (audited)
                                                                     

                    Revenue     Capital     Total     Revenue    Capital    Total       Revenue    Capital     Total
                          £           £         £           £          £        £             £          £         £
Unrealised losses         -  (2,008,811)  (2,008,811)      -  (4,919,982) (4,919,982)       -  (3,353,701)  (3,353,701)
on investments
Realised (losses)/        -     (44,473)    (44,473)       -     212,219     212,219        -     218,789      218,789
gains on
investments
Income              219,668          -      219,668    236,561         -     236,561    497,635         -      497,635
Investment         (116,067)   (348,199)   (464,266)  (133,328)  (399,984)  (533,312)  (250,403) (751,208)  (1,001,611)
management fees
Other expenses     (236,003)         -     (236,003)  (297,725)        -    (297,725)  (501,885)        -     (501,885)

Loss before        (132,402) (2,401,483) (2,533,885)  (194,492) (5,107,747)(5,302,239) (254,653) (3,886,120) (4,140,773)
taxation
Taxation                 -           -            -        -           -           -       (477)        477           -

Loss for the       (132,402) (2,401,483) (2,533,885)  (194,492) (5,107,747)(5,302,239) (255,130) (3,885,643) (4,140,773)
period




Earnings per share


New Ordinary       (0.29)p    (5.31)p     (5.60)p                              N/a                           N/a
Shares
 Ordinary Shares    N/a        N/a          N/a                             (7.07)p                         (3.17)p


 C Shares           N/a        N/a          N/a                            (11.90)p                        (10.38)p





All revenue and capital items in the profit and loss account derive from
continuing operations. There were no other recognised gains or losses for the
period.

Earnings for the period should not be taken as a guide to the results for the
full year.




Unaudited Balance Sheet
as at 30 June 2007       30 June 2007            30 June 2006          31 December 2006
                         (unaudited)             (unaudited)               (audited)
                                                  
                             £         £              £          £          £          £
Non-Current Assets
Assets held at fair                31,376,219                32,201,449            33,560,030
value through profit or
loss - Investments

Current Assets
Debtors and prepayments    840,494                   898,876              871,954
Current investments      1,933,944                 2,873,443            2,593,769
Cash at bank               225,235                     7,619               34,092
                                    2,999,673                 3,779,938             3,499,815
Current Liabilities
Other creditors            398,394                   250,194              263,039
Accruals                   145,887                   163,132              139,575
                                    (544,281)                 (413,326)             (402,614)
Net current assets                  2,455,392                 3,366,612             3,097,201

Net assets                         33,831,611                35,568,061            36,657,231

Capital and reserves
Called up share capital               453,730                   498,674               497,674
Share premium account
                                    8,626,161                 7,014,309             7,014,309
Special distributable              21,608,376                24,208,564            23,785,791
reserve
                                    1,914,213                 1,722,810             3,296,391

-Revaluation reserve
Distributable reserve               1,229,131                 2,123,704             2,063,066
Equity shareholders'               33,831,611                35,568,061            36,657,231
funds

Net asset value per
share of 1 pence each:
       New Ordinary                    74.56p                       N/a                   N/a
Shares
       Ordinary Shares                    N/a                    51.27p                55.25p
       C Shares                           N/a                    79.78p                81.44p




Unaudited Cashflow Statement for the six months ended 30 June 2007


                                                          Six months ended     Six months ended   Year ended 31
                                                          30 June 2007         30 June 2006       December 2006
                                                           (unaudited)          (unaudited)           (audited)
                                                           

                                                                   £                     £                 £
Operating activities
Dividends received                                                  32,638                      -            6,260
Deposit and similar interest                                       196,650                223,042          477,037
Other cash receipts                                                  3,680                      -            7,360
Investment management fees paid                                  (676,023)              (503,156)        (717,786)
Other cash payments                                                135,581              (233,349)        (494,578)
Net cash outflow from operating activities                       (307,474)              (513,463)        (721,707)

Investing activities
Purchase of non-current investments                              (625,000)              (250,000)        (400,000)
Sale of non-current investments                                    755,527              1,562,743        1,927,742
Net cash inflow from investing activities                          130,527              1,312,743        1,527,742

