Preliminary Results

Hygea VCT plc

24 April 2007

Preliminary Results for the year ended 31 December 2006

Financial summary for the year ended 31 December 2006


                               31 December 2006 31 December 2005

     Net assets                      £4,294,000       £5,679,000
     Net revenue before tax          £(167,000)       £(324,000)
     Revenue loss per share*             (2.2)p           (4.3)p
     Net asset value per share            56.8p            74.8p

* based on  7,555,017 (2005:  7,596,393) weighted  average shares  in
issue in the year.

Chairman's statement

I am pleased  to present the  2006 annual report  to shareholders  in
Hygea VCT plc.

At 31 December 2006 the Fund  had a portfolio of 21 investments  with
92.5% of net assets being represented by VCT qualifying holdings.

In 2006 we have seen a mixture of results from our investee companies
but, as is  usually the  case with  venture capital  funds, the  poor
results have impacted the overall value of the Fund's holdings before
the Fund  experiences  the significant  uplifts  that can  come  from
successful investments.  In addition,  since a substantial number  of
the investments have been held for  less than three years,   patience
will be needed before the  anticipated gains can be realised.  Whilst
we will  take advantage  of future  investment opportunities  as  the
availability of cash within the  Fund allows, our main strategy  will
be, over time, to reduce the number of holdings in the portfolio  and
use the cash realised from disposals (mainly of the AIM portfolio) to
support the key investments  in the unquoted  portfolio through to  a
listing or a trade  sale.  As  a consequence of  this, the Board,  in
conjunction with Octopus, is  considering significant changes to  the
way the  fund is  managed and  I expect  to be  writing to  you  with
proposals in time for them to be  put to shareholders at an EGM  that
will be  held immediately  following the  AGM on  12 July  2007.   We
anticipate that  these changes  will lead  to a  further  significant
reduction in the Fund's overall  running costs, while allowing us  to
gain further access to those skills that we believe will be important
in allowing us to  generate significant value  from the portfolio  of
investments.

Investment Policy
During 2006, we made a further 3 investments in qualifying companies,
taking us to the point where we finished the year with a portfolio of
investments in 21 companies, of which 11 are quoted on AIM and 10 are
unquoted.

The Board is taking an active  role in managing the portfolio.   This
involves providing investee  companies with advice  and contacts,  as
well as working with  them to ensure that  they achieve the  progress
that will be required in order  for Hygea to generate value from  its
investments.

Investment Environment
During 2006 and early 2007, there have been a number of  acquisitions
of UK-based biotechnology companies. This activity has been driven by
the need  for many  pharmaceutical  companies to  acquire  additional
compounds to add to their own  pipelines of new products.  I  believe
that this points to an environment in which the financial markets are
likely to become more aware of the potential upside from investing in
smaller UK healthcare and biotechnology companies.

NAV
The Net Asset  Value per  share ("NAV") as  at 31  December 2006  was
56.8p, a decline of  18p compared with the  equivalent figure at  the
end of  2005.   Despite the  decline  in the  reported value  of  the
portfolio, many  of the  portfolio companies  made good  progress  in
2006.  In accordance  with the valuation  guidelines for holdings  in
unquoted companies, we were  able to increase  the carrying value  of
our holdings in three unquoted  companies (Scancell Ltd, Insense  Ltd
and Prosurgics Ltd).  However, we  reduced the carrying value of  our
holdings in two unquoted  companies (Hallmarq Veterinary Imaging  Ltd
and Purely Proteins Ltd) where progress has not been in line with our
original expectations.  Many of our unquoted holdings are still  held
at cost as,  despite good  progress in  developing their  businesses,
they have  not yet  reached a  point where  the valuation  guidelines
permit us to write up the value of our holding.

Our holdings in  companies quoted on  AIM experienced mixed  fortunes
during 2006.  We saw strong  share price performance from several  of
the holdings, but also suffered from the poor performance of a couple
of others particularly   Evolutec  Group plc, where  the share  price
fell 80% following the announcement  of the failure of the  company's
lead product in a  clinical trial.   The NAV at the  end of 2006  was
also negatively  impacted by  the  requirement for  us to  value  our
AIM-quoted holdings using the bid price, rather than the mid price.
Although for most of our holdings this only results in a fairly minor
negative impact on the valuation, for holdings where the shares  tend
to trade on a large spread between the buying and selling prices, the
impact can be significant.

