Final Results

Northern Venture Trust PLC
7 November 2001

NORTHERN VENTURE TRUST PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2001

Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by
Northern Venture Managers. The trust was one of the first VCTs launched on the
London Stock Exchange and has to date raised a total of £44 million from
private investors. It invests mainly in unquoted venture capital situations
and aims to provide high long-term returns to shareholders through a
combination of dividend yield and capital growth.

Financial summary (comparative figures as at 30 September 2000 in italics):

  * Net assets                                         £37,490,000  £54,044,000

  * Net asset value per share                          91.0p        131.8p

  * Profit/(loss) on ordinary activities before
    tax:

Revenue                                                £1,105,000   £1,137,000
Capital                                                £(3,090,000) £4,440,000
  * Earnings/(loss) per share

Revenue                                                2.1p         2.7p
Capital                                                (7.0)p       12.0p
  * Dividends per share                                3.5p         8.0p

  * Cumulative dividends per share since launch        25.0p        21.5p





For further information, please contact:

Alastair Conn, Managing Director

Northern Venture Managers                              0191 244 6000

Lucy Copeman/Louise Johnstone

Polhill Communications                                 020 7655 0540



NORTHERN VENTURE TRUST PLC

CHAIRMAN'S STATEMENT

The Chairman of Northern Venture Trust PLC, Professor Sir Frederick Holliday,
included the following points in his statement to shareholders:

I reported at the interim stage that our company was going through a
challenging period, with setbacks in the stock markets accompanied by growing
concern about the economic outlook. The impact of those conditions on the
venture capital sector generally has been well publicised and, in common with
other VCTs, we now find ourselves reporting a fall in net asset value at a
time when we had expected to build further on the progress of the previous
period.

The stock market environment has worsened during the second half of our
financial year, particularly in September following the dreadful events in the
USA. Although our portfolio of venture capital investments contains a broad
mix of industry sectors, the three largest investments held at the end of the
preceding year (IndigoVision Group, Alizyme and BioFocus), all of which are
quoted on the London Stock Exchange or AIM, are rated as 'technology stocks'
and have experienced sweeping reductions in their share prices. The fact that
each of these companies has continued to make good progress towards achieving
its commercial objectives has been obscured by the general downswing in the
markets. As a result, these three investments together have reduced in value
by some £9.4 million over the year, representing most of the fall in our
company's net assets in the period.

Net asset value

The headline net asset value (NAV) at 30 September 2001 was 91.0p per share,
after providing for dividends totalling 3.5p for the year. This represents a
fall of 31% over the corresponding figure of 131.8p at 30 September 2000,
although still ahead of the position two years ago. The table below compares
the movements in our net asset value and share price with the reductions in
relevant stock market indices.

                     Movement to 30 September 2001 over:   One year   Two years
Northern Venture Trust PLC net asset value                   -31.0%       +1.0%
Northern Venture Trust PLC share price                       -33.3%      +10.3%
FT-SE All-Share index                                        -22.7%      -17.2%
FT-SE Small Cap (excluding investment companies) index       -36.4%      -19.3%
FT-SE TechMARK index                                         -52.9%      -31.5%

Whilst our recent results must be described as disappointing, it should be
noted that over the past two years we have been able to maintain our net asset
value and share price and at the same time declare dividends totalling 11.5p
per share, whilst stock market indices have shown significant falls.

Profit and dividends

During the year ended 30 September 2000 the company revoked its status as an
'investment company' as defined in the Companies Act 1985, in order to
facilitate the distribution of realised capital gains by way of dividend to
shareholders. This led to changes in the presentation of our financial
statements, including the replacement of the investment company statement of
total return with a trading company profit and loss account. This year we have
changed the profit and loss account format slightly, showing revenue and
capital items in separate columns, whilst remaining within Companies Act
presentation requirements; we believe that the result is more informative for
shareholders than a single column profit and loss account.

Revenue earnings per share were 2.1p, down from 2.7p in the preceding year.
Investment income was slightly lower than previously as a result of the
general fall in interest rates. We have declared revenue dividends totalling
2.0p (last year 2.3p).

The profit and loss account again includes realised gains and losses on
investments although, in accordance with generally accepted accounting
principles, such gains and losses are calculated by reference to the last
published valuation of the investment rather than its original cost. We
declared a capital dividend of 1.5p at the interim stage, but regrettably
market conditions in the second half of the year have not been such as to
allow the realisation of further distributable gains. The capital element of
last year's dividend amounted to 5.7p.

Taking the revenue and capital accounts together, your directors are therefore
recommending a final dividend of 1.0p per share, making a total of 3.5p for
the year against last year's 8.0p. The final dividend will, subject to Inland
Revenue approval, be paid on 21 December 2001 to shareholders on the register
on 16 November 2001.

