Half-yearly report
HARGREAVE HALE AIM VCT 1 PLC FORMERLY KEYDATA AIM VCT plc
Unaudited Interim Results for the six month period ending 31 March 2010
Chairman's Statement
During the six month period the NAV increased by 0.13%. During the same period
the FTSE AIM All Share index rose by 8.81%.
Results
The net asset value per ordinary share increased to 64.06 pence during the
period. Adjusted for dividends paid, the total return for ordinary shareholders
is 81.06 pence, a 0.01% increase in the period and for C shareholders (now
converted to ordinary shares) a total return of 86.31 pence, a 0.12% increase in
the period. The loss per ordinary share for the period was 0.18 pence
(comprising revenue losses of 0.16 pence and capital losses of 0.02 pence).
The Manager invested £0.45 million in 3 qualifying AIM companies during the
period and made full or part disposals of 7 of the qualifying investments,
realising a net gain of £0.04 million. In addition, 2 qualifying investments
went into administration during the period (Relax Group plc and Hexagon Human
Capital Group) realising a combined loss of £0.95 million. A further £1.58
million was invested in 19 non-qualifying equity investments and 23 companies
were sold (in full or in part) realising a net gain on sale of £0.13 million in
the period. The bid value of qualifying investments at 31 March 2010 was £9.62
million invested in 41 AIM companies and £0.21m in Mexican Grill (an unquoted
company) valued at cost. The bid value of non-qualifying investments at 31 March
2010 was £1.46 million invested in 22 listed or AIM companies. £4.35 million was
held in UK gilts and corporate bonds. With respect to the 70% investment test,
as at 31 March 2010, 79.49% of the Company's investments were in qualifying
companies.
Shares Repurchased
1.06 million shares were repurchased during the six month period ending 31 March
2010 at a cost of £0.61 million and an average price of 57 pence.
Dividend
An interim dividend of 2p will be payable to ordinary shareholders in respect of
the period. The interim dividend will be payable on 2 July 2010 to ordinary
shareholders on the share register on 11 June 2010. A final dividend will be
considered at the year end.
Linked Offer for Subscription
At a General Meeting held on the 19 February 2010 the resolutions were passed in
relation to the Offer. The 2009/2010 Offer resulted in funds being received of
£0.66 million and 0.99 million shares being issued. The 2010/2011 Offer will
conclude on 31 July 2010 (unless the Offer is otherwise closed earlier or
extended).
Outlook
Whilst the economy seems to have avoided the worst recession that was feared the
cost has been an unprecedented level of Government borrowings and an enormous
ongoing budget deficit. The new government has recognised that this is not
sustainable for long and has started to make cuts. It faces a hard balancing act
between fiscal rectitude and killing off the green shoots of recovery.
I am hopeful that we will see continued recovery but there is little doubt that
we live in uncertain economic times. If the market suffers a reversal we may see
prices go lower. Because a VCT has to maintain 70% of its assets in qualifying
companies the manager would have little scope to sell assets in such
circumstances. However I believe that your portfolio is largely comprised of
robust companies with competent management and good growth plans and will be
well placed to weather any such storm.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code 'HHV', or on our own dedicated website at
www.hargreave-hale.co.uk/VCT/aimvct.
Sir Aubrey Brocklebank Bt
Chairman
28 May 2010
Investment Managers report
Market Commentary
The stock market rally continued through the autumn and into the New Year,
driven higher in part by a belief that monetary policy would remain unchanged
for an extended period of time, but also by improving macro data and strong
corporate results. However, the New Year brought a renewed focus on the fiscal
imbalances that remain in place: notably the very large levels of public debt,
high deficits and the potential for one or more Sovereign defaults. Â Recent
measures put in place by the ECB have averted a potential default in the
short-term, but there remain concerns that the accompanying austerity packages
will depress the outlook for growth within the Eurozone region. The FTSE
All-Share gained 10.5% in the six months to 31 March 2010, although as I write
it sits below its closing price on 30 September 2009 level. Â Of more direct
relevance, FTSE AIM All-Share was +8.8% whilst the FTSE UK Small Cap (Ex Inv
Trust) was -7.1%. Both these indices have also suffered falls since 31 March
2010.
