Announcements

Northern Venture Trust PLC.




TIDMNVT

7 MAY 2010

NORTHERN VENTURE TRUST PLC

UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2010


Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVM
Private Equity Limited. The trust was one of the first VCTs launched on the
London Stock Exchange in 1995. It invests mainly in unquoted venture capital
holdings and aims to provide high long-term tax-free returns to shareholders
through a combination of dividend yield and capital growth.



Financial highlights:
(with comparative figures as at 31 March 2009)

ORDINARY SHARES 2010 2009


- Net assets ÂGBP46.8m ÂGBP30.1m


- Net asset value per share 78.9p 76.2p


- Return per share:

Revenue 0.7p 0.8p

Capital 1.0p (0.2)p

Total 1.7p 0.6p


- Interim dividend per share declared

in respect of the period:

Revenue 1.0p 1.0p

Capital 2.0p 2.0p

Total 3.0p 3.0p


- Cumulative return to shareholders

since launch:

Net asset value per share 78.9p 76.2p

Dividends paid per share 89.0p 78.5p*

Net asset value plus dividends

paid per share 167.9p 154.7p


- Share price at end of period 65.75p 42.5p


*Excluding interim dividend not yet paid

Note: On 29 October 2009 19,009,157 new ordinary shares of 25p were issued at a
deemed value of 80.3p per share in connection with the conversion of the whole
of the issued C share capital of the company into ordinary shares.


For further information, please contact:
NVM Private Equity Limited
Alastair Conn/Christopher Mellor 0191 244 6000
Website: www.nvm.co.uk <http://www.nvm.co.uk/>



NORTHERN VENTURE TRUST PLC

HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS

The six month period to 31 March 2010 has seen a continuation of difficult
conditions in the UK economy and financial markets. Against this background our
company has made further progress.

Results and dividend
The net asset value (NAV) per ordinary share at 31 March 2010, after deducting
the interim dividend of 3.0p per share paid on 19 March 2010, was 78.9p,
compared with 80.3p at 30 September 2009. The return per share for the period
before dividends as shown in the income statement was 1.7p (corresponding period
0.6p). As noted previously, the income flow from both our venture capital
portfolio and our fixed-income investments has reduced as a result of the
dramatic fall in market interest rates over the past two years. The company has
established one of the strongest and most consistent distribution records in the
VCT sector, with dividends totalling over ÂGBP33 million paid to ordinary
shareholders since the company was launched, and it remains your board's
objective to maintain an annual dividend of not less than 6.0p per share.

Investments
The flow of new investment proposals has improved after a relatively quiet
2009, and three new investments totalling ÂGBP3.6 million were completed during the
half year:

· Lanner Group (ÂGBP832,000) - developer of business process
simulation software, Redditch

· Kerridge Commercial Systems (ÂGBP1,740,000) - developer of
software for the distribution sector, Hungerford

· RCC Lifesciences (ÂGBP995,000) - acquisition vehicle for
lifesciences businesses, Manchester

We remain willing to invest further funds in existing portfolio companies to
support growth and reduce bank borrowings, and a total of ÂGBP2.3 million was
invested in five companies during the period.

Opportunities to exit from investments have been more difficult to secure than
was the case last year. In November 2009 the occupational health business
Abermed was sold to International SOS for cash proceeds of ÂGBP1,081,000, a gain of
ÂGBP481,000 over the original cost of ÂGBP600,000. The valuation of several holdings
has been increased to reflect strong trading performance, notably from Weldex
(International) Offshore and IG Doors.

I reported in my previous statement on the highly rewarding exit in September
2009 from the biotechnology company DxS. Your directors were delighted to hear
that this success has subsequently received wider recognition in the form of the
BVCA/Real Deals Deal of the Year Award 2010, for which the NVM Private Equity
team and in particular Tim Levett are to be congratulated.

Shareholder issues
The C shares issued in the 2005/06 tax year were converted into new ordinary
shares on 29 October 2009 in accordance with the formula set out in the articles
of association. A total of 19,009,157 new ordinary shares were issued, so that
C shareholders received 0.9313893 new ordinary shares for each C share
previously held.

