Half-yearly report

Oxford Technology 2 Venture Capital Trust PLC
                               Interim Statement
                 For the period 1 March 2011 to 31 August 2011


                        Statement on behalf of the Board

Net  Assets per share were 28p on 31 August 2011, compared to 37p on 28 February
2011 and  41p on  31 August  2010.  The  fall  in  the last six months is caused
primarily  by a reduction in valuation of OC Robotics. This company which is the
world-leader  in snake arm robots, has lumpy sales and currently has a low order
book.   It has several significant  quotations outstanding and the outlook could
change  for the better very  quickly if some of  these become orders.  So, to be
prudent,  the  valuation  has  been  reduced.   Other companies in the portfolio
continue  to make good  progress, but OT2  owns a relatively  small % holding in
most of these.
On behalf of the Board
Michael O'Regan - Chairman


                        Unaudited Financial Information

+------------------------+-----------------+-----------------+-----------------+
|                        |                 |                 |                 |
|Profit and Loss Account |Six months to 31 |Six months to 31 |Year to 28 Feb 11|
|for the Period          |           Aug 11|           Aug 10|            £'000|
|                        |            £'000|            £'000|                 |
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on        |                 |                 |                 |
|disposal of assets held |                 |                 |                 |
|at fair value           |                -|                4|              (9)|
+------------------------+-----------------+-----------------+-----------------+
|Unrealised gain/(loss)  |                 |                 |                 |
|on fair value of        |                 |                 |                 |
|investments             |            (563)|               23|            (154)|
+------------------------+-----------------+-----------------+-----------------+
|Other income            |                6|                5|               11|
+------------------------+-----------------+-----------------+-----------------+
|Other expenses          |             (49)|             (43)|             (92)|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on        |                 |                 |                 |
|ordinary activities     |                 |                 |                 |
|before tax              |            (606)|             (11)|            (244)|
+------------------------+-----------------+-----------------+-----------------+
|Tax on profit/(loss) on |                 |                 |                 |
|ordinary activities     |                -|                -|                -|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on        |                 |                 |                 |
|ordinary activities     |                 |                 |                 |
|after tax               |            (606)|             (11)|            (244)|
+------------------------+-----------------+-----------------+-----------------+
|Earnings per Share      |           (8.9)p|           (0.2)p|           (3.6)p|
+------------------------+-----------------+-----------------+-----------------+


+-------------------------+-----------------+-----------------+----------------+
|                         |                 |                 |                |
|Historic Cost Profits and|Six months to 31 |Six months to 31 |  Year to 28 Feb|
|Losses Note              |           Aug 11|           Aug 10|              11|
|                         |            £'000|            £'000|           £'000|
+-------------------------+-----------------+-----------------+----------------+
|                         |                 |                 |                |
|Profit/(loss) for the    |                 |                 |                |
|financial period         |            (606)|             (11)|           (244)|
+-------------------------+-----------------+-----------------+----------------+
|Unrealised loss/(gain) on|                 |                 |                |
|investments held at fair |                 |                 |                |
|value                    |              563|             (23)|             154|
+-------------------------+-----------------+-----------------+----------------+
|Loss/(profit) on disposal|                 |                 |                |
|of investments held at   |                 |                 |                |
|fair value               |                -|              (4)|               9|
+-------------------------+-----------------+-----------------+----------------+
|Profit/(loss) on disposal|                 |                 |                |
|of investments held at   |                 |                 |                |
|historical value         |                -|                -|           (176)|
+-------------------------+-----------------+-----------------+----------------+
|Historical cost          |                 |                 |                |
|profit/(loss) before tax |             (43)|             (38)|           (257)|
+-------------------------+-----------------+-----------------+----------------+
|Historical cost          |                 |                 |                |
|profit/(loss) after tax  |             (43)|             (38)|           (257)|
+-------------------------+-----------------+-----------------+----------------+