Portfolio Performance
The NAV was almost unchanged in the first half, a mildly disappointing result in
our opinion. We suffered some mixed results within both the qualifying and
non-qualifying elements of the portfolio that broadly offset one another. Major
successes included Abcam and Animalcare: both companies continue to trade well.
 The biggest disappointment was Cohort, our largest holding at the year end,
which announced the discovery of some accounting irregularities in one of its
divisions. The revisions resulted in a restatement of their prior year accounts
and reduced expectations for the current trading. The company moved quickly to
address the situation and has since announced several large contract wins with a
combined value of £60m giving the company its largest ever visible order book.
There has been a partial recovery in the share price and we remain confident
that the company will make further progress.
FDM was subject to a successful MBO and MAMA Group was acquired by HMV. Â Both
deals were above the price paid and a profit was realised in the period. Â At the
other end of the spectrum, St Helen's Capital was also acquired by Whim Gully
Capital at a loss whilst Hexagon and Relax fell into administration. The net
effect was broadly neutral for the period.
The non-qualifying equity allocation delivered realised gains of 0.49p per share
and remains a key part of our strategy to generate distributable reserves.
Portfolio Structure
By market value, the fund has 59% of its assets invested in qualifying equities,
with another 9% in non-qualifying equities. Our fixed income weighting remained
fairly static at 26%. Cash was unchanged at 6%.
Buybacks
1,064,606 shares were bought back in the six months to 31 March 2010. The
average price paid was 57.36p per share.
Investment Test
At 79.5% invested (as measured using HMRC's methodology), the VCT remains
comfortably above the 70% investment test threshold, allowing us a greater level
of flexibility in our approach to the qualifying portfolio. Â We made three
qualifying investments in the period in Egdon Resources, Mexican Grill and
Reneuron Group.
Hargreave Hale Limited
28 May 2010
Income Statement for the six month period to 31 March 2010 (unaudited)
                        For the six month period to
                        31 March 2010 (unaudited)
                    Revenue   Capital    Total
                      000     000     000
Realised gains on investments         -    (762)    (762)
Unrealised losses on investments        -     811     811
Income                    152      -     152
                    -------- ----------   --------
                      152     49     201
Management fee                (18)    (56)     (74)
Other expenses               (176)     -     (176)
                    -------- ----------   --------
                      (194)    (56)    (250)
                    --------  --------   --------
Profit (loss) before taxation        (42)     (7)     (49)
Taxation                    -      -      -
                    --------  --------   --------
Profit (loss) after taxation         (42)     (7)     (49)
                    --------  --------   --------
Earnings (loss) per share (Note 2)     (0.16)p   (0.02)p   (0.18)p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.
Income Statement for the six month period to 31 March 2009(unaudited)
                        For the six month period to
                         31 March 2009 (unaudited)
                    Revenue   Capital     Total
                      000     000     000
Realised gains on investments            (1,595)   (1,595)
Unrealised gains on investments        -    (691)    (691)
Income                    216      -     216
                    --------  --------   --------
                      216   (2,286)   (2,070)
Management fee                (21)    (62)     (83)
Other expenses               (177)     -     (177)
                    --------  --------   --------
                      (198)    (62)    (260)
                    --------  --------   --------
Profit before taxation            18   (2,348)   (2,330)
Taxation                    -      -      -
                    --------  --------   --------
Profit after taxation             18   (2,348)   (2,330)
                    --------  --------   --------
Earnings per share (Note 2)         0.06p   (7.28)p   (7.22)p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.