At the annual general meeting on 13 January 2010, shareholders considered the
five-yearly resolution for the continuation of the company. I am pleased to
report that the resolution was passed overwhelmingly, with less than 0.5% of the
proxy votes cast against continuation.

The mid-market price of the ordinary shares increased from 56.25p at 30
September 2009 to 65.75p at 31 March 2010, continuing the recovery from the low
point reached in late 2008. There has been a certain amount of secondary market
trading in the shares, and your directors utilised the authority granted by
shareholders to buy back 250,000 shares in the market during the period at an
average price of 66.9p. Based on our target annual dividend of 6.0p, the shares
at 65.75p are yielding 9.1% free of tax. Your directors and managers will
continue to draw the merits of purchasing shares in the market to the attention
of potential investors.

VCT qualifying status
The company continues to comply with the conditions laid down by HM Revenue &
Customs for maintaining approved status as a VCT. The position is carefully
monitored by the board with assistance from our managers and from our
independent VCT taxation advisers at PricewaterhouseCoopers LLP.

Risk management
The board carries out a regular review of the risk environment in which the
company operates. There has been no significant change to the key risks
discussed on page 12 of the annual report for the year ended 30 September 2009,
including those resulting from the size and relative illiquidity of the unquoted
and AIM-quoted investments held by the company.

Outlook
Our company has a strong balance sheet, with a realistically valued venture
capital portfolio, and as a result of successful investment realisations we have
a substantial reserve of liquid assets available for future investment. We will
continue to proceed cautiously, in the knowledge that any recovery in the UK
economy is likely to be gradual and fragile. The incoming Government will have
to address many serious financial issues, and the inevitable cuts in public
expenditure will have an impact on many small businesses, including some of
those in our portfolio. However we have been encouraged by the way in which
most of our companies have reacted to the new environment and our managers will
continue to work closely with them and selectively add to their number.

On behalf of the Board

John Hustler
Chairman
7 May 2010


The unaudited half-yearly financial statements for the six months ended 31 March
2010 are set out below.

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2010

Ordinary shares


-------------------------------------------------

Revenue Capital Total
ÂGBP000 ÂGBP000 ÂGBP000

Gain on disposal of
investments - 428 428

Movements in fair value

of investments - 458 458

---------- ---------- ----------

- 886 886

Income 720 - 720

Investment management (124) (372) (496)
fee

Recoverable VAT - - -

Other expenses (169) - (169)

---------- ---------- ----------

Return on ordinary
activities

before tax 427 514 941

Tax on return on (16) 16 -
ordinary activities

---------- ---------- ----------

Return on ordinary
activities

after tax 411 530 941

---------- ---------- ----------

Return per share 0.7p 1.0p 1.7p




INCOME STATEMENT

(unaudited) for the six months ended 31 March 2009

Ordinary shares C shares



------------------------------------------------- -------------------------------------------------

Revenue Capital Total Revenue Capital Total
ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000

Gain/(loss)
on disposal

of - (57) (57) - 21 21
investments

Movements
in fair
value

of - 142 142 - (1,753) (1,753)
investments

---------- ---------- ---------- ---------- ---------- ----------

- 85 85 - (1,732) (1,732)

Income 569 - 569 317 - 317

Investment (78) (233) (311) (44) (131) (175)
management
fee

Recoverable - - - 8 23 31
VAT

Other (93) - (93) (86) - (86)
expenses

---------- ---------- ---------- ---------- ---------- ----------

Return on
ordinary
activities

before 398 (148) 250 195 (1,840) (1,645)
tax

Tax on (69) 59 (10) (55) 30 (25)
return on
ordinary
activities

---------- ---------- ---------- ---------- ---------- ----------

Return on
ordinary
activities

after tax 329 (89) 240 140 (1,810) (1,670)

