Interim Management Statement

Keydata AIM VCT KEYDATA AIM VCT plc Unaudited Interim Results for the six months ending 31 March 2007 Chairman's Statement I am pleased to report that your Company continued to make good progress in the six month period ended 31 March 2007. Results - Ordinary Fund The net asset value per ordinary share increased by 3.65% to 110.95 pence during the period. Adjusted for dividends paid, the total return is 115.95 pence, a 22% uplift since launch. Earnings per ordinary share for the period were 3.91 pence per share (comprising revenue earnings of 0.31 pence and capital earnings of 3.60 pence). The Investment Manager invested a further Â£1.4 million in seven qualifying AIM companies during the period and made part disposals of four of the AIM investments, realising a net gain on sale of Â£0.56 million in the period. The main contributors to this realised gain were Egdon Resources, Ascribe, Internet Business Group and Accuma. The bid value of qualifying investments at 31 March 2007 was Â£9.52 million invested in 34 AIM companies. With respect to the 70% investment test, as at 31 March 2007, 61.7% of the Company's investments were in Qualifying companies. The balance was held in short dated Treasury gilts. We have until 30 September 2007 to meet the 70% test. As at 22 May 2007, the Ordinary fund was 67% invested in qualifying investments. Results - C Fund The net asset value per C share at 31 March 2007 increased by 2.45% to 97.53 pence per share adjusted for the 1 pence final dividend paid in January 2007. Earnings per C share were 2.34 pence per share (comprising revenue earnings of 0.89 pence and capital earnings of 1.45 pence). A further Â£1.4 million was invested in six qualifying AIM companies during the period The bid value of qualifying investments at 31 March 2007 was Â£2.9 million invested in 10 AIM companies. With respect to the 70% investment test, as at 31 March 2007, 16.9% of the Company's investments were in Qualifying companies. The balance was held in short dated Treasury gilts. We have until 30 September 2008 to meet the 70% test. As at 22 May 2007, the C fund was 21% invested in qualifying investments. Dividend We are delighted to declare an interim dividend payable to ordinary shareholders of 5 pence per share (2006 -5 pence). This interim dividend will be payable out of capital profits on 20 June 2007 to ordinary shareholders on the share register on 8 June 2007. An interim dividend of 0.75 pence will also be payable to C shareholders in respect of the period (2006 - nil). This interim dividend will be payable out of revenue profits on 20 June 2007 to C shareholders on the share register on 8 June 2007. We would emphasise that future dividend payments will be based directly on the revenue and capital profits of each fund which by their nature may vary from year to year. Outlook We remain confident that we will achieve our required 70% investment in qualifying companies in both funds within the respective three year periods. We continue to experience a good pipeline of investment opportunities. Shareholder Communication The Company's daily share price can be found on various financial websites under the EPIC code 'KEY' for ordinary shares and 'KEYC' for C shares, or on our own dedicated website at www.keydataaimvct.co.uk Sir Aubrey Brocklebank Bt Chairman 23 May 2007 Income Statement for the six months to 31 March 2007 - Ordinary Shares -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 542 542 Unrealised gains on investments - 33 33 Income 177 177 -------- ---------- -------- 177 575 752 Management fee (20) (61) (81) Other expenses (110) (110) -------- ---------- -------- (130) (61) (191) -------- -------- -------- Profit before taxation 47 514 561 Taxation (3) 3 - -------- -------- -------- Profit after taxation 44 517 561 -------- -------- -------- Earnings per share (Note 2) 0.31p 3.60p 3.91p *T Income Statement for the six months to 31 March 2007 - C shares -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 5 5 