Interim Results

Unicorn AIM VCT PLC
13 June 2002


                    Unicorn AIM VCT plc (the 'Company')

     Interim Statement from incorporation of the Company to 31 March 2002

Chairman's Statement

Introduction

This is my first report to shareholders since Unicorn AIM VCT's Public Offer
for Subscription. The Company was launched in October 2001 and in the period
to 31 March 2002 raised just over £24 million. I am pleased to report that
since the interim period end the Company has raised a further £11 million,
making £35 million in total, representing the maximum permitted under the
terms of the Offer. This was an excellent outcome and I would like to take
this opportunity to thank shareholders for their support. This report covers
the period from 7 August 2001 when the Company was first incorporated to 31
March 2002.

Investment Objective

The objective of the Fund is to provide shareholders with an attractive
return from a diversified portfolio of investments predominantly in the
shares of AIM companies. This will be achieved by maximising the stream of
dividend distributions to shareholders from the income and capital gains
generated by the portfolio.

To achieve VCT qualifying status, 70% of the net proceeds raised must be
invested in qualifying investments within three years and on this basis £23
million has to be invested by 30 September 2004.

The Directors and the Manager will seek to safeguard the capital available
for investment in qualifying investments during the initial three years
whilst looking to provide good short-term returns. To achieve this, 50% of
the Fund will be invested in cash or near cash instruments until these
proceeds are required to make qualifying investments. The balance will be
invested in The Unicorn Free Spirit Fund and a portfolio of listed and AIM
quoted UK smaller companies stocks.

Qualifying Investments

In the period to 31 March 2002 the Company made three qualifying investments
at a total cost of £1.25 million. Two of the qualifying investments were in
AIM companies and the third was an unlisted investment. The Board is
confident of meeting the Inland Revenue's qualifying investment requirements
for VCTs by the target date of 30 September 2004.

Results

Net revenue attributable to shareholders for the period was £26,864, which
was derived from dividends on listed shares and interest from cash on
deposit. Following a net unrealised gain on investments of £744,774, less the
capitalized investment management fee of £75,332, the total return on
ordinary activities after taxation was £696,306. An interim dividend has not
been declared as this period was not reflective of normal ongoing activities
due to the inflow of new money associated with the fundraising.

Net Asset Value

After launch costs of 5.5%, the Company had an initial net asset value (NAV)
of 94.5 pence per share. The unaudited NAV at 31 March 2002 had increased to
97.4 pence per share. This was due to the steady relative performance of both
the qualifying investments and the listed smaller company holdings.

Cancellation of the Share Premium Account 
Shareholders approved the cancellation of the share premium account of the
Company at the Extraordinary General Meeting held on 26 September 2001 and
this cancellation was sanctioned by the Court on 12 June 2002. One result of
this will be to provide a mechanism to enable the Company to fund purchases
of its own shares should they trade at a discount to NAV thus increasing the
NAV per share of the remaining outstanding Ordinary Shares.

Outlook

Despite an uncertain background the AIM market has continued to attract a
strong deal flow with thirty five new issues in the six months to 31 March
2002. Companies seeking to raise capital are becoming more realistic about
their valuations and the Manager is actively taking advantage of this
opportunity to invest at more sensible valuations. In addition the Manager
expects to benefit from a trend for existing AIM Companies, which have failed
to perform post float but nevertheless retain sound business models, to seek
secondary funding at a significant discount to the original IPO valuation.
The Board is pleased with the progress achieved to date and is confident
that, given the Manager's expertise in the smaller company area of the
market, the Company will continue to attract a healthy flow of investment
opportunities.

Peter Dicks
Chairman
13 June 2002

                                                                              
  Investment Portfolio Summary as at 31 March 2002  
                          
                                              Book cost   Valuation   % of net
                                                   £000        £000     assets
  Qualifying investments                                                      

  AIM quoted investments:                                                     
  Spring Grove Property Maintenance plc             250         269       1.14
  Staffing Ventures plc                             250         375       1.58
                                                    500         644       2.72
  Unquoted investments:                                                       
  Aludel Limited                                    750         750       3.17
                                                    750         750       3.17
       Total qualifying investments               1,250       1,394       5.89


  Non-qualifying investments                                                  
  AIM quoted investments                            612         669       2.83
  Listed UK equities                              9,010       9,507      40.17
  Unicorn Free Spirit Fund (OEIC)                   700         746       3.15
  Cash on deposit                                 9,146       9,146      38.64
      Total non-qualifying investments           19,468      20,068      84.79

  Total investments                              20,718      21,462      90.68

  Other assets                                                3,284      13.88

  Net current liabilities                                   (1,078)     (4.56)
  Net assets                                                 23,668     100.00


