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PUMA VCT PLC (PUA)

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Thursday 27 September, 2007

PUMA VCT PLC

Interim Results






For                                                         immediate
release
27 September 2007

                            Puma VCT plc

Unaudited Preliminary interim  results for  the six  months ended  30
June 2007

Highlights

*          Undiluted net asset value per share of 116.37p, a 3.1%
  increase from year-end (3.9% including the 0.9p dividend). Fully
  diluted net asset value of 112.92p, an increase of 2.4% (3.2%
  including the 0.9p dividend).
*          Continued growth from alternative asset investments with
  qualifying investments now contributing
*          Five qualifying investments made in the period
*          Large qualifying investments in pipeline expected to
  complete in coming months

Sir Aubrey Brocklebank Bt of Puma VCT plc said:

"In the six months to 30 June 2007, the Company continued to grow the
net asset value  in line with  its targets.   The Investment  Manager
currently has a pipeline  of interesting qualifying opportunities  in
private equity deals.   We also expect the  VCT's offering of  growth
mezzanine and equity capital for asset-backed growing companies to be
increasingly  attractive  in  a  climate  of  tightening  terms   for
conventional credit."

Enquiries

Shore
Capital
020 7408 4090
Chris Ring
Graham
Shore

Citigate                                                         Dewe
Rogerson
020 7638 9571
Sarah Gestetner
Fiona
Mulcahy

Notes to Editors

Puma VCT plc is managed by Shore Capital's successful fund management
team.  The  Company's  investment   objective  is  to  achieve   high
distributions to  shareholders.  It  will  invest  in  a  diversified
portfolio of smaller companies, including  both AIM and Plus  Markets
traded  and  unquoted  companies,  selecting  companies  which  Shore
Capital believes will have  a relatively lower  risk profile than  is
typical for  their  size  whilst having  the  opportunity  for  value
appreciation. Initially, whilst suitable VCT Qualifying Companies are
being identified, the Investment Manager invests the Company's  funds
in a range  of investments  intended to generate  a positive  return,
including funds  of  hedge funds  and  other products  which  aim  to
achieve  an  absolute  return.  The  VCT  will  continue  to  hold  a
proportion of such products after building up the desired holdings of
VCT Qualifying Companies.
Chairman's Statement

Introduction

During the six months to 30 June 2007, the Company continued to  grow
the net asset value  in line with its  targets. The growth came  from
the qualifying company investments, which have been selected as lower
risk, and the non-qualifying investments with their lower volatility,
absolute return approach.

The Company made five qualifying investments during the first half of
the  year.  There  is  a  pipeline,  including  signed  term  sheets,
representing significant potential  investments, which the  Company's
Investment Manager, Shore  Capital, hopes to  complete in the  coming
months.  The  current turmoil  in the credit  markets and  consequent
more  cautious  bank   lending  should   also  give   rise  to   more
opportunities to provide growth  capital on attractive  terms.  As  a
result, demand should grow for the VCT's offering of mezzanine  loans
and equity to asset backed companies.

Net asset value

The Company made a good start to 2007 with net asset value up 3.1% to
116.37p (3.9% including the  0.9p dividend).   The diluted net  asset
value is up 2.4% to 112.92p (3.2% including the 0.9p dividend)  after
accruing for potential performance fees.  The increase derives from a
combination of continuing performance  from the hedge fund  portfolio
and  other  non-qualifying  listed  investments  and  the  qualifying
investments starting to deliver.

The total return for the six month period to 30 June 2007 was  3.50p,
comprising a revenue return of 0.22p and a capital return of 3.28p.

Dividends

As set-out in  the 2006 full  year accounts, a  dividend of 0.9p  per
ordinary share  was  paid  during  the  period.  Your  Board  is  not
proposing  a  dividend  in  relation  to  this  interim  period   but
reiterates the  intention  to  distribute  a  large  element  of  the
available income and, if appropriate,  realised capital gains in  the
medium term.

Qualifying investments

During the  six  months a  total  of  £820,000 was  invested  in  the
following companies:

*         Cadbury House Hotel & Country Club Ltd   (£200,000): the
  second instalment of our refinancing of the hotel, leisure club and
  conferencing development, described in the 2006 year end accounts.

