Interim Results

Aberdeen Growth Opportunities VCT PLC Interim Results The Directors announce the interim unaudited results for the six months ended 31 May 2004. Investment Activity Eighteen unquoted & AIM investments totalling £2.06 million had been completed as at 31 May 2004, representing a qualifying investment level of 18.46%. During the six-months to 31 May 2004, one new unquoted & four new AIM investments were made at a total cost of £471,250. The following four new VCT qualifying investments totalling £415,000 have been made since the publication of the annual report: Business Serve plc (*) (January 2004) - £100,000. Based in Lancaster, Business Serve is an Internet Service provider. Albanet Limited (March 2004) - £82,000. Based in Dingwall, Albanet is a network services and management product provider. The total fundraising was £280,000 and Aberdeen Growth VCT I PLC was a co-investor. Award International Holdings plc (*) (March 2004) - £100,000. Based in Kent, Award International is a promotional merchandising company. Public Recruitment Group plc (*) (April 2004) - £133,000. Based in Sheffield, Public Recruitment Group is a public sector recruitment and placing agent. (*) Quoted on AIM The investment of £56,250 in Asfare plc (*) made in December 2003 was previously reported in the Annual Report. Market Conditions Although the UK has remained stable there are concerns about the level of productivity growth compared to the US. Quarter one GDP came in below expectations at 3% and the continuing increase in the oil price is a threat to sustained growth momentum. Recent forecasts have suggested that with US oil inventories at low levels, prices may reach $50 per barrel. The export sector remains sluggish even though the dollar has enjoyed a reversal of fortunes against the pound. The outlook generally for exporters remains poor especially as the European economy shows no signs of sustained recovery. However, a rise in UK corporate profitability should see a mild acceleration in business investment throughout the remainder of 2004. The UK fixation with the housing market has continued into 2004. Prices are still on the incline but there is widespread evidence that a softening is in progress. Recent interest rate increases should put a brake on further house price growth especially as the banks are likely to tighten up their lending policies on an upward rate interest trend. Commentators differ on the rate of slowdown in the housing market, with the balance of consensus pointing towards modest decline or price stagnation, rather than a severe correction. Household spending is still forecast to rise throughout 2004, partly fuelled by an increase in average earnings, which have risen by more than 5% for the first time since 2001. Output in the public sector has failed to outstrip employment growth with the result that productivity in that sector has turned negative. Portfolio Developments The period under review has seen steady growth in the number of investments held, with the Manager electing to increase exposure to new AIM issues, where better quality opportunities have begun to emerge. The existing portfolio of unquoted investments continues to perform satisfactorily, with notable ahead of budget trading continuing at both Transrent and PSCA. There are strong prospects of exit from both of these investments in the coming year at a significant premium to cost. Within the unquoted portfolio there are a number of early stage or technology investments. Several of these holdings were acquired on favourable terms at the bottom of the technology cycle, and retain strong upside potential. Although exit value and timing on these holdings remains uncertain, a number of these companies are attracting trade or partner interest, or are considering raising further capital at enhanced values. However, in the meantime, these holdings remain conservatively valued until a sale or further financing takes place. In keeping with an investment portfolio of this type, a small number of companies are trading moderately behind plan, although these are being actively managed with a view to protecting value in the longer term. The quoted unit trust & fixed income elements of the portfolio will reduce over time as unquoted investments are made. Bonds and bond funds continue to make up the bulk of the Company's assets in keeping with the defensive style preferred by the manager prior to investment in unquoted companies. As interest rates have continued to trend upwards, some shrinkage has occurred in the bond portfolio; however, by way of compensation an attractive yield has been maintained over the period. The balance of the Company's holdings in securities is held in two unit trusts; the Aberdeen UK Growth fund and Aberdeen UK Opportunities fund. These two holdings have seen modest growth over the last six months as UK equity markets have continued to recover value. Net Asset Value The Net Asset Value per share at 31 May 2004 was 91.8p compared with 92.2p as at 30 November 2003. The slight decrease in NAV over the period principally reflects a decrease in the value of the quoted unit trust & fixed income elements of the portfolio