---------- ---------- ---------- ---------- ---------- ----------



Return per 0.8p (0.2)p 0.6p 0.7p (8.8)p (8.1)p
share


Company


-------------------------------------------------

Revenue Capital Total
ÂGBP000 ÂGBP000 ÂGBP000

Gain/(loss) on disposal
of investments - (36) (36)

Movements in fair value

of investments - (1,611) (1,611)

---------- ---------- ----------

- (1,647) (1,647)

Income 886 - 886

Investment management (122) (364) (486)
fee

Recoverable VAT 8 23 31

Other expenses (179) - (179)

---------- ---------- ----------

Return on ordinary
activities

before tax 593 (1,988) (1,395)

Tax on return on (124) 89 (35)
ordinary activities

---------- ---------- ----------

Return on ordinary
activities

after tax 469 (1,899) (1,430)

---------- ---------- ----------



INCOME STATEMENT
(unaudited) for the year ended 30 September 2009

Ordinary shares C shares

------------------------------------------------- -------------------------------------------------

Revenue Capital Total Revenue Capital Total
ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000 ÂGBP000

Gain/(loss)
on disposal

of - 6,776 6,776 - (170) (170)
investments

Movements
in fair
value

of - (2,744) (2,744) - (829) (829)
investments

---------- ---------- ---------- ---------- ---------- ----------

- 4,032 4,032 - (999) (999)

Income 2,021 - 2,021 715 - 715

Investment (155) (466) (621) (83) (248) (331)
management
fee

Recoverable - - - 8 23 31
VAT

Other (211) - (211) (196) - (196)
expenses

---------- ---------- ---------- ---------- ---------- ----------

Return on
ordinary
activities

before 1,655 3,566 5,221 444 (1,224) (780)
tax

Tax on (335) 131 (204) (120) 63 (57)
return on
ordinary
activities

---------- ---------- ---------- ---------- ---------- ----------

Return on
ordinary
activities

after tax 1,320 3,697 5,017 324 (1,161) (837)

---------- ---------- ---------- ---------- ---------- ----------



Return per 3.3p 9.4p 12.7p 1.6p (5.7)p (4.1)p
share


Company


-------------------------------------------------

Revenue Capital Total
ÂGBP000 ÂGBP000 ÂGBP000

Gain/(loss) on disposal
of investments - 6,606 6,606

Movements in fair value

of investments - (3,573) (3,573)

---------- ---------- ----------

- 3,033 3,033

Income 2,736 - 2,736

Investment management (238) (714) (952)
fee

Recoverable VAT 8 23 31

Other expenses (407) - (407)

---------- ---------- ----------

Return on ordinary
activities

before tax 2,099 2,342 4,441

Tax on return on (455) 194 (261)
ordinary activities

---------- ---------- ----------

Return on ordinary
activities

after tax 1,644 2,536 4,180

---------- ---------- ----------



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 2010

Ordinary shares C shares Company

ÂGBP000 ÂGBP000 ÂGBP000

Equity shareholders' funds at

1 October 2009 32,603 15,272 47,875

Conversion of C shares 15,273 (15,273) -

Return on ordinary activities after tax 940 1 941

Dividends recognised in the period (1,784) - (1,784)

Net proceeds of share issues (35) - (35)

Shares purchased for cancellation (168) - (168)

---------- ---------- ----------

Equity shareholders' funds at

31 March 2010 46,829 - 46,829

---------- ---------- ----------



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 2009

Ordinary shares C shares Company

ÂGBP000 ÂGBP000 ÂGBP000

Equity shareholders' funds at

1 October 2008 31,118 17,461 48,579

Return on ordinary activities after tax 240 (1,670) (1,430)

Dividends recognised in the period (1,753) (618) (2,371)

Net proceeds of share issues 507 - 507

Shares purchased for cancellation (31) - (31)

---------- ---------- ----------

Equity shareholders' funds at



31 March 2009 30,081 15,173 45,254

---------- ---------- ----------



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the year ended 30 September 2009

