Half-yearly Report

Half-yearly Report

Hargreave Hale AIM 1

Hargreave Hale AIM VCT 1 Plc

Unaudited Interim Results for the six month period ending 31 March 2014

FINANCIAL HIGHLIGHTS

Ordinary Shares (as at 31 March):   2014   2013
 
Net asset value per share 85.42p 63.76p
Cumulative distributions paid per share since launch 32p 28.25p
Total return per share 117.42p 92.01p
 
 
Half Yearly Returns per share:
Revenue return (0.28)p (0.13)p
Capital return 15.52p 4.18p
Combined Return 15.24p 4.05p
 
Dividends per share:
Interim proposed/paid 1.75p 1.50p
 
Performance Benchmark:
Total Return 123.60% 96.85%
FTSE AIM All-share Index 88.28% 75.85%
(results rebased to 100 at 29 October 2004)

Chairman's Statement

Introduction

I am pleased to report another period of growth during the first half of the financial year following further gains in the investment portfolio which took the NAV from 71.87 pence to 85.42 pence, a rise of 22% taking into account the 2.25 pence dividend distribution in January 2014. During the same period the FTSE AIM All Share Index rose by 7%, which whilst the only sensible benchmark, is not wholly comparable as it has a high proportion of large mining and commodities stocks in which a VCT cannot invest.

Results

The gain per ordinary share for the six month period was 15.24 pence per share (comprising revenue losses of 0.28 pence and capital gains of 15.52 pence). At 31 March 2014 the NAV was 85.42 pence which after adjusting for the dividends paid gives a total return of 117.42 pence.

Investments

The Investment Manager, Hargreave Hale Limited, invested a further £2.84 million in 15 qualifying companies during the period. There were six part disposals in Advanced Computer Software Group plc, Cohort plc, Intercede Group plc, Jelf Group plc, Pressure Technologies plc and Reneuron Group plc and one full disposal in DP Poland plc. TMO Renewables Limited also went into administration. The Fair Value of qualifying investments at 31 March 2014 was £22.52 million invested in 47 AIM companies and 7 unquoted companies (Mexican Grill Ltd, Corfe Energy Ltd, Brigantes Energy Ltd, Infoserve Group plc, Invocas Group plc, Get Lenses plc and Nektan Ltd), the balance was held in bonds and other non-qualifying equities.

Dividend

A final dividend for the year ended 30 September 2013 of 2.25 pence was paid on 24 January 2014.

An interim dividend of 1.75 pence will be paid on 4 July 2014, with an Ex dividend date of 4 June 2014 and record date of 6 June 2014. A final dividend will be considered at the year end.

The directors have maintained a dividend policy of at least 5% of the year end NAV. Subject to market conditions they expect that this will continue.

Buybacks

We are able to maintain our policy of offering our shareholders an efficient exit route through the buyback scheme. In total, 188,875 Shares were purchased during the period at an average price of 75.96 pence per share.

New Joint Offer for Subscription of Ordinary Shares

On 1 November 2013 the Directors of Hargreave Hale AIM VCT 1 plc and Hargreave Hale AIM VCT 2 plc announced the launch of a new joint offer for subscription of new shares in both VCT’s to raise up to £10 million into each company. The offer for subscription was approved by shareholders of the Company at a General Meeting on 31 October 2013.

I am pleased to be able to report that since its launch on 1 November 2013 and the date of this report the offer has resulted in funds being received of £6.75m and the issue of 8.09 million shares. The Offer will close at 12pm on 31 October 2014 or earlier if the maximum subscription is reached before then. This is an excellent result on behalf of the Hargreave Hale team.

Cancellation of Share Premium and Capital Redemption Reserve

At the Annual General Meeting of the Company held on 22 January 2014, a special resolution was passed approving the cancellation of an amount standing to the credit of the Company's share premium account and capital redemption reserve, subject to the approval of the Court.

The Company is pleased to announce that, following the approval of the Court and the subsequent registration of the Court order with the Registrar of Companies, the cancellation has now become effective. £15,363,291 and £912,025, previously held in the share premium account and capital redemption reserve respectively, has been transferred to the Company's special reserve account.

Treasury Stock

The Company also cancelled 2,711,134 treasury shares on 27 January 2014 in accordance with the provisions of section 729 of the Companies Act 2006.