More details on our current portfolio  are set out in the  Investment
Manager's Review, which follows.

As a result of the investments  that were made during 2006, the  Fund
only had £94,000 of  cash and money market  securities at the end  of
2006.  Therefore, the income that is generated for the Fund from  the
cash and money market  holdings will remain  low for the  foreseeable
future.    In  addition,  due   to  the  nature  of  the   underlying
investments, the  income  that is  generated  from the  portfolio  is
expected to  be  small, as  few  of  the holdings  pay  dividends  at
present.

Share Price
The Board is  aware that  investors in  VCTs sometimes  need to  sell
their shares.  As "second hand" VCT shares do not qualify for upfront
income tax relief, there tends to be few purchasers of these shares.
As a result of this imbalance, the share price has drifted to a point
where at present it is some way below the underlying NAV.  Given  the
small size of  the Fund  and its  limited cash  resources, the  Board
believes that it is preferable to focus on generating real value from
the portfolio  of investee  companies to  stimulate interest  in  the
shares, rather than using the Fund's limited cash resources to  carry
out share buybacks.

The Board, in common with many other VCTs, is exploring ways  through
which the benefits of  investing in "second hand"  VCT shares can  be
communicated.  Meanwhile  we   have  redeveloped   our  website   and
shareholders are encouraged to visit the site at www.hygeavct.com  to
follow progress of the portfolio.

Board
Towards the end  of 2006, Mark  Andrews resigned from  the Board.   I
would  like  to  take  this   opportunity  to  thank  Mark  for   his
contribution during his  time on the  Board. In view  of the  Board's
discussions about the future strategy for the Fund, we do not believe
that it is necessary to appoint a further director at present.

VCT Qualifying Status
PricewaterhouseCoopers LLP continues to provide the Board with advice
on the  ongoing  compliance  with  HM Revenue  &  Customs  rules  and
regulations concerning VCTs.  The  Board has been advised that  Hygea
VCT is in compliance  with the conditions laid  down by HM Revenue  &
Customs.

Outlook
During 2006, we completed the process of investing in a portfolio  of
investments in both AIM-quoted and unquoted companies.  We also  made
substantial progress in reducing the Fund's cost base.  We now have a
strong base from which to build shareholder value going forwards.  As
previously indicated,  I expect  to be  writing to  all  shareholders
shortly with further proposals for the Fund's future development  and
management. I also look  forward to meeting  as many shareholders  as
possible at our AGM on 12 July 2007.


James Otter
Chairman

23 April 2007

Investment Manager's Review

The Fund made a number of investments during 2006 and ended the  year
with a portfolio  of investments in  a total of  21 companies, 11  of
which were quoted on  AIM and 10  were unquoted.   As at 31  December
2006, the portfolio was  43.5% invested in  companies quoted on  AIM,
54.3% in unquoted companies, and 2.2% in money market securities  and
cash.

Review of portfolio
During 2006, the Fund  made 2 new  investments in unquoted  companies
and increased  its  holdings  in  4 other  unquoted  companies.    In
addition, 1 new investment was made into a business that is quoted on
AIM. The new investments are as follows:


  * Prosurgics Ltd is a developer of robots for use in a range of
    surgical procedures.



  * Wound Solutions Ltd has developed a product that has potential
    applications in the treatment of leg ulcers.



  * Plethora Solutions Holdings plc is working on products that have
    applications in the treatment and management of certain
    urological disease conditions.


In the closing months of 2006,  movements in the share prices of  two
of the portfolio's AIM-quoted holdings illustrated the high risk/high
return characteristics of investing in healthcare companies that  are
focused on drug  development.   In December 2006,  we bought  further
shares in  ReNeuron  Group  plc  at  a price  of  10p  per  share  by
exercising warrants  that  the  Fund  owned.   Later  in  the  month,
ReNeuron experienced a  surge in  its share  price to  more than  40p
following the announcement of the filing of its application with  the
US regulators to commence clinical trials in stroke patients with its
lead stem cell product. We took advantage of the period of volatility
in the  share price  to  sell a  proportion  of the  Fund's  holding,
generating a profit of £63,000.
Disappointingly, the value  of the Fund's  holding in Evolutec  Group
plc fell sharply following the publication of results from a clinical
trial for  its  lead  product,  illustrating  the  abrupt  change  in
valuation  of  a  biotechnology  company   that  can  occur  on   the
publication of  trial  results.   Despite  good  data  from  previous
trials, in the latest trial in patients suffering from hay fever,  no
significant benefits were found from using the drug.

