Interim Results

Proven VCT PLC
18 October 2001

PROVEN VCT PLC

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2001

18 OCTOBER 2001


CHAIRMAN'S STATEMENT

NET ASSET VALUE AND INTERIM DIVIDEND

The unaudited net asset value per share at 31 August 2001 was 92.6p, after
provision for the payment of an interim dividend of 1.0p per share. This
represents a modest decline of 3.4p in net asset value per share over the six
months to 31 August 2001, or some 3.5%. The decline is due largely to the
performance of the AiM stocks in the portfolio; over the same period, the FTSE
AiM index fell 23%.


INVESTMENTS

During the six month period three new venture capital investments were
completed at a cost of £1.7 million, bringing the total invested to £5.9
million. Whilst the Manager's rate of investment has sensibly slowed in
response to market conditions in the short term, the rate of investment will
now need to increase to obtain the benefit of improved market conditions and
attain the investment targets set by VCT legislation. The Manager's Review
provides further details on the investments made to date. The majority of the
VCT's funds are presently held in the portfolio of Fixed Income Securities.


SHARE BUY BACKS

During the period, the Company purchased 23,000 shares in the market for
cancellation, at a total cost of £19,500 which represented a discount to the
then Net Asset Values. The Board is not aware of any other trading in the
shares to date. The Company is in the process of seeking Court consent to a
reduction in the share premium account to facilitate the buy-back and
cancellation of shares where the Board considers this is in the interests of
shareholders.


PROSPECTS

The emphasis over the next few years will be in building up a balanced
portfolio of qualifying investments to generate tax free capital and income
returns to shareholders over a five to ten year period. Your VCT should
benefit from the recent fall in prices of new investments but the outlook for
the next twelve months remains uncertain.


ANDREW DAVISON

18 OCTOBER 2001



UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)

for the six months ended 31 August 2001


                Six months ended 31     Period ended 31       Period ended 28
                    August 2001           August 2000          February 2001

               Revenue Capital Total Revenue Capital Total Revenue Capital Total

                  £000    £000  £000    £000    £000  £000    £000    £000  £000
Gains/(losses)
on investments
- realised           -    (10)  (10)       -      14    14       -     119   119
- unrealised         -   (685) (685)       -     665   665       -     219   219

Income             564       -   564     490       -   490   1,096       - 1,096
Investment        (62)   (186) (248)    (38)   (114) (152)    (86)   (258) (344)
management fee

Other expenses   (112)       - (112)   (107)       - (107)   (214)       - (214)

Return on
ordinary           390   (881) (491)     345     565   910     796      80   876
activities         
before
taxation

Tax on            (90)      49  (41)    (81)      23  (58)   (221)      84 (137)
ordinary
activities

Return on
ordinary           300   (832) (532)     264     588   852     575     164   739
activities        
after taxation

Dividends
- interim        (219)       - (219)       -       -     -       -       -     -
- final              -       -     -       -       -     -   (527)       - (527)


Transfers to        81   (832) (751)     264     588   852      48     164   212
reserves

Return per
share             1.4p   (3.8)p (2.4)p   1.4p   3.0p  4.4p    2.8p    0.8p  3.6p
                              

UNAUDITED BALANCE SHEET

at 31 August 2001
                                 31 August 2001 31 August 2000 28 February 2001
                                          £'000          £'000            £'000

Fixed Assets
Investments - unquoted                    2,984            912            2,212
Investments - AIM quoted                  2,540          2,010            2,024
Fixed Interest                           14,874         17,490           16,934
Money Market Fund                             -            948                -
                                       ________       ________         ________
                                         20,398         21,360           21,170

Net current (liabilities)/assets           (85)            364             (86)
                                       ________       ________         ________

Net assets                               20,313         21,724           21,084
                                       ________       ________         ________

Capital & reserves
Share capital                             1,097          1,099            1,099
Reserves                                 19,216         20,625           19,985
                                       ________       ________         ________

Equity shareholders' funds               20,313         21,724           21,084
                                       ________       ________         ________

Net asset value per share                 92.6p          98.9p            96.0p


Notes


 1. The unaudited interim financial statements for the six months ended 31
    August 2001 and the period ended 31 August 2000 do not constitute
    statutory accounts within the meaning of Section 240 of the Companies Act
    1985 and have not been delivered to the Registrar of Companies. The
    figures for the period ended 28 February 2001 have been extracted from the
    financial statements for that period, which have been delivered to the
    Registrar of Companies; the auditors' report on those financial statements
    under Section 235 of the Companies Act 1985 was unqualified.

 2. The Revenue column of the Statement of Total Return is the revenue account
    of the company.

 3. During the six months to 31 August 2001, the company purchased 23,000
    shares in the market for cancellation at a total cost of £19,533 and
    distributable reserves have been reduced by an equivalent amount to
    reflect the purchase.

 4. Returns per ordinary share are based on 21,963,571 ordinary shares, being
    the weighted average number of shares in issue during the period. There
    were 21,947,502 ordinary shares in issue at 31 August 2001.

 5. The interim dividend of 1.0p per share will be paid on 26 November 2001 to
    shareholders on the register on 26 October 2001.

 6. Earnings for the period should not be taken as a guide to the results for
    the full year.

 7. Copies of the Interim Report will be mailed to shareholders and are
    available from the Registered Office of the company at 42 Craven Street,
    London WC2N 5NG.

UNAUDITED CASH FLOW STATEMENT

for the six months ended 31 August 2001

                            Six months ended  Period ended      Period ended
                            31 August 2001    31 August 2000    28 February 2001
           
                                 £'000             £'000              £'000

Net revenue
from
operating
activities

Net revenue                        390               345                796
from
ordinary
activities
before tax

Increase in                       (100)             (331)              (279)
debtors

Increase in                         33               165                169
creditors

Management                        (186)             (114)              (258)
fees charged
to capital
                              ________          ________           ________

Net cash                           137                65                428
inflow from
operating
activities
                             ________          ________           ________

Financial
Investment

Purchases of                    (5,027)          (31,713)           (54,795)
investments

Sales of                         5,105            11,033             33,963
investments
                              ________           ________           ________

Net cash                            78           (20,680)           (20,832)
inflow/
(outflow)
from
financial
investments
                              ________           ________           ________

Equity                            (527)              -                  -
dividends
paid
                              ________           ________           ________

Net cash                          (312)           (20,615)           (20,404)
outflow
before
financing
                              ________           ________           ________

Financing
Gross                              -               21,970             21,970
proceeds
from share
issue

Issue                              -               (1,098)           (1,098)
expenses
paid

Purchase of                       (20)                -                 -
ordinary
shares for
cancellation

Net cash                          (20)              20,872            20,872
inflow/
(outflow)
from
financing

Increase/                        (332)                 257               468
(decrease)
in cash
Analysis of
cash balance

At start of                        468                  -                 -
period

Net cash                          (332)                257               468
inflow/
(outflow)
for the
period

At end of                          136                 257               468
period

For further information please contact Stephen Edwards of Proven Private
Equity Limited on 0207 451 6500.