Unrealised gains on investments - 287 287 Income 342 342 -------- ---------- -------- 342 292 634 Management fee (23) (69) (92) Other expenses (122) (122) -------- ---------- -------- (145) (69) (214) -------- -------- -------- Profit before taxation 197 223 420 Taxation (37) 37 - -------- -------- -------- Profit after taxation 160 260 420 -------- -------- -------- Earnings per share (Note 2) 0.89p 1.45p 2.34p *T Income Statement for the six months to 31 March 2007 - Company -0- *T For the six months to 31 March 2007 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - 547 547 Unrealised gains on investments - 320 320 Income 519 519 -------- ---------- -------- 519 867 1,386 Management fee (43) (130) (173) Other expenses (232) (232) -------- ---------- -------- (275) (130) (405) -------- -------- -------- Profit before taxation 244 737 981 Taxation (40) 40 - -------- -------- -------- Profit after taxation 204 777 981 -------- -------- -------- 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. *T Income Statement for the six months to 31 March 2006 - Ordinary Shares -0- *T For the six months to 31 March 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 609 609 Unrealised gains on investments - 614 614 Income 209 209 -------- ---------- -------- 209 1,223 1,432 Management fee (21) (62) (83) Other expenses (165) (165) -------- ---------- -------- (186) (62) (248) -------- -------- -------- Profit before taxation 23 1,161 1,184 Taxation (5) 5 - -------- -------- -------- Profit after taxation 18 1,166 1,184 -------- -------- -------- Earnings per share (Note 2) 0.13p 8.13p 8.26p *T Income Statement for the six months to 31 March 2006 - C shares -0- *T For the six months to 31 March 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments - - - Unrealised gains on investments - - - Income 9 9 -------- ---------- -------- 9 - 9 Management fee (1) (3) (4) Other expenses (5) (5) -------- ---------- -------- (6) (3) (9) -------- -------- -------- Profit before taxation 3 (3) - Taxation - - - -------- -------- -------- Profit after taxation 3 (3) -------- -------- ---------- Earnings per share (Note 2) 0.12p (0.10)p 0.02p *T Income Statement for the six months to 31 March 2006 - Company -0- *T For the six months to 31 March 2006 (unaudited) Revenue Capital Total Â£000 Â£000 Â£000 Realised gains on investments 609 609 Unrealised gains on investments - 614 614 Income 218 218 -------- ---------- -------- 218 1,223 1,441 Management fee (22) (65) (87) Other expenses (170) (170) -------- ---------- -------- (192) (65) (257) -------- -------- -------- Profit before taxation 26 1,158 1,184 Taxation (5) 5 - -------- -------- -------- Profit after taxation 21 1,163 1,184 -------- -------- -------- 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. *T Balance sheet as at 31 March 2007 -0- *T As at 31 March 2007 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments 15,481 16,981 32,462 -------- -------- -------- Current assets Prepayments and accrued income 20 45 65 Cash at bank and on deposit 453 512 965 ------- -------- -------- 473 557 1,030 Creditors: amounts falling due within one year Accruals and deferred income (47) (52) (99) ------- ------- -------- Net current assets 426 505 931 ------- ------- -------- Net assets 15,907 17,486 33,393 ------- ------- -------- Capital and Reserves Called up share capital 143 896 1,039 Share premium - 16,094 16,094 Capital reserve - realised 806 (70) 736 Capital reserve - unrealised 1,855 429 2,284 Special reserve 12,999 - 12,999 Revenue reserve 104 137 241 -------- -------- -------- Equity shareholders' funds 15,907 17,486 33,393 -------- ------- -------- Net asset value per share (Note 4) 110.95p 97.53p *T Balance sheet as at 31 March 2006 -0- *T As at 31 March 2006 (unaudited) Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Fixed assets Investments 15,316 15,316 -------- ---------- -------- Current assets Prepayments and accrued income 64 - 64 Cash at bank and on deposit 751 11,508 12,259 ------- -------- -------- 815 