Including the proposed final dividend, subscribers in the original share issue
in 1995 will have received cash dividends (including repayable tax credits) of
25.025p per share. An investor claiming initial income tax relief at 20% and
capital gains tax deferral at 40% will therefore have received well over half
his net investment back by way of dividend, whilst retaining shares with an
underlying net asset value of over 90p per share.

Investment portfolio

The Manager's Review in the annual report gives details of developments in the
investment portfolio during the year. Additions to venture capital investments
during the year amounted to over £7.4 million and sale proceeds, principally
resulting from the disposal of shares in IndigoVision Group, were £5.8
million. At 30 September 2001 the venture capital portfolio comprised 59
holdings with an aggregate value of £28.0 million. A large part of our surplus
funds have remained in Government stocks and other high-grade fixed-interest
securities, with a view to protecting capital value and maximising income
yield, but as I reported six months ago we have changed the remit of our
fixed-interest managers slightly so as to include a proportion of listed
equity investments in the portfolio.

VCT qualifying status

Your board has continued, with the assistance of Northern Venture Managers and
KPMG, to monitor the company's compliance with the qualifying investment
requirements laid down in the VCT legislation. The Inland Revenue have
confirmed, subject to completion in due course of their normal detailed
verification work, that the company has continued to maintain the required
level of qualifying investments in the period up to 30 September 2001.

Shareholder issues

During the year a total of 735,385 new shares were placed with investors at
110p per share in order to meet market demand and provide additional funds for
investment. We have now passed the fifth anniversary of the original share
issue in November 1995 and, as expected, the number of shares coming on to the
market has shown an increase. The company bought back a total of 549,921
shares for cancellation during the year at an average cost of 94.6p.

Board of directors

Shareholders will be aware that Ian Ritchie retired from the board in May in
order to take up an active role with a venture capital fund focussing on
technology investment. Ian was one of the founding directors of our company
and has played a considerable role in its development, for which we are most
grateful. Ross Peters, an experienced businessman and venture capitalist,
joined the board in September and we are already benefitting from his
contribution.

Future prospects

The prevailing mood in the stock markets and in the UK economy is one of
caution. Consumer confidence in the UK has held up well and forecasts continue
to suggest modest economic growth over the next 12 months, helped by the
recent downward trend in interest rates. However manufacturing and technology
businesses continue to face considerable difficulties. We are therefore taking
a highly selective approach in making new investments, and our managers are,
as always, monitoring our existing holdings very closely. Despite the wide
fluctuations in market values over the past two years, our investment
portfolio remains well positioned with a wide range of industry sectors and
financing stages. We are confident that with improving market conditions it
will produce a good long-term return for shareholders.

The financial statements will show the results set out below:

PROFIT AND LOSS ACCOUNT
                             Year ended 30 September Year ended 30 September
                                      2001                    2000
                                                          (re-stated)
                             Revenue Capital Total   Revenue Capital Total
                             £000    £000    £000    £000    £000    £000
Profits on realisation of    -       980     980     -       4,675   4,675
investments
Revaluation (gains)/losses   -       (3,202) (3,202) -       280     280
previously recognised        
                             ------  ------  ------  ------  ------  ------
Profits on realisation of
investments recognised in                 
the year                     -       (2,222) (2,222) -       4,955   4,955
Income                       1,643   -       1,643   1,716   -       1,716
Investment management fee    (289)   (868)   (1,157) (343)   (515)   (858)
Other expenses               (249)   -       (249)   (236)   -       (236)
                             ------  ------  ------  ------  ------  ------
Profit/(loss) on ordinary
activities before tax        1,105   (3,090) (1,985) 1,137   4,440   5,577
  
Tax on profit/(loss) on
  ordinary activities        (252)   227     (25)    (128)   103     (25)
                             ------  ------  ------  ------  ------  ------
Profit/(loss) on ordinary
activities after tax         853     (2,863) (2,010) 1,009   4,543   5,552
  
Dividends                    (819)   (611)   (1,430) (943)   (2,301) (3,244)
                             ------  ------  ------  ------  ------  ------
Retained profit/(loss) for   34      (3,474) (3,440) 66      2,242   2,308
the year                     
                             ------  ------  ------  ------  ------  ------
Earnings/(loss) per share       2.1p  (7.0)p  (4.9)p    2.7p   12.0p   14.7p
Dividends per share             2.0p    1.5p    3.5p    2.3p    5.7p    8.0p



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                             Year ended 30 September    Year ended 30 September
                                      2001                      2000
                                                            (re-stated)
                            Revenue Capital  Total    Revenue  Capital  Total
                            £000    £000     £000     £000     £000     £000
Profit/(loss) on ordinary
activities  after tax        853     (2,863)  (2,010)  1,009    4,543    5,552
Unrealised gains/(losses)on 
revaluation of investments  -       (13,373) (13,373) -        13,961   13,961
                            ------  ------   ------   ------   ------   ------
 