In August 2006, following a period of strong share price performance,
we took the opportunity to dispose of  the holding in Abcam plc at  a
share price that was approximately 60% higher than the price at which
we had invested.

In the  unquoted portfolio,  we have  been pleased  with the  general
progress that  has  been made  by  most of  the  holdings.   We  have
increased the  carrying value  of three  holdings where  it has  been
possible to do so under  the rules which govern  the way in which  we
are permitted to value the holdings in unquoted companies.   However,
we have also made  significant reductions in  the carrying values  of
two unquoted companies to reflect the underlying performance of those
businesses during 2006.

Progress in 2007
Since the end of  2006, we have made  several further adjustments  to
the  portfolio.    The  Fund  has  invested  a  further  £100,000  in
Prosurgics Ltd, as part of a larger funding round.  We have also sold
the remaining  shares  in ReNeuron  Group  plc, realising  a  further
profit of  £83,000.   In addition,  we have  disposed of  the  entire
holding in DawMed  Systems plc  and Cobra  Bio-manufacturing plc.  In
early April, we  invested approximately £60,000  in Epistem  Holdings
plc, an  AIM quoted  biotechnology  company that  is  commercialising
adult stem  cells  in  the areas  of  oncology  and  gastrointestinal
diseases. Epistem  also has  a contract  research division  that  has
provided services to over 65 clients.

Our ongoing challenge is to work closely with the investee  companies
in  order  to  maximise  the  returns  that  are  generated  for  the
shareholders in the Fund.  We anticipate that we may reduce the  size
of certain of our holdings in order to focus the portfolio into those
holdings from which we  expect to generate  the greatest returns  for
shareholders.

Ten largest holdings

Scancell Ltd
Scancell  is  a  Nottingham-based   biotechnology  company  that   is
developing a pipeline of  drugs to target various  types of cancer.
These products  are derived  from Scancell's  proprietary  ImmunoBody
technology.  During 2006, the company sold its pipeline of antibodies
to Peptech Ltd, an Australian  biotechnology company, in a deal  that
had a total value of up to £4.85m.

Initial investment                        December 2003
Cost £000's                                                 725
Valuation as at 31.12.06 £000's                     725
Basis of valuation                                      Cost
Equity held                                              12.6%
Website                               www.scancell.co.uk

Audited Financial Information
                   Period ending 30 April 2006
                                                               £000's
Sales                                                            27
Loss before tax                                         (716)
Retained losses                                         (734)
Net assets                                                   446

Wound Solutions Ltd
Wound Solutions is working on the  development of a product that  has
applications in the treatment of difficult to heal wounds such as leg
ulcers and foot ulcers.  There  is a lack of effective treatment  for
patients with severe ulcers, and the  market size is estimated to  be
2.5 million patients in the US and Europe.

Initial investment                                 May 2006
Cost £000's                                                 350
Valuation as at 31.12.06 £000's                     350
Basis of valuation                                      Cost
Equity held                                                3.1%
Website                      www.woundsolutions.com

Audited Financial Information
                   Period ending 30 June 2006
                                                               £000's
Sales                                                              0
Loss before tax                                         (926)
Retained losses                                         (926)
Net assets                                                3,330

DxS Ltd
DxS  is  a   leading  provider  of   genetic  analysis  services   to
pharmaceutical companies and  contract research  organisations.   The
company's services  include the  provision of  genetic testing  using
single nucleotide  polymorphism  technology and  DNA  extraction  and
banking.   DxS's services  are of  particular use  to  pharmaceutical
companies when they  are conducting  clinical trials  as the  genomic
tests can be used to help  identify groups of patients that are  most
likely to benefit  from a particular  therapy.  David  Evans, who  is
chairman of a number of AIM-quoted companies (including BBI  Holdings
plc and Epistem Holdings plc,  both Hygea investee companies)  became
chairman of DxS in 2006.

