Interim Results

RNS Number : 9221F

Oxford Technology 2 VCT PLC

15 October 2008

 

Oxford Technology 2

Venture Capital Trust plc

Interim Statement

For the period 1 March 2008 to 31 August 2008

Statement on behalf of the Board

Net Assets per share were 71p on 31 August 2008 compared to 68p on 31 August 2007 and 68p on 28 February 2008. Including dividends of 6p per share, total return to 31 August 2008 is 77p. During the period, OT2VCT has raised £253,329 net of expenses through the issue of 374,602 shares at 71p per share. While there is the usual mixture of news, several companies in the portfolio are making good progress and have the potential to be stars. OCRobotics, in which OT2VCT invested when the company was based in the home of one of the founders who had an idea but no prototype, is continuing to make excellent progress. It is now profitable and paid a dividend for the first time in spring 2008. Orthogem is now generating revenues, is increasing its users and has encouraging potential. Since the date of these accounts, Commerce Decisions was bought by QinetiQ in an all cash transaction. Since the consideration was close to the value at which we hold the company in our accounts, this transaction will have little impact on earnings or net asset value. However, given current market conditions, the realisation was felt to be a good outcome for shareholders.

On behalf of the Board

John Jackson - Chairman

                                                                Unaudited Financial Information

Profit and Loss Account
for the Period                                 Six months    Six months         Year to

                                                   to 31 Aug 08    to 31 Aug 07     29 Feb 08

                                                          £'000               £'000                £'000

Profit/(loss) on disposal of assets

held at fair value                                     -                     -                        -

Unrealised profit/(loss) on fair

value of investments                           124                  (28)                    82

Other income                                       74                      7                     14

Other expenses                                   (79)                 (78)                  (151)

Profit/(loss) on ordinary activities

before tax                                            119                  (99)                   (55)

Tax on profit/(loss) on ordinary

activities                                                -                       -                         -    

Profit/(loss) on ordinary activities

after tax                                             119                   (99)                     (55)    

Earnings per Share                           1.87p               (1.65)p                (0.92)p

Historic Cost Profits and               Six months      Six months           Year to

Losses Note                                to 31 Aug 08      to 31 Aug 07       29 Feb 08

                                                          £'000                 £'000                   £'000

Profit/(loss) for the financial period        119                    (99)                     (55)

Unrealised (loss)/profit on investments

held at fair value                                 (124)                      28                     (82)

Historical cost loss before tax                 (5)                   (71)                   (137)

Historical cost loss after tax                    (5)                   (71)                  (137)

Summarised Balance Sheet          31 Aug 08         31 Aug 07           29 Feb 08

                                                          £'000                £'000                    £'000

Investments held at fair value              4,348                4,026                    4,137

Other net current assets/(liabilities)        128                    33                       (34)             

                                                           ____                 ____                      ____

Net assets                                          4,476                4,059                     4,103

                                                           ____                 ____                      ____

Capital and Reserves    

Called up share capital                     637                     600                       600

Share premium:

  Shares issued                                  225                         -                           -   

   Expenses on shares issued              (8)                         -                           -    

Profit and loss account                  2,295                   2,366                   2,300

Revaluation reserve                      1,327                    1,093                  1,203

                                                   _____                  _____                  _____

Shareholders' funds                      4,476                   4,059                    4,103

                                                   ____                    ____                      ____

Net asset value per share                 71p                     68p                        68p

                                                      ____                  ____                      ____

Cash Flow Statement                     

for the Period                              31 Aug 08        31 Aug 07            29 Feb 08

                                                         £'000                £'000                    £'000

Net cash inflow/(outflow) from 

operating activities                              52                    (26)                      (25)

Dividends paid                                      -                         -                            -    

Capital expenditure and financial investment

    Purchase of investments                (87)                    (13)                      (13)

                                                      _____               _____                  _____

Net cash outflow from capital expenditure 

and financial investment                   (87)                     (13)                     (13)

Financing

    Issue of Shares                              266                        -                           -

Expenses paid in connecton

with shares issued                               (8)                        -                          -

                                                        _____                _____                   _____

Net cash inflow from financing           258                        -                          -

                                                       _____                 _____                    _____

Increase/(decrease) in cash                223                   (39)                       (38)

                                                          ____                 ____                      ____

Notes to the Unaudited Financial Information 

1    The financial information for each of the interim periods ended 31 August 2008 and 31 August 2007 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 29 February 2008. The financial information for the year ended 29 February 2008 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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