Total recognised gains and
losses for the year         853     (16,236) (15,383) 1,009    18,504   19,513
                            ------  ------   ------   ------   ------   ------



BALANCE SHEET
                                                   30 September    30 September
                                                           2001            2000
                                                           £000            £000
Fixed asset investments:
  Venture capital investments - listed          4,501           18,818
                              - unlisted        23,535          22,502
  Other listed investments                      6,268           7,808
                                                -------         -------
Total fixed asset investments                   34,304          49,128
                                                -------         -------
Current assets:
Debtors                                         430             1,376
Cash at bank                                    3,299           6,486
                                                -------         -------
                                                3,729           7,862
Creditors (amounts falling due
   within one year)                             (543)           (2,946)
                                                -------         -------
Net current assets                              3,186           4,916
                                                -------         -------
Net assets                                      37,490          54,044
                                                -------         -------
Capital and reserves
Called-up equity share capital                  10,300          10,254
Share premium                                   14,263          13,668
Capital redemption reserve                      139             1
Revaluation reserve                             (2,375)         14,200
Profit and loss account                         15,163          15,921
                                                -------         -------
Total equity shareholders' funds                37,490          54,044
                                                -------         -------
Net asset value per share                                 91.0p          131.8p


CASH FLOW STATEMENT
                                                    Year ended       Year ended
                                                  30 September     30 September
                                                          2001             2000
                                                  £000    £000     £000    £000
Operating activities:
Profit/(loss) on ordinary activities before            (1,985)          5,577
tax                                                    732              (541)
(Increase)/decrease in debtors                         (163)            25
Increase/(decrease) in creditors                       2,222            (4,955)
(Profit)/loss on disposal of investments               -------          -------
Net cash inflow from operating activities              806              106
Taxation: Corporation tax recovered/(paid)             408              (75)
Financial investment:
Purchase of investments                       (15,107)         (15,366)
Sale/repayment of investments                 14,336           15,750
                                              -------          -------
Net cash inflow/(outflow)
  from financial investment                            (771)            384
Equity dividends paid                                  (3,889)          (895)
Financing:
Issue of ordinary shares                      809              4,254
Share issue expenses                          (30)             (118)
Purchase of ordinary shares for cancellation  (520)            (5)
                                              -------          -------
Net cash inflow from financing                         259              4,131

                                                       -------          -------
Increase/(decrease) in cash at bank                    (3,187)          3,651
                                                       -------          -------
Analysis of cash balance:
At 1 October 2000                                      6,486            2,835
Net cash inflow/(outflow) for the year                 (3,187)          3,651
                                                       -------          -------
At 30 September 2001                                   3,299            6,486
                                                       -------          -------





INVESTMENT PORTFOLIO SUMMARY AT 30 SEPTEMBER 2001
                                                  Valuation     % of net assets
                                                       £000        by valuation
CGI International                                     2,098                 5.6
Alizyme*                                              1,223                 3.2
Remsdaq                                               1,191                 3.1
Weldex (International) Offshore                       1,175                 3.1
IndigoVision Group*                                   1,116                 3.0
BioFocus**                                            1,015                 2.7
TFB Group                                             1,000                 2.7
Tolwood                                               1,000                 2.7
Alaric Systems                                        1,000                 2.7
T J Brent                                             1,000                 2.7
                                                    -------              ------
Ten largest venture capital investments              11,818                31.5
Other venture capital investments                    16,218                43.3
                                                    -------              ------
Total venture capital investments                    28,036                74.8
Other investments                                     6,268                16.7
                                                    -------              ------
Total fixed asset investments                        34,304                91.5
Net current assets                                    3,186                 8.5
                                                    -------              ------
Net assets                                           37,490               100.0
                                                    -------              ------
* Listed on London Stock Exchange
**Listed on Alternative Investment Market





The above summary of results for the year ended 30 September 2001 does not
constitute statutory financial statements within the meaning of Section 240 of
the Companies Act 1985 and has not been delivered to the Registrar of
Companies. Statutory financial statements will be filed with the Registrar of
Companies in due course; the auditors' report on those financial statements
under Section 235 of the Companies Act 1985 is unqualified and does not
contain a statement under Section 237(2) or (3) of the Companies Act 1985.

The proposed final dividend for the year ended 30 September 2001 will, if
approved by shareholders, be paid on 21 December 2001 to shareholders on the
register at the close of business on 16 November 2001.

A copy of the full annual report and financial statements for the year ended
30 September 2001 is expected to be posted to shareholders on 14 November 2001
and will be available to the public at the registered office of the company at
Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER.

ENDS