Balance sheet as at 31 March 2010 (unaudited)
                         31 March    31 March
                         2010      2009
                         (unaudited)   (unaudited)
                            000       000
Fixed assets
Investments                     15,629      13,033
                          --------     --------
Current assets
Prepayments and accrued income              58        44
Cash at bank and on deposit              1,079      5,635
                          --------     --------
                           1,137      5,679
Creditors: amounts falling due within one year
Accruals and deferred income              (193)       (71)
                          --------     --------
Net current assets                   944      5,608
                          --------     --------
Net assets                      16,573      18,641
                          --------     --------
Capital and Reserves
Called up share capital                 286       322
Capital redemption reserve               756       718
Capital reserve - realised              (4,552)     (1,939)
Capital reserve - unrealised             (2,323)     (6,351)
Special reserve                   22,281      25,614
Revenue reserve                     125       277
                          -------     -------
Equity shareholders' funds              16,573      18,641
                          -------     -------
Net asset value per share (Note 4)          64.06p      57.91p
Cash flow statement for the six month period to 31 March 2010 (unaudited)
                           2009       2008
                            000       000
(Loss) profit before taxation              (42)       18
Management fee charged to capital            (56)       (62)
Decrease (increase) in debtors              37       112
Increase (decrease) in creditors             66       (10)
                          -------     -------
Net cash inflow from operating              5        58
activities
Financial investment:
Purchase of investments               (2,274)     (7,592)
Sale of investments                  2,772      12,967
                          -------     --------
Net financial investment                498      5,375
Dividends paid                      0       (322)
Cash inflow before management of liquid
resources                        503      5,111
                          -------     --------
Financing
Purchase of shares for cancellation          (611)       (85)
Proceeds from issue of shares              127        0
                          -------     --------
Net financing                     (484)       (85)
                          -------     --------
Increase/(decrease) in cash               19      (5,026)
                          -------     --------
Reconciliation of movements in shareholders' funds for the six month period to
31 March 2010 (unaudited)
            Share  Capital   Capital  Special  Revenue   Capital
           Capital  Reserve   Reserve  Reserve  Reserve Redemption
                Realised Unrealised            Reserve
             000    000     000    000    000     000
At beginning of period   294   (3,735)   (3,134)  22,765    167     745
Realised gains on      -    (762)     -     -     -      -
investments
Unrealised gains on     -     -     811     -     -      -
investments
Management fee charged    -    (56)     -     -     -      -
to capital
Equity dividends paid    -     -      -     -     -      -
Shares repurchased for   (11)     -      -   (611)    -     11
cancellation
Proceeds from        2     -      -    126     -      -
issue of shares
Profit after taxation    -     -      -     -    (42)     -
for the period      ------  -------  -------  ------- --------   -------
At end of period      285   (4,553)  (2,323)  22,280    125     756
            ------  -------  -------  ------- --------   -------
Reconciliation of movements in shareholders' funds for the six month period to
31 March 2009 (unaudited)
            Share  Capital   Capital  Special  Revenue  Capital
           Capital  Reserve   Reserve  Reserve  Reserve Redemtion
                Realised  Unrealised           Reserve
             000    000     000    000    000    000
At beginning of period   989     40    (5,660)  25,699    259     51
Conversion of C shares  (666)     -      -     -     -    666
Realised gains on      -   (1,595)    1,838     -     -     -
investments
Unrealised gains on     -     -    (2,529)    -     -     -
investments
Management fee        -    (62)      -     -     -     -
charged to capital
Equity dividends paid    -    (322)      -     -     -     -
Shares repurchased for   (1)     -      -    (85)    -     1
cancellation
Proceeds from        -     -      -     -     -     -
issue of shares
Profit after taxation    -     -      -     -    18     -
for the period     ------   ------    ------  ------- --------  -------
At end of period      322   (1,939)   (6,351)  25,614    277    718
            ------   ------    ------  ------- --------  -------
Notes to the interim report
1 Â Â The accounts of the company are prepared in accordance with Accounting
Standards applicable in the United Kingdom. The accounting policies used in
preparing this report are consistent with those to be adopted at the year end.
All AIM investments are valued at bid price.
2 Â Â The loss per ordinary share of 0.18p is based on the losses after tax for
the period of 49,094 and the weighted average number of ordinary shares in issue
over the period of 26,180,890.
3 Â Â The results should not be taken as a guide to the results for the financial
period ending 30 September 2010.
4 Â Â The net asset value per ordinary share at 31 March 2010 of 64.06p is based
on net assets of 16,572,770 and on 25,870,079 shares, being the number of
ordinary shares in issue as at 31 March 2010.
5 Â Â The financial information contained in the 31 March 2010 income statement,
balance sheet, cash flow statement and reconciliation of movements in
shareholders' funds does not constitute full financial statements and has not
been audited.
