Annual Financial Report

Hargreave Hale AIM VCT1 Plc - 7 January 2010

Hargreave Hale AIM VCT1 Plc announced its results for the year ended 30
September 2009 on 31 December 2009. The full Financial Statements can be
accesed on the Company's
website 

http://www.hargreave-hale.co.uk/VCT/aimvct/reports.htm or alternatively
via the link at the bottom of the report.

FINANCIAL HIGHLIGHTS


  Ordinary Shares:                                   2009      2008



  Net asset value per share                          63.98p    66.21p

  Cumulative distributions paid since launch         17.00p    14.00p

  Net asset value total return                       80.98p    80.21p



  Discount to Net Asset Value (based on mid-market   22.6%     8.62%
  price at balance sheet date)



  Returns per share:

  Revenue return                                     (0.31)p   0.38p

  Capital return                                     (1.27)p   (36.01)p

  Total return                                       (1.58)p   (35.63)p



  Dividends:

  Interim paid                                       2.0p      4.0p

  Final proposed                                     -         1.0p*

  Total dividend for year                            2.0p      5.0p


  *Dividend paid on 26 January 2009




  C Ordinary Shares:                                 2009      2008



  Net asset value per share                          -         82.06p

  Cumulative distributions paid since launch         -         3.20p

  Net asset value total return                       -         85.62p

  Net asset value total return since launch at 95p   -         85.62p



  Share price (mid)                                  -         77.5p



  Discount to Net Asset Value (based on mid-market   -         5.56%
  price at balance sheet date)



  Returns per share:

  Revenue return                                     -         1.24p

  Capital return                                     -         (13.92)p

  Total return                                       -         (12.68)p



  Dividends:

  Interim paid                                       -         0.7p

  Final proposed                                     -         -

  Total dividend for year                            -         0.7p




CHAIRMAN'S STATEMENT

Introduction
The  financial results for  the year to  30 September 2009 reflect the difficult
economic  environment in the UK during  this period. At 30(th) September the NAV
was  63.98 pence  which  after  adjusting  for  the dividends paid represents an
effective  1.0% increase for the  period. This compares  with a 6.1% rise in the
all-share  index and a 3.9% rise in the AIM index during the same period. Losses
per  ordinary share for  the year were  1.58 pence per share (comprising revenue
losses of 0.31 pence and capital losses of 1.27 pence).

Following the appointment of Administrators to Keydata Investment Services
Limited your Board has appointed Hargreave Hale Limited to take over the
administrative services in respect of the Company and Giles Hargreave, CEO of
Hargreave Hale Limited has joined the Board as a non-executive director to
replace Stewart Ford who resigned.

Conversion of C shares
On  7 October 2008, in accordance with the Articles of Association, the C shares
were  converted into new Ordinary shares based on the respective net asset value
per  share of each fund at  30 September 2008. The conversion ratio was 1.23935
new  ordinary shares for  each C share  held on 7 October 2008. The 17,719,270 C
shares  in issue were  converted into 21,959,891 new  ordinary shares which rank
pari  passu with the existing ordinary shares. The two investment funds combined
from this date.

Investment
The  Investment  Manager,  Hargreave  Hale,  invested  a  further £340,000 in 2
qualifying companies during the year and made disposals or part disposals of 14
of  the AIM investments, realising a net loss on sale of £3,199K.  The bid value
of qualifying investments at 30 September 2009 was £10.3 million invested in 47
AIM companies, the balance was held in non-qualifying AIM stocks.

Tender Offer
At  the EGM, held on 19(th) May, a special resolution was passed by shareholders
to  give approval  for a  tender offer  of up  to 8,000,000 ordinary shares at a
price of 52 pence per share. Valid acceptances were received by the closing date
of  30 April 2009 from 179 shareholders for 5,076,447 ordinary shares which were
repurchased  for  cancellation  (2,365,313  shares)  and holding in treasury for
issue by the company at a future date (2,711,134 shares).

Change of name
At the general meeting on 30 September 2009 it was approved that the Company
name be changed to "Hargreave Hale AIM VCT1 Plc" to more closely reflect the new
arrangements and its relationship with Hargreave Hale Limited. I am pleased to
report that this change of name is now completed.

Dividend
An  interim dividend of 2 pence was paid  on 30 June 2009. It is not proposed to
declare  a dividend at this  time but your board  is committed to paying regular
dividends and will keep the matter under review.

Outlook
The  UK economic cycle is now at  a critical point. The 2008-09 recession, which
was  much deeper than  most people envisaged,  now appears to  be abating albeit
that  it has not yet  technically ended. The CBI  stated that the UK economy was
expected  to emerge from recession through modest growth in the third and fourth
quarters  of 2009. However we remain cautious as we believe the economy is still
fragile and that any growth in the immediate future will be slow and modest.

Sir Aubrey Brocklebank Bt
Chairman
Date: 31 December 2009


For further information, please contact:-
Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT1 Plc
01253 754740




[HUG#1369462]





    Hargreave Hale AIM VCT1 Plc Annual Report 30 September 2009: 

http://hugin.info/142351/R/1369462/335359.pdf