Final Results

ProVen VCT plc
Unaudited Preliminary Announcement of Results for the Year Ended 28
February 2007

FINANCIAL HIGHLIGHTS


                                                         2007    2006
                                                        pence   pence
Ordinary shares

Net asset value (per Ordinary share)                    108.3   111.3

Cumulative gross distributions paid (from launch to  28  53.2    18.7
Feb 2007)

Total return  (net  asset value  plus  paid  cumulative 161.5   130.0
distributions paid and declared)

Interim dividend (per Ordinary share)                    31.0     3.0
Second interim dividend (per  Ordinary share) - paid  5  15.0     3.5
April 2007
                                                         46.0     6.5


No 'C' shares had been allotted as at 28 February 2007.


The Statement  to  Shareholders  by  the  Chairman,  Andrew  Davison,
includes the following:

I am pleased to present the Annual Report for ProVen VCT plc for  the
year  ended  28  February  2007  and  welcome  new  shareholders  who
subscribed to the Company's recent 'C' Share issue to the Company.

Net Asset Value
At the year  end, the Company's  net asset value  per Ordinary  share
("NAV") stood at 108.3p, an increase of 31.5p per share or 28.3% over
the year  after adjusting  for the  dividends of  34.5p per  Ordinary
share which were paid during the year.

Total  return  (NAV  plus  cumulative  dividends  paid)  to  Ordinary
Shareholders who invested at the outset of the Company now stands  at
161.5p per share, compared  to an original  investment net of  income
tax relief of 80p per share.

Board change
Alexander Spiro Jr stepped down from the Board on 25 January 2007  as
a result of his  changing role within Beringea  LLC, the group  which
provides investment management services  to the Company.   I wish  to
thank Alexander for  his strong support  and perceptive and  relevant
contribution since joining the Board in May 2003 and wish him well in
his future activities.

On the same date,  David Eberly joined the  Board as a  non-executive
director representing Beringea.  David is a Senior Managing  Director
and co-founder of Beringea LLC and also sits on the board of Beringea
Limited, the Company's investment manager.  David has previously been
a director of European Gateway Acquisition Corp. (1996-1998) and also
Williams Controls  Inc  (2002-2003).    I  am  sure  that,  with  his
extensive experience in investment banking, David will be a  valuable
addition to the Board.

'C' Share issue
In November 2006  the Company launched  a 'C Share  fundraising.   No
shares were issued  before the  28 February 2007  year-end, with  the
first 'C' Shares being  allotted on 6  March 2007.   I am pleased  to
report that at  the date of  this Report the  Offer had raised  £13.8
million.

The 'C' Share issue significantly increases the size of your Company,
which is beneficial to all Shareholders as the fixed running costs of
the Company will be spread over a larger asset base.

Venture Capital Investments
It has been an active year within the Company's investment portfolio
with the highlight being the highly profitable exit that was achieved
from the investment in Mergermarket Limited.  The investment, which
originally cost £780,000, was sold for proceeds of £10.7 million.
This is one of the most successful investments made by this or any
other VCT and the Board congratulates the Investment Manager on an
excellent outcome.

Another successful exit  was achieved from  the restaurant chain,  Ma
Potters, and the Company  also invested £1.6 million  in one new  and
two follow-on investments.

In reviewing the investment valuations at the year end, the Board has
agreed a number of  valuation increases and  decreases.  Overall  the
unrealised valuation movement on the  portfolio has been an  increase
of £2.6 million.

Results and dividend
The return on activities after  taxation for the year was  £7,394,000
(2006: £1,782,000), comprising  a revenue  return of  £199,000 and  a
capital return of £7,195,000.

On 7 December 2006, an interim  capital dividend of 31p per  Ordinary
share (2006: 3.0p  per share)  was paid to  Ordinary Shareholders.  A
second interim dividend of 15p per Ordinary Share (14p capital and 1p
revenue) was paid on  5 April 2007.   Original Ordinary  Shareholders
have now  received  dividends totalling  68.2p  per share  since  the
Company's launch in 2000.

In view  of the  dividend paid  on 5  April 2007,  the Board  is  not
proposing to pay a final dividend for the year.

Repurchase of Shares
The Directors  are  conscious that  the  Company's share  prices  are
affected by the  illiquidity of  its shares in  the market  resulting
from the fact that investors  purchasing "second-hand" shares do  not
benefit from income tax relief on their investment.

The Directors continue to monitor the market in the Company's  shares
and will make share  purchases when appropriate.   During the  period
the Company repurchased 719,459 Ordinary Shares, at an average  price
of 98.4p per share, for  cancellation. Generally, share buybacks  are
undertaken at  a 10%  discount to  the latest  NAV published  by  the
Company.  The Board intend to continue with this policy and will  put
a resolution to Shareholders at the AGM.

Annual General Meeting
The Annual General Meeting ("AGM") of the Company will be held at  39
Earlham Street, London WC2H 9LT at 2:15pm on 26 July 2007.