Net cash (outflow)/inflow before financing and liquid            (176,947)                799,280          806,035
resource management

Management of liquid resources
(Decrease)/increase in current investments                         659,825              (124,273)          155,401
                                                                   659,825              (124,273)          155,401

Financing
Purchase of own shares                                         (1,222,253)              (767,712)      (1,027,667)
Issue of shares                                                  1,632,051                      -           13,921
Equity dividends paid                                            (701,533)               (61,599)         (75,521)
                                                                 (291,735)              (829,311)      (1,089,267)

Net increase/(decrease) in cash                                    191,143              (154,304)        (127,831)



Unaudited Reconciliation of Movement in Shareholders' Funds

For the six months ended 30 June 2007


                                                          Six months ended     Six months ended   Year ended 31
                                                          30 June 2007         30 June 2006        December 2006
                                                           (unaudited)          (unaudited)        (audited)
                                                           

                                                                   £                     £                 £

Opening shareholders' funds                                     36,657,231             41,795,683       41,795,683
Net share capital subscribed/(bought back) in the period           409,798              (849,862)        (922,158)
Loss for the period                                            (2,533,885)            (5,302,239)      (4,140,773)
Dividends paid in the period                                     (701,533)               (75,521)         (75,521)
Closing shareholders' funds                                     33,831,611             35,568,061       36,657,231


Notes to the Unaudited Financial Statements

For the six months ended 30 June 2007



1.       Principal accounting policies


The following accounting policies have been applied consistently throughout the
period. Full details of accounting policies will be disclosed in the Annual
Report and Financial Statements.



          a) Basis of Accounting


The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice, and with the 2003 Statement of Recommended
Practice, Financial Statements of Investment Trust Companies', revised December
2005.

 As a result of the Directors' decision to distribute capital profits by way of
a dividend, the Company revoked its investment company status as defined under
section 266 (3) of the Companies Act 1985, in March 2000.

Consequently, the financial statements have been drawn up to include a statutory
profit and loss account in accordance with Schedule 4 of the Companies Act 1985
and Financial Reporting Standard 3 'Reporting Financial Performance'. This has
no effect on total returns or net assets per share.


          b) Investments


Investments are classified as fair value through profit or loss.

Quoted investments are stated on a bid price basis in accordance with FRS 26.

Unquoted investments are stated at fair value by the Directors in accordance
with the following rules, which are consistent with IPEVCV guidelines:


i investments which have been made in the last 12 months are at fair value,
unless another methodology gives a better indication of fair value, will be
cost;

ii Investments in companies at an early stage of their development are also
valued at  fair value, which unless another methodology gives a better
indication of fair value, will be at cost; and

iii. Investments which have been held for more than 12 months and which have
gone beyond the stage of their development in (ii) above are valued, in the
absence of overriding factors, using a suitable price-earnings ratio discounted
to reflect the lack of marketability. Where overriding factors apply alternative
methods of valuation will be used.  These will include the application of a
material arms length transaction by an independent third party, cost, cost less
provision for impairment, discounted cash flow, or a net asset basis.

Unrealised capital gains and losses on investments are dealt with in the
revaluation reserve and any movements are reflected through the profit and loss
account. The only exception to this rule occurs when the Directors believe that
there has been a permanent diminution in the value of an investment. In such
circumstances, the associated write down in the value of the investment is
charged directly through the face of the profit and loss account.



2.   On 16 January 2007, 14,791,348 Ordinary Shares held at 15 January
were redesignated as 10,177,029 C shares in accordance with a Conversion Ratio
such that the total number of shares so redesignated is in proportion to the
ratio which the Unaudited net asset value of the Ordinary Shares Fund portfolio
bore to the Unaudited net asset value of the C Shares Fund portfolio as at 15
January 2007. The balance of 4,614,319 Ordinary Shares in each Shareholder's
holding of Ordinary Shares, having a nominal value of £46,143 was redesignated
as Deferred Shares and was purchased by the Company for an aggregate amount of
1p. All of the resulting 45,153,120 C Shares were then redesignated as New
Shares and the articles of association of the Company were amended so that all
of the assets and liabilities of the Company as at 16 January 2007 were merged
into a single pool of assets and liabilities to which the holders of the New
Shares are exclusively entitled.

