Final Results

RCM Technology Trust PLC
06 February 2008




For immediate release



6  February 2008




RCM TECHNOLOGY TRUST PLC


ANNOUNCEMENT OF PRELIMINARY RESULTS

For the year ended 30 November 2007




Highlights

  • New investment manager appointed on 1 May 2007.
  • Net asset value per ordinary share up 15.3% compared with a benchmark
    return of 7.3%.
  • Bonus issue of subscription shares to all shareholders on 17 August 2007.



NAV and benchmark returns are total return figures.



Net Asset Value

The net asset value per Ordinary Share at 30 November 2007 was 262.1p compared
with 227.4p at 30 November 2006, an increase of 15.3%. Over the same period the
benchmark index (Dow Jones World Technology Index, Sterling adjusted Total
Return) increased by 7.3%.



Review

I am pleased to report on an eventful and successful year for your Trust.

Following the Board's search for a new investment manager, RCM formally assumed
management of the Trust on 1 May 2007.  The portfolio was subsequently
rebalanced to reflect RCM's views of markets, trends and opportunities. This
resulted in a significantly higher weighting towards larger capitalisation
securities and a reduced allocation to the UK and Europe.

A bonus issue of subscription shares was made to all shareholders on the
register on 17 August 2007, giving holders of these shares the right to
subscribe for new ordinary shares in any year up to 2012 at a price of 267p.  We
will shortly be writing to the holders of subscription shares to let them know
how they may convert their shares to ordinary shares this year.

At the EGM held in August, shareholder approval was obtained to allow the Trust
to extend its investment policy to allow the use of derivatives, which may be
used selectively with a view to enhancing returns. It is expected that this
flexibility will be used for the first time in the next few months.

I am pleased to report that RCM have made a very encouraging start.  From the
date of their appointment  to the Trust's financial year end, the net asset
value increased by 14.4% compared to 5.9% on the Dow Jones World Technology
Index. For the financial year as a whole, the net asset value of the Trust
increased by 15.3%, against 7.3% on the Dow Jones World Technology Index.

Compared with many other investment trusts, the rating on the Trust's shares has
remained strong, particularly if the value of the subscription shares is taken
into account.  At the time of writing, a 'package' of one subscription share and
five ordinary shares is worth 1164.00p compared with the diluted net asset value
of five Ordinary Shares of 1187.55p, representing a very modest discount of
2.0%.   The share price of this package has increased by 17.9%  in the period 1
December 2006 to 30 November 2007, considerably outperforming other investment
trusts in our peer group.


Share Buy Backs

We have pursued our policy of repurchasing shares in the market at discounts in
excess of 7%, if there is demand in the market for us to do so.  During the
year, the company repurchased and cancelled 420,000 shares and a further 231,000
shares have been repurchased since the year end.

This year we are also seeking shareholder authority to repurchase shares for
holding in treasury, and for subsequent re-sale from treasury in order to help
provide additional market liquidity.  We will not re-issue shares at a higher
discount than that applying when the shares were purchased, thus ensuring that
the assets of existing shareholders are not diluted by the transactions, when
viewed on a combined basis.


Outlook

Recent economic data suggests that we are witnessing a downturn in economic
activity in many parts of the world and an increasing number of commentators are
forecasting a US recession.  The full impact of last year's liquidity crisis may
not yet have been felt.  Further writedowns and capital raisings in the
financial sector seem probable.  Against this background, enterprise - or
business - spending is likely to remain under pressure and company information
technology budgets for 2008 will be under close scrutiny and, in many cases,
cut.

Additionally, in the current reporting season the market's reaction to anything
other than exceptional results has generally been negative, as investors focus
on cautious outlook statements.  In this environment the Trust is prepared to
hold higher than usual levels of cash in the portfolio so as to be able to take
advantage of the opportunities presented by price falls.  At the time of writing
the liquidity level is approximately 25% and has temporarily been even higher
than this level. However this liquidity, which is held in the form of treasury
bills and bank deposits, is in response to the exceptional market conditions
currently, and will not remain at these levels in the medium term.