Ordinary shares C shares Company

ÂGBP000 ÂGBP000 ÂGBP000

Equity shareholders' funds at

1 October 2008 31,118 17,461 48,579

Return on ordinary activities after tax 5,017 (837) 4,180

Dividends recognised in the period (4,758) (1,233) (5,991)

Net proceeds of share issues 1,258 - 1,258

Shares purchased for cancellation (32) (119) (151)

---------- ---------- ----------

Equity shareholders' funds at

30 September 2009 32,603 15,272 47,875

---------- ---------- ----------



BALANCE SHEET

(unaudited) as at 31 March 2010

Ordinary shares
ÂGBP000

Fixed asset investments:

Venture capital investments

Unquoted 25,872

Quoted 2,560

----------

Total venture capital investments 28,432

Listed fixed-interest investments 6,869

----------

Total fixed asset investments 35,301

----------

Current assets:

Debtors 1,751

Cash and deposits 10,138

----------

11,889

Creditors (amounts falling due within one year) (361)

----------

Net current assets 11,528

----------



Net assets 46,829

----------



Capital and reserves:

Called-up equity share capital 14,835

Share premium 12,222

Capital redemption reserve 12,825

Capital reserve 7,701

Revaluation reserve (1,751)

Revenue reserve 997

----------



Total equity shareholders' funds 46,829

----------

Net asset value per share 78.9p



BALANCE SHEET

(unaudited) as at 31 March 2009

Ordinary shares C shares Company
ÂGBP000 ÂGBP000 ÂGBP000

Fixed asset investments:

Venture capital investments

Unquoted 18,957 6,172 25,129

Quoted 991 1,070 2,061

---------- ---------- ----------

Total venture capital investments 19,948 7,242 27,190

Listed fixed-interest investments - 6,337 6,337

---------- ---------- ----------

Total fixed asset investments 19,948 13,579 33,527

---------- ---------- ----------

Current assets:

Debtors 952 684 1,636

Cash and deposits 9,682 1,104 10,786

---------- ---------- ----------

10,634 1,788 12,422

Creditors (amounts falling due within (501) (194) (695)
one year)

---------- ---------- ----------

Net current assets 10,133 1,594 11,727

---------- ---------- ----------



Net assets 30,081 15,173 45,254

---------- ---------- ----------



Capital and reserves:

Called-up equity share capital 9,875 15,459 25,334

Share premium 9,747 2,030 11,777

Capital redemption reserve 2,015 41 2,056

Capital reserve 5,939 768 6,707

Revaluation reserve 1,401 (3,439) (2,038)

Revenue reserve 1,104 314 1,418

---------- ---------- ----------



Total equity shareholders' funds 30,081 15,173 45,254

---------- ---------- ----------

Net asset value per share 76.2p 73.6p



BALANCE SHEET

(unaudited) as at 30 September 2009

Ordinary shares C shares Company
ÂGBP000 ÂGBP000 ÂGBP000

Fixed asset investments:

Venture capital investments

Unquoted 13,573 6,667 20,240

Quoted 1,341 1,525 2,866

---------- ---------- ----------

Total venture capital investments 14,914 8,192 23,106

Listed fixed-interest investments 2,932 5,882 8,814

---------- ---------- ----------

Total fixed asset investments 17,846 14,074 31,920

---------- ---------- ----------

Current assets:

Debtors 1,781 904 2,685

Cash and deposits 13,266 407 13,673

---------- ---------- ----------

15,047 1,311 16,358

Creditors (amounts falling due within (290) (113) (403)
one year)

---------- ---------- ----------

Net current assets 14,757 1,198 15,955

---------- ---------- ----------



Net assets 32,603 15,272 47,875

---------- ---------- ----------



Capital and reserves:

Called-up equity share capital 10,145 15,307 25,452

Share premium 10,227 2,030 12,257

Capital redemption reserve 2,015 193 2,208

Capital reserve 10,404 (432) 9,972

Revaluation reserve (1,282) (1,913) (3,195)