*         Universe Group Plc (£174,000): an AIM quoted provider of
  EPOS hardware and software to the petrol forecourt market.



*         Invu Inc (£119,000): a leading provider of document
  management software to the SME market, quoted on AIM.

*         Mediasurface Plc (£104,000): a web-content management
  software provider to the private and public sector; which raised
  new equity to finance the acquisition of a smaller competitor.

*         Mount Engineering Plc (£223,000): a provider of engineering
  equipment, principally to the oil and gas sector. The Company
  invested as part of the AIM IPO.

The Company's largest investment, Cadbury House Hotel & Country Club,
has had a strong first  half to the year. The  72 bed hotel wing  was
opened in  June and  has subsequently  exceeded all  expectations  in
terms of occupancy and room rates achieved. In addition, the  leisure
club continues to operate at full capacity. A planned extension  will
enable the membership to grow further.

Vertu Motors Plc is the second largest holding for Puma VCT Plc.  The
company is  executing  on its  buy-and-build  strategy in  the  motor
dealership sector, having completed a £40m acquisition of the Bristol
Street Group in February and three further smaller deals later on  in
the year. Although its share price has come down from the highs  seen
at in the first months of the year, it is still comfortably above our
entry price.

The Company's third largest holding  is in Stocklight Limited,  which
is the  parent  of Bloomsbury  Auctions,  a fast  growing  specialist
auctioneer. Bloomsbury Auctions is finalising its new auction  rooms,
to be opened later in the year  and we expect further good news  flow
which should underpin its growth strategy.

The investment climate  on AIM  in the  period under  review for  VCT
qualifying companies remained  buoyant.  As  a result the  Investment
Manager  has  had   to  pass   on  numerous   opportunities  due   to
unrealistically  high  valuations  and  more  generally  a  lack   of
sufficient downside protection. The  Investment Manager continued  to
focus on identifying unquoted companies with a defined exit strategy.
Such deals  take longer  to  complete but  the amounts  invested  are
substantially higher.

The qualifying  portfolio  now  consists of  eleven  investments  and
represents approximately 35% of assets as at 30 June 2007.  With some
large qualifying investments to be made in the near-term, your  Board
is confident  the requirement  for at  least 70%  to be  invested  in
qualifying companies  after  three  years  will  be  met  within  the
timescale.

Non-qualifying investments

The Investment Manager's non-qualifying portfolio performed  strongly
in the six months  to 30 June 2007  adding approximately 3.2p to  the
net asset value per share.  However, since the end of the period, the
non-qualifying portfolio has dropped reflecting the difficult markets
and has reduced the net  asset value per share  to 31 August 2007  by
2p.

Year End Change

During the  period the  Company took  the opportunity  to change  its
financial year end from 31 December  to 28 February. The Puma VCT  is
now required to be 70% invested in qualifying investments by the  new
financial year end. The  next Annual Report shall  be for the  period
ended 28 February 2008.

Outlook

The Investment  Manager  currently  has  a  pipeline  of  interesting
qualifying  opportunities  in  private  equity  deals.  In  addition,
subsequent to the date of these accounts, the Company has invested  a
further £322,000  in  AIM  listed companies,  including  a  follow-on
investment in Interactive World Plc of £204,000.

Despite the  recent  volatility  in the  equity  markets  the  quoted
investments in  the Company's  portfolio  have generally  held  their
value. We  are  hopeful, that  once  calm is  restored,  further  AIM
opportunities should come forward at  more realistic valuations.   We
also expect the VCT's offering of growth mezzanine and equity capital
for asset-backed growing companies to be increasingly attractive in a
climate of tightening terms for conventional credit.

I look forward to reporting the progress of the Company with the next
Annual Report for the period ended 28 February 2008. In the meantime,
shareholders should note  that the  Company publishes  its net  asset
value  per  share  each  month  over  the  London  Stock   Exchange's
electronic    system    as    well    Shore    Capital's     website,
www.shorecap.co.uk/press.php.