Outlook
This has been an extremely successful year for your Company.  Working
towards exits on the Company's more mature investments will remain an
important element of the Investment Manager's role, however the  year
ahead presents a new set of challenges.

Proceeds from the recent disposals,  along with the new funds  raised
by the 'C' Share offer, have produced a significant level of funds to
be invested.  I am  pleased to report that,  since the year end,  the
Investment Manager has made a  solid start in investing these  funds.
The Board is monitoring the deal flow that the Manager is  generating
and is satisfied  that the  level of opportunities  being pursued  is
appropriate for the task in hand.

I look forward to updating Shareholders on the progress in making new
investments in  the  newly-introduced  interim  management  statement
(which the Company  will prepare  shortly for  the period  to 31  May
2007) and with the interim results to 31 August 2007.


BALANCE SHEET
as at 28 February 2007


                                                    2007         2006
                                                             Ordinary
                                Ordinary     'C'           shares and
                                  shares  shares   Total        Total
                                   £'000   £'000   £'000        £'000
Fixed Assets
Investments                       15,629       -  15,629       17,653

Current assets
Debtors                              968       -     968          180
Current investments                4,750       -   4,750        5,700
Cash at bank and in hand           4,218   4,491   8,709        3,484
                                   9,936   4,491  14,427        9,364

Creditors: amounts falling  due    (316) (4,491) (4,807)        (284)
within one year

Net current assets                 9,620       -   9,620        9,080

Net assets                        25,249       -  25,249       26,733

Capital and reserves
Called up share capital            1,165       -   1,165        1,201
Capital redemption reserve           132       -     132           96
Special reserve                   13,145       -  13,145       15,468
Share premium account              3,759       -   3,759        3,759
Capital reserve - realised         4,348       -   4,348        2,287
Capital reserve - unrealised       2,376       -   2,376        3,319
Revenue reserve                      324       -     324          603

Total   equity    shareholders'   25,249       -  25,249       26,733
funds

Net asset value per share         108.3p       -               111.3p










































INCOME STATEMENT
for the year ended 28 February 2007

                   Year ended 28 February 2007 Year ended 28 February
                                                        2006

                     Revenue  Capital    Total  Revenue Capital Total
                       £'000    £'000    £'000    £'000   £'000 £'000

Income                   576        -      576    1,030       - 1,030

Gains on                   -    9,059    9,059        -   1,694 1,694
investments

                         576    9,059    9,635    1,030   1,694 2,724

Investment             (160)    (479)    (639)    (191)   (574) (765)
management fees
Performance                -  (1,416)  (1,416)        -       -     -
incentive fees
Other expenses         (181)      (5)    (186)    (177)       - (177)

Return on ordinary
activities               235    7,159    7,394      662   1,120 1,782
    before tax

Tax on ordinary         (36)       36        -    (114)     114     -
activities

Return
attributable to          199    7,195    7,394      548   1,234 1,782
equity
shareholders

Return per              0.8p    29.7p    30.5p     2.3p    5.1p  7.4p
Ordinary Share


The Income Statement above relates to the Ordinary shares and to  the
Company as  a whole.   There  are no  movements relating  to the  'C'
shares to be disclosed within the Income Statement.

All Revenue and Capital items in the above statement derive from
continuing operations.

A Statement of  Total Recognised  Gains and Losses  relating to  each
class of share  has not  been prepared as  all gains  and losses  are
recognised in the relevant Income Statements as shown above.



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the year ended 28 February 2007


                              Year ended                   Year ended
                           28 February 2007          28 February 2006

                                                             Ordinary
                     Ordinary      'C'                     shares and
                       shares   shares     Total                Total
                        £'000    £'000     £'000                £'000

Opening                26,733        -    26,733               24,785
shareholders' funds
Issue of shares             -        -         -                3,097
Share issue costs           -        -         -                (136)
Purchase of own         (711)        -     (711)              (1,276)
shares
Total recognised        7,394        -     7,394                1,782
gains for the year
Distributions         (8,167)        -   (8,167)              (1,519)

Closing                25,249        -    25,249               26,733
shareholders' funds




CASH FLOW STATEMENT
for the year ended 28 February 2007


                               Year ended                  Year ended
                            28 February 2007         28 February 2006
                       Ordinary      'C'                     Ordinary
                         shares   Shares     Total             Shares
                                                                  and
                                                                Total
                          £'000    £'000     £'000              £'000

Net cash
(outflow)/inflow from   (1,557)        -   (1,557)                170
operating activities

Capital expenditure
Purchase of             (1,679)        -   (1,679)            (2,483)
investments
Sale of investments      11,884        -    11,884              8,202
Net cash inflow from
capital expenditure      10,205        -    10,205              5,719

Equity dividends paid   (8,167)        -   (8,167)            (1,519)

Management of liquid
resources
Purchase of current
investments held as           -        -         -            (3,900)
liquidity funds
Withdrawal from             950        -       950                900
liquidity funds
Net cash
inflow/(outflow) from       950        -       950            (3,000)
liquid resources

Net cash inflow before    1,431        -     1,431              1,370
financing

Financing
Proceeds from share           -    4,491     4,491              3,097
issue
Share issue costs             -        -         -              (136)
Purchase of own shares    (697)        -     (697)            (1,276)
Net cash (outflow)/       (697)    4,491     3,794              1,685
inflow from financing

Increase in cash            734    4,491     5,225              3,055




Notes

Accounting policies

Basis of accounting
The Company has prepared its financial statements under UK  Generally
Accepted Accounting Practice ("UK GAAP")  and in accordance with  the
Statement of Recommended Practice "Financial Statements of Investment
Trust Companies" revised December 2005 ("SORP").

