Interim Results

Northern Venture Trust PLC
10 May 2004

10 MAY 2004

NORTHERN VENTURE TRUST PLC

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2004


Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by Northern
Venture Managers.  The trust was one of the first VCTs launched on the London
Stock Exchange in 1995.  It invests mainly in unquoted venture capital holdings
and aims to provide high long-term returns to shareholders through a combination
of dividend yield and capital growth.



Financial highlights (comparative figures as at 31 March 2003):

•         Net assets                                                £36,529,000               £30,505,000

•         Net asset value per share                                        92.0p                    76.0p

•         Profit/(loss) on ordinary
          activities before tax:
          Revenue                                                       £382,000                  £359,000
          Capital                                                       £424,000                 £(805,000)

•         Earnings/(loss) per share:
          Revenue                                                           0.8p                     0.7p
          Capital                                                           1.2p                    (1.8)p

•         Interim dividend per share:
          Revenue                                                           0.8p                     0.7p
          Capital                                                           1.2p                      -

•         Cumulative return to
          shareholders since launch:
          Dividends per share                                              34.0p                    27.7p
          Net asset value plus dividends                                  126.0p                   103.7p



For further information, please contact:

Alastair Conn, Managing Director
Northern Venture Managers Limited                                     0191 244 6000
Website:  www.nvm.co.uk
Lucy Copeman/Marlene Scott
Polhill Communications                                                020 7655 0540





NORTHERN VENTURE TRUST PLC

CHAIRMAN'S STATEMENT

The Chairman of Northern Venture Trust PLC, Professor Sir Frederick Holliday CBE
FRSE, included the following points in his statement to shareholders:





I am pleased to report that our company has made good progress over the past six
months.  The UK economy continues to enjoy relatively low interest rates and
retail price inflation, and the financial markets have achieved a marked
recovery from the low point reached in 2003.  These factors have combined to
present a more favourable background to venture capital investment than in the
corresponding period last year.  Our maturing investment portfolio has continued
to generate strong cash flow, enabling us not only to take advantage of new
investment opportunities but also to pay substantial dividends to shareholders.



Balance sheet
The net asset value per share as at 31 March 2004 was 92.0p, an increase of
21.1% from the 76.0p reported at 31 March 2003.  The following table shows the
movements in net asset value and share price over the past year compared with
the relevant stock market indices.


                         Movement to 31 March 2004 over:             Last 6 months            Last 12 months

Northern Venture Trust PLC net asset value                                   +7.4%                    +21.1%
Northern Venture Trust PLC share price                                      +11.8%                    +13.6%
FTSE All-Share index                                                         +8.3%                    +26.6%
FTSE Small Cap index (excl investment trusts)                               +11.6%                    +61.9%



It is encouraging that the increase in net asset value has resulted from strong
performance in both the quoted and the unquoted parts of our investment
portfolio.  As a result of positive cash flow, liquid resources increased to
some £4.8 million at 31 March 2004.



Earnings and dividend
Earnings per share in the half year amounted to 2.0p, compared with a loss of
1.1p in the corresponding period last year.  As has been noted before,
comparisons between periods are difficult because realised gains (after
adjusting for previous revaluation adjustments) are included in the earnings
figures under the accounting rules which we follow now that our company is no
longer an 'investment company' for Companies Act purposes.



Investment income rose by 4% over the corresponding period, despite interest
rates being on average slightly lower.  Further capital profits have been
realised from the investment portfolio and consequently your directors have been
able to declare an increased interim dividend of 2.0p per share, taking the
cumulative total of tax-free distributions since the company was launched to
34.0p per share.



Investments
During the six months to 31 March 2004 three new venture capital investments
totalling £1.6 million were completed and a further £0.5 million was invested in
existing portfolio companies.  The new investments were:



•    IG Doors (£500,000) - manufacturer of composite doors, Cwmbran

•    Warmseal Windows (Newcastle) (£400,000) - manufacturer of PVCu
     windows, doors and conservatories, Newcastle upon Tyne

•    Omnico Plastics (£665,000) - specialist builders' merchants, Ipswich


Significant additional investments were made in Cyclacel (£295,000) and
Liquidlogic (£88,000).



