Final Results

NEW CENTURY AIM VCT PLC
                  

NEW CENTURY AIM VCT PLC

PRELIMINARY ANNOUNCEMENT AS AT 31 MARCH 2006

Financial Summary

                                                                                 Period ended
                                                                                     31 March
                                                                                         2006
Revenue return per share (pence) for the
 period                                                                                 1.54
Total return per share (pence) for the
 period                                                                                27.15
Dividends per share (pence)                                                                -
Cumulative dividends per share (pence)                                                     -
Net asset value per share (pence)                                                        126
NAV total return (net asset value plus
 cumulative dividends per share) (pence)                                                 126
Shareholders' funds (£'000)                                                            10678
Mid-market price per share (pence)                                                       128

Investment Objective

New Century AIM VCT PLC is a Venture Capital Trust ('VCT') established under the
legislation introduced in the Finance Act 1995. The company's principal
objectives as set out in the prospectus are to achieve long term capital growth
through investment in a diversified portfolio of Qualifying Companies primarily
quoted on AIM.

Investment Manager's Review

Chairman's Statement

I am pleased to report that the first year for New Century Aim VCT has been
highly successful. Net asset value per share has risen to 126.16 pence and VCT
qualifying investments already account for 68.6% of the total investments, i.e.
not far short of the 70% required to be achieved within three years of
inception. £8.381million was initially raised [after £84,000 of expenses] and at
the company's year end £1.638million was still available for investment.

We have maintained a tight rein on costs throughout the year with just £38,253
excluding investment fees of £109,984 having been expensed. The strong asset
growth of your fund is largely due to the hard work and dedication of the
investment management team who have relentlessly sought solid investments for
the fund. Much of their time has been spent meeting with the management of the
companies in which your fund has invested.

In accordance with the requirements of the UK financial reporting standard
FRS21, which have recently come into effect, dividends declared after a balance
sheet date are not recognised as a liability in that balance sheet, or as a
distribution in the profit and loss account for the period then ended. This
constitutes a change from previous generally accepted accounting practice in the
UK. However the VCT Regulations continue to allow such proposed dividends to be
taken into account for the purposes of demonstrating compliance with the
requirement to distribute at least 85% of its income from shares or securities.
The proposed final dividend of 1.5p per share achieves compliance with this
requirement of the VCT Regulations.

Due to the recent Budget changes in VCT rules, I regret that it will no longer
be practicable to operate a dividend reinvestment scheme.

Annual General Meeting

The annual general meeting will be held at 11.30 a.m. on Thursday, 31 August
2006 at 17-21 New Century Road, Laindon, Essex SS15 6AG. I look forward to
meeting those shareholders that are able to attend.

John Brice Chairman 25 July 2006

Introduction Being my first manager's review, I would like to take this
opportunity to welcome all our shareholders and to thank you for your support.

Our intention has been to build up a diversified portfolio of primarily VCT
qualifying stocks, supplemented by several smaller holdings of non-qualifying
stocks. This, we have achieved and at the March year end, your fund held 51
stocks, 68.6% by value of which are qualifying.

Where possible, we have tried to invest in companies with a track record of
profitability that will benefit from the current economic and political climate
or in those companies which are legislation driven.

It is well known, for instance, that consumer debt has been rising sharply and
with interest rates rising, this has inevitably led to a surge in bad debts. A
recent trend in the recovery of such debts has been to make an individual
voluntary arrangement [IVA ] whereby the debtor enters into an agreement to pay
back an agreed amount of the debt to all the creditors over a set period. We
have invested in Accuma, Debtmatters and Invocas, all of which are specialist
IVA arrangers. Reflecting the strong demand for their services, profits of these
companies have been expanding sharply accompanied by a strong share price
performance. Although it is a VCT qualifying investment, we felt it prudent to
top slice some of the investment in Debtmatters, thereby realising a profit
during the year of £51,085.