Sir Aubrey Brocklebank Bt
Chairman
27 September 2007
Income Statement (unaudited)
For the six months ended 30 June 2007



                  1 January 2007 to     1 January 2006 to     1 January 2006 to
                  30 June 2007          30 June 2006          31 December 2006

                  Revenue Capital Total Revenue Capital Total Revenue Capital Total
             Note £'000   £'000   £'000 £'000   £'000   £'000 £'000   £'000   £'000

Gains on
investments           -       624   624       -     703   703       -   1,101 1,101
Income                134     -     134     134       -   134     306       -   306

                      134     624   758     134     703   837     306   1,101 1,407


Investment
management
fees         4         41     124   165      35     106   141      79     236   315
Performance
fees                    6     100   106       7     121   128      19     175   194
Other
expenses               65     -      65      53       -    53     119       -   119

                      112     224   336      95     227   322     217     411   628

Return on
ordinary
activities
before
taxation               22     400   422      39     476   515      89     690   779
Tax on
return on
ordinary
activities              4     (4)   -      (11)      11     -    (15)      15     -

Return on
ordinary
activities
after tax
attributable
to
 equity
shareholders           26     396   422      28     487   515      74     705   779


Return per
Ordinary
Share
(pence)      2      0.22p   3.28p 3.50p   0.23p   4.03p 4.26p   0.61p   5.83p 6.44p



The revenue column of  this statement is the  profit and loss of  the
Company.  All revenue and capital items in the above statement derive
from  continuing  operations.     No  operations  were  acquired   or
discontinued in the period.
Balance Sheet (unaudited)
As at 30 June 2007

                                        As at     As at         As at
                                      30 June   30 June   31 December
                              Note       2007      2006          2006
                                        £'000     £'000         £'000
Fixed Assets
Investments                   6        13,096    11,533        12,908


Current Assets
Debtors                                   138        94            76
Cash                                      945     1,819           881

                                        1,083     1,913           957
Creditors - amounts falling
due within one year                     (112)     (128)         (217)

Net Current Assets                        971     1,785           740

Total Assets less Current
Liabilities                            14,067    13,318        13,648

Creditors - amounts falling
due after more than one year
(including convertible debt)              (1)       (1)           (1)

Net Assets                             14,066    13,317        13,647

Capital and Reserves
Called up share capital                   121       121           121
Capital reserve - realised                464        47           108
Capital reserve - unrealised            1,283     1,086         1,243
Other reserve                             417       245           311
Revenue reserve                        11,781    11,818        11,864

Equity Shareholders' Funds             14,066    13,317        13,647


Net Asset Value per Ordinary
Share                            3   116.37p    110.17p   112.90p

Diluted Net Asset Value per
Ordinary Share                   3   112.92p    108.14p   110.32p





Cash Flow Statement (unaudited)
For the six months ended 30 June 2007


                                                            1 January
                              1 January 2007    1 January     2006 to
                                          to      2006 to 31 December
                                30 June 2007 30 June 2006        2006
                                       £'000        £'000       £'000

Operating activities
Investment income received               102           60         250
Investment management fees             (239)        (138)       (228)
paid
Cash paid to directors                  (11)         (11)        (21)
Foreign exchange gain/(loss)              27          (7)        (24)
on cash
Other cash payments                     (72)         (58)        (89)

Net cash outflow from
operating activities                   (193)        (154)       (112)

Equity dividend paid                   (109)            -           -

Capital expenditure and
financial investment
Purchase of investments              (3,411)      (3,995)     (6,512)
Proceeds from sale of                  3,758        2,344       3,670
investments
Decrease  in trades in                     -          494         494
advance
Acquisition costs                          -            -         (4)
Net realised gain on forward
foreign exchange contracts                19          318         533

Net cash inflow/(outflow)
from capital expenditure and
financial investment                     366        (839)     (1,819)

Increase/(decrease) in cash               64        (993)     (1,913)

Reconciliation of net cash
flow to movement in net funds
Increase/(decrease) in cash               64        (993)     (1,913)
for the period
Net cash at start of the                 881        2,812       2,812
period

Net funds at the period end              945        1,819         881

















Reconciliation of Movements in Shareholders' Funds (unaudited)
For the six months ended 30 June 2007





                  Called
                      up  Capital    Capital
                   share reserve-   reserve-   Other  Revenue
                 capital realised unrealised reserve  reserve   Total
                   £'000    £'000      £'000   £'000    £'000   £'000

