Oxford Technology 2 VCT plc : 3rd Quarter Results

Company Registration Number: 3928569

Oxford Technology 2 Venture Capital Trust PLC

Interim Accounts

For the period 1 March 2015 to 30 November 2015

These interim statements have been prepared to comply with s836 and s838 of The Companies Act 2006.

Financial Headlines

	Nine month Period Ended 30 November 2015	Year Ended 28 February 2015
Net Assets at Period End	£2.08m	£1.89m
Net Asset Value per Share	30.6p	27.8p
Cumulative Dividend	10.5p	10.5p
Total NAV Return	41.1p	38.3p
Share Price (mid market)	20.0p	11.0p
Earnings per Share	2.8p	1.4p

Statement on behalf of the Board

These interim accounts have been prepared following the disposal of Telegesis and provide details of the results for the 9 month period to 30 November 2015.  They have been prepared with the purpose of publishing a set of accounts which state the latest updated distributable reserves.  Once these accounts have been received at Companies House, the Directors intend to declare an interim dividend for the year to 29 February 2016.

On behalf of the Board
Richard Roth - Chairman

Unaudited Financial Information

Income Statement for the Period	Nine months to 30 Nov 15 £'000	Six months to 31 Aug 15 £'000	Year to 28 Feb 15 £'000
Gain/(loss) on disposal of assets held at fair value	142	-	-
Unrealised gain/(loss) on fair value of investments	101	187	157
Expenses	(54)	(32)	(58)
Profit/(loss) on ordinary activities before tax	_____   189	_____   155	_____   99
Tax on profit/(loss) on ordinary activities	-	-	-
	_____	_____	_____
Return on ordinary activities after tax	189	155	99
	_____	_____	_____
Earnings per Share	2.8p	2.3p	1.4p
	_____	_____	_____

Statement of Changes in Equity for the Period	Nine months to 30 Nov 15 £'000	Six months to 31 Aug 15 £'000	Year to 28 Feb 15 £'000
Shareholders' funds at the start of period	1,890	1,890	1,791
Return on ordinary activities after tax	189 _____	155 _____	99 _____
Shareholders' funds at the end of period	2,079	2,045	1,890
	_____	_____	_____

Summarised Balance Sheet	30 Nov 15 £'000	31 Aug 15 £'000	28 Feb 15 £'000
Investments held at fair value	1,608	1,907	1,720
Net current assets	494	165	205
Creditors: amounts falling due > 1 year	(22)	(27)	(35)
Net assets	_____   2,079	_____   2,045	_____   1,890
	_____	_____	_____

Capital and Reserves	30 Nov 15 £'000	31 Aug 15 £'000	28 Feb 15 £'000
Called up share capital	679	679	679
Share premium	376	376	376
Profit and loss account	1,424	0	32
Revaluation reserve	(400)	990	803
Shareholders' funds	_____   2,079	_____   2,045	_____   1,890
	_____	_____	_____
Net asset value per share	30.6p	30.1p	27.8p
	_____	_____	_____

Richard Roth
Chairman
6^th January 2016

Cash Flow Statement for the Period	Nine months to 30 Nov 15 £'000	Six months to 31 Aug 15 £'000	Year to 28 Feb 15 £'000
Net cash inflow/(outflow) from operating activities	(76)	(53)	(53)
Capital expenditure and financial investment      Purchase of investments      Disposal of investments	- 355 _____	- - _____	(86) - _____
Net cash inflow/(outflow) from capital expenditure and financial investment	355	-	(86)
Increase/(decrease) in cash	279	(53)	(139)
	_____	_____	_____

Notes to the Unaudited Financial Information

1.  The unaudited financial information for the nine months to 30 November 2015 has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" and in accordance with the accounting policies and principles that will be adopted in the next financial statements which are to be prepared under Financial Reporting Standard 102 for the first time.  No restatement of prior periods has been necessary.  The unaudited financial information for the nine months to 30 November 2015 does not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 28 February 2015 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies.  The independent auditor's report on those financial statements was unqualified. 

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 bid prices at the accounting period end.  The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.

4.  The operating profit is stated after charging:

	Interim Period Ended 30 November 2015 £'000	Year Ended 28 February 2015 £'000
Directors' remuneration	8	3
Auditors' remuneration	5	6
Total	13	9

5.  No liability to UK corporation tax arose during the period.

6.   Investments

	Unquoted investments (Level 3) £'000	Total investments £'000
Valuation and net book amount:
Book cost as at 1 March 2015	2,014	2,014
Cumulative revaluation	(294)	(294)
Valuation at 1 March 2015	1,720	1,720
Movement in the year:
Purchases at cost	-	-
Cost of disposal	(7)	(7)
Revaluation on disposal	(207)	(207)
Revaluation in year	101	101
Valuation at 30 November 2015	1,607	1,607
Book cost at 30 November 2015	2,007	2,007
Revaluation to 30 November 2015	(400)	(400)
Valuation at 30 November 2015	1,607	1,607

7.  Share Capital

	30 November 2015 £'000	28 February 2015 £'000
Authorised:
10,000,000 ordinary shares of 10p each	1,000	1,000
Total Authorised	1,000	1,000
Allotted, called up and fully paid:
6,792,923 (28 Feb 2015: 6,792,923) ordinary shares of 10p each	679	679

8.  Reserves
               

	Share Premium Account £'000	Capital Reserve Unrealised £'000	Profit and Loss  Account Reserve £'000
At 1 March 2015	376	803	32
Profit/(loss) for period	0	101	88
Movement on Revaluation Reserve	0	(207)	207
Reserve Transfer	0	(1,097)	1,097
As at 30 November 2015	376	(400)	1,424

The distributable reserves at 30 November 2015 are £1,024,000

9.  Copies of the Interim Statement have been lodged at Companies House and published on the website.  Further copies can be obtained from the Company's Registered Office at:
     The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA

Board Directors :  Richard Roth, Robin Goodfellow, David Livesley and Alex Starling

Company Secretary: James Gordon - Gordons Partnership LLP
       
Investment Manager :  OT2 Managers Ltd with services contracted to
                                        Oxford Technology Management Ltd

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Source: Oxford Technology 2 VCT plc via Globenewswire

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