Initial investment                                 April 2004
Cost £000's                                                 326
Valuation as at 31.12.06 £000's                     326
Basis of valuation                                      Cost
Equity held                                                8.3%
Website                       www.dxsgenotyping.com

Audited Financial Information
                   Period ending 30 June 2006
                                                               £000's
Sales                                                        1,164
Loss before tax                                         (502)
Retained losses                                         (456)
Net assets                                              (2,934)

ImmunoBiology Ltd
ImmunoBiology  is  a  biotechnology   company  that  is  focused   on
developing products that could have applications in the treatment  of
cancer and certain infectious diseases.  The company's technology  is
based on a recent discovery that  a group of proteins known as  "heat
shock proteins" has a pivotal  role in controlling the normal  immune
response to infections.

Initial investment                        November 2005
Cost £000's                                                 300
Valuation as at 31.12.06 £000's                     300
Basis of valuation                                      Cost
Equity held                                              5.78%
Website                                  www.immbio.com

Audited Financial Information
                    Period ending 31 May 2006
                                                               £000's
Sales                                                            28
Loss before tax                                         (495)
Retained losses                                         (495)
Net assets                                                 (163)

NeutraHealth plc
NeutraHealth is an AIM-listed company that was established to acquire
businesses operating  in  the  neutraceutical sector.    The  company
acquired Biocare Ltd, an  established business in the  neutraceutical
sector, in August 2005.  In January 2007, NeutraHealth announced  the
acquisition of Brunel Healthcare Ltd,  for an initial purchase  price
of £4m, with a further £1.9m payable depending on the performance  of
Brunel over the next  two years.   Brunel, which distributes  private
label and  branded  vitamins  and supplements  through  a  number  of
outlets, including Tesco, Holland & Barrett, Superdrug and  Waitrose,
had turnover of £14m in 2006.

Initial investment                             August 2005
Cost £000's                                                 360
Valuation as at 31.12.06 £000's                     295
Basis of valuation                                Bid price
Equity held                                              2.43%
Website                                     www.neutrahealthplc.com

Audited Financial Information
           Period ending 31 December 2006
                                                               £000's
Sales                                                        8,571
Profit before tax                                          902
Retained losses                                           590
Net assets                                               19,492

Hallmarq Veterinary Imaging Ltd
Hallmarq is a Guildford-based company which specialises in developing
low cost magnetic resonance imaging  systems.  The first  application
is for equine vets to enable  the diagnosis of causes of lameness  in
horses that are not identifiable by  any other method.  Hallmarq  has
installed more than 30 units  at leading equine veterinary  practices
and research centres around the world, and over 7,000 scans have been
carried out on horses using equipment supplied by Hallmarq.     James
Otter, the Chairman of Hygea, is  playing an active role at  Hallmarq
illustrating the way in  which Hygea is able  to work in a  proactive
manner with  its investee  companies  in order  to ensure  that  they
fulfil their potential.

Initial investment                             August 2005
Cost £000's                                                 735
Valuation as at 31.12.06 £000's                     288
Basis of valuation               Latest funding round
Equity held                                                7.3%
Website                                  www.hallmarq.net

Audited Financial Information
               Period ending 31 August 2006
                                                               £000's
Sales                                                        1,438
Loss before tax                                         (328)
Retained losses                                         (278)
Net assets                                                1,199

BioAnaLab Limited
BioAnaLab is  a  leader in  the  provision of  specialist  analytical
services to pharmaceutical  and biotechnology  companies involved  in
the growing  sector of  biopharmaceuticals.   More  than 30%  of  all
pharmaceutical products in development are made from proteins,  which
present particular analytical  challenges in  measuring drug  levels,
patient responses, and product efficacy  in order to provide  product
validation  and   satisfy   the  requirements   of   the   regulatory
authorities.  The  company has  experienced a  substantial growth  in
revenue since Hygea  invested in the  business.    A key  development
during 2006 was the appointment as chairman of David Oxlade, who  has
substantial experience leading  companies in  the pharmaceutical  and
biotechnology sector.

Initial investment                                 May 2005
Cost £000's                                                 279
Valuation as at 31.12.06 £000's                     279
Basis of valuation                                      Cost
Equity held                                              13.9%
Website                              www.bioanalab.com

Audited Financial Information
              Period ending 31 October 2006
                                                               £000's
Sales                                                        1,161
Profit before tax                                            98
Retained profit                                               98
Net assets                                                   751

Prosurgics Ltd
Prosurgics Ltd  (formerly known  as Armstrong  Healthcare Ltd)  is  a
leading  image-guided  surgical  robotics  company.    The  company's
PathFinder robot enables surgeons to achieve a high level of accuracy
in neurosurgery, enabling improved patient  outcomes at lower cost.
The EndoAssist is  a robotic  manipulator for the  endoscope used  in
chest and abdominal surgery.     It has a unique control system  that
is guided by  head movement, giving  the surgeon total  control at  a
glance.

