Final Results

Aberdeen Growth Opps VCT PLC
29 January 2003

Aberdeen Growth Opportunities VCT PLC

The Directors announce the preliminary results, subject to final audit, for the
64 week period ended 30 November 2002.

Investment activity

During the period to 30 November 2002, three private equity investments were
made at a total cost of £318,665. Since the period end, three further
investments have been made.


Six unquoted investments have now been completed to date totalling £0.7 million,
representing a qualifying investment level of 4.3%. A 70% qualifying investment
level is required before 30 November 2004 to achieve VCT qualifying status.


The following investments have been made since inception:


Transrent Holdings Limited (June 2002) - £119,000: Based in Stafford, Transrent
provides packaged transport services to the UK distribution industry, including
trailer rental, sales and leasing. The total fundraising was £4.25 million and
Murray VCT, Murray VCT 2, Murray VCT 3, Murray VCT 4 and Aberdeen Growth VCT I
were co-investors.


PLM Dollar Group Limited (October 2002) - £50,000: Based in Inverness, PLM
Dollar Group is an established operator of on shore helicopter services
throughout the UK and Ireland. The total fundraising was £2.8 million and Murray
VCT, Murray VCT 2, Murray VCT 3, Murray VCT 4, Aberdeen Growth VCT I, Aberdeen
City Council Superannuation Fund, West Yorkshire Pension Fund and HIE Ventures
were co-investors.


Palgrave Brown (Holdings) Limited (November 2002) £150,000: Based in Lancashire,
Palgrave Brown is a diversified supplier of specialist joinery products and also
operates as a timber merchant. The total fundraising was £7.4 million and Murray
VCT, Murray VCT 2, Murray VCT 3, Aberdeen Growth VCT I, Aberdeen City Council
Superannuation Fund, Aberdeen Development Capital, West Yorkshire Pension Fund,
Ventures North West and Aberdeen Murray Johnstone Private Equity Fund were
co-investors.


ScotNursing Limited (December 2002) £135,000: Based near Glasgow, ScotNursing
provides temporary and agency nursing and care staff to both the public and
private sector. The total fundraising was £1.2 million and Murray VCT 4 and
Aberdeen Growth VCT I were co-investors.


Inovas Limited (December 2002) £77,000: Based in Stirlingshire, Inovas is a
software development business which has developed technology which inserts
location references into a moving data source. The total fundraising was £0.6
million and Aberdeen Growth VCT I and Nova Technology Fund were co-investors.


Public Service Communications Agency Limited (December 2002) £157,000: Based in
Stoke, PSCA is a publisher of periodicals to the public sector. The total
fundraising was £2.9 million and Murray VCT 3, Murray VCT 4, Aberdeen Growth VCT
I, Aberdeen Development Capital, Aberdeen City Council Superannuation Fund and
Ventures North West were co-investors.



Net Asset Value


The Net Asset Value per share at 30 November 2002 was 93.2p compared with 95p
immediately after launch. The decrease in the net asset value of 1.9% compares
with significant reductions in the UK stock market over the same period. The
FTSE 100 index fell by 18.6% in capital terms over the same period, while the
FTSE Small Cap Index and FTSE techMARK 100 Index fell by 27.6% and 52.3%
respectively. Since the launch of the Company, there have been stockmarket
concerns over recessionary fears in the US and the effect that this would have
on other economies. Monetary policy has been consistent throughout the period
and growth for the coming year in the UK is predicted to increase over the level
achieved in the past year.


Aberdeen Growth Opportunities' investments are valued in accordance with the
British Venture Capital Association guidelines. Investments are normally valued
at cost or cost less a provision until they have been held for at least one
year. As a result, should performance be ahead of plan, which may imply an
increase in the value of the investment, this would not be reflected for at
least 12 months; on the other hand material underperformance will be immediately
reflected in a reduced valuation. All unquoted investments have been valued at
cost.


Portfolio developments

The companies in the portfolio are performing in line with expectations at this
early stage of their development; however, it is too early to judge the
long-term prospects of those companies as the fund's investment in each is less
than one year old.


Dividends


It was stated in the Company's Prospectus that in the early years dividends, if
any, would be small until such time as capital realisations occurred. The Board
is not proposing to pay a final dividend in respect of the sixty four weeks
ended 30 November 2002 because the net profit on the revenue account is so
small. The timing of realisations and resulting distributions of capital gains
will be unpredictable and the dividend stream is likely to vary from year to
year.


Co-Investment


Aberdeen Growth Opportunities VCT has co-invested with other funds managed by
Aberdeen Asset Management Group in a number of investments and is expected to
continue to do so. This has the advantage that, together, the funds are able to
underwrite a wider range and larger size of transaction than would otherwise be
the case.


Outlook


The first year of the Company's life has been marked by a continuation of the
bear market which has now extended over three years. This has resulted in a
modest decline in the current value of some of the quoted investments, although
the bulk of the Company's assets continue to be held in bonds, gilts or bond
funds, where performance has been encouraging.




It is also noteworthy that the recent falls in quoted markets have seen the
pricing on private equity opportunities become increasingly attractive. Taken in
conjunction with a continuing low interest rate environment, the Board and
Manager believe that conditions remain favourable for the investment
requirements of the Company, and that the recent levels of investment activity
can continue throughout 2003.