during the period. The unquoted companies in which Aberdeen Growth Opportunities VCT is invested will be 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 any material underperformance would be immediately reflected in a reduced valuation. Dividends The Board does not intend to declare an interim dividend for the period ended 31 May 2004. Dividends from capital gains will be paid tax-free to shareholders following Inland Revenue approval and will depend on the achievement of realisations. Dividend reinvestment Shareholders may opt to reinvest their dividends in new Aberdeen Growth Opportunities VCT shares and enjoy the same tax reliefs as were available on their initial investments. Full details of the terms and conditions applicable to the reinvestment of dividends are available from the Manager. Outlook The outlook for new investments remains positive, with a steady flow of both unquoted and AIM opportunities available for consideration by the Manager. The primary focus however, is to ensure that the Company continues to build, in a measured fashion, a properly diversified portfolio of good quality smaller company assets which will deliver sustained long term performance. Asset quality will not be sacrificed for short term growth in the qualifying investment portfolio. Aberdeen Growth Opportunities VCT is required to achieve the minimum investment target in order to comply with the relevant Venture Capital Trust legislation within the three year qualifying period, which ends on 30 November 2004. Arrangements will be made which will ensure continuing compliance with VCT legislation and preservation of investor tax status, ahead of the company achieving the qualifying investment target. ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) 6 months to 31 May 2004 (unaudited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 17 17 Income from investments 164 - 164 Other income 5 - 5 Investment management fees (26) (103) (129) Other expenses (100) (1) (101) --------- -------- -------- Net return/(loss) on ordinary activities 43 (87) (44) before taxation Tax on ordinary activities (6) 6 - --------- -------- -------- Return/(loss) attributable to equity 37 (81) (44) shareholders Ordinary dividends on equity shares - - - --------- -------- -------- Transfer to/(from) reserves 37 (81) (44) --------- -------- -------- Return per Ordinary share (pence) 0.36 (0.78) (0.42) ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) 6 months to 31 May 2003 (unaudited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 115 115 Income from investments 232 - 232 Other income 10 - 10 Investment management fees (21) (82) (103) Other expenses (82) (24) (106) --------- --------- -------- Net return/(loss) on ordinary activities 139 9 148 before taxation Tax on ordinary activities (22) 17 (5) --------- --------- -------- Return/(loss) attributable to equity 117 26 143 shareholders Ordinary dividends on equity shares - - - --------- --------- -------- Transfer to/(from) reserves 117 26 143 --------- --------- -------- Return per Ordinary share (pence) 1.13 0.25 1.38 ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) Year ended 30 November 2003 (audited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 51 51 Income from investments 453 - 453 Other income 18 - 18 Investment management fees (43) (171) (214) Other expenses (192) - (192) --------- --------- ------- Net return/(loss) on ordinary activities 236 (120) 116 before taxation Tax on ordinary activities (42) 33 (9) --------- --------- ------- Return/(loss) attributable to equity 194 (87) 107 shareholders Ordinary dividends on equity shares 207 - (207) --------- --------- ------- Transfer to/(from) reserves (13) (87) (100) --------- --------- ------- Return per Ordinary share (pence) 1.88 (0.84) 1.04 * The revenue column of this statement is the profit and loss account of the Company. ABERDEEN GROWTH OPPORTUNITIES VCT PLC Balance Sheet As at 31 May 2004 31 May 2004 31 May 2003 30 November 2003 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Investments 9,429 8,907 9,184 Current assets Debtors 218 284 247 Cash and overnight deposits 73 716 432 ----------- ---------- ----------- 291 1,000 679 Creditors Amounts falling due within one 120 139 338 year ----------- ---------- ----------- Net current assets 171 861 341 ----------- ---------- ----------- 9,600 9,768 9,525 ----------- ---------- ----------- Capital and reserves Called up share capital 1,046 1,033 1,033 Share premium 4,676 4,570 4,570 Distributable reserve 4,209 4,209 4,209 Capital reserve - realised (292) (162) (171) Capital reserve - unrealised (92) (28) (132) Revenue reserve 53 146 16 ----------- ---------- ----------- Equity Shareholders' interest 9,600 9,768 9,525 ----------- ---------- ----------- Net Asset Value per Ordinary 91.8 94.6 92.2 share (pence) ABERDEEN GROWTH OPPORTUNITIES VCT PLC Cash Flow Statement for the six months ended 31 May 2004 Year ended 6 months to 6 months to 30 November 31 May 2004 31 May 2003 2003 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Investment income received 233 258 524 Deposit interest received 6 10 17 Investment management fees (123) (96) (199) paid Secretarial