The portfolio as a whole has made good progress.  The improvement in stock
market conditions provided an opportunity to realise capital profits on several
of our quoted investments, notably Alizyme, BioFocus and ComputerLand UK.  One
of our unquoted investments, BBI Holdings, achieved a successful flotation on
the Alternative Investment Market in April and a partial exit was made from C&D
Industrial Services through a share buy-back by the company.  Our managers are
working on several other exit prospects.



Share price
The company's mid-market share price at 31 March 2004 was 71p, having risen
11.8% over the half year.  During the six months to 31 March only 92,800 shares
were purchased by the company for cancellation, at a cost of £58,000, whilst a
substantial number of shares were traded in the secondary market.  There is some
evidence of increased market demand for the company's shares, encouraged by the
attractive tax-free dividend yield.  We will continue to monitor the market and
will use our authority to buy back shares where appropriate in order to maintain
liquidity.



In March and April 2004 a small top-up share issue took place to provide
shareholders with a final opportunity to subscribe for new shares with the
benefit of capital gains deferral relief, now abolished under the new VCT tax
relief regime announced by the Chancellor of the Exchequer in his March 2004
Budget statement.  A total of 272,321 shares were issued at 95p per share,
producing gross proceeds of £258,000.



VCT qualifying status
The company has continued to retain PricewaterhouseCoopers LLP as advisers on
matters pertaining to VCT status, and has met the qualifying conditions laid
down by the Inland Revenue for the maintenance of its formal approval as a VCT.



Northern Venture Managers
In my statement to shareholders in November 2003 I referred to the acquisition
of Northern Venture Managers' parent company, Edinburgh Fund Managers Group plc,
by Aberdeen Asset Management plc.  As shareholders will already be aware, a
management buy-out of NVM took place shortly afterwards and the company is now
100% owned by its employees.  The independent directors of Northern Venture
Trust were fully supportive of this move and are pleased with the outcome.



Prospects
In 18 months' time, at the December 2005 annual general meeting, shareholders
will be asked to vote on the continuation of the company.  On the basis of
current progress and prospects, it remains your board's intention to recommend
that the company continue until the next scheduled vote in 2010.  We are now
seeing some of the rewards for our patient long-term approach to investment and
we believe that the company is well placed to deliver further returns to
shareholders in the future.



PROFESSOR SIR FREDERICK HOLLIDAY

Chairman

The unaudited interim financial statements for the six months ended 31 March
2004 are set out below.





PROFIT AND LOSS ACCOUNT
(unaudited) for the six months ended 31 March 2004

                                               Six months ended 31 March 2004     Six months ended 31 March 2003
                                             Revenue     Capital       Total     Revenue     Capital       Total

                                                £000        £000        £000        £000        £000        £000
Profit/(loss) on realisation
  of investments                                   -         796         796           -      (1,571)     (1,571)
Revaluation (gains)/losses previously
  Recognised                                       -         (72)        (72)          -       1,054       1,054
                                              ------      ------      ------      ------      ------      ------
Profit/(loss) recognised in the period
  on realisation of investments                    -         724         724           -        (517)       (517)
Income                                           612           -         612         588           -         588
Investment management fee                       (100)       (300)       (400)        (96)       (288)       (384)
Other expenses                                  (130)          -        (130)       (108)          -        (108)
                                              ------      ------      ------      ------      ------      ------
Profit/(loss) on ordinary activities
  before finance costs and tax                   382         424         806         384        (805)       (421)
Interest payable                                   -           -           -         (25)          -         (25)
                                              ------      ------      ------      ------      ------      ------
Profit/(loss) on ordinary activities
  before tax                                     382         424         806         359        (805)       (446)
Tax on profit/(loss) on
  ordinary activities                            (55)         55           -         (61)         61           -
                                              ------      ------      ------      ------      ------      ------
Profit/(loss) on ordinary activities
  after tax for the period                       327         479         806         298        (744)       (446)
Dividends - interim                             (317)       (477)       (794)       (281)          -        (281)
                - final                            -           -           -           -           -           -
                                              ------      ------      ------      ------      ------      ------
Retained profit/(loss) for the period             10           2          12          17        (744)       (727)
                                              ------      ------      ------      ------      ------      ------
Earnings/(loss) per share                        0.8p        1.2p        2.0p        0.7p      (1.8)p      (1.1)p
Dividend per share                               0.8p        1.2p        2.0p        0.7p          -         0.7p


