Oxford Technology 2 VCT plc : Half-yearly report

Oxford Technology 2 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2014 to 31 August 2014

Statement on behalf of the Board

The net assets per share as at 31 August 2014 were 27p compared to 26p as at 31 August 2013 and 26p as at 28 February 2014. 

The best hope for a return to shareholders in OT2 lies in OCRobotics which is arguably the world's leading designer and manufacturer of snake arm robots.  These are robots in the form of a flexible snake.  The head may be guided anywhere and the body of the snake will follow along the same path.  It has taken a long time to get potential users to try this new technology, but recent progress has been encouraging.  OC Robotics is involved in some major grant-funded projects to develop snake arms for several applications, including for decommissioning nuclear reactors, for inspecting inside the wings of US military aircraft, and for inspecting pressure vessels in the oil and gas industry while the vessels are in service. 

On behalf of the Board
Michael O'Regan - Chairman

Unaudited Financial Information

Profit and Loss Account for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Profit/(loss) on disposal of assets held at fair value	-	2	(26)
Unrealised gain/(loss) on fair value of investments	92	(54)	35
Other expenses	(34)	(33)	(60)
Profit/(loss) on ordinary activities before tax	_____   58	_____   (85)	_____   (51)
Tax on profit/(loss) on ordinary activities	-	-	-
	_____	_____	_____
Profit/(loss) on ordinary activities after tax	58	(85)	(51)
	_____	_____	_____
Earnings per Share	0.9p	(1.3)p	(0.7)p
	_____	_____	_____

Historic Cost Profits and Losses Note	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Profit/(loss) for the financial period	58	(85)	(51)
Unrealised loss/(gain) on fair value of investments	(92)	54	(35)
Loss/(profit) on disposal of investments held at fair value	-	(2)	26
Profit/(loss) on disposal of investments held at historical value	-	2	(420)
	_____	_____	_____
Historical cost (loss) before tax	(34)	(31)	(480)
	_____	_____	_____
Historical cost (loss) after tax	(34)	(31)	(480)
	_____	_____	_____

Summarised Balance Sheet	31 Aug 14 £'000	31 Aug 13 £'000	28 Feb 14 £'000
Investments held at fair value	1,569	1,415	1,477
Net current assets	329	342	314
Creditors: amounts falling due  > 1 year	(49)	-	-
Net assets	_____   1,849	_____   1,757	_____   1,791
	_____	_____	_____

Capital and Reserves
Called up share capital	679	679	679
Share premium	376	376	376
Profit and loss account	56	539	90
Revaluation reserve	738	163	646
Shareholders' funds	_____   1,849	_____   1,757	_____   1,791
	_____	_____	_____
Net asset value per share	27p	26p	26p
	_____	_____	_____

Reconciliation of Movements in   Shareholders' Funds for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Shareholders' funds at the start of period	1,791	1,842	1,842
Return on ordinary activities after tax	58	(85)	(51)
Shareholders' funds at the end of the period	_____   1,849	_____   1,757	_____   1,791
	_____	_____	_____

Cash Flow Statement for the Period	Six months to 31 Aug 14 £'000	Six months to 31 Aug 13 £'000	Year to 28 Feb 14 £'000
Net cash (outflow) from operating activities	(39)	(20)	(46)
Capital expenditure and financial investment      Purchase of investments      Disposal of investments	- -	(20) 110	(20) 109
	_____	_____	_____
Net cash inflow from capital expenditure and financial investment	-	90	89
	_____	_____	_____
Increase/(decrease) in cash	(39)	70	43
	_____	_____	_____

Notes to the Unaudited Financial Information

1   The financial information for each of the interim periods ended 31 August 2014 and 31 August 2013 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 2014. The financial information for the year ended 28 February 2014 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 bid prices at the accounting period end.  The unrealised depreciation or appreciation on the valuation of investments is 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.

      Registered Office :  Magdalen Centre, Oxford Science Park, Oxford OX4 4GA
        Board Directors :  Michael O'Regan and Lucius Cary     
Investment Manager :  Oxford Technology Management Ltd

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Source: Oxford Technology 2 VCT plc via Globenewswire

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