Outlook

What a difference a year makes; 12 months ago the most optimistic economists were predicting growth of less than 1%. We now see upgrades for the coming year at greater than 3%. This mood of optimism has had a very beneficial impact on the stock market, and in particular it has been kind to AIM. I am pleased that your fund has again outperformed the index and is at the top of its peer group.

A VCT has to maintain 70% of its assets in qualifying companies the manager is restricted in his ability to buy and sell assets. However, whilst share prices may fluctuate, I believe that your portfolio is largely comprised of robust and mature companies with competent management. It is for this and other reasons that your portfolio has outperformed during this market upswing.

Notwithstanding these grounds for optimism the UK economy is still running a massive budget deficit with artificially low interest rates. These will have to be curtailed and the impact will almost certainly dampen the current euphoria. We are now less than 12 months from the General election and it would be a brave man who predicts the outcome with any accuracy.

There appears to be a steady flow of high quality investment opportunities and so following such a successful fund raising the Company is well positioned to exploit suitable investment opportunities arising from the interesting times in which we live.

Shareholder Communication

The Company's daily share price can be found on various financial websites under the EPIC code 'HHV', or on our own dedicated website at http://www.hargreave-hale.co.uk/fund-management/venture-capital-trusts/hargreave-hale-aim-vct-1/share-price-and-nav/

Sir Aubrey Brocklebank Bt

Chairman

Date: 27 May 2014

Investment Manager’s Report

This report covers the half year from 1 October 2013 to 31 March 2014. The manager’s report contains references to movements in the Net Asset Value per share (NAV) and Total Return per share (net asset value per share plus distributed dividends per share). Movements in the NAV per share do not necessarily mirror the earnings per share (EPS) reported in the accounts and elsewhere, which convey the profit after tax within the company within the reported period as a function of the weighted average number of shares in issue for the period.

Market Commentary

We’ve previously written about the improving outlook for AIM stocks and renewed interest in companies listed on AIM. This trend was particularly strong through the first half of the financial year, helping to drive the NAV materially higher. Not unsurprisingly, we have now entered a period of consolidation with some of the more highly rated stocks experiencing a moderate pullback in their share prices. We regard this as a healthy development. The improving outlook for the global economy continues to create a better trading environment for your portfolio of companies, which is feeding through to strong results and increased levels of business confidence. Valuations have increased but don’t look unreasonable when viewed across the board and within the context of the anticipated earnings growth. Whilst we feel confident about the multi-year outlook, it’s more difficult to know what the future holds in the short-term. History suggests that strong NAV growth of the type we have witnessed in the last six months is usually followed by a period of more modest returns.

Performance

In the half year to 31 March 2014, the NAV increased from 71.87p to 85.42p. Dividends totalled 2.25p, giving investors a total return of 15.80 pence per share, which translates to a gain of 22.0%. Total return since launch increased from 101.62 pence to 117.42 pence. During the same period, the FTSE 100 gained 2.1% and the FTSE AIM All-Share gained 7.3%.

The qualifying investments made a net contribution of 15.22 pence per share with 36 out of the 56 making gains, 5 marking time and 15 losing ground (as at 31 March 2014, 54 qualifying investments remained). The balance was a mixture of non-qualifying portfolio gains, costs, income and small gains made through the share buy backs. Intercede (72.5%, +2.24 pence per share) was the top performer among the qualifying investments with further news of new contract wins and a strong corporate share buy policy combining to drive the shares higher. Other stocks that made a significant contribution included Pressure Technology (99.7%, 1.87 pence per share), Flow Group (284.2%, 1.85 pence per share), Advanced Computer Software (38.6%, 1.17 pence per share), Quixant (76.1%, +0.67 pence per share) and Fusionex (68.8%, +0.59 pence per share).

The biggest losses within the period came from Abcam (-22.6%, 0.66 pence per share) and Cohort (-12.7%. 0.31 pence per share). Abcam released a lacklustre set of interim results as an investment programme and currency headwinds prompted an 8% downgrade to the financial year ending 2015 forecasts and left the shares exposed in a market that was already turning cool on highly rated growth stocks. The decline in Cohort’s share price is more puzzling. We believe the company continues to trade well; news flow has been positive and the Balance Sheet has approximately £20m of net cash, equivalent to around 25% of the market cap, and is well placed to fund an accretive acquisition.