Revenue reserve 1,094 87 1,181

---------- ---------- ----------



Total equity shareholders' funds 32,603 15,272 47,875

---------- ---------- ----------

Net asset value per share 80.3p 74.8p



CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2010

Ordinary
shares

ÂGBP000

Net cash inflow from operating activities 947

Taxation:

Corporation tax paid -

Financial investment:
+-----------+
Purchase of investments | (6,906)|
| |
Sale/repayment of investments | 4,411 |
+-----------+
Net cash outflow from

financial investment (2,495)



Equity dividends paid (1,784)

----------

Net cash outflow before financing (3,332)

Financing:
+-----------+
Issue of shares | - |
| |
Share issue expenses | (35)|
| |
Purchase of shares for cancellation | (168)|
+-----------+
Net cash outflow from financing (203)

----------

Decrease in cash and deposits (3,535)

----------



Reconciliation of return before tax to

net cash flow from operating activities

Return on ordinary activities before tax 941

Gain on disposal of investments (428)

Movements in fair value of investments (458)

Decrease in debtors 934

Decrease) in creditors (42)

----------

Net cash inflow from operating activities 947

----------



Analysis of movement in net funds

1 October 31 March
2009 Cash flows 2010

ÂGBP000 ÂGBP000 ÂGBP000

Cash and deposits 13,673 (3,535) 10,138

---------- ---------- ----------



CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2009

Ordinary shares C shares Company

ÂGBP000 ÂGBP000 ÂGBP000

Net cash inflow/(outflow) from 201 (403) (202)
operating activities

Taxation:

Corporation tax paid - - -

Financial investment:
+----------------------------------------+
Purchase of investments | (309) (690) (999)|
| |
Sale/repayment of investments | 1,969 1,715 3,684 |
+----------------------------------------+
Net cash inflow from

financial investment 1,660 1,025 2,685

Equity dividends paid (1,753) (618) (2,371)

---------- ---------- ----------

Net cash inflow before financing 108 4 112

Financing:
+----------------------------------------+
Issue of shares | 539 - 539 |
| |
Share issue expenses | (32) - (32)|
| |
Purchase of shares for cancellation | (31) - (31)|
+----------------------------------------+
Net cash inflow from financing 476 - 476

---------- ---------- ----------

Increase in cash and deposits 584 4 588

---------- ---------- ----------



Reconciliation of return before tax to

net cash flow from operating
activities

Return on ordinary activities before 250 (1,645) (1,395)
tax

(Gain)/loss on disposal of investments 57 (21) 36

Movements in fair value of investments (142) 1,753 1,611

Increase in debtors (165) (518) (683)

Increase in creditors 201 28 229

---------- ---------- ----------

Net cash inflow/(outflow) from 201 (403) (202)
operating activities

---------- ---------- ----------



Analysis of movement in net funds

1 October 31 March
2008 Cash flows 2009

ÂGBP000 ÂGBP000 ÂGBP000

Cash and deposits 10,198 588 10,786

---------- ---------- ----------



CASH FLOW STATEMENT

(unaudited) for the year ended 30 September 2009

Ordinary shares C shares Company

ÂGBP000 ÂGBP000 ÂGBP000

Net cash inflow/(outflow) from 1,559 (491) 1,068
operating activities

Taxation:

Corporation tax paid (188) (113) (301)

Financial investment:
+-----------------------------------------+
Purchase of investments | (3,617) (1,469) (5,086)|
| |
Sale/repayment of investments | 9,946 2,732 12,678 |
+-----------------------------------------+
Net cash inflow from

financial investment 6,329 1,263 7,592

Equity dividends paid (4,758) (1,233) (5,991)

---------- ---------- ----------

Net cash inflow/(outflow) before 2,942 (574) 2,368
financing

Financing:
+-----------------------------------------+
Issue of shares | 1,320 - 1,320 |
| |
Share issue expenses | (62) - (62)|
| |
Purchase of shares for cancellation | (32) (119) (151)|
+-----------------------------------------+
Net cash inflow/(outflow) from 1,226 (119) 1,107
financing