11,508 12,323 Creditors: amounts falling due within one year Accruals and deferred income (78) (9) (87) ------- ------- -------- Net current assets 737 11,499 12,236 ------- ------- -------- Net assets 16,053 11,499 27,552 ------- ------- -------- Capital and Reserves Called up share capital 143 605 748 Share premium - 10,894 10,894 Capital reserve - realised 439 (3) 436 Capital reserve - unrealised 1,962 - 1,962 Special reserve 13,477 - 13,477 Revenue reserve 32 3 35 -------- -------- -------- Equity shareholders' funds 16,053 11,499 27,552 -------- ------- -------- Net asset value per share (Note 4) 111.96p 95.0p *T Cash flow statement for the six months to 31 March 2007 (unaudited) -0- *T Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Profit before taxation 47 197 244 Management fee charged to capital (61) (69) (130) Decrease in debtors 2 4 6 (Decrease)/increase in creditors (5) 1 (4) ------- ------- -------- Net cash outflow from operating activities Dividends paid (17) 133 116 Financial investment - (179) (179) Purchase of investments (4,479) (11,389) (15,868) Sale of investments 4,088 11,448 15,536 Financing Net proceeds from issue of share capital ----------- ---------- ---------- (Decrease)/increase in cash (408) 13 (395) --------- -------- -------- *T Cash flow statement for the six months to 31 March 2006 (unaudited) -0- *T Ordinary Shares C Shares Total Â£000 Â£000 Â£000 Profit before taxation 23 3 26 Management fee charged to capital (62) (3) (65) Increase in debtors (19) - (19) Increase in creditors 34 9 43 ------- ------- -------- Net cash outflow from operating activities Financial investment (24) 9 (15) Purchase of investments (5,774) - (5,774) Sale of investments 1,181 - 1,181 Financing Net proceeds from issue of share capital 11,499 11,499 ----------- -------- -------- (Decrease)/increase in cash (4,617) 11,508 6,891 --------- -------- -------- *T Reconciliation of movements in shareholders' funds for the six months to 31 March 2007 (unaudited) -0- *T Ordinary Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 - 322 1,823 12,999 60 Realised gains on investments - 542 - - - Unrealised gains on investments - - 33 - - Management fee charged to capital - (61) - - - Tax relief - 3 - - - Profit after taxation for the period 44 -------- -------- -------- --------- -------- At 31 March 2007 806 1,856 12,999 104 -------- ------ ------ -------- -------- *T -0- *T C Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2006 16,094 (43) 141 - 156 Proceeds from issue of shares - - - - - Dividends paid - - - - (179) Realised gains on investments - 5 - - - Unrealised gains on investments - - 287 - - Management fee charged to capital - (69) - - - Tax relief - 37 - - - Profit after taxation for the period 160 -------- -------- -------- --------- -------- At 31 March 2007 16,094 (70) 428 137 ------ ------ ------ --------- -------- *T Reconciliation of movements in shareholders' funds for the six months to 31 March 2006 (unaudited) -0- *T Ordinary Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2005 - (113) 1,348 13,477 14 Realised gains on investments - 609 - - - Unrealised gains on investments - - 614 - - Management fee charged to capital - (62) - - - Tax relief - 5 - - - Profit after taxation for the period 18 -------- -------- -------- --------- -------- At 31 March 2006 439 1,962 13,477 32 -------- ------ ------ -------- -------- *T -0- *T C Shares Share Capital Capital Special Revenue Premium Reserve Reserve Reserve Reserve Realised Unrealised Â£000 Â£000 Â£000 Â£000 Â£000 At 1 October 2005 - - - - - Proceeds from issue of shares 11,983 - - - - Costs related to issue of shares (605) - - - - Realised gains on investments - - - - - Unrealised gains on investments - - - - - Management fee charged to capital - (4) - - - Tax relief - 1 - - - Profit after taxation for the period 3 -------- -------- -------- --------- -------- At 31 March 2006 11,378 (3) 3 ------ ------ -------- --------- -------- *T Notes to the interim report -0- *T 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 adopted at the year end. All AIM investments are valued at bid price. 