The financial  statements  are  prepared under  the  historical  cost
convention  except   for  the   revaluation  of   certain   financial
instruments.

Presentation of Income Statement
In order  to better  reflect the  activities of  an investment  trust
company and in accordance with guidance issued by the Association  of
Investment  Companies   ("AIC"),  supplementary   information   which
analyses the income statement between items of a revenue and  capital
nature has been  presented alongside  the income  statement. The  net
revenue is the measure the directors believe appropriate in assessing
the Company's compliance with certain requirements set out in Section
842 Income and Corporation Taxes Act 1988.

Investments
All investments are designated as "fair value through profit or loss"
assets and are initially measured at cost. Thereafter the investments
are measured at subsequent reporting dates at fair value.

Listed fixed income  investments and  investments quoted  on AIM  are
measured using bid  prices with illiquidity  discounts applied  where
deemed appropriate.

In respect  of unquoted  instruments, fair  value is  established  by
using International  Private  Equity and  Venture  Capital  Valuation
Guidelines. Where no reliable  fair value can  be estimated for  such
unquoted equity investments they are carried at cost, subject to  any
provision for impairment.  Where an  investee company  has gone  into
receivership or liquidation the  investment, although not  physically
disposed of, is treated as being realised.

Gains and losses arising from changes  in fair value are included  in
the income statement for the year  as a capital item and  transaction
costs on acquisition or disposal of the investment expensed.

It is  not the  Company's policy  to exercise  either significant  or
controlling influence over investee companies.  Therefore the results
of these  companies are  not incorporated  into the  revenue  account
except to the extent of any income accrued.

Income
Dividend income from investments is recognised when the shareholders'
rights to  receive  payment has  been  established, normally  the  ex
dividend date.

Interest income is  accrued on a  timely basis, by  reference to  the
principal outstanding and at the effective interest rate  applicable,
which is  the  rate  that exactly  discounts  estimated  future  cash
receipts through the  expected life  of the financial  asset to  that
asset's net  carrying  amount, and  only  where there  is  reasonable
certainty of collection.

Expenses
All expenses are accounted for on  accruals basis. In respect of  the
analysis between  revenue  and  capital items  presented  within  the
income statement, all expenses have  been presented as revenue  items
except as follows:

*           Expenses which are incidental to the disposal of an
  investment are deducted from the disposal proceeds of the
  investment.

*           Expenses are split and presented partly as capital items
  where a connection with the maintenance or enhancement of the value
  of the investments held can be demonstrated and accordingly the
  investment management fee and finance costs have been allocated 25%
  to revenue and 75% to capital, in order to reflect the directors'
  expected long-term view of the nature of the investment returns of
  the Company.

Taxation
The tax  effects  of different  items  in the  Income  Statement  are
allocated between  capital  and revenue  on  the same  basis  as  the
particular item to  which they relate  using the Company's  effective
rate of tax for the accounting period.

Due to  the Company's  status  as a  venture  capital trust  and  the
continued intention to  meet the conditions  required to comply  with
Section 842AA  of the  Income and  Corporation Taxes  Act (1988),  no
provision for  taxation is  required in  respect of  any realised  or
unrealised appreciation of the Company's investments which arises.

Deferred taxation  is provided  in full  on timing  differences  that
result in an obligation at the balance sheet date to pay more tax, or
a right to pay less tax, at a future date, at rates expected to apply
when they  crystallise based  on current  tax rates  and law.  Timing
differences  arise  from  the  inclusion  of  items  of  income   and
expenditure in taxation computations in periods different from  those
in which they are included in the financial statements.



Announcement based on draft accounts (unqualified audit report)

The financial information set out in this announcement does not
constitute the Company's statutory accounts for the year ended 28
February 2007 or 28 February 2006.  The statutory accounts for the
year ended 28 February 2007 will be finalised on the basis of the
financial information presented by the directors in this preliminary
announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

The financial information for the year ended 28 February 2006 is
derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies.  The auditors reported on
those accounts; this report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.

A copy of  the full annual  report and financial  statements for  the
year  ended  28  February  2007   will  be  printed  and  posted   to
shareholders. Copies  will also  be available  to the  public at  the
registered office of the  Company at 39  Earlham Street, London  WC2H
9LT.

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