fees paid (30) (30) (60) Cash paid to and on behalf of (50) (44) (75) Directors Other cash payments (23) (44) (95) ---------- ---------- --------- Net cash inflow from operating 13 54 112 activities Taxation Corporation tax 16 - - Financial investment Purchase of investments (3,547) (694) (2,720) Sale of investments 3,265 1,097 2,781 ---------- ---------- --------- Net cash (outflow)/inflow from (282) 403 61 financial investment Equity dividends paid (207) - - ---------- ---------- --------- Net cash (outflow)/inflow (460) 457 173 before use of financing Financing Issue of Ordinary shares 101 - - Expenses of share issue - - - ---------- ---------- --------- Net cash inflow from 101 - - financing ---------- ---------- --------- (Decrease)/increase in cash (359) 457 173 ---------- ---------- --------- 1. Accounting policies The financial information for the six months ended 31 May 2004 and 31 May 2003 comprises non-statutory accounts within the meaning of Section 240 of the Companies Act 1985 and has been prepared on the basis of the accounting policies set out in the Annual Report for the year ended 30 November 2003. The results for the year ended 30 November 2003 are abridged from the full accounts for that year, which received an unqualified report from the auditors and have been filed with the Registrar of Companies. Share Capital Capital premium Distributable reserve reserve Revenue account reserve realised unrealised reserve £'000 £'000 £'000 £'000 £'000 2.Movement in reserves At 1 December 2003 4,570 4,209 (171) (132) 16 Decrease in - - - 56 - unrealised depreciation Investment - - (103) - - management fees Issue of shares 106 - Other expenses - - (1) - - Tax effect - - 6 - - of capital items Transfer on disposal 16 (16) of investment Net losses on - - (39) - realisation of investments Retained net revenue - - - - 37 for period ------- --------- ------- -------- -------- As at 31 May 2004 4,676 4,209 (292) (92) 53 ------- --------- ------- -------- -------- 3. Earnings per share Earnings per Ordinary share have been calculated using the weighted average number of shares in issue during the period of 10,381,879. Net Asset Value per Ordinary share has been calculated using the number of shares in issue at 31 May 2004 of 10,456,200. A summary of investment changes for the period under review and an investment portfolio summary as at 31 May 2004 are attached. A full copy of the interim 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 Management PLC, 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 SECRETARY 30 July 2004 ABERDEEN GROWTH OPPORTUNITIES VCT PLC SUMMARY OF INVESTMENT CHANGES FOR SIX MONTHS ENDED 31 MAY 2004 Valuation 30 November Appreciation/ Valuation 2003 Transactions (depreciation) 31 May 2004 £'000 % £'000 £'000 £'000 % Quoted investments Unit trusts 2,000 21.0 159 (34) 2,125 22.1 Equities - - - 389 (9) 380 4.0 AIM Fixed 5,585 58.6 (413) (17) 5,155 53.7 income Unquoted investments Equities 467 4.9 82 78 627 6.5 Preference 121 1.3 - - 121 1.3 shares Fixed 1,011 10.6 10 - 1,021 10.6 income ------- ------ --------- ---------- ------- ------ Total 9,184 96.4 227 18 9,429 98.2 investments ------- ------ --------- ---------- ------- ------ Other net 341 3.6 (170) - 171 1.8 assets ------- ------ --------- ---------- ------- ------ Total assets* 9,525 100.0 57 18 9,600 100.0 ------- ------ --------- ---------- ------- ------ * Total assets represents Equity Shareholders' funds ABERDEEN GROWTH OPPORTUNITES VCT PLC INVESTMENT PORTFOLIO SUMMARY As at 31 May 2004 % of Valuation total £'000 assets Nature of business Unquoted & AIM investments PSCA Government sector publishing 235 2.4 International Axeon Developer of semiconductor 150 1.6 intellectual property rights Palgrave Brown Manufacturer of timber products 150 1.6 (Holdings) Elam-T Developer of flat screen 150 1.6 technologies Essential Video streaming 150 1.6 Viewing Systems Enterprise Food Provider of supply chain and 150 1.6 Group management services to the bakery industry Transrent Provider of trailer and transport 138 1.4 Holdings solution services ScotNursing Provider of temporary and agency 135 1.4 nursing and care staff Public Public sector recruitment and 128 1.3 Recruitment * services group Room 2 Retailer of household textiles, 104 1.1 furniture, lighting and home accessories Other investments valued individually at less than 659 6.8 £100,000 ------- ------ 2,149 22.4 Authorised unit trusts Aberdeen International Fixed Interest 866 9.0 Aberdeen International Sterling Bond Fund 588 6.1 Aberdeen UK Growth 344 3.6 Aberdeen UK Opportunities 327 3.4 ------- ------ 2,125 22.1 Listed fixed income investments Treasury 7.75% 8/9/2006 793 8.3 Treasury 8.5% 7/12/2005 737 7.7 Treasury 6.75% 26/11/2004 707 7.4 Treasury 5% 7/6/2004 700 7.3 Treasury 7.5% 7/12/2006 687 7.1 Conversion 9.5% 18/4/2005 624 6.5 Bank Voor Nederlandsche Gemeenten 6.375% 30/3/05 303 3.2 KFW International Finance 5.5% 18/6/04 302 3.1 European Investment Bank 6% 26/11/04 302 3.1 ------- ------ 5,155 53.7 ------- ------ Total investments 9,429 98.2 ======= ====== * Shares traded on Alternative Investment Market (AIM)

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