With concerns over the environment, waste recycling in an environmentally
efficient manner is becoming a pursuit of all the major political parties, not
just in the UK but throughout the EU. Thus we have witnessed the EEC legislation
regarding the disposal of fridges which led to the notorious fridge mountain.
One of the next pieces of legislation on the agenda is dealing with the disposal
of computers where certain of the materials are seen as harmful to the
environment if the computers are dumped haphazardly. CKS, in which we have
invested, is an established, profitable business which for many years has been
recycling or refurbishing old computers . Our investment in that company will
help them develop premises where they plan to recycle old computers in
compliance with the imminent EEC legislation on computer disposal.

Over the past two years, there have also been legislative changes to the UK
television industry where the mainstream television channels now have to take at
least 25% of their production quota from the independent sector. Furthermore,
the independents can now retain their overseas distribution rights. This is
helping to propel the growth of DCD Media and RDF Media, both of which are
distributors of film content.

Education and training, particularly in the workplace and via internet courses
is another area where we perceive encouraging growth prospects. Our investments
in ILX, Education Development and Europasia Education should benefit from this
trend.

With oil prices soaring and countries wanting to gain greater control over their
supply of oil, there is now intensive interest in alternative bio fuels. GTL,
which is developing a plant to produce ethanol from grain, is one such
beneficiary and their shares have already more than doubled since our initial
purchase. Also benefiting from the high price of oil is Hallin Marine whose
diving vessels are in great demand from oil and gas companies requiring sub-sea
repair and maintenance work to be carried out.

Public Health and Safety is becoming more and more prevalent in the workplace
with the drafting in of legislation in this area. PHSC is a leader in this
field.

Security linked to terrorism is another high profile area. RC Group is a leading
international security solutions provider specialising in the development,
manufacture and distribution of biometric and radio frequency identification
such as facial recognition and fingerprint detection devices. Another company to
benefit from an increased focus on security is Sectorguard. This company
provides manned guards and will see additional benefits from legislation brought
into this industry whereby security guards require compulsory licensing by the
Security Industry Authority (SIA). Sectorguard has been accredited approved
contractor status by the SIA which places it in a strong position to pitch for
new business where there will now be a greater barrier to entry. Sectorguard
also stands to gain business from rivals that have not met the approved
contractor status.

Frequently in the news over the past year has been the incidence of infections
in hospitals. Tristel is a leader in infection control technology and stands to
benefit from any health service projects to cut down the risk of infections.
System C has been one of our least successful investments as demand for its
computer systems for the NHS has suffered from a severe shortage of cash within
the health industry. We feel it cannot be long before the government bows to
pressure from the Public and the health service itself for a large injection of
cash.

Outlook

Since the March year-end, there has been a heavy fall in the equity market and
in particular, the AIM market in which your fund is concentrated. While your
fund has not been immune from this fall, its emphasis on good quality profitable
companies and aversion to the speculative mining and commodity issues has held
it in good stead during these turbulent times. Indeed, since the year end the
fund has seen a further increase in its net asset value, which as at 24 July
2006 stood at 131.5p per share. I am pleased to report that at the same date,
the level of qualifying investments had increased to 76.6% of the total value of
the fund.

The investment management team plan to continue investing in solid profitable
AIM companies and will strive to achieve further good progress in the current
year.

As mentioned earlier by my chairman, this has been a very rewarding year for
your fund and I would like to thank Simon Like and Miles Nolan, for their
tireless efforts in making this result possible. I would also like to thank my
co-directors, all of whom have provided their services free of charge.

Michael Barnard

Income Statement (incorporating the revenue account) for the period to 31 March
2006

                                                                                Period ended
                                                                               31 March 2006
                                                                   Revenue  Capital    Total
                                                                     £'000    £'000    £'000
Gains on investments
- realised                                                              -       55       55
- unrealised                                                            -     2180     2180
Income                                                                226        -      226
Investment management fee                                             -27      -83     -110
Other expenses                                                        -38        -      -38

                                                               -----------------------------
Return on ordinary activities
 before taxation                                                      161     2152     2313
Tax (charge)/credit on
 ordinary activities                                                  -30       15      -15

                                                               -----------------------------
Return on ordinary activities
 after taxation                                                       131     2167     2298
Dividends                                                               -        -        -

                                                               -----------------------------
Transfer to reserves                                                  131     2167     2298

                                                               =============================

Return per ordinary share                                            1.54    25.61    27.15

All revenue and capital items in the above statement are from continuing
operations in the current year. No operations were acquired or discontinued in
the current year. Other than shown above, the company had no recognised gains or
losses. Accordingly no statement of total recognised gains and losses has been
prepared.