                                                                                    Year ended 30 September 2003
                                                                                 Revenue     Capital       Total
                                                                                    £000        £000        £000
Profit/(loss) on realisation
  of investments                                                                       -      (1,460)     (1,460)
Revaluation (gains)/losses previously
  Recognised                                                                           -       2,113       2,113
                                                                                  ------      ------      ------
Profit/(loss) recognised in the year
  on realisation of investments                                                        -         653         653
Income                                                                             1,269           -       1,269
Investment management fee                                                           (185)       (556)       (741)
Other expenses                                                                      (214)          -        (214)
                                                                                  ------      ------      ------
Profit/(loss) on ordinary activities
  before finance costs and tax                                                       870          97         967
Interest payable                                                                     (47)          -         (47)
                                                                                  ------      ------      ------
Profit/(loss) on ordinary activities
  before tax                                                                         823          97         920
Tax on profit/(loss) on
  ordinary activities                                                               (118)        118           -
                                                                                  ------      ------      ------
Profit/(loss) on ordinary activities
  after tax for the financial year                                                   705         215         920
Dividends - interim                                                                 (281)          -        (281)
                - final                                                             (397)     (1,309)     (1,706)
                                                                                  ------      ------      ------
Retained profit/(loss) for the period                                                 27      (1,094)     (1,067)
                                                                                  ------      ------      ------
Earnings/(loss) per share                                                            1.8p        0.5p        2.3p
Dividend per share                                                                   1.7p        3.3p        5.0p





STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(unaudited) for the six months ended 31 March 2004

                                               Six months ended 31 March 2004     Six months ended 31 March 2003
                                             Revenue     Capital       Total     Revenue     Capital       Total
                                                £000        £000        £000        £000        £000        £000
Profit/(loss) on ordinary activities
  after tax                                      327         479         806         298        (744)       (446)
Unrealised gains/(losses) on
  revaluation of investments                       -       2,458       2,458           -      (1,082)     (1,082)
                                              ------      ------      ------      ------      ------      ------
Total recognised gains and losses
  during the period                              327       2,937       3,264         298      (1,826)     (1,528)
                                              ------      ------      ------      ------      ------      ------


                                                                                    Year ended 30 September 2003
                                                                                 Revenue     Capital       Total
                                                                                    £000        £000        £000
Profit/(loss) on ordinary activities
  after tax                                                                          705         215         920
Unrealised gains/(losses) on
  revaluation of investments                                                           -       3,015       3,015
                                                                                  ------      ------      ------
Total recognised gains and losses
  during the period                                                                  705       3,230       3,935
                                                                                  ------      ------      ------





BALANCE SHEET
(unaudited) as at 31 March 2004

                                 31 March 2004    31 March 2003     30 September
                                                                            2003
                                         £000              £000             £000
Venture capital investments:
  Unquoted                              25,454           24,328           22,359
  Quoted                                 3,991            2,314            4,867
                                       -------          -------          -------
Total venture capital                   29,445           26,642           27,226
investments
Other listed investments                 3,093            5,134            3,750
                                       -------          -------          -------
Total fixed asset investments           32,538           31,776           30,976
Net current assets/(liabilities)         3,991           (1,271)           3,024
                                       -------          -------          -------
Net assets                              36,529           30,505           34,000
                                       -------          -------          -------

Capital and reserves:
Called-up equity share capital           9,931           10,038            9,922
Share premium                           14,371           14,286           14,286
Capital redemption reserve                 547              408              524
Revaluation reserve                      3,188           (4,354)             802
Profit and loss account                  8,492           10,127            8,466
                                       -------          -------          -------
Total equity shareholders' funds        36,529           30,505           34,000
                                       -------          -------          -------
Net asset value per share                92.0p             76.0p           85.7p