  Qualifying investments by activity                                          

  AIM quoted investments:                                                     

  Spring Grove Property Maintenance plc                                       
  Repair and maintenance of social housing on behalf of Registered Social     
  Landlords and local authorities.                                            

  Staffing Ventures plc                                                       
  The management of a number of recruitment businesses and their associated   
  back office support systems.                                                

  Unquoted investments:                                                       

  Aludel Limited                                                              
  National branded chain of ladies-only fitness clubs.                        
                                                                              
                Unaudited statement of total return                                         
        (incorporating the revenue account of the company)                          
                        Period to 31 March 2002  
                                                   
                                      Notes     Revenue    Capital       Total
                                                      £          £           £

  Unrealised gains and losses on                      0    744,774     744,774
  investments                                                                 

  Income                                        181,049          0     181,049
  Investment management fee          3         (25,111)   (75,332)   (100,443)
  Other expenses                              (129,074)          0   (129,074)

  Net return on ordinary activities             26,864    669,442     696,306
  before taxation                                                                    

  Tax on ordinary activities                          -          -           -

  Return on ordinary activities after            26,864    669,442     696,306
  taxation                                                                    

  Dividends                                           -          -           -

                                                 26,864    669,442     696,306

  Return per Ordinary share          4            0.23p      5.76p       5.99p
                                                                              

                       Unaudited balance sheet                                                     
                          as at 31 March 2002   
                                                      
                                  Notes                                       
                                                  £             £            £
  Fixed Assets                                                                
  Investments                        1b                             12,316,514

  Current Assets                                                              
  Debtors and prepayments                 3,283,799                           
  Cash at bank                            9,145,808                           
                                                       12,429,607             

  Creditors: amounts falling due within one year                              

  Other creditors                           972,041                           
  Accruals                                  105,674                           
                                                      (1,077,715)             

  Net current assets                                                11,351,892

  Net assets                                                        23,668,406

  Share capital and reserves                                                  
  Share capital                                                        242,990
  Share premium account                                             22,729,110
  Capital reserve - realised                                          (75,332)
  Capital reserve - unrealised                                         744,774
  Revenue reserve                                                       26,864

  Total shareholders' funds                                         23,668,406

  Net asset value per Ordinary                                          97.40p
  Share    
                                                                   
                                                                             
                      Unaudited statement of cash flows                                          
                       for the period to 31 March 2002                                            
                                                             £              £
  Operating activities                                                       
  Investment income received                           115,558               
  Investment management fees paid                     (77,406)               
  Other cash payments                                 (47,738)               
  Net cash (outflow) from operating activities                        (9,586)

  Investing activities                                                       
  Purchases of investments                        (10,750,172)               
  Sales of investments                                       -               
  Net cash (outflow) from investing activities                   (10,750,172)

  Cash outflow before financing                                  (10,759,758)

  Financing                                                                  
  Share capital raised                                             19,905,566
  Dividend                                                                  -
  Net cash inflow from financing                                   19,905,566

  Increase in cash                                                  9,145,808


Notes to the Unaudited Financial Statements

1.     Principal Accounting Policies
The following accounting policies have been applied consistently throughout
the period. Full details of principal accounting policies will be disclosed
in the Annual Report.

a)  Basis of Accounting

     The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset investments
and in accordance with applicable Accounting Standards in the United Kingdom
and with the Statement of Recommended Practice regarding the Financial
Statements of Investment Trust Companies.

b)  Investments

     Listed investments and investments quoted on the AIM market are stated
at mid-market prices as at 31 March 2002. Investments in unlisted companies
are valued in accordance with the British Venture Capital Association ('BVCA'
guidelines).  

2.     Basic revenue and capital items in the above statement derive from
continuing operations.

3.     In accordance with the Company's prospectus, the directors have
charged 75% of the investment management fee to the capital reserve.

4.     Basic revenue return per Ordinary Share is based on the net revenue on
ordinary activities after taxation, and is based on 11,621,181 Ordinary
shares, being the weighted average number of Ordinary Shares in issue during
the period.

5.     The financial information set out in this report has not been audited
and does not comprise full financial statements.

6.      Copies of this statement are being sent to all shareholders. Further
copies are available free of charge from the Company's registered office,
Gossard House, 7/8 Savile Row, London W1S 3PE.

7.      There are no comparative figures for the equivalent period in 2001,
as the Company was incorporated on 7 August 2001, and commenced raising
capital on 2 October 2001. The unaudited Statement of Total Return and
unaudited Statement of Cash Flows thus cover the period from 7 August 2001 to
31 March 2002.

ENDS



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