Initial investment                            January 2006
Cost £000's                                                 250
Valuation as at 31.12.06 £000's                     275
Basis of valuation               Latest funding round
Equity held                                              7.05%
Website                             www.prosurgics.com

Audited Financial Information
           Period ending 31 December 2005
                                                               £000's
Sales                                                           300
Loss before tax                                       (1,225)
Retained losses                                      (1,133)
Net assets                                                   213

Insense Ltd
Insense is working on the development of an innovative product  range
for the wound care market.  Its first product has completed  clinical
trials and  the  second  product  is  currently  undergoing  clinical
evaluation.   Both  products  are  expected to  be  approved  by  the
relevant regulatory authorities in 2007  and to be launched onto  the
market shortly after approval is received.

Initial investment                                  July 2003
Cost £000's                                                 167
Valuation as at 31.12.06 £000's                     226
Basis of valuation               Latest funding round
Equity held                                              3.12%
Website                                www.insense.co.uk

Audited Financial Information
           Period ending 31 December 2005
                                                               £000's
Sales                                                              0
Loss before tax                                         (893)
Retained losses                                         (893)
Net assets                                                   685

ReNeuron Group plc
ReNeuron is a leading company in the field of cell therapies  derived
from stem cells.  The company announced in December 2006 that it  had
filed an  application  with the  US  Food &  Drug  Administration  to
commence initial clinical trials  in the US for  its lead product,  a
stem cell therapy for  treating stroke patients. As  a result of  the
strong share price performance, the  Fund's remaining stake was  sold
in early 2007.

Initial investment                             August 2005
Cost £000's                                                   82
Valuation as at 31.12.06 £000's                    195
Basis of valuation                                Bid price
Equity held                                              0.42%
Website                            www.reneuron.com

Audited Financial Information
                 Period ending 31 March 2006
                                                               £000's
Sales                                                              9
Loss before tax                                       (6,826)
Retained losses                                      (6,313)
Net assets                                                4,628

Summary of  investments  made  by  other  funds  managed  by  Octopus
Investments Ltd
It is a requirement that Octopus discloses if some of its other funds
are also  invested  in any  of  the Hygea  VCT  portfolio  companies.
Details of these are shown below.

                                               % equity held
by            % equity held by
Company name                                Hygea VCT
other funds

BBI Holdings plc
0.30%                        3.30%
DawMed Systems plc
2.20%                        1.71%
NeutraHealth plc
2.43%                        1.37%
Plethora Solutions Holdings plc
0.14%                        0.36%
Prosurgics Ltd
7.05%                        0.68%

The above data is as at 31 December 2006.

Octopus Investments Ltd
23 April 2007

Income Statement

                      Year ended 31 December   Year ended 31 December
                                        2006                     2005

                    Revenue  Capital   Total  Revenue  Capital  Total
                     £000's   £000's  £000's   £000's   £000's £000's
Realised gain on
investments               -       82      82        -        8      8

Unrealised loss           -  (1,199) (1,199)        -    (123)  (123)
on investments
Income
Investment               21        -      21       34        -     34
management fees        (21)     (61)    (82)     (59)    (177)  (236)
Other expenses        (167)        -   (167)    (299)        -  (299)

Loss on ordinary
activities            (167)  (1,178) (1,345)    (324)    (292)  (616)
before tax
Tax on ordinary
activities                -        -       -        -        -      -

Loss on ordinary
activities after      (167)  (1,178) (1,345)    (324)    (292)  (616)
tax

Loss per share       (2.2)p  (15.6)p (17.8)p   (4.3)p   (3.8)p (8.1)p


-                  The 'Total' column of this statement is the profit
and loss account of the company.
-                       All  revenue and capital  items in the  above
statement derive from continuing operations.