3.       In accordance with the policy statement published under 'Management and
Administration' in the Company's prospectuses dated 1 October 1997 and 14
October 1999, the Directors have charged 75% of the investment management
expenses to the capital reserve.


4.       The New Ordinary Shareholders will be entitled to receive any dividends
paid out of the net income from the net assets attributable to the New Ordinary
Shares.

5.       The Company revoked its status as an investment company in March 2000,
so that it can regard capital reserves as profits of the Company available for
distribution. The Company has not reapplied and does not intend to re-apply for
investment company status.


6.       Income



                                                          Six months ended     Six months ended   Year ended 31
                                                              30 June 2007         30 June 2006   December 2006         
                                                               (unaudited)          (unaudited)      (audited)
                                                                       £                     £                 £

Dividends                                                           32,638                  4,024           10,284
Overseas based OEICS                                                52,757                 73,626          135,894
Loan stock interest                                                127,315                150,825          334,651
Bank deposits                                                        4,416                  2,963            5,122
Other                                                                2,542                  5,123           11,684
Total Income                                                       219,668                236,561          497,635







7.       Current investments at 30 June 2007 represent funds invested in 3
Dublin based OEIC money market funds managed by Blackrock Investment Managers,
Insight Investment Management and Royal Bank of Scotland.



8.       Earnings and return per share


     The basic earnings, revenue return and capital return per share shown below
for each period are respectively based on numerators i)-iii), each divided by
the weighted average number of shares in issue in the period - see iv) below


Earnings and return per share
New Ordinary Shares                                                                   Six months ended
                                                                                          30 June 2007
                                                                                                    £

Total earnings after taxation                                                             (2,533,885)
i) Basic earnings per share (pence)                                                         (5.60)p                     
                                                   
Net revenue from ordinary activities after taxation                                       ( 132,402)
ii) Revenue return per share (pence)                                                        (0.29)p
Capital loss                                                                              ( 2,401,483)
iii) Capital loss per share (pence)                                                         (5.31)p
iv) Weighted average number of shares in issue in the period

                                                                                          45,222,731


Ordinary Shares fund                                                  Six months ended          Year ended
                                                                          30 June 2006    31 December 2006
                                                                                     £                   £

Total earnings after taxation                                            (1,063,082)          ( 473,972)
i) Basic earnings per share (pence)                                          (7.07)p             (3.17)p
Net revenue from ordinary activities after taxation                          (8,907)               8,291
ii) Revenue return per share (pence)                                         (0.06)p               0.06p
Capital loss                                                             (1,054,175)          ( 482,263)
iii) Capital loss per share (pence)                                          (7.01)p             (3.23)p

iv) Weighted average number of shares in issue in the period              15,037,434           14,913,380
                                                                                                



C Shares fund
                                                                                                                        
                                                                                                                        
     

                                                               Six months ended          Year ended
                                                                   30 June 2006    31 December 2006
                                                                              £                   £
                                                
Total earnings after taxation                                       (4,239,157)        ( 3,666,801)
i) Basic earnings per share (pence)                                    (11.90)p            (10.38)p
Net revenue from ordinary activities after taxation                   (185,585)           (263,421)
ii) Revenue return per share (pence)                                    (0.52)p             (0.75)p
Capital loss                                                       (4,053,572))        ( 3,403,380)
iii) Capital loss per share (pence)                                    (11.38)p             (9.63)p

iv) Weighted average number of shares in issue in the period        35,632,610           35,337,543
                                                                                                


9.     Net asset value per New Ordinary Share is based on net assets at the end
of the period, and on 45,373,031 New Ordinary Shares, being the number of
Ordinary Shares in issue on that date.


10.    The financial information for the six months ended 30 June 2007 has not
been audited or previously published. The information for the year ended 31
December 2006 does not comprise full financial statements within the meaning of
Section 240 of the Companies Act 1985. The financial statements for the year
ended 31 December 2006 have been filed with the Registrar of Companies. The
auditors have reported on these financial statements and that report was
unqualified and did not contain a statement under Section 237(2) of the
Companies Act 1985.








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