Qualifying Investments

We made 15 qualifying investments in the first half of the financial year, which included three additional investments into existing qualifying companies, seven secondary placings into listed companies, four IPOs and one investment into a private company.

The three companies that already featured within the qualifying portfolio were Corac, a researcher and developer of oil-free industrial air compressors that raised £11.0m to fund the next stage of development; Flowgroup, which develops and commercialises energy efficient products and supplies energy to the UK residential market that raised £17.8m for working capital as it moves towards commercial launch of their boiler later this year; and Outsourcery, a cloud service provider that raised £4.2m to fund the infrastructure costs associated with a cloud platform specifically designed to meet the requirements of UK Government departments.

The qualifying investments in previously listed companies included Trakm8, a global telematics provider for automotive applications that raised £2.0m to help fund an acquisition strategy; Belvoir, a residential letting franchise operator that raised £5.4m to help support its franchisee acquisition programme; Proxama, a mobile wallet, m-marketing and m-commerce specialist that raised £8.6m to fund significant growth opportunities; Ilika, a high throughput technology processor in energy sectors that raised £2.9m to support the development of its solid-state battery technology; One Delta, a cash shell that raised £2.6m to fund the acquisition of Audioboo, a digital audio content aggregation and distribution platform; Verona Pharma, a drug development company focused on respiratory diseases that raised £6.8m to help fund its drug development programme; and Synety, a UK software and telecommunications company specialising in the provision of cloud based services that raised £4.5m to continue to expand UK operations.

The four IPOs included Everyman Media Group, a niche cinema operator which raised £8.1m; Kalibrate, a petrol station forecourt price and planning optimiser which raised £13.1m; Mopowered, a mobile commerce applications and solutions provider which raised £3.6m; and MartinCo, a national letting estate agent that raised £10.6m.

We made one complete exit and six partial disposals from within the qualifying portfolio as we continued to adjust the profile of the fund to reduce the influence of the biggest stocks and increase the weighting to profitable companies. The complete exit was DP Poland. As expected TMO Renewables went into administration over the period, however this had no effect on the NAV as the holding had already been given a value of zero in September 2013.

Portfolio Structure

The VCT is comfortably through the HMRC defined investment test and ended the period at 97% invested as measured by the HMRC investment test. By market value, the VCT had a 76.2% weighting to qualifying investments.

The allocation to non-qualifying equity investments increased from 3.3% to 5.2%. In line with the investment policy, we increased our investment in the Marlborough Special Situations Fund from 1.1% to 6.2%. Both these changes were largely due to the receipt of proceeds from the 2013/2014 offer pending investment into suitable qualifying opportunities. The non-qualifying investments performed steadily over the period, contributing 0.92 pence per share to the overall gains. Fixed income as a percentage of the fund fell from 4.0% down to 2.7%. Cash ended the half year at 10.2%, virtually unchanged from 10.4%.

Dividends

There was one dividend paid in the half year of 2.25 pence per share.

Post Period Update

Deal flow has continued to be strong since period end and we have made a further three qualifying investments. An additional 1.04m shares have been allotted since 31 March 2014 raising gross funds of £0.91m.

For further information please contact:

Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT1 plc
01253 754740
Date: 27 May 2014

Income Statement for the six month period to 31 March 2014 (unaudited)

  For the six month period to
31 March 2014 (unaudited)
Revenue   Capital   Total
£000 £000 £000
Realised gains on investments - 464 464
Unrealised gains on investments - 4,485 4,485
Income 107 - 107
----------- ----------- -----------
107 4,949 5,056
 
Management fee (47) (143) (190)
Other expenses (146) - (146)
----------- ----------- -----------
(193) (143) (336)
----------- ----------- -----------
(Loss)/profit before taxation (86) 4,806 4,720
Taxation - - -
----------- ----------- -----------
(Loss)/profit after taxation (86) 4,806 4,720
----------- ----------- -----------
(Loss)/profit per share (Note 2) (0.28)p 15.52p 15.24p

The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations.