CASH FLOW STATEMENT
(unaudited) for the six months ended 31 March 2004

                                              Six months ended         Six months ended               Year ended
                                                 31 March 2004            31 March 2003        30 September 2003
                                          £000            £000        £000         £000        £000         £000
Cash flow statement
Net cash inflow from
  operating activities                                     317                      269                      383
Taxation:
Corporation tax paid                                         -                        -                        -
Financial investment:
Purchase of investments                 (2,074)                     (1,585)                  (3,063)
Sale/repayment of investments            3,694                       1,623                    9,165
                                        ------                      ------                   ------
Net cash inflow from
  financial investment                                   1,620                       38                     6,102
Equity dividends paid                                   (1,706)                    (407)                    (688)
                                                        ------                   ------                   ------
Net cash inflow/(outflow)
  before financing                                         231                     (100)                   5,797
Financing:
Issue of ordinary shares                   122                           -                        -
Share issue expenses                        (5)                          -                        -
Purchase of ordinary shares
  for cancellation                         (58)                       (321)                    (580)
                                        ------                      ------                   ------
Net cash inflow/(outflow) from
  financing                                                 59                     (321)                    (580)
                                                        ------                   ------                   ------
Increase/(decrease) in cash at                             290                     (421)                   5,217
bank
                                                        ------                   ------                   ------

Reconciliation of profit/(loss)
before
tax to net cash flow from
operating activities
Profit/(loss) on ordinary
activities
  before tax                                               806                     (446)                     920
Decrease in debtors                                        216                      210                      123
Increase/(decrease) in creditors                            19                      (12)                      (7)
(Profit)/loss recognised on
  realisation of investments                              (724)                     517                     (653)
                                                        ------                   ------                   ------
Net cash inflow from
  operating activities                                     317                      269                      383
                                                        ------                   ------                   ------

Analysis of movement in net
funds
                                                 1 October 2003               Cash flows            31 March 2004
                                                           £000                     £000                     £000
Cash at bank                                             4,500                      290                    4,790
                                                        ------                   ------                   ------





INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2004
                                                                       Valuation           % of net assets
                                                                            £000              by valuation
Fifteen largest venture capital investments:
CGI International                                                          3,140                       8.6
TFB Group                                                                  2,211                       6.0
T J Brent                                                                  2,148                       5.9
Alizyme*                                                                   1,413                       3.9
John Fredericks Plastics                                                   1,316                       3.6
Keith Prowse                                                               1,131                       3.1
Cyclacel                                                                   1,051                       2.9
Weldex (International) Offshore                                              937                       2.5
DMN Installations                                                            800                       2.2
DxS                                                                          800                       2.2
Remsdaq                                                                      790                       2.2
Alaric Systems                                                               761                       2.1
BBI Holdings                                                                 759                       2.1
Tolwood                                                                      750                       2.0
Interlube Systems                                                            710                       1.9
                                                                         -------                    ------
                                                                          18,717                      51.2
Other venture capital investments                                         10,728                      29.4
                                                                         -------                    ------
Total venture capital investments                                         29,445                      80.6
Other listed investments                                                   3,093                       8.5
                                                                         -------                    ------
Total fixed asset investments                                             32,538                      89.1
Net current assets                                                         3,991                      10.9
                                                                         -------                    ------
Net assets                                                                36,529                     100.0
                                                                         -------                    ------
* Listed on the London Stock Exchange



The above summary of results for the six months ended 31 March 2004 does not
constitute statutory financial statements within the meaning of Section 240 of
the Companies Act 1985 and has not been delivered to the Registrar of Companies.
The figures for the year ended 30 September 2003 have been extracted from the
financial statements for that year, which have been delivered to the Registrar
of Companies;  the independent auditors' report on those financial statements
under Section 235 of the Companies Act 1985 was unqualified.

The proposed interim dividend of 2.0p per share for the year ending 30 September
2004, which was declared and announced on 4 March 2004, will be paid on Friday
11 June 2004 to shareholders on the register at the close of business on Friday
12 March 2004.

A copy of the interim report for the six months ended 31 March 2004 is expected
to be posted to shareholders on Friday 28 May 2004 and will be available to the
public at the registered office of the company at Northumberland House, Princess
Square, Newcastle upon Tyne NE1 8ER.

ENDS


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