Investment portfolio summary as at 31 March 2010
Qualifying investments     Book cost      Valuation     Valuation
                  000         000         %
Abcam Plc              167        1,229        7.9
Advanced Computer Software      400         918        5.9
Intercede Group           518         659        4.2
Animal Care             300         655        4.2
Cohort Plc              800         553        3.5
Brulines Holdings          510         518        3.3
Pressure Technologies        340         487        3.1
Craneware              150         453        2.9
K3 Business Tech           270         378        2.4
Vertu Motors             600         350        2.2
Mount Engineering          400         343        2.2
Rotala                400         307        2.0
Keycom                300         263        1.7
CBG Group              534         238        1.5
I-Dox                150         230        1.5
Mexican Grill A Pref         185         185        1.2
Egdon Resources           158         170        1.1
Chime                220         156        1.0
Neutra Health Plc          315         142        0.9
Universe Group            385         137        0.9
Maxima Holdings           251         134        0.9
Infrastrata              46         126        0.8
Legion Group             250         125        0.8
Reneuron Group            238         102        0.6
Feedback               201         101        0.6
Autoclenz Holdings          256          96        0.6
Tangent Communications        300          92        0.6
Energetix Group           380          92        0.6
Advanced Power Components      148          82        0.5
Expansys               331          76        0.5
Plastics Capital           250          70        0.4
Jelf Group              174          64        0.4
Innovisdion research & Technology  174          56        0.4
Tasty Plc              288          51        0.3
Progressive Digital         173          44        0.3
Richoux               300          42        0.3
Invocas Group            169          23        0.1
Infoserve Group           200          22        0.1
Mexican Grill             20          20        0.1
Hardide               396          13        0.1
Enfis Group             146          10        0.1
Sports Media Group          300          10        0.1
Invu                 200          4        0.0
                --------       --------      --------
Total qualifying investments   12,293        9,826        62.8
Non-qualifying investments
Anglo Pacific            159         180        1.2
BP Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 147 Â Â Â Â Â Â Â Â 156 Â Â Â Â Â Â Â 1.0
Legion Group             162         148        1.0
IMI Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 107 Â Â Â Â Â Â Â Â 132 Â Â Â Â Â Â Â 0.8
Cape                 126         114        0.7
Westhouse              110         100        0.6
Cove Energy              36          95        0.6
EMIS Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 82 Â Â Â Â Â Â Â Â Â 95 Â Â Â Â Â Â Â 0.6
Optare                140          90        0.6
Sainsbury               85          82        0.5
TT Electronics            70          75        0.5
Lookers                62          57        0.4
Clerkenwell Ventures         47          38        0.2
Advanced Medical           33          36        0.2
Alliance Pharma            26          33        0.2
Craneware               8          10        0.1
Abcam                 8          9        0.1
Animal Care              2          2        0.0
Advanced Computer Software       2          2        0.0
Vertu Motors              3          1        0.0
Tasty Plc               2          0        0.0
Enfis Group              0          0        0.0
                --------       --------      --------
Non-qualifying equity investments 1,417 Â Â Â Â Â Â Â 1,455 Â Â Â Â Â Â Â 9.3
Treasury 2.25% 2014 Â Â Â Â Â Â Â 1,467 Â Â Â Â Â Â Â 1,499 Â Â Â Â Â Â Â 9.6
Treasury 2.5% 2016 Â Â Â Â Â Â Â Â Â 491 Â Â Â Â Â Â Â Â 529 Â Â Â Â Â Â Â 3.4
                --------       --------      --------
Total UK Gilts           1,958        2,028        13.0
                --------       -------      --------
Lloyds TSB 4% 2011 Â Â Â Â Â Â Â Â 1,024 Â Â Â Â Â Â Â 1,041 Â Â Â Â Â Â Â 6.7
Nationwide BS 3.75% 2011 Â Â Â Â Â 1,018 Â Â Â Â Â Â Â 1,036 Â Â Â Â Â Â Â 6.6
Nationwide BS 7.971% 2049 Â Â Â Â Â 242 Â Â Â Â Â Â Â Â 243 Â Â Â Â Â Â Â 1.6
                --------       --------      --------
Total UK Corporate Bonds      2,284        2,320        14.9
                --------       -------      --------
Total non-qualifying investments  5,659        5,802        37.2
                --------       -------      --------
Total investments         17,952        15,629       100.0
                --------       --------      --------
Qualifying investments
The top ten qualifying investments are listed below.