Income Statement for the six month period to 31 March 2013 (unaudited)

  For the six month period to
31 March 2013 (unaudited)
Revenue   Capital   Total
£000 £000 £000
Realised gains on investments - 200 200
Unrealised gains on investments - 943 943
Income 109 - 109
----------- ----------- -----------
109 1,143 1,252
 
Management fee (30) (89) (119)
Other expenses (112) - (112)
----------- ----------- -----------
(142) (89) (231)
----------- ----------- -----------
(Loss)/profit before taxation (33) 1,054 1,021
Taxation - - -
----------- ----------- -----------
(Loss)/profit after taxation (33) 1,054 1,021
----------- ----------- -----------
(Loss)/profit per share (Note 2) (0.13)p 4.18p 4.05p

The total column of this statement is the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations.

Balance sheet as at 31 March 2014 (unaudited)

  31 March   31 March
2014 2013
(unaudited) (unaudited)
£000 £000
Fixed assets
Investments 26,683 16,095
----------- -----------
Current assets
Prepayments and accrued income 36 36
Cash at bank and on deposit 3,012 820
----------- -----------
3,048 856
Creditors: amounts falling due within one year
Accruals and deferred income (190) (166)
----------- -----------
Net current assets 2,858 690
----------- -----------
Net assets 29,541 16,785
----------- -----------
 
Capital and Reserves
Share capital redemption reserve 912 875
Called up share capital 346 290
Capital reserve - realised (5,285) (5,675)
Capital reserve - unrealised 9,481 2,403
Special reserve 9,354 11,114
Share Premium 14,841 7,769
Revenue reserve (108) 9
----------- -----------
Equity shareholders' funds 29,541 16,785
----------- -----------
Net asset value per share (Note 4) 85.42p 63.76p

Cash flow statement for the six month period to 31 March 2014 (unaudited)

  2014   2013
£000 £000
Profit on ordinary activities before taxation 4,720 1,021
Realised (gains) on investments (464) (200)
Unrealised (profit) on investments (4,485) (943)
(Increase) in debtors (4) (8)
Increase/(Decrease) in creditors 11 (7)
----------- -----------
Net cash outflow from operating activities (222) (137)
 
Financial investment:
Purchase of investments (5,625) (1,570)
Sale of investments 1,891 1,239
----------- -----------
Net financial investment (3,734) (331)
 
Dividends paid (690) (437)
----------- -----------
Cash outflow before management of liquid resources (4,646) (905)
----------- -----------
Financing
Purchase of shares for cancellation (144) (257)
Net Proceeds from issue of share capital 5,725 1,119
----------- -----------
Net financing 5,581 862
----------- -----------
Increase/(Decrease) in cash 935 (43)
----------- -----------

Reconciliation of movements in shareholders' funds for the six month period to 31 March 2014 (unaudited)

  Share   Capital   Capital   Capital   Special   Share   Revenue  
Capital Redemption Reserve Reserve Reserve Premium Reserve Total
Reserve Realised Unrealised
£000 £000 £000 £000 £000 £000 £000 £000
At beginning of period 304 884 (5,606) 4,996 10,188 9,186 (22) 19,930
Realised profit on investments - - 464 - - - - 464
Unrealised profit on investments - - - 4,485 - - - 4,485
Management fee charged to capital - - (143) - - - - (143)
Equity dividends paid - - - - (690) - - (690)
Shares repurchased for cancellation * (28) 28 - - (144) - - (144)
Profit after taxation for the period - - - - - - (86) (86)
Subscription 70 - - - - 5,655 5,725
---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
At end of period 346 912 (5,285) 9,481 9,354 14,841 (108) 29,541
---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------

* Includes cancellation of 2,711,134 treasury shares

Reconciliation of movements in shareholders' funds for the six month period to 31 March 2013 (unaudited)

  Share   Capital   Capital   Capital   Special   Share   Revenue  
Capital Redemption Reserve Reserve Reserve Premium Reserve Total
Reserve Realised Unrealised
£000 £000 £000 £000 £000 £000 £000 £000
At beginning of period 277 871 (5,786) 1,460 11,808 6,667 42 15,339
Realised profit on investments - - 200 - - - - 200
Unrealised profit on investments - - - 943 - - - 943
Management fee charged to capital - - (89) - - - - (89)
Equity dividends paid - - - - (437) - - (437)
Shares repurchased for cancellation (4) 4 - - (257) - - (257)
Profit after taxation for the period - - - - - - (33) (33)
Subscription 17 - - - - 1,102 - 1,119
---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------
At end of period 290 875 (5,675) 2,403 11,114 7,769 9 16,785
---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------