2 The earnings per ordinary share of 3.91p (2006 - 8.26p) is based on the profit after tax for the period of Â£560,942 (2006 -Â£1,183,583) and the weighted average number of ordinary shares in issue over the six month period of 14,337,731 (2006 - 14,337,731). The earnings per C share of 2.34p (2006 - 0.02p) is based on the profit after tax for the period of Â£419,785 (2006 - Â£378) and the weighted average number of C shares in issue over the six month period of 17,928,720 (2006 - 2,478,928). 3 The results should not be taken as a guide to the results for the year ending 30 September 2007 4 The net asset value per ordinary share at 31 March 2007 of 110.95p (2006 - 111.96p) is based on net assets of Â£15,907,556 (2006 - Â£16,053,179) and on 14,337,731 (2006 - 14,337,731) shares, being the number of ordinary shares in issue as at 31 March 2007. The net asset value per C share at 31 March 2007 of 97.53p (2006 - 95.0p) is based on net assets of Â£17,485,923 (2006 - Â£11,498,884) and on 17,928,720 (2006 - 12,103,691) shares, being the number of C shares in issue as at 31 March 2007. 5 The financial information contained in the 31 March 2007 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. *T Investment portfolio summary as at 31 March 2007 - Ordinary Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 Â£000 % Jelf Group 250 614 4.0 Cohort 451 594 3.8 Egdon Resources 75 507 3.3 Vertu Motors 300 455 2.9 Abcam 250 427 2.8 Maxima Holdings 250 426 2.8 Mama 300 420 2.7 FDM Group 250 400 2.6 Hardide 396 396 2.6 K3 Business Technology Group 270 369 2.4 Internet Business Group 173 368 2.4 Brulines 270 360 2.3 Zenith Hygiene Group 281 332 2.1 Work Group 300 298 1.9 York Pharma 250 283 1.8 Neutra Health 315 270 1.7 Sectorguard 250 250 1.6 Optimisa 203 236 1.5 Universe Group 193 234 1.5 Gourmet Holdings 300 225 1.5 BBI 140 217 1.4 St Helens Capital 211 211 1.4 Invocas Group 169 201 1.3 Ascribe 63 197 1.2 Autoclenz 256 191 1.2 Axeon 200 190 1.2 Tasty 140 154 1.0 Tangent Communications 150 153 1.0 Enfis 146 153 1.0 Reneuron 168 151 1.0 Debts.co.uk 150 96 0.6 Centrom 400 80 0.6 Accuma 48 35 0.2 Plethora Solutions 44 33 0.2 -------- -------- -------- Total qualifying investments 7,612 9,526 61.5 Non-qualifying investments Treasury 5% Stock 2008 2,991 2,988 19.3 Treasury 4% Stock 2009 2,977 2,923 18.9 Non-qualifying AIM investments 44 44 0.3 -------- -------- -------- Total non-qualifying investments 6,012 5,955 38.5 -------- ------- -------- Total investments 13,624 15,481 100.0 -------- -------- -------- *T Investment portfolio summary as at 31 March 2007 - C Share Fund -0- *T Qualifying investments Book cost Valuation Valuation Â£000 Â£000 % Vertu Motors 300 455 2.7 Cohort 351 434 2.5 Brulines 270 360 2.1 Hexagon Human Capital 300 305 1.8 CBG 204 290 1.7 Optimisa 203 236 1.4 Universe Group 193 234 1.4 BBI 139 218 1.3 Debts.co.uk 300 192 1.1 Tangent Communications 150 153 0.9 -------- -------- -------- Total qualifying investments 2,410 2,877 16.9 Non-qualifying investments Treasury 5% Stock 2008 9,971 9,961 58.7 Treasury 4% Stock 2009 4,170 4,142 24.4 Non-qualifying AIM investments 1 1 0.0 -------- -------- -------- Total non-qualifying investments 14,142 14,104 83.1 -------- ------- -------- Total investments 16,552 16,981 100.0 -------- -------- -------- *T Top ten investments at 31 March 2007 by valuation -0- *T 1. Cohort Plc 167p --------------------------------------------------------------------------------------------------- Investment date February 2006 Unaudited results for 6 mths to Oct 2006 Equity held 2.09% Turnover (Â£'000) 13,596 Purchase Price 123&135p Profit before tax (Â£'000) 904 Cost (Â£'000) 802 Net Assets (Â£'000) 18,906 Valuation (Â£'000) 1,029 Cohort provides independent consultancy support which combines technical expertise with practical experience and domain knowledge to the defence sector. Initially focusing on operational and non- operational CIS strategy