Abcam plc                                 1229p
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Investment date   October 2005 Unaudited results 6 months to   December 2009
Equity held     0.28%     Turnover ('000)             31,807
Purchase Price   167p     Profit before tax ('000)         11,187
Cost ('000) Â Â Â Â 167 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 45,592
Valuation ('000) Â 1,229
Abcam is a producer and distributor of research-grade antibodies headquartered
in Cambridge, UK, with offices in Cambridge, Massachusetts, USA and Tokyo,
Japan. Â The Company produces and distributes its own and third party produced
antibodies to academic and commercial users throughout the world.  Product
ordering is available through the Company's website where customers are also
able to access up-to-date and detailed technical product data sheets. All the
antibodies are sold under the Abcam brand name and the Company's vision is to
build the world's largest online resource of high quality and commercially
viable antibodies.
Advanced Computer Software plc                       39p
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Investment date   May 2008   Unaudited results for 6 months to  August 2009
Equity held     0.66%     Turnover ('000)             11,017
Purchase Price   17p      Profit before tax ('000)         1,944
Cost ('000) Â Â Â Â 400 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 75,485
Valuation ('000) Â Â 918
Advanced Computer Software is a provider of software and IT services to the
primary care sector. Â ACS occupies a strategically important niche in the IT
framework of the NHS, from which it intends to expand through a strategy of
product innovation, selective acquisitions and/or technical collaboration.
Intercede plc                                42p
-----------------------------------------------------------------------------
Investment date   May 2007   Unaudited results 6 months to  September 2009
Equity held     3.26%     Turnover ('000)              2,811
Purchase Price   33p      Profit before tax ('000)           85
Cost ('000) Â Â Â Â 518 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â Â 2,731
Valuation ('000) Â 659
Intercede is an international developer and supplier of software for identity
and credential management. This software is branded as the Intercede MyID®
Identity and Credential Management System. MyID is a commercial-off-the-shelf
product that Intercede has licensed the use of to governments, public
authorities and companies around the world to improve the level of identity
assurance of their citizens and employees.
Animalcare plc                               120p
-----------------------------------------------------------------------------
Investment date   December 2007 Unaudited results 6 months to   October 2009
Equity held     2.73%     Turnover ('000)             8,933
Purchase Price   55p      Profit before tax ('000)          804
Cost ('000) Â Â Â Â 300 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 15,557
Valuation ('000) Â 655
Animalcare Group plc operates as two divisions, Companion Animal and Livestock.
The Companion Animal division is focused on the supply of companion animal
medicines, identification and welfare products to veterinary practices in the
United Kingdom and the Republic of Ireland, and to distributors in the main EU
markets. The Livestock division is focused on the supply of livestock
identification and welfare products to agricultural retailers and farmers in the
United Kingdom and the Republic of Ireland.
Cohort plc                                  90p
-----------------------------------------------------------------------------
Investment date   February 2006 Unaudited results 6 months to   October 2009
Equity held     1.51%     Turnover ('000)             37,283
Purchase Price   123p      Profit before tax ('000)         1,203
Cost ('000) Â Â Â Â 800 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 45,795
Valuation ('000) Â 553
Cohort is an independent technology business operating in defense and related
markets. Â It was formed in 2006 as a holding company to acquire and grow
businesses capitalising on the growing demand in the UK and overseas for
independent technical advice and cost effective and flexible supply of niche
products and services. Â It now has three well established, wholly owned
subsidiaries providing a wide range of services and products covering the full
defense procurement cycle in land, sea and air systems.