There are a number of segments of the technology sector where prospects look
much brighter, including some aspects of consumer-related technology, solar
power, and the continuing strong growth of the internet in China. Recent falls
have created opportunities to buy selected stocks in these areas at low
valuations relative to their prospective growth rates.  In more difficult times,
investors have also historically favoured companies capable of maintaining sales
growth through product innovation. Corporate activity could also increase
further, as seen in the purchase of BEA by Oracle and Microsoft's bid for Yahoo.
 Our belief is that any downturn will be relatively mild compared to past
recessions and that many of our favoured growth companies could rally quite
sharply in the second half as investor appetite for higher growth companies
improves with the prospect of a more stable economy in 2009.  RCM will,
therefore, maintain its policy of identifying market leaders in emerging growth
areas of the technology sector, an approach which has proved very successful in
the past.


Annual General Meeting

The Annual General Meeting of the Company will be held on Wednesday 9 April 2008
at 12.00 noon.



David Quysner
Chairman



155 Bishopsgate
London, EC2M 3AD


Unaudited preliminary results for the year ended 30 November 2007 were approved
for immediate release as undernoted:



RESULTS
INCOME STATEMENT
for the year ended 30 November 2007
                                                                                  2007
                                                              £'000s            £'000s               £'000s
                                                             Revenue           Capital         Total Return
                                                                                                   (Note 2)
Net gains on investments at fair value                             -            10,889               10,889
Exchange losses on currency balances                               -             (251)                (251)
Income                                                           327                 -                  327
Investment management fee                                      (659)                 -                (659)
Performance fee                                                    -           (1,156)              (1,156)
Administration expenses                                        (850)                 -                (850)

Net return before finance costs and taxation                 (1,182)             9,482                8,300
Finance costs: interest payable and similar charges             (16)                 -                 (16)

Net return on ordinary activities before taxation            (1,198)             9,482                8,284
Taxation                                                        (30)                 -                 (30)


Net return attributable to Ordinary Shareholders             (1,228)             9,482                8,254

Return per Ordinary Share (Note 1)                           (5.12p)            39.55p               34.43p
(basic and diluted)





BALANCE SHEET
as at 30 November 2007
                                                                                                2007
                                                                                              £'000s

Investments held at fair value through profit or loss                                         63,350
Net Current Liabilities                                                                        (809)

Total Net Assets                                                                              62,541

Called up Share Capital                                                                        6,013
Share Premium Account                                                                         23,440
Capital Redemption Reserve                                                                       939
Capital Reserves:            Realised                                     35,165
                             Unrealised                                    7,879
                                                                                              43,044
Revenue Reserve                                                                             (10,895)

Equity Shareholders' Funds                                                                    62,541

Net Asset Value per Ordinary Share                                                            262.1p

The Net Asset Value is based on 23,860,312 Ordinary Shares in issue


Unaudited preliminary results for the year ended 30 November 2006 were approved
as undernoted:



RESULTS

INCOME STATEMENT

for the year ended 30 November 2006
                                                                                  2006
                                                              £'000s            £'000s               £'000s
                                                             Revenue           Capital         Total Return
                                                                                                   (Note 2)
Net losses on investments at fair value                            -           (1,597)              (1,597)
Exchange losses on currency balances                               -              (67)                 (67)
Income                                                           218                 -                  218
Investment management fee                                      (595)                 -                (595)
Performance fee                                                    -                 -                    -
Administration expenses                                        (464)                 -                (464)

Net return before finance costs and taxation                   (841)           (1,664)              (2,505)
Finance costs: interest payable and similar charges             (17)                 -                 (17)

Net return on ordinary activities before taxation              (858)           (1,664)              (2,522)
Taxation                                                         (5)                 -                  (5)


Net return attributable to Ordinary Shareholders               (863)           (1,664)              (2,527)

Return per Ordinary Share (Note 1)                           (3.45p)           (6.65p)             (10.10p)
(basic and diluted)




BALANCE SHEET
as at 30 November 2006
                                                                                                2006
                                                                                              £'000s

Investments held at fair value through profit or loss                                         55,073
Net Current Assets                                                                               151

Total Net Assets                                                                              55,224

Called up Share Capital                                                                        6,070
Share Premium Account                                                                         23,488
Capital Redemption Reserve                                                                       834
Capital Reserves:            Realised                                     45,335
                             Unrealised                                 (10,836)
                                                                                              34,499
Revenue Reserve                                                                              (9,667)