and projects, especially in the Land Systems area, the company has expanded into a range of complementary business areas. The company's two trading divisions, SCS and MASS, have an impressive client base that includes the MOD and its agencies, NATO, and major defence contractors such as BAE, EDS, General Dynamics and Lockheed Martin. *T -0- *T 2. Vertu PLC 91p ------------------------------------------------------------------------------------------------- Investment date December 2006 Unaudited results for year to n/a Equity held 1.1% Turnover (Â£'000) Purchase Price 60p Profit before tax (Â£'000) Cost (Â£'000) 600 Net assets (Â£'000) Valuation (Â£'000) 910 Vertu Motors was formed in late 2006 to acquire and consolidate UK motor retail businesses. The Directors are experienced within the sector, having previously held senior positions within Reg Vardy plc, the previously quoted motor retail group. On 27th March 2007 the Group acquired the 13th largest motor retailer in the United Kingdom, Bristol Street Motors. It then acquired 3 additional dealerships on 2 May 2007. The Company will continue to seek to acquire businesses with the potential for performance improvements and which may contain freehold property portfolios. *T -0- *T 3. Brulines plc 164p -------------------------------------------------------------------------------------------- Investment date October 2006 Unaudited results for 6 mths Sep 2006 to Equity held 1.83% Turnover (Â£'000) 9,237 Purchase Price 123p Profit before tax (Â£'000) 1,183 Cost (Â£'000) 541 Net assets (Â£'000) 3,283 Valuation (Â£'000) 721 Brulines is a leading provider of volume and revenue protection systems for draught alcocholic drinks for the UK Licensed on-trade, in particular the tenanted pub sector. The Dispense Monitoring Division, which represents the Group's core product, measures the actual volume of liquid dispensed each hour against legitimate deliveries and protects the pub owners from the potential loss of revenue from 'buying out'. The Group also has a Brand Quality Monitoring solution undergoing commercial trials with a number of customers. *T -0- *T 4. Jelf Plc 260p -------------------------------------------------------------------------------------------- Investment date February 2006 Audited results for year to Sep 2006 Equity held 0.96% Turnover (Â£'000) 25,095 Purchase Price 106 Profit before tax (Â£'000) 490 Cost (Â£'000) 250 Retained profit (Â£'000) 2,111 Valuation (Â£'000) 614 Net Assets (Â£'000) 16,327 Jelf Group is a broker of corporate services, with separate divisions in Healthcare, Insurance, and Financial Services. Customers are in the corporate and private client sectors. The business has grown acquisitively since it started in 1989 and has bought numerous companies in the last five years. The market is very fragmented, with smaller players unable to compete due to rising costs of training and compliance. Acquisitions are earnings enhancing as back office costs can be easily stripped out. Acquisitions normally present additional cross selling opportunities to the acquired customer base. *T -0- *T 5. Egdon Resources 202p -------------------------------------------------------------------------------------------- Investment date December 2004 Unaudited results for 6 mths January 2007 to Equity held 0.38% Turnover (Â£'000) 0 Purchase Price 30p Profit before tax (Â£'000) (356) Cost (Â£'000) 75 Net assets (Â£'000) 21,367 Valuation (Â£'000) 507 Egdon is an independent UK based energy company with over 50 oil and gas prospects spread over 20 exploration licenses in the UK and France. Management's intention is to become a significant and profitable oil and gas producer through an active and focused exploration and appraisal programme. The company is currently developing plans for a 36 billion cubic feet underground gas storage facility at Portland and recently submitted its planning application to Dorset County Council. The company will divest its Portland Gas subsidiary in late 2007. *T -0- *T 6. Optimisa PLC 