ABERDEEN GROWTH OPPORTUNITIES VCT PLC
STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*)
For the 64 weeks ended 30 November 2002
                                                                         Revenue        Capital           Total
                                                                           £'000          £'000           £'000

Losses on investments                                                          -          (131)           (131)

Income from investments                                                      282              -             282

Other income                                                                  14              -              14

Investment management fees                                                  (24)           (94)           (118)

Other expenses                                                             (234)              -           (234)

Net return on ordinary activities before taxation                             38          (225)           (187)

Tax on ordinary activities                                                   (9)              9               -

Return attributable to equity shareholders                                    29          (216)           (187)

Transfer to/(from) reserves                                                   29          (216)           (187)

Return per ordinary share (pence)                                           0.40         (2.97)         (2.57)p


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







ABERDEEN GROWTH OPPORTUNITIES VCT PLC
BALANCE SHEET
As at 30 November 2002
                                                                £'000        £'000
Fixed assets
Investments                                                                  9,301

Current assets
Debtors                                                           204
Cash and overnight deposits                                       259
                                                                  463
Creditors
Amounts falling due within one year                               139

Net current assets                                                             324

                                                                             9,625

Capital and reserves
Called up share capital                                                      1,033
Share premium                                                                4,570
Distributable reserve                                                        4,209
Capital reserve - realised                                                    (73)
Capital reserve - unrealised                                                 (143)
Revenue reserve                                                                 29
Equity shareholders' interest                                                9,625

Net asset value per ordinary share (pence)                                    93.2





ABERDEEN GROWTH OPPORTUNITIES VCT PLC
CASH FLOW STATEMENT
For the 64 weeks ended 30 November 2002
                                                                                                  £'000            £'000
Operating activities
Investment income received                                                                          277
Deposit interest received                                                                            13
Investment management fees paid                                                                    (80)
Secretarial fees paid                                                                              (45)
Cash paid to and on behalf of Directors                                                            (46)
Other cash payments                                                                                (54)

Net cash inflow from operating activities                                                                             65

Financial investment
Purchase of investments                                                                        (10,216)
Sale of investments                                                                                 595

Net cash outflow from financial investment                                                                       (9,621)

Net cash outflow before use of liquid resources and financing                                                    (9,556)

Issue of ordinary shares                                                                         10,328
Expenses of share issue                                                                           (513)

Net cash inflow from financing                                                                                     9,815

Increase in cash                                                                                                     259






Returns per Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 7,263,198. Net Asset Value per
Ordinary share has been calculated using the number of shares in issue at 30
November 2002 of 10,328,141.


A summary of investment changes for the period under review and an investment
portfolio summary as at 30 November 2002 are attached.


A full copy of the annual report and financial statements will be printed and
issued to shareholders.


Copies of this announcement will be available to the public at the office of
Aberdeen Asset Managers Limited, 123 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, Cheapside, London.


By Order of the Board


ABERDEEN ASSET MANAGEMENT PLC


SECRETARIES






28 January 2003




ABERDEEN GROWTH OPPORTUNITES VCT PLC
SUMMARY OF INVESTMENT CHANGES
For the year ended 30 November 2002

                                                                                          
                                                                       Appreciation       Valuation
                                   Net proceeds      Net investment                      30 November
                                  of share issue*    (disinvestment)  (depreciation)         2002
                                     £'000        %             £'000           £'000     £'000        %
Listed investments
Unit Trusts                              -    -                 2,600           (221)     2,379     24.7
Fixed income                             -    -                 6,513             90      6,603     68.6

Unlisted Investments

UK Equities                              -    -                    51              -         51      0.5
Fixed income                             -    -                   268              -        268      2.8

Total investments                        -    -                 9,432           (131)     9,301     96.6

Other net assets                     9,812    100.0           (9,488)               -       324      3.4

Total Assets                         9,812    100.0              (56)           (131)     9,625    100.0

* Includes £204,507 received on shares subscribed after the close date of 28 June 2002.
Issue expenses of £516,407 have been deducted.





ABERDEEN GROWTH OPPORTUNITIES VCT PLC
INVESTMENT PORTFOLIO SUMMARY
As at year ended 30 November 2002
                                                                                                                    % of
                                                                                                 Valuation         Total
Unlisted Investments                        Nature of business                                       £'000        Assets

Palgrave Brown (UK)                         Manufacturer of timber products                            150           1.6

Transrent Holdings                          Provider of trailer and transport solution                 119           1.2
                                            services

PLM Dollar Group                            Operator of commercial helicopter fleet                     50           0.5

                                                                                                       319           3.3


Listed Unit Trusts

Aberdeen Sterling Bond Unit Trust Income                                                               925           9.6

Aberdeen Fixed Interest Income                                                                         843           8.7

Aberdeen UK Growth Income                                                                              306           3.2

Aberdeen UK Blue Chip Income                                                                           305           3.2

                                                                                                     2,379          24.7
Listed fixed income investments

Treasury 6.75% 26/11/2004                                                                            1,154          12.0
Treasury 6.5% 7/12/2003                                                                                953           9.9
Treasury 8.5% 7/12/2005                                                                                781           8.1
Treasury 5% 7/06/2004                                                                                  517           5.4
Treasury 3.5% 14/7/2004                                                                                506           5.3
Treasury 7.5% 7/12/2006                                                                                500           5.2
Treasury 8% 10/6/2003                                                                                  358           3.7
Bank Nederlandse Gemeenten 6.375% 30/3/2005                                                            312           3.2
European Investment Bank 6% 26/11/2004                                                                 309           3.2
KFW International Finance 5.5% 18/6/2004                                                               305           3.2
KFW International Finance 6% 27/10/2003                                                                305           3.2
European Investment Bank 6% 7/5/2003                                                                   302           3.1
Sweden 7.5% 30/12/2002                                                                                 301           3.1
                                                                                                     6,603          68.6


Total investments                                                                                    9,301          96.6



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