Equity Shareholders' Funds                                                                    55,224

Net Asset Value per Ordinary Share                                                            227.4p

The Net Asset Value is based on 24,280,312 Ordinary Shares in issue




Unaudited preliminary results for year ended 30 November 2007 were approved for
immediate release as undernoted:



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the year ended 30 November 2007


                                Called up     Share      Capital    Capital      Capital              
                                    Share   Premium   Redemption    Reserve      Reserve    Revenue    
                                  Capital   Account      Reserve   Realised   Unrealised    Reserve     Total 
                                   £'000s    £'000s       £'000s     £'000s       £'000s     £'000s    £'000s


Net Assets at 30 November 2005      6,539    23,488          365     45,410      (5,159)    (8,804)    61,839
Revenue Return                          -         -            -          -            -      (863)     (863)
Shares repurchased during the       (469)         -          469    (4,088)            -          -   (4,088)
year
Capital Return                          -         -            -      4,013      (5,677)          -   (1,664)

Net Assets at 30 November 2006      6,070    23,488          834     45,335     (10,836)    (9,667)    55,224


Net Assets at 30 November 2006      6,070    23,488          834     45,335     (10,836)    (9,667)    55,224
Revenue Return                          -         -            -          -            -    (1,228)   (1,228)
Shares repurchased during the       (105)         -          105      (937)            -          -     (937)
year
Issue of Subscription Shares           48      (48)            -          -            -          -         -
Capital Return                          -         -            -    (9,233)       18,715          -     9,482

Net Assets at 30 November 2007      6,013    23,440          939     35,165        7,879   (10,895)    62,541



Unaudited preliminary results for the year ended 30 November 2007 were approved
for immediate release as undernoted:



CASH FLOW STATEMENT
For the year ended 30 November 2007

                                                             2007             2007                 2006
                                                           £'000s           £'000s               £'000s

Net cash outflow from operating activities                                 (1,057)              (1,406)


Servicing of Finance
Interest paid                                                                 (16)                 (17)

Investing activities
Purchase of fixed asset investments                     (154,140)                              (28,534)
Sale of fixed asset investments                           156,588                                32,250
Net cash inflow from financial investments                                   2,448                3,716

Net cash inflow before financing                                             1,375                2,293

Financing

Repurchase of Ordinary Shares for cancellation                               (937)              (4,088)

Increase (Decrease) in cash                                                    438              (1,795)





Note 1

The return per Ordinary Share is based on a weighted average number of shares in
issue of 23,975,242 (30 November 2006: 25,005,709).


Note 2

The total column of this statement is the profit and loss account of the
Company.

All revenue and capital items derive from continuing operations.  No operations
were acquired or discontinued in the year.

A Statement of Total Recognised Gains and Losses is not required as all gains
and losses of the Company have been reflected in the Income Statement.

Included in the cost of investments are transaction costs on purchases which
amounted to £254,000 (30 November 2006: £58,000) and transaction costs on sales
which amounted to £281,000 (30 November 2006: £54,000).


Note 3

Investments are designated as held at fair value through profit or loss in
accordance with FRS 26 'Financial Instruments: Recognition and Measurement'.
Listed investments are valued at bid market prices.


Note 4

The announcement is prepared on the basis of the accounting policies as stated
in the previous year's financial statements.  The financial information set out
in this announcement does not constitute the Company's statutory accounts for
the years ended 30 November 2007 or 30 November 2006.  The financial information
for the year ended 30 November 2006 has been extracted from the statutory
financial statements for that year which have been delivered to the Registrar of
Companies.  The auditors' report on those financial statements was unqualified,
did not include a reference to any matters to which the auditors drew attention
without qualifying the report and did not contain a statement under either
Section 237(2) or Section 237(3) of the Companies Act 1985.  The statutory
financial statements for the year ended 30 November 2007 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.  The audit report on the full
financial statements has yet to be signed.


Note 5

The annual report will be sent to shareholders in early March 2008 and will be
available to members of the public from the Company's registered office at 155
Bishopsgate, London, EC2M 3AD.



For further information, please contact:


RCM (UK) Limited
Simon White
Head of Investment Trusts
Tel: [phone]


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