Information  X 
Enter a valid email address

Oxford Technology (OXT)

  Print   

Monday 01 October, 2012

Oxford Technology

Oxford Technology VCT plc : Half-yearly report

Oxford Technology VCT plc : Half-yearly report

Oxford Technology Venture Capital Trust PLC
Interim Statement
For the period 1 March 2012 to 31 August 2012

Statement on behalf of the Board

The net assets per share at 31 August 2012 were 68p compared to 26p as at 31 August 2011, and 25p as at 29 February 2012.  The major reason for the increase is the increase in the share price of Scancell, which is quoted on AIM.  At 29 February its share price was 6.5p and at 31 August the share price had risen to 31p.  OT1 owns 4.3% of the equity.  Scancell has a vaccine for skin cancer in clinical trials.

OT1 also owns 30% of Select Technology, which is beginning to grow quite rapidly.  Sales increased from £541k in the year to July 2011, to £1,595k in the year to July 2012.  These sales are almost all in the UK, but sales are now growing in Europe and are expected to start in the US and China during the next year.

On behalf of the Board
John Jackson - Chairman

Unaudited Financial Information

Profit and Loss Account for the Period Six months to 31 Aug 12
£'000
Six months to 31 Aug 11
£'000
Year to 29 Feb 12
£'000
Profit/(loss) on disposal of assets held at fair value   1--
Unrealised gain/(loss) on fair value of investments2,36821(18)
Other income224
Other expenses(30)(34)(46)
Profit/(loss) on ordinary activities
before tax
2,341(11)(60)
Tax on profit/(loss) on ordinary activities---
Profit/(loss) on ordinary activities
after tax
2,341(11)(60)
Earnings per Share43.1p(0.2)p(1.1)p

Historic Cost Profits and Losses NoteSix months to 31 Aug 12
£'000
Six months to 31 Aug 11
£'000
Year to 29 Feb 12
£'000
Profit/(loss) for the financial period   2,341(11)(60)
Unrealised loss/(gain) on investments held at fair value(2,368)(21)18
Loss/(profit) on disposal of investments held at fair value(1)--
Profit/(loss) on disposal of investments held at historical value(463)-(112)
Historical cost profit/(loss) before tax(491)(32)(154)
Historical cost profit/(loss) after tax(491)(32)(154)

Summarised Balance Sheet31 Aug 12
£'000
31 Aug 11
£'000
29 Feb 12
£'000
Investments held at fair value   3,4741,1361,097
Other net current assets217263253
Net assets3,6911,3991,350

       

Capital and ReservesSix months to 31 Aug 12
£'000
Six months to 31 Aug 11
£'000
Year to 28 Feb 12
£'000
Called up share capital   543543543
Share premium176176176
Profit and loss account66679556
Revaluation reserve2,906175
Shareholders'funds3,6911,3991,350
Net asset value per share68p26p25p

Cash Flow Statement for the PeriodSix months to 31 Aug 12
£'000
Six months to 31 Aug 11
£'000
Year to 28 Feb 12
£'000
Net cash outflow from operating activities(25)(32)(49)
Capital expenditure and financial investment
Purchase of investments
(18)--
Disposal of investments9--
Net cash outflow from capital expenditure and financial investment(9)--
Increase/(decrease) in cash(34)(32)(49)

Notes to the Unaudited Financial Information on pages 2 and 3

1        The financial information for each of the interim periods ended 31 August 2012 and 31 August 2011 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 29 February 2012. The financial information for the year ended 29 February 2012 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.  The Board confirms that the unaudited finance information for the 6 months ending 31 August 2012 has been prepared in accordance with IAS 34.

2   The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.

3   Listed investments are stated at market value based upon middle market prices at the accounting period end.  The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.

4   Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Oxford Technology VCT plc via Thomson Reuters ONE

HUG#1645332

a d v e r t i s e m e n t