Notes to the interim report

1. The accounts of the company are prepared in accordance with Accounting Standards applicable in the United Kingdom. The accounting policies used in preparing this report are consistent with those to be adopted at the year end. All AIM investments are valued at bid price. Unquoted companies are included at fair value. The Company uses a valuation technique to arrive at the fair value, including the use of prices obtained in recent arms length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants. The fair value of such assets or liabilities will be reviewed on a 6 monthly basis and more frequently if events occur that could have a material impact on the investment.

2. The profit per ordinary share of 15.24 pence (2013: 4.05 pence) is based on the profit after tax for the period of £4,719,533 (2013: £1,020,576) and the average number of ordinary shares in issue over the period of 30,963,637 (2013: 25,195,735).

3. The results should not be taken as a guide to the results for the financial period ending 30 September 2014.

4. The net asset value per ordinary share at 31 March 2014 of 85.42 pence (2013: 63.76 pence) after deducting the 2.25 pence dividend paid in January 2014 is based on net assets of £29,541,189 (2013: £16,785,252) and on 34,584,784 shares (2013: 26,324,092 shares), being the number of ordinary shares in issue as at 31 March 2014.

5. The financial information contained in the 31 March 2014 income statement, balance sheet, cash flow statement and reconciliation of movements in shareholders' funds does not constitute full financial statements and has not been audited.

Investment portfolio summary as at 31 March 2014

 

Book Cost

 

Valuation

 

Valuation

Qualifying investments £000 £000 %
 
Advanced Computer Software Group plc 204 1,441 5.40
Intercede Group plc 247 1,410 5.29
Pressure Technologies plc 225 1,043 3.91
Flowgroup plc 577 965 3.62
Cohort plc 716 869 3.26
Abcam plc 67 778 2.92
MyCelx Technologies Corporation 300 714 2.68
EKF Diagnostic Holdings plc 300 710 2.66
Idox plc 135 684 2.56
Porta Communications plc 505 682 2.56
Outsourcery Group Ltd 650 625 2.34
K3 Business Technology Group plc 270 621 2.33
Craneware plc 150 609 2.28
AnimalCare Group plc 220 608 2.28
Vertu Motors plc 600 598 2.24
TLA Worldwide plc 300 540 2.02
Quixant plc 160 539 2.02
Kalibrate Technologies plc 323 521 1.95
WANDisco plc 89 513 1.92
Fusionex International plc 138 498 1.87
Hardide plc 535 483 1.81
Advanced Power Components plc 149 437 1.64
Microsaic Systems plc 350 432 1.62
Mexican Grill Ltd (A Preference Shares) 185 396 1.48
Lidco Group plc 220 375 1.41
Tasty plc 288 328 1.23
Instem plc 297 326 1.22
Plastics Capital plc 250 325 1.22
Tangent Communications plc 400 323 1.21
Mopowered Group plc 301 318 1.19
Trakm8 Holdings plc 133 315 1.18
Belvoir Lettings plc 301 287 1.08
Martinco plc 225 284 1.07
Egdon Resources plc 158 272 1.02
Proxama plc 105 231 0.87
Imaginatik plc 180 230 0.86
GetLenses plc 205 205 0.77
Reneuron Group plc 368 205 0.77
Universe Group plc 210 203 0.76
Everyman Media Group plc 172 177 0.66
Jelf Group plc 148 165 0.62
Corac Group plc 185 161 0.60
Nektan Ltd 130 155 0.58
One Delta plc 147 147 0.55
Progressive Digital Media Group plc 173 142 0.53
Verona Pharma plc 127 127 0.48
Ilika plc 113 118 0.44
Synety Group plc 109 109 0.41
Sphere Medical Holdings plc 300 84 0.31
Redcentric plc 214 63 0.24
Corfe Energy Ltd 50 50 0.19
Mexican Grill Ltd (Ordinary Shares) 21 44 0.16
Brigantes Energy Ltd 50 25 0.09
Invocas Group plc 169 12 0.04
Infoserve Group plc 200 1 0.00
-------- --------- -------
Total qualifying investments 13,344 22,523 84.42
  Book Cost   Valuation   Valuation
Non-Qualifying investments £000 £000 %
 