Reconciliation of movements in shareholders' funds


                                          Year ended       Year ended
                                    31 December 2006 31 December 2005
                                              £000's           £000's
Shareholders' funds at start of                5,679            6,299
year
Middle market price to bid price                   -              (4)
valuation movement
Restated shareholders' funds at                5,679            6,295
start of year
Loss on ordinary activities after            (1,345)            (616)
tax
Cost of share buyback                           (40)                -
Shareholders' funds at end of year             4,294            5,679


Balance Sheet

                                              31 December 31 December
                                                     2006        2005

                                                   £000's      £000's

Fixed asset investments                             4,156       4,428
Current assets
Debtors                                                77          13
Cash at bank                                           94       1,369

                                                      171       1,382
Creditors: amounts falling due within one
year                                                 (33)       (131)

Net current assets                                    138       1,251

Net assets                                          4,294       5,679

Called up equity share capital                      3,765       3,798
Share premium                                       1,722       1,722
Special distributable reserve                       1,660       1,700
Capital redemption reserve                             38           5
Capital reserve - realised                          (513)       (534)
                         - unrealised             (1,879)       (680)
Revenue reserve                                     (499)       (332)

Total equity shareholders' funds                    4,294       5,679

Net asset value per share                           56.8p       74.8p




                                          Year ended       Year ended
Cash Flow Statement                 31 December 2006 31 December 2005
                                      £000's  £000's   £000's  £000's

Net cash  outflow from  operating
activities                                     (390)            (213)

Financial investment :
Purchase of investments              (1,068)          (3,183)
Sale of investments                      223               23
Net cash  outflow from  financial
investment                                     (845)          (3,160)

Net cash outflow before financing            (1,235)          (3,373)

Financing :
Repurchase of own shares                (40)                -

Total financing                                 (40)                -
Decrease in cash resources                   (1,275)          (3,373)


Notes to the preliminary announcement

  Fixed asset investments

                                         Unquoted  AIM-quoted   Total
                                      investments investments
Book cost as at 1 January 2006              2,657       2,451   5,108
Unrealised depreciation at 1  January
2006                                        (242)       (438)   (680)

Valuation at 1 January 2006                 2,415       2,013   4,428
Movements in the year:
Purchases at cost                             945         123   1,068
Disposals                                       -       (223)   (223)
Net realised gain                               -          82      82
Increase in unrealised losses               (398)       (801) (1,199)

Valuation at 31 December 2006               2,962       1,194   4,156
Comprising:
Book cost at 31 December 2006               3,602       2,433   6,035
Unrealised   appreciation    at    31
December 2006                               (640)     (1,239) (1,879)



All AIM-quoted investments  are in ordinary  shares with full  voting
rights. Unquoted investments are in ordinary shares with full  voting
rights with the exception of DxS Ltd and Hallmarq Veterinary  Imaging
Ltd where  a proportion  of the  investment is  held in  loan  stock.
Details of the investments are shown below:

                                                     31 December 2006
                                                Cost        Valuation
                                              £000's           £000's
Unquoted investments
BioAnaLab Ltd                                    279              279
DxS Ltd                                           30               30
                                   Loan stock    296              296
Glide Pharmaceutical  Technologies
Ltd                                              100              100
Hallmarq Veterinary Imaging Ltd                  600              153
                                   Loan stock    135              135
ImmunoBiology Ltd                                300              300
Insense Ltd                                      167              226
Prosurgics Ltd                                   250              275
Purely Proteins Ltd                              370               93
Scancell Ltd                                     725              725
Wound Solutions Ltd                              350              350
                                               3,602            2,962
AIM-quoted investments
Angel Biotechnology Holdings plc                 750               79
BBI Holdings plc                                  74              120
Cobra Bio-manufacturing plc                      125               62
DawMed Systems plc                               101               34
Evolutec Group plc                               347               43
NeutraHealth plc                                 360              274
Phoqus Group plc                                 150              110
Plethora Solutions Holdings plc                   83               69
ReNeuron Group plc                                93              195
Stem Cell Sciences plc                           250              113
York Pharma plc                                  100               95
                                               2,433            1,194
                                               6,035            4,156


The above summary of results for the year ended 31 December 2006 does
not constitute statutory financial  statements within the meaning  of
section 240 of the Companies Act  1985 and has not been delivered  to
the Registrar of Companies.

Statutory financial statements  will be filed  with the Registrar  of
Companies in  due  course; the  auditors  report on  those  financial
statements under S235 of  the Companies Act  1985 is unqualified  and
does not contain a statement under  S237 (2) or (3) of the  Companies
Act 1985.

A copy of  the full annual  report and financial  statements for  the
year ended 31 December 2006 is expected to be posted to  shareholders
shortly and will be available to the public at the registered  office
of the company at 8 Angel Court, London, EC2R 7HP.

ENDS

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