Announcements

Northern Venture Trust PLC.


RNS Number:3279W
Northern Venture Trust PLC
09 May 2007

9 MAY 2007

NORTHERN VENTURE TRUST PLC

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2007

Northern Venture Trust PLC is a Venture Capital Trust (VCT) managed by NVM
Private Equity (formerly Northern Venture Managers). 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:
(comparative figures as at 31 March 2006, in italics)
2007 2006
ORDINARY SHARES
* Net assets #33.2m #32.1m
* Net asset value per share 85.9p 82.4p
* Return per share
Revenue 1.1p 1.2p
Capital 5.1p 1.2p
Total 6.2p 2.4p
* Interim dividend per share
proposed 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 85.9p 82.4p
Dividends paid per share* 62.0p 53.0p
Net asset value plus dividends
paid per share 147.9p 135.4p
* Share price at end of period 70.0p 72.0p

*Excluding proposed interim dividend


2007 2006
C SHARES
* Net assets #19.2m #15.0m
* Net asset value per share 93.0p 94.5p
* Return per share
Revenue 1.1p 0.2p
Capital (1.8)p (0.3)p
Total (0.7)p (0.1)p
* Interim dividend per share
proposed in respect of the period
Revenue 1.0p -
Capital - -
Total 1.0p -
* Cumulative return to
shareholders since launch
Net asset value per share 93.0p 94.5p
Dividends paid per share* 1.0p -
Net asset value plus dividends
paid per share 94.0p 94.5p
* Share price at end of period 84.5p 95.0p

*Excluding proposed interim dividend


For further information, please contact:

NVM Private Equity Limited
Christopher Mellor, Director 0191 244 6000
Website: www.nvm.co.uk
Lansons Communications
Karen Mignon 020 7294 3685


NORTHERN VENTURE TRUST PLC

CHAIRMAN'S STATEMENT


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

I am pleased to report on a period of further progress for our company. Since
closing the successful C share issue a year ago we have been able to concentrate
our attention on investment matters in the knowledge that the company has ample
liquidity available for investment. This is particularly important as the
Government has announced various measures which may well have the overall effect
of reducing investor demand for new VCT issues.

Results - ordinary shares

The net asset value (NAV) per ordinary share at 31 March 2007 was 85.9p,
compared with 82.4p a year earlier. As dividends totalling 9.0p per share have
been paid over the past 12 months, the total return generated for shareholders
is 12.5p per share which is equivalent to 15.2% of the opening NAV.

The revenue return per ordinary share for the six months to 31 March 2007 was
1.1p, down from 1.2p in the corresponding period. The directors propose an
unchanged interim dividend of 3.0p per ordinary share, comprising 1.0p revenue
and 2.0p capital distribution, which will be paid on 15 June 2007 to
shareholders on the register on 18 May 2007. This will take the cumulative
ordinary dividends paid by the company to 65p per share.

Results - C shares

The net asset value per C share at 31 March 2007 was 93.0p, a fall of 1.5p from
the corresponding figure at 31 March 2006. This reflects a reduction in the
directors' valuation of the investment portfolio, which at this early stage is
not unusual.

The revenue return per C share for the half year was 1.1p, compared with 0.2p
for the shortened period to 31 March 2006. The directors are pleased to declare
a maiden C share interim dividend of 1.0p, also payable on 15 June 2007 to
shareholders on the register on 18 May 2007.


Investments

During the six months to 31 March 2007 the following new investments were
acquired:

* Brulines (Holdings) (#182,000) - provider of revenue protection systems for
the licensed trade, Stockton-on-Tees

* Product Support (Holdings) (#1,000,000) - logistics services contractor to
the defence industry, Kingswinford

* Gentronix (#203,000) - drug development support services, Manchester

* Promanex Group Holdings (#1,000,000) - engineering and maintenance services
contractor, Nuneaton

In addition the ordinary share investment portfolio acquired a new investment
valued at #182,000 in Vastox, an AIM-quoted provider of drug discovery services
based in Abingdon, in a share-for-share exchange for the former holding in
Daniolabs which cost #120,000 in February 2005.