Marlborough Special Situations Fund 1,693 1,829 6.86
-------- --------- -------
Total – Unit Trusts 1,693 1,829 6.86
 
 
Scottish Amicable Finance 8.5% 2049 256 282 1.06
Nationwide Building Society 7.971% 2049 242 260 0.97
Petrobras International Finance 6.25% 2026 247 245 0.92
-------- --------- -------
Total – Corporate bonds 745 787 2.95
 
Horizon Discovery Group plc 219 240 0.90
Boohoo.com plc 205 215 0.80
Telford Homes plc 100 136 0.51
Tarsus Group plc 133 120 0.45
Amerisur Resources plc 103 111 0.42
Reneuron Group plc 104 111 0.42
Hydrodec Group plc 100 107 0.40
Synairgen plc 102 105 0.39
Restore plc 73 103 0.39
Plethora Solutions Holdings plc 77 88 0.33
Circassia Pharmaceuticals plc 65 63 0.23
Dunelm Group plc 62 61 0.23
Mexican Grill Ltd (A Preference Shares) 34 53 0.20
HELIUS Energy plc 40 28 0.10
Advanced Power Components plc 1 1 0.00
Hardide plc 1 1 0.00
WANDisco plc 1 1 0.00
-------- --------- -------
Total – non-qualifying equities 1,420 1,544 5.77
-------- --------- -------
 
Total – non-qualifying investments 3,858 4,160 15.58
 
--------- --------- -------
Total investments 17,202 26,683 100.00
--------- --------- -------

The top 10 equity investments are shown below; each is valued by reference to the bid price. Forecasts, where given, are drawn from a combination of broker research and/or Bloomberg consensus forecasts and exclude amortisation, share based payments and exceptional items. Historic forecasts are in relation to a period end for which the company results are yet to be released. The net cash values are drawn from published accounts.

Abcam plc       389p
Investment date   November 2010   Forecasts for year to June 2014
Equity held 0.10% Turnover (£’000) 128,900
Av Purchase Price 33.4p Profit before tax (£’000) 46,300
Cost (£’000) 67 Reported Net Cash (£'000) 38,200
Valuation (£’000) 778
 
Abcam PLC produces and distributes research-grade antibodies via an online catalogue. The Company's customers include universities, research institutes, and pharmaceutical and biotechnology companies in countries around the world.
Advanced Computer Software Group plc     120.3p
Investment date   July 2008   Forecasts for year to February 2014
Equity held 0.28% Turnover (£’000) 199,600
Av Purchase Price 17.0p Profit before tax (£’000) 36,100
Cost (£’000) 204 Reported Net Cash (£'000) -49,500
Valuation (£’000) 1,441
 
Advanced Computer Software Group PLC provides specialised software and services. The Company's portfolio for the health and care sector includes IT management and analytics systems for out-of-hospital applications covering urgent and unplanned care, district nursing, hospices, residential care homes, telehealth, as well as mobile information systems for community carers.
Cohort plc     158p
Investment date   February 2006   Forecasts for year to April 2014
Equity held 1.34% Turnover (£’000) 74,200
Av Purchase Price 130.2p Profit before tax (£’000) 7,800
Cost (£’000) 716 Reported Net Cash (£'000) 13,600
Valuation (£’000) 869
 
Cohort is the parent company of three well established, wholly owned subsidiaries providing a wide range of services and products for UK and international customers. Mass designs, manufactures and supports electronic systems and software, and provides specialist services and training. SCS specialises in providing advice and support based on sound technical knowledge coupled with experience of its practical application. SEA delivers systems engineering, software and electronic engineering services and solutions, including specialist design and manufacture.
EKF Diagnostic Holdings plc     35.5p
Investment date   June 2010   Forecasts for year to December 2014
Equity held 0.73% Turnover (£’000) 46,700
Av Purchase Price 15.0p Profit before tax (£’000) 5,700
Cost (£’000) 300 Reported Net Cash (£'000) Est 9,000
Valuation (£’000) 710
 
