Half-yearly Report

CHELVERTON GROWTH TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS The Directors announce the unaudited statement of results for the period 1 September 2006 to 28 February 2007 as follows:- INCOME STATEMENT (unaudited) Six months to Six months to 28 February 2007 28 February 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,316 1,316 - 735 735 Income 43 - 43 22 - 22 Investment management fee (12) (38) (50) (24) (72) (96) * Other expenses (91) - (91) (111) - (111) Net return on ordinary (60) 1,278 1,218 (113) 663 550 activities before finance costs and taxation Interest payable and (8) (25) (33) (5) (14) (19) similar charges* Return for the period (68) 1,253 1,185 (118) 649 531 Revenue Capital Total Revenue Capital Total Pence Pence Pence Pence Pence Pence Return per Ordinary share (0.38) 7.02 6.64 (0.65) 3.57 2.92 # Notes * 75% of the management fee and finance costs have been charged to capital reserve. # The return per Ordinary share is based on 17,863,403 (2006:18,141,939) shares, being the weighted average number of shares in issue during the period. All revenue and capital items in the above statement derive from continuing operations. The total column of this statement is the profit and loss account of the Company. A separate Statement of Total Recognised Gains and Losses has not been prepared as all such gains and losses are included in the Income Statement. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited) for the six months to 28 February 2007 Share Capital Own shares Share premium Capital redemption held in Revenue capital account reserve reserve Treasury reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Period ended 28 February 2007 1 September 2006 182 2,674 (99) 7 - 3,805 6,569 Cost of shares - - - - (156) - (156) purchased for Treasury Net return after - - 1,253 - - (68) 1,185 taxation for the period 28 February 2007 182 2,674 1,154 7 (156) 3,737 7,598 Year ended 31 August 2006 1 September 2005 182 2,674 99 7 - 4,011 6,973 Net return after - - (198) - - (206) (404) taxation for the year 31 August 2006 182 2,674 (99) 7 - 3,805 6,569 Period ended 28 February 2006 1 September 2005 182 2,674 99 7 - 4,011 6,973 Net return after - - 649 - - (118) 531 taxation for the period 28 February 2006 182 2,674 748 7 - 3,893 7,504 BALANCE SHEET (unaudited) as at 28 February 2007 As at As at As at 28 February 2007 31 August 28 February 2006 2006 £'000 £'000 £'000 Fixed assets Investments at fair value 8,660 7,946 8,632 Current assets Debtors 20 13 9 Cash at bank 25 24 20 45 37 29 Creditors - amounts falling due within one year Bank overdraft 999 1,343 1,104 Creditors 108 71 53 1,107 1,414 1,157 Net current liabilities (1,062) (1,377) (1,128) Net assets 7,598 6,569 7,504 Share capital and reserves Share capital 182 182 182 Share premium account 2,674 2,674 2,674 Capital reserve 1,154 (99) 748 Capital redemption reserve 7 7 7 Own shares held in Treasury (156) - - Revenue reserve 3,737 3,805 3,893 Total shareholders' funds 7,598 6,569 7,504 Net Asset Value per Ordinary 43.09p 36.21p 41.36p share (note 1) STATEMENT OF CASH FLOWS (unaudited) for the six months to 28 February 2007 Six months to Six months to 28 February 2007 28 February 2006 £'000 £'000 Operating activities Investment income received 33 29 Deposit interest received 1 1 Investment management fees paid (57) (94) Secretarial fees paid (22) (23) Other cash payments (81) (104) Net cash outflow from operating (126) (191) activities Servicing of finance Interest paid (20) (8) Net cash outflow from servicing of (20) (8) finance Capital expenditure and financial investments Purchases of investments (758) (1,467) Sales of investments 1,405 776 Net cash inflow/(outflow) from 647 (691) capital expenditure and financial investment Net cash inflow/(outflow) before 501 (890) financing Financing Cost of shares purchased for Treasury (156) - Net cash outflow from financing (156) - Increase/(decrease) in cash 345 (890) NOTES The unaudited interim financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The statutory accounts for the year to 31 August 2006, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement required under Section 237(2) or (3) of the Companies Act 1985. This information has been prepared on the basis of accounting policies set out in the statutory accounts of the Company for the year to 31 August 2006. 1 Net Asset Value The basic net asset value per Ordinary share is based on net assets of £ 7,598,000 (31 August 2006: £6,569,000, 28 February 2006: £7,504,000) and on 17,634,169 Ordinary shares (31 August 2006: 18,141,939, 28 February 2006: 18,141,939) being the number of Ordinary shares in issue at the period end (excluding 507,770 Ordinary shares held in Treasury at 28 February 2007, nil at 31 August 2006 and nil at 28 February 2006). See note 2 below. 2 Treasury shares During the period the Company purchased for Treasury 507,770 Ordinary shares for a total cost of £156,364. 3 Status of Company It is the intention of the Directors to conduct the affairs of the Company so that they satisfy the conditions for approval as an investment trust company set out in Section 842 of Income and Corporation Taxes Act 1988. Chairman's Statement Over the past six months the Company's net asset value per share has increased to 43.09p per share as at 28 February 2007, representing an increase of 19.0% from the year end position of 36.21p. This compares with a rise of 6.3% in the FTSE All-Share index, the Company's benchmark index. For interest, over the same period the FTSE AIM index rose 5.4%. As at 28 February 2007 your Company held 41 investment positions, down from 48 at the year end. During the period the process of realigning the portfolio has continued with the shares received in Elektron, as consideration for Howle Holdings, being disposed of, along with the shareholdings in Bioquell, Cobra Bio-Manufacturing, Concateno, Elevation Events Group, Interactive Digital Solutions, Metrodome Group and 365 Media (formerly ukbetting). In addition, Mavinwood and Plus Markets Group have been disposed of since the period end. A new investment has been made in Closed Loop London Limited, a company established to build a plastic recycling plant. At the moment plastic waste material is burnt, buried or sent to other countries to be recycled. As part of a process of creating value for shareholders, 507,770 Ordinary shares have been acquired at an average price of 30.8p, and are currently held in Treasury. When appropriate, further share purchases will be made to enhance the asset value per share for all shareholders. Pratt Thompson retired from the Board at the Annual General Meeting and on behalf of shareholders I would like to thank him for his contribution since the Company was formed. The Board and the Manager remain very confident about the overall progression of the portfolio value and look forward to reporting further progress at the year end. George Stevens Chairman 16 April 2007 Enquiries: William van Heesewijk Chelverton Asset Management Ltd email: cam@chelvertonam.com Tel: 020 7222 8989

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