1050p -------------------------------------------------------------------------------------------- Investment date May 2006 Audited results for year to Dec 2006 Equity held 5.1% Turnover (Â£'000) 4,188 Purchase Price 900p Profit before tax (Â£'000) 768 Cost (Â£'000) 405 Net assets (Â£'000) 4,458 Valuation (Â£'000) 473 The Optimisa Group has four subsidiaries that provide market research along with consultancy advice in strategic marketing, business strategy and media analysis. The Group is positioned between large management consultancies and the traditional market research, market intelligence and business intelligence providers. *T -0- *T 7. Universe PLC 8.5p -------------------------------------------------------------------------------------------- Investment date March 2007 Unaudited results for year to Dec 2006 Equity held 4.8% Turnover (Â£'000) 11,346 Purchase Price 7p Profit before tax (Â£'000) (3,512) Cost (Â£'000) 385 Net assets (Â£'000) 18,201 Valuation (Â£'000) 467 Universe Group was established in January 2000 on the demerger of the Card Clear Group and until recently had two operating divisions: HTEC, an international supplier of electronic transaction and loyalty systems to the petrol retail and communications sectors; and Master Change, which operates nine bureau de change shops in Paris. The company undertook a strategic review which culminated in the appointment of a new CE and the sale of the Master Change business. *T -0- *T 8. BBI Holdings plc 145p -------------------------------------------------------------------------------------------- Investment date April 2006 Unaudited results for 6 mths Sep 2006 to Equity held 1.04% Turnover (Â£'000) 4,431 Purchase Price 93p Profit before tax (Â£'000) 607 Cost (Â£'000) 280 Net assets (Â£'000) 11,479 Valuation (Â£'000) 435 BBI is a developer of gold reagents used in specialist non-invasive diagnostic tests for research and diagnostic use. BBI works with many of the larger global diagnostic companies including Phadia, Eastman, Kimberley Clark, and Becton Dickinson. BBI recently completed its acquisition of Theratese Plc, a manufacturer and supplier of high quality specialist natural enzymes to the medical diagnostics industry. *T -0- *T 9. Abcam plc 285 p -------------------------------------------------------------------------------------------- Investment date October 2005 Unaudited results for 6 mths Dec 2006 to Equity held 0.43% Turnover (Â£'000) 11,079 Purchase Price 167p Profit before tax (Â£'000) 2,385 Cost (Â£'000) 250 Net assets (Â£'000) 16,168 Valuation (Â£'000) 427 Abcam is a global distributor of research-grade antibodies to bioscientists and intends to build the largest online catalogue of the best available antibodies. Whilst they manufacture many of their own lines of antibodies, they also source others from institutes, academic laboratories and primary manufacturers around the world. The company is headquartered in Cambridge, where it was founded in 1998, and maintains a US office in Massachusetts. On 25 October 2006, the company announced its intention to invest heavily in a new antibody development facility. The investment will be funded through existing cash balances but the additional start-up costs will reduce the company's profitiability in 2007 and 2008. *T -0- *T 10. Maxima Holdings PLC 280p -------------------------------------------------------------------------------------------- Investment date September 2005 Unaudited results for 6 mths Nov 2006 to Equity held 0.82% Turnover (Â£'000) 13,028 Purchase Price 165p Profit before tax (Â£'000) 1,351 Cost (Â£'000) 251 Net assets (Â£'000) 13,537 Valuation (Â£'000) 426 Maxima is a rapidly growing software and IT businesses providing services into specific vertical markets. Maxima continues to operate its buy and build strategy and recently made its seventh acquisition. *T -0- *T For further information please contact: Craig McNeil Company Secretary Keydata AIM VCT plc 0141 572 2300 *T

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