EKF Diagnostics Holdings PLC develops and manufactures medical diagnostic products. The Company produces analysers for glucose, lactate, hemoglobin, hematocrit, and HbA1c. It is also developing molecular diagnostics for personalised medicines. EKF markets its products to laboratories, universities, hospitals and blood donor centres; and for industrial use or in point-of-care testing.
Flowgroup plc       36.5p
Investment date   July 2007   Forecasts for year to December 2014
Equity held 0.99% Turnover (£’000) 33,200
Purchase Price 21.8p Profit before tax (£’000) -7,900
Cost (£’000) 577 Reported Net Cash (£'000) 17,400
Valuation (£’000) 965
 
Founded in 1997, Flowgroup specialises in developing and commercialising products to meet the need for alternative power generation technologies to increase efficiency and reduce the environmental impact of energy consumption. Through Flow Energy, the company is developing a microCHP boiler for launch into the UK residential market in 2014 and supplying gas and electricity into the UK domestic energy market. Its second subsidiary, Pnu Power, is developing and supplying compressed air back up power systems for use in a range of commercial applications.
Idox plc     38.0p
Investment date   May 2007   Forecasts for year to October 2014
Equity held 0.51% Turnover (£’000) 60,100
Purchase Price 7.5p Profit before tax (£’000) 11,800
Cost (£’000) 135 Reported Net Cash (£'000) -8,700
Valuation (£’000) 684
 
Idox operates a software company, which produces and develops integrated and adaptable software systems for document, content and information management via web-based applications. The Group's main product, Image-Gen, allows paper-based processes to be converted into an electronic process, which can be accessed from any computer with a network or Internet link.
Intercede Group plc     188.0p
Investment date   May 2007   Forecasts for year to March 2014
Equity held 1.54% Turnover (£’000) 8,800
Av Purchase Price 33.0p Profit before tax (£’000) 0
Cost (£’000) 247 Reported Net Cash (£'000) 7,200
Valuation (£’000) 1,410
 
Intercede is the producer of the MyID® Identity and Credential Management System. MyID is the only IDCMS software product that enables organisations to easily and securely manage the identities of people and their associated identity credentials within a single, integrated, workflow driven platform. This includes enabling and managing: secure registration, biometric capture, application vetting and approval through to smart card personalisation, issuance and management.
MyCelx Technologies Corporation     500.0p
Investment date   August 2011   Forecasts for year to December 2014
Equity held 1.08% Turnover ($’000) 27,400
Purchase Price 210.0p Profit before tax ($’000) 4,200
Cost (£’000) 300 Reported Net Cash ($'000) -1,395
Valuation (£’000) 714
 
MyCelx is an emerging oil-free water technology company that uses a patented polymer to permanently remove oil molecules from water using molecular cohesion to reduce contamination to less than 1ppm. The technology is applicable to a number of markets, including the treatment of produced water from oil wells and waste water at petrochemcial plants.
Porta Communications plc     13.5p
Investment date   November 2011   Forecasts for year to December 2014
Equity held 2.21% Turnover (£’000) 35,200
Purchase Price 10.0p Profit before tax (£000) 3,400
Cost (£’000) 505 Reported Net Cash (£’000) Est -2,200
Valuation (£’000) 682
 
Porta Communications is a holding company with a mandate to build an international communications and marketing business. Within Porta there are individual divisions which provide public relations including financial, corporate, consumer and public affairs, Advertising and related services (including digital and media buying).
 
Pressure Technologies plc     695p
Investment date May 2007 Forecasts for year to September 2014
Equity held 1.00% Turnover (£’000) 48,800
Purchase Price 150.0p Profit before tax (£000) 5,600
Cost (£’000) 225 Reported Net Cash (£’000) Est 10,000
Valuation (£’000) 1,043
 
Pressure Technologies is a leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The company is organised into three divisions: Cylinders, Engineered Products and Alternative Energy. The largest division, the Cylinders division, is a global market leader in the design and manufacture of speciality high pressure, seamless steel gas cylinders for the offshore oil and gas, defence, industrial gases and alternative energy markets.

Date: 27 May 2014

For further information please contact:

Stuart Brookes

Company Secretary

Hargreave Hale AIM VCT 1 plc

01253 754740

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Hargreave Hale AIM VCT (HHV)
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