Oxford Technology 2 VCT plc : Half-yearly report

Oxford Technology 2 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2015 to 31 August 2015

Financial Headlines

	Interim Period Ended 31 August 2015	Year Ended 28 February 2015
Net Assets at Period End	£2.05m	£1.89m
Net Asset Value per Share	30.1p	27.8p
Cumulative Dividend	10.5p	10.5p
Total NAV Return	40.6p	38.3p
Share Price (mid market)	20.0p	11.0p
Earnings per Share	2.3p	1.4p

Statement on behalf of the Board

I am pleased to present my first report to shareholders, having taken over the Chairmanship from Michael O'Regan in July. Neither Michael nor Lucius Cary stood for re-election as Directors at the AGM. I would like to thank them both for all their hard work on behalf of shareholders since the formation of the Company in 2000.

It has been a busy six months for the VCT with a number of changes announced with our annual results in June: reduced management fees, an escalation added to the threshold for the performance fee, and the introduction of a Common Board across the four Oxford Technology VCTs commensurate with the companies becoming 'self-managed'. Lucius Cary and his team continue to be involved with the portfolio as OT2 Managers Ltd (the Company's investment manager) sub-contracting services from Oxford Technology Management. OT2 is unlikely to be significantly affected by the changes proposed for the VCT industry as a result of the Budget announcements earlier in the year.

The net asset value has increased by 8.3% (2.3p) from 27.8p at 28 February 2015 to 30.1p at 31 August 2015, primarily driven by continued improved trading at both Select Technology and Telegesis. The Company's assets remain dominated by OCR, which the Board believes still has growth potential. Full details of these investments are included in our Annual Report, and on the website.

The ultimate success for OT2, and the potential for distributions in the future are likely to revolve around profitable exits from these investee companies.

On behalf of the Board
Richard Roth - Chairman

Unaudited Financial Information

Income Statement for the Period	Six months to 31 Aug 15 £'000	Six months to 31 Aug 14 £'000	Year to 28 Feb 15 £'000
(Loss)/gain on disposal of assets held at fair value	-	-	-
Unrealised gain/(loss) on fair value of investments	187	92	157
Expenses	(32)	(34)	(58)
Profit/(loss) on ordinary activities before tax	_____   155	_____   58	_____   99
Tax on profit/(loss) on ordinary activities	-	-	-
	_____	_____	_____
Profit/(loss) on ordinary activities after tax	155	58	99
	_____	_____	_____
Earnings per Share	2.3p	0.9p	1.4p
	_____	_____	_____

Statement of Changes in Equity for the Period	Six months to 31 Aug 15 £'000	Six months to 31 Aug 14 £'000	Year to 28 Feb 15 £'000
Shareholders' funds at the start of period	1,890	1,791	1,791
Return on ordinary activities after tax	155 _____	58 _____	99 _____
Shareholders' funds at the end of period	2,045	1,849	1,890
	_____	_____	_____

Summarised Balance Sheet	31 Aug 15 £'000	31 Aug 14 £'000	28 Feb 15 £'000
Investments held at fair value	1,907	1,569	1,720
Net current assets	165	329	205
Creditors: amounts falling due > 1 year	(27)	(49)	(35)
Net assets	_____   2,045	_____   1,849	_____   1,890
	_____	_____	_____

Capital and Reserves
Called up share capital	679	679	679
Share premium	376	376	376
Profit and loss account	0	56	32
Revaluation reserve	990	738	803
Shareholders' funds	_____   2,045	_____   1,849	_____   1,890
	_____	_____	_____
Net asset value per share	30.1p	27.2p	27.8p
	_____	_____	_____

Cash Flow Statement for the Period	Six months to 31 Aug 15 £'000	Six months to 31 Aug 14 £'000	Year to 28 Feb 15 £'000
Net cash inflow/(outflow) from operating activities	(53)	(39)	(53)
Financial investment   Purchase of investments   Disposal of investments	- - _____	- - _____	(86) - _____
Increase/(decrease) in cash	(53)	(39)	(139)
	_____	_____	_____

                                                 Oxford Technology 2 Venture Capital Trust Plc                                           
                                         Summary of Investment Portfolio as at 31 August 2015

Company	Net cost of investment £000's	Valuation £000's	Valuation movement  £000's	% of portfolio by value
OC Robotics	311	860	-	45.1%
Select Technology	132	348	111	18.3%
Telegesis	8	299	86	15.7%
Plasma Antennas	188	189	-	9.9%
Orthogem	304	62	-	3.3%
Other Investments	1,072	149	(10)	7.7%
Total Investments	2,015	1,907	187	100%
Other Net Assets		138
Net Assets		2,045

Notes to the Unaudited Financial Information

1   The unaudited financial information for the six months to 31 August 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 six months to 31 August 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   Copies of the Interim Statement have been made available to shareholders and further copies can be obtained from the Company's Registered Office.

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