+---------------------------------+-----------+-----------+-----------+
|                                 |           |           |           |
| Summarised Balance Sheet        | 31 Aug 11 | 31 Aug 10 | 28 Feb 11 |
|                                 |     £'000 |     £'000 |     £'000 |
+---------------------------------+-----------+-----------+-----------+
| Investments held at fair value  |           |           |           |
|                                 |     1,605 |     2,333 |     2,157 |
|                                 |           |           |           |
+---------------------------------+-----------+-----------+-----------+
| Other net current assets        |       329 |       440 |       384 |
+---------------------------------+-----------+-----------+-----------+
| Net assets                      |     1,934 |     2,773 |     2,541 |
+---------------------------------+-----------+-----------+-----------+


+-------------------------+-----------------+-----------------+----------------+
|                         |                 |                 |                |
|Capital and Reserves     |Six months to 31 |Six months to 31 |  Year to 28 Feb|
|                         |           Aug 11|           Aug 10|              11|
|                         |            £'000|            £'000|           £'000|
+-------------------------+-----------------+-----------------+----------------+
|Called up share capital  |              679|              680|             679|
|                         |                 |                 |                |
+-------------------------+-----------------+-----------------+----------------+
|Share premium            |              376|              374|             376|
+-------------------------+-----------------+-----------------+----------------+
|Profit and loss account  |            1,829|            2,214|           1,873|
+-------------------------+-----------------+-----------------+----------------+
|Revaluation reserve      |            (950)|            (495)|           (387)|
+-------------------------+-----------------+-----------------+----------------+
|Shareholders'funds       |            1,934|            2,773|           2,541|
+-------------------------+-----------------+-----------------+----------------+
|Net asset value per share|              28p|              41p|             37p|
+-------------------------+-----------------+-----------------+----------------+


+-----------------------------+----------------+----------------+--------------+
|                             |                |                |              |
|Cash Flow Statement for the  |   Six months to|   Six months to|Year to 28 Feb|
|Period                       |       31 Aug 11|       31 Aug 10|            11|
|                             |           £'000|           £'000|         £'000|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from        |                |                |              |
|operating activities         |            (44)|            (50)|          (75)|
+-----------------------------+----------------+----------------+--------------+
|Capital expenditure and      |                |                |              |
|financial investment         |                |                |              |
|Purchase of investments      |                |                |              |
|                             |            (10)|            (24)|          (39)|
+-----------------------------+----------------+----------------+--------------+
|Disposal of investments      |                |                |              |
|                             |               -|             197|           197|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from capital|                |                |              |
|expenditure and financial    |                |                |              |
|investment                   |            (10)|             173|           158|
+-----------------------------+----------------+----------------+--------------+
|Financing                    |                |                |              |
|Issue of Shares              |               -|              65|            65|
+-----------------------------+----------------+----------------+--------------+
|Expenses paid in connection  |                |                |              |
|with shares issued           |                |                |              |
|                             |               -|             (3)|           (3)|
+-----------------------------+----------------+----------------+--------------+
|Net cash flow from financing |                |                |              |
|                             |               -|              62|            62|
+-----------------------------+----------------+----------------+--------------+
|Dividends paid               |               -|               -|             -|
+-----------------------------+----------------+----------------+--------------+
|Increase/(decrease) in cash  |                |                |              |
|                             |            (54)|             185|           145|
+-----------------------------+----------------+----------------+--------------+




         Notes to the Unaudited Financial Information on pages 2 and 3


1The financial information for each of the interim periods ended 31 August 2011
and  31 August  2010 is  unaudited  and  does  not constitute statutory accounts
within  the  meaning  of  the  Companies  Act  2006. It  has been prepared using
accounting  policies consistent  with those  set out  in the company's statutory
accounts  for the year ended 28 February 2011. The financial information for the
year  ended  28 February  2011 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.  The  Board confirms that the
unaudited  finance information for  the 6 months ending  31 August 2011 has been
prepared in accordance with IAS 34.

2The 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.

3Listed 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.

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







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Source: Oxford Technology 2 VCT plc via Thomson Reuters ONE

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