                        For the six months ended 30 June 2007

Balance at 1
January 2007         121      108      1,243     311   11,864  13,647
Total recognised
gains for the
period                -       356         40     106       26     528
Equity dividend
paid                  -        -          -       -     (109)   (109)
Balance at 30
June 2007            121      464      1,283     417   11,781  14,066


                        For the six months ended 30 June 2006

Balance at 1
January 2006         121    (371)      1,017     117   11,790  12,674
Total recognised
gains for the
period                 -      418         69     128       28     643
Balance at 30
June 2006            121       47      1,086     245   11,818  13,317


                         For the year ended 31 December 2006

Balance at 1
January 2006         121    (371)      1,017     117   11,790  12,674
Total recognised
gains for the
year                   -      479        226     194       74   973
Balance at 31
December 2006        121      108      1,243     311   11,864  13,647


Notes to the Interim Report
For the six months ended 30 June 2007

1.             Accounting Policies

The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable Accounting Standards
and with the Statement of Recommended Practice, "Financial Statements
of Investment Trust Companies" ("SORP") December 2005. Although this
SORP principally applies to Investment Trusts, many of the
characteristics of Investment Trusts are shared by VCTs therefore the
Company will continue to follow the SORP until investment company
status is revoked.

2.             Return per Ordinary Share

The total return per share of 3.50p (30 June 2006 - 4.26p) is based
on the profit for the period of £422,000 (30 June 2006 - £515,000)
and the weighted average number of shares in issue as at 30 June 2007
of 12,087,700 (30 June 2006 - 12,087,700).

3.             Net asset value per share


+-------------------------------------------------------------------+
|                  |             |            | Net Asset Value per |
|                  |             |            |        share        |
|                  |-------------+------------+---------------------|
|                  | Net assets  | Shares in  |  Basic   | Diluted  |
| Period           |             |   issue    |          |          |
|------------------+-------------+------------+----------+----------|
| 30 June 2007     | £14,066,000 | 12,087,700 | 116.37p  | 112.92p  |
|------------------+-------------+------------+----------+----------|
| 31 December 2006 | £13,647,000 | 12,087,700 | 112.90p  | 110.32p  |
|------------------+-------------+------------+----------+----------|
| 30 June 2006     | £13,317,000 | 12,087,700 | 110.17p  | 108.14p  |
+-------------------------------------------------------------------+


4.             Management fees

The Company pays the Investment Manager an annual management fee of
2% (plus VAT) of the Company's net assets.  The fee is payable
quarterly in arrears.  The annual management fee is allocated 75% to
capital and 25% to revenue.

5.             The financial information for the six months ended 30
June 2007 and the six months ended 30 June 2006 has not been audited
and does not comprise full financial statements within the meaning of
Section 240 of the Companies Act 1985. The financial information for
the year ended 31 December 2006 has been extracted from the company's
full financial statements for the year then ended that have been
delivered to the Registrar of Companies, and on which the report of
the Auditors was unqualified. The interim financial statements have
been prepared on the same basis as the annual financial statements.



6.             Investment portfolio summary


                                   Cost Valuation Valuation as a % of
As at 30 June 2007                £'000     £'000          Net Assets

Qualifying investment -
unquoted
Cadbury House Hotel & Country
Club plc                          1,911     2,300         16%
Stocklight Limited                  407       407         3%

Qualifying investment - quoted
@UK plc                             415       111         1%
Clarity Commerce Solutions plc      142       127         1%
Interactive World plc               102       113         1%
INVU inc                            119       119         1%
Mediasurface plc                    104       113         1%
Mount Engineering plc               223       222         1%
Patsystems plc                      311       560         4%
Universe Group plc                  174       174         1%
Vertu Motors plc                    593       692         5%
Total qualifying investments      4,501     4,938         35%

Non-qualifying investments
Hedge fund portfolio              3,501     4,106         30%
Loan stock - interest bearing     2,000     2,027         14%
Other quoted investments          1,486     2,025         14%
Total non-qualifying
investments                       6,987     8,158         58%

Total  investments               11,488    13,096         93%
Balance of portfolio                970       970         7%

Net Assets                       12,458    14,066        100%

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