---------- ---------- ----------

Increase/(decrease) in cash and 4,168 (693) 3,475
deposits

---------- ---------- ----------



Reconciliation of return before tax
to

net cash flow from operating
activities

Return on ordinary activities before 5,221 (780) 4,441
tax

(Gain)/loss on disposal of (6,776) 170 (6,606)
investments

Movements in fair value of 2,744 829 3,573
investments

(Increase)/decrease in debtors 386 (738) (352)

Increase/(decrease) in creditors (16) 28 12

---------- ---------- ----------

Net cash inflow/(outflow) from 1,559 (491) 1,068
operating activities

---------- ---------- ----------



Analysis of movement in net funds

1 October 30 September
2008 Cash flows 2009

ÂGBP000 ÂGBP000 ÂGBP000

Cash and deposits 10,198 3,475 13,673

---------- ---------- ----------



INVESTMENT PORTFOLIO SUMMARY

as at 31 March 2010

ORDINARY SHARES
Cost Valuation % of net assets
ÂGBP000 ÂGBP000 by valuation



Weldex (International) Offshore 205 5,408 11.6

CloserStill Holdings 1,750 1,904 4.1

Kerridge Commercial Systems 1,740 1,740 3.7

Promanex Group Holdings 1,595 1,595 3.4

Paladin Group 1,452 1,401 3.0

Arleigh International 809 1,214 2.6

Envirotec 813 1,194 2.5

Axial Systems Holdings 1,004 1,023 2.2



KPJ Software Services 995 995 2.1

Phusion Healthcare 995 995 2.1

RCC Lifesciences 995 995 2.1

Wear Inns 979 979 2.1

Advanced Computer Software* 381 873 1.9

CGI Group Holdings 3,449 862 1.8

Lanner Group 832 832 1.8

---------- ---------- ----------

Fifteen largest venture capital 17,994 22,010 47.0
investments

Other venture capital investments 12,029 6,422 13.7

---------- ---------- ----------

Total venture capital investments 30,023 28,432 60.7

Listed fixed-interest investments 7,029 6,869 14.7

---------- ---------- ----------

Total fixed asset investments 37,052 35,301 75.4

----------

Net current assets 11,528 24.6

---------- ----------

Net assets 46,829 100.0

---------- ----------

*Quoted on AIM



The above summary of results for the six months ended 31 March 2010 does not
constitute statutory financial statements within the meaning of Section 434 of
the Companies Act 2006, has not been audited or reviewed by the company's
independent auditors and has not been delivered to the Registrar of Companies.
The figures for the year ended 30 September 2009 have been extracted from the
financial statements for that year, which have been delivered to the Registrar
of Companies; the independent auditors' report on those financial statements
was unqualified and did not contain a statement under Section 498(2) or (3) of
the Companies Act 2006. The half-yearly financial statements have been prepared
on the basis of the accounting policies set out in the financial statements for
the year ended 30 September 2009.

Each of the directors confirms that to the best of his or her knowledge the
half-yearly financial statements have been prepared in accordance with the
Statement "Half-yearly financial reports" issued by the UK Accounting Standards
Board and the half-yearly financial report includes a fair review of the
information required by (a) DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the year, and (b) DTR 4.2.8R of the Disclosure and
Transparency Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that period,
and any changes in the related party transactions described in the last annual
report that could do so.

The directors of the company at the date of this announcement were Mr J R
Hustler (Chairman), Mr N J Beer, Mr E M P Denny, Mr R S Peters, Miss P S Scott
and Mr H P Younger.

The calculation of the revenue and capital return per ordinary share is based on
the return on ordinary activities after tax for the period and on 56,584,163
(2009 39,199,567) ordinary shares, being the weighted average number of shares
in issue during the period.

A copy of the half-yearly financial report for the six months ended 31 March
2010 is expected to be posted to shareholders by 28 May 2010 and will be
available to the public at the registered office of the company at
Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER and on the
NVM Private Equity Limited website, www.nvm.co.uk.



[HUG#1413217]


(END) Dow Jones Newswires



May 07, 2010 09:41 ET (13:41 GMT)