Half Yearly Report

RNS Number : 6245C

Oxford Technology 2 VCT PLC

17 November 2009

 



Oxford Technology 2 Venture Capital Trust PLC

Interim Statement

For the period 1 March 2009 to 31 August 2009

Statement on behalf of the Board

While several investee companies in the portfolio continue to have the potential to deliver excellent returns for shareholders others have experienced problems of one sort or another often related to the general adverse economic circumstances which have resulted in reduced orders and in some cases to the cancellation of contracts. Net Asset Value per share at 31 August was 48p which compares to 71p at 31 August 2008 and 54p at 28 February 2009.

On behalf of the Board

John Jackson - Chairman

Unaudited Financial Information

Profit and Loss Account for the Period	Six months to 31 Aug 09 £’000	Six months to 31 Aug 08 £’000	Year to 28 Feb 09 £’000
Profit/(loss) on disposal of assets held at fair value	-	-	78
Unrealised profit/(loss) on fair value of investments	(553)	124	(664)
Other income	95	74	96
Other expenses	(54)	(79)	(125)
Profit/(loss) on ordinary activities before tax	(512)	119	(615)
Tax on profit/(loss) on ordinary activities	-	-	-
Profit/(loss) on ordinary activities after tax	(512)	119	(615)
Earnings per Share	(8.03)p	1.9p	(9.7)p

Historic Cost Profits and Losses Note	Six months to 31 Aug 09 £’000	Six months to 31 Aug 08 £’000	Year to 28 Feb 09 £’000
Profit/(loss) for the financial period	(512)	119	(615)
Unrealised profit/(loss) on investments held at fair value	553	(124)	664
Realisation of prior year net gains	-	-	(78)
Historical cost profit/(loss) before tax	41	(5)	(29)
Historical cost profit/(loss) after tax	41	(5)	(29)

Summarised Balance Sheet	Six months to 31 Aug 09 £’000	Six months to 31 Aug 08 £’000	Year to 28 Feb 09 £’000
Investments held at fair value	2,715	4,348	3,179
Other net current assets	367	128	276
Net assets	3,082	4,476	3,455

Capital and Reserves	Six months to 31 Aug 09 £’000	Six months to 31 Aug 08 £’000	Year to 28 Feb 09 £’000
Called up share capital	663	637	637
Share premium: Shares issued	337	225	217
Expenses on shares issued	(7)	(8)	-
Profit and loss account	2,276	2,295	2,362
Revaluation reserve	(187)	1,327	239
Shareholders’funds	3,082	4,476	3,455
Net asset value per share	48p	71p	54p

Cash Flow Statement for the Period	Six months to 31 Aug 09 £’000	Six months to 31 Aug 08 £’000	Year to 28 Feb 09 £’000
Net cash inflow/(outflow) from operating activities	(8)	52	(86)
Capital expenditure and financial investment Purchase of investments	(89)	(87)	(206)
Disposal of investments	-	-	578
Net cash outflow from capital expenditure and financial investment	(89)	(87)	372
Financing Issue of Shares	146	266	258
Expenses paid in connection with shares issued	(7)	(8)	(4)
Net cash inflow from financing	139	258	254
Dividends paid	-	-	(287)
Increase/(decrease) in cash	42	223	253

Notes to the Unaudited Financial Information on pages 2 and 3

 

1        The financial information for each of the interim periods ended 31 August 2009 and 31 August 2008 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using accounting policies consistent with those set out in the company’s statutory accounts for the year ended 28 February 2009. The financial information for the year ended 28 February 2009 has been extracted from the company’s statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.

 

2        The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.

 

3        Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.

 

4        Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company’s Registered Office.

 

 

END

 

 

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