Brulines plc                                125p
-----------------------------------------------------------------------------
Investment date   October 2006 Unaudited results 6 months to  September 2009
Equity held     1.48%        Turnover ('000)             9,895
Purchase Price   123p         Profit before tax ('000)        1,895
Cost ('000) Â Â Â Â 510 Â Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â 20,119
Valuation ('000) Â 518
Brulines is a leading provider of volume and revenue protection systems for
draught alcoholic drinks for the UK Licensed on-trade, in particular the
tenanted pub sector. The Dispense Monitoring Division, which represents the
Group's core product, measures the actual volume of liquid dispensed each hour
against legitimate deliveries and protects the pub owners from the potential
loss of revenue from 'buying out'. A more recent product offering is i-Draught,
which scrutinizes the quality as well as the quantity of product being
dispensed. Â Through acquisition Brulines has built up a range of additional
services to meet the needs of the industry's vending and gaming machines. Â It
also provides services to the petrol forecourt market.
Pressure Technologies plc                         215p
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Investment date   May 2007   Audited results for 53 weeks to 3 October 2009
Equity held     2.00%     Turnover ('000)             26,186
Purchase Price   150p     Profit before tax ('000)         5,053
Cost ('000) Â Â Â Â 340 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 14,114
Valuation ('000) Â Â 487
Pressure Technologies is the holding company for Chesterfield Special Cylinders
("CSC") and Chesterfield BioGas. CSC designs, manufactures and offers retesting
and refurbishment services for a range of specialty high pressure, seamless
steel gas cylinders for global energy and defense markets. Chesterfield BioGas,
formed in November 2008 following the signing of a co-operation agreement with
Greenlane® Biogas Limited, gives Pressure Technologies exclusive rights to
market Greenlane® equipment in the UK and Eire. Chesterfield BioGas will provide
turnkey solutions for the cleaning, storage and dispensing of biomethane,
produced from waste water treatment and anaerobic digestion of organic waste.
Craneware                                 387p
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Investment date   September 2007 Unaudited results 6 months to  December 2009
Equity held     0.47%      Turnover ($'000)            13,256
Purchase Price   128p        Profit before tax ($'000)        3,300
Cost ('000) Â Â Â Â 150 Â Â Â Â Â Â Net assets ($'000) Â Â Â Â Â Â Â Â Â Â 20,272
Valuation ('000) Â 453
Craneware provides proprietary revenue cycle management software solutions for
the US healthcare provider market. The Group's main product, Chargemaster
Toolkit(TM) ("CMT"), assists US healthcare providers in reducing billing errors,
ensuring accurate submission of claims and managing compliance risk. CMT is
designed to help hospital finance departments maintain accurate and up-to-date
information, increase operational efficiency and increase reimbursement related
to outpatient items. Craneware was founded in 1999 and currently maintains its
corporate headquarters in Livingston, Scotland, with offices in Florida, Arizona
and Kansas.
K3 Business technology Group                        126p
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Investment date   September 2005Unaudited results 6 months to    June 2009
Equity held     1.17%     Turnover ('000)             15,941
Purchase Price   90p      Profit before tax ('000)          131
Cost ('000) Â Â Â Â 270 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 26,984
Valuation ('000) Â 378
K3 supplies and installs Microsoft based enterprise resource planning software
solutions for the supply chain around the world. The company focuses on the
retail, manufacturing and distribution markets.
Vertu Motors                                  35p
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Investment date   December 2006 Unaudited results 6 months to   August 2009
Equity held     0.51%     Turnover ('000)            401,345
Purchase Price   60p      Profit before tax ('000)         5,053
Cost ('000) Â Â Â Â 600 Â Â Â Â Â Net assets ('000) Â Â Â Â Â Â Â Â Â Â Â 87,131
Valuation ('000) Â 350
Vertu Motors was formed in late 2006 to acquire and consolidate UK motor retail
businesses. In March 2007 the Group acquired the UK's 13th largest motor
retailer, Bristol Street Motors. With the addition of further acquisitions,
Vertu Motors is now the 9th largest motor retailer in the UK. The Company
continues to seek to acquire businesses with the potential for performance
improvements and which may contain freehold property portfolios. The Directors
envisage that performance improvement opportunities will arise in acquired
dealerships from increasing sales in new and used cars and after-sales services.
Further profit enhancements will be sought through the possible development and
maximisation of channels to market, such as the internet, sub-prime finance,
contract hire and fleet operations.
28 May 2010
For further information please contact:
Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT 1 plc
0207 009 4900
[HUG#1419805]
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