Balance Sheet
At 31 March 2006                                                                Period ended
                                                                               31 March 2006
                                                                                        £000

Fixed assets
Investments                                                                            9088

Current assets
Debtors                                                                                1637



Creditors: amounts falling due
  within one year                                                                       -47


                                                                                   ---------
                                                                                      10678

                                                                                   =========
Capital and reserves
Called up share capital                                                                 846
Share premium                                                                          7534
Capital reserve - realised                                                               68
Capital reserve - unrealised                                                           2099
Revenue reserve                                                                         131



                                                                                   ---------
Total equity shareholders' funds                                                      10678

Net asset value per ordinary share                                                    126p

Cash Flow Statement for the period to 31 March 2006

Operating activity                                                          £000      £000
Operating profit                                                           2,313
Profit on sale of investments                                                -55
Unrealised gains on investments                                           -2,180
Investment income                                                           -226
Increase in creditors                                                         32
Net cash inflow from operating activities                                             -116
Returns on investments
Interest received                                                            213
Investment income                                                             13
Net cash inflow for returns on investments and
 servicing of finance                                                                  226
Taxation
Capital expenditure & financial investment
Sale of investments                                                          864
Purchase of investments                                                   -7,717
Net cash outflow for capital expenditure &
 financial investment                                                               -6,853
                                                                                     ______
Net cash outflow before financing                                                   -6,743
Share issue                                                                8,464
Expenses paid in connection with share issue                                 -84
Net cash inflow from financing                                                       8,380
Uninvested funds with Broker                                                         1,637

Notes

1 Return per share

    The Revenue return per ordinary share is based on net revenue on ordinary
    activities after taxation of £130,339 and on 8,464,500 ordinary shares,
    being the weighted average number of ordinary shares in issue during the
    year.

    The capital return per ordinary share is based on a net realised and
    unrealised capital profit of £2,167,872 and on 8,464,500 ordinary shares,
    being the weighted average number of ordinary shares in issue during the
    period.

2 Dividend

The directors are proposing a final dividend of 1.5p per share for the period
ended 31 March 2006.

3 Accounts

The results set out above are not full accounts within the meaning of s.240 of
the Companies Act 1985 and have not been reported on but have been agreed with
the company's auditors.

The Annual Report and Accounts for the period ended 31 March 2006 will be filed
at the Registrar of Companies following the annual general meeting and will be
posted to shareholders shortly.

4 Announcement

    A copy of this announcement will be available at the offices of the Company
    for 14 days from the date of this announcement. This preliminary
    announcement is not being posted to shareholders.

Directors

John Roger Simpson Brice (Chairman) Michael David Barnard Geoffrey Gamble Robin
Kirby Peter William Riley

All directors are non-executive.

Management and Administration

Registered Office & Registered Number           Investment Manager and Broker
21-22 Grosvenor Street                          M D Barnard & Company Limited
London W1K 4QJ                                  17-21 New Century Road
                                                Laindon
5352611                                         Essex SS15 6AG
Company Secretary                               Auditor & VCT Status Adviser

Woodside Secretaries Limited                    UHY Hacker Young
21-22 Grosvenor Street                          St Alphage House
London W1K 4QJ                                  2 Fore Street
                                                London EC2Y 5DH
Registrar                                       Sponsor

Park Circus Registrars Limited                  Teather & Greenwood Limited
144 - 146 West George Street                    Beaufort House
Glasgow G2 2BR                                  15 St Botolph Street
                                                London EC3A 7QR
Solicitors                                      Bankers

Dundas & Wilson                                 Bank of Scotland
5th Floor, Northwest Wing                       New Uberior House
Bush House                                      11 Earl Grey Street
Aldwych                                         Edinburgh EH3 9BN
London WC2B 4EZ