Proceeds of disposals from the ordinary share venture capital portfolio during
the half year totalled #2.6 million. The company's shareholding in Union Snack
was sold to the German group Intersnack for #1.4 million, generating a realised
gain of #1.3 million, and a number of smaller exits were also achieved. Since
31 March an agreed cash bid for Computer Software Group has been declared
unconditional, giving rise to proceeds of #1.1 million and a realised gain of
#0.9 million which will be reflected in our full year accounts. A number of
other investments are currently the subject of discussions with a view to exit.
We noted with interest recent press speculation concerning a possible sale of
CGI Group, currently our largest investment.

The venture capital portfolio is generally making satisfactory progress and a
more detailed report will as usual be made at the year end. However we must
draw attention to two holdings which have experienced difficulties. IRIS
Technology, a developer of sophisticated remote data monitoring systems for the
offshore and automotive industries which we backed as an early-stage investment
in 2002, has suffered continuing delays in the build-up of sales revenues and
during the half year reached the point where a substantial additional investment
would have been required to enable a continuation of trading. Our managers
recommended that no further commitment be made and consequently the investment
has been written off at a cost of #948,000. Nightingales Holdings, the mail
order and internet retailer of women's clothing, has found trading conditions
very difficult over the past 12 months and a 50% provision has been made against
the cost of the investment to reflect this, although our managers are working
closely with the company as it seeks to improve performance.

Shareholder issues

The company has continued to provide shareholder liquidity by re-purchasing its
shares in the market for cancellation. In the half year to 31 March 2007 a
total of 329,800 ordinary shares, representing approximately 0.9% of the issued
ordinary capital, were re-purchased at a cost of #240,000. No C shares have
been re-purchased.

There has been relatively little trading activity in the company's ordinary
shares in the past three years. Your directors believe that the market has been
slow to recognise the intrinsic potential attraction of the shares: not only is
there a strong and consistent dividend yield, but also the shares are not
affected by the Government's progressive tightening of the investment criteria
for VCTs in recent years, as this does not have a retrospective impact. However
there are some signs that investors are beginning to appreciate the merits of '
second-hand' VCT shares in general and those of Northern Venture Trust in
particular. We are keen to encourage the development of a secondary market as
we do not consider it is in the long-term interests of shareholders as a whole
that funds should be permanently lost to the company through extensive share
buy-backs.

The annual general meeting this year will be held in London on 13 December and
your directors look forward to meeting as many shareholders as possible on that
occasion.

VCT qualifying status

The company has continued to retain PricewaterhouseCoopers LLP as advisers on
matters relating to VCT status and the directors are satisfied that the
qualifying conditions for VCT approval laid down by HM Revenue & Customs have
been met throughout the period. The 2007 Budget announcement contained some
useful guidance as to the future application of the relevant legislation. The

company has until 30 September 2008 to meet the qualifying requirements in
relation to the proceeds of the C share issue and we are monitoring progress
carefully.

Outlook

With a maturing ordinary share fund and a liquid C share fund, we expect to be
busy with both disposals and new investments for the foreseeable future.
Although the market for new transactions is competitive, our managers have
continued to strengthen their investment team in order to maintain their
capacity for winning deals. The exit opportunities currently being developed
should lead to the realisation of further capital gains for distribution to
ordinary shareholders. The UK economy continues to achieve steady if modest
growth and against this background our company can be expected to make good
progress over the remainder of the financial year.

PROFESSOR SIR FREDERICK HOLLIDAY
Chairman


The unaudited interim financial statements for the six months ended 31 March
2007 are set out below.


INCOME STATEMENT

(unaudited) for the six months ended 31 March 2007

Ordinary shares C shares
---------------------------------------------------- ----------------------------------------------------
Revenue Capital Total Revenue Capital Total

#000 #000 #000 #000 #000 #000
Gain/(loss) on disposal
of investments - 310 310 - (3) (3)
Unrealised adjustments to
fair value
of investments - 1,888 1,888 - (267) (267)
---------- ---------- ---------- ---------- ---------- ----------
- 2,198 2,198 - (270) (270)
Income 684 - 684 469 - 469
Investment management fee (97) (292) (389) (58) (172) (230)
Other expenses (92) - (92) (87) - (87)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
before tax 495 1,906 2,401 324 (442) (118)
Tax on return on ordinary (85) 81 (4) (97) 62 (35)
activities
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
after tax 410 1,987 2,397 227 (380) (153)
---------- ---------- ---------- ---------- ---------- ----------

Return per share 1.1p 5.1p 6.2p 1.1p (1.8)p (0.7)p


Company

----------------------------------------------------
Revenue Capital Total
#000 #000 #000
Gain on disposal of investments - 307 307
Unrealised adjustments to fair
value of investments - 1,621 1,621
---------- ---------- ----------
- 1,928 1,928
Income 1,153 - 1,153
Investment management fee (155) (464) (619)
Other expenses (179) - (179)
---------- ---------- ----------
Return on ordinary activities
before tax 819 1,464 2,283
Tax on return on ordinary (182) 143 (39)
activities
---------- ---------- ----------
Return on ordinary activities
after tax 637 1,607 2,244
---------- ---------- ----------

Return per share 1.1p 2.7p 3.8p


INCOME STATEMENT

(unaudited) for the six months ended 31 March 2006

Ordinary shares C shares
---------------------------------------------------- ----------------------------------------------------
Revenue Capital Total Revenue Capital Total

#000 #000 #000 #000 #000 #000
Loss on disposal of - (490) (490) - - -
investments
Unrealised adjustments to
fair value
of investments - 1,164 1,164 - - -
---------- ---------- ---------- ---------- ---------- ----------
- 674 674 - - -
Income 806 - 806 37 - 37
Investment management fee (92) (276) (368) (7) (21) (28)
Other expenses (113) - (113) (15) - (15)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
before tax 601 398 999 15 (21) (6)
Tax on return on ordinary (134) 86 (48) (5) 5 -
activities
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
after tax 467 484 951 10 (16) (6)
---------- ---------- ---------- ---------- ---------- ----------

Return per share 1.2p 1.2p 2.4p 0.2p (0.3)p (0.1)p


Company

----------------------------------------------------
Revenue Capital Total
#000 #000 #000
Loss on disposal of investments - (490) (490)
Unrealised adjustments to fair
value of investments - 1,164 1,164
---------- ---------- ----------
- 674 674
Income 843 - 843
Investment management fee (99) (297) (396)
Other expenses (128) - (128)
---------- ---------- ----------
Return on ordinary activities
before tax 616 377 993
Tax on return on ordinary (139) 91 (48)
activities
---------- ---------- ----------
Return on ordinary activities
after tax 477 468 945
---------- ---------- ----------

Return per share 1.1p 1.0p 2.1p


INCOME STATEMENT

(unaudited) for the year ended 30 September 2006
Ordinary shares C shares
---------------------------------------------------- ----------------------------------------------------

Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Loss on disposal
of investments - (431) (431) - - -
Unrealised adjustments to
fair value
of investments - 3,065 3,065 - (78) (78)
---------- ---------- ---------- ---------- ---------- ----------
- 2,634 2,634 - (78) (78)
Income 1,754 - 1,754 512 - 512
Investment management fee (183) (548) (731) (64) (191) (255)
Other expenses (200) - (200) (90) - (90)
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
before tax 1,371 2,086 3,457 358 (269) 89
Tax on return on ordinary (281) 169 (112) (107) 59 (48)
activities
---------- ---------- ---------- ---------- ---------- ----------
Return on ordinary
activities
after tax 1,090 2,255 3,345 251 (210) 41
---------- ---------- ---------- ---------- ---------- ----------

Return per share 2.8p 5.8p 8.6p 1.6p (1.3)p 0.3p


Company

----------------------------------------------------
Revenue Capital Total
#000 #000 #000
Loss on disposal of investments - (431) (431)
Unrealised adjustments to fair
value of investments - 2,987 2,987
---------- ---------- ----------
- 2,556 2,556
Income 2,266 - 2,266
Investment management fee (247) (739) (986)
Other expenses (290) - (290)
---------- ---------- ----------
Return on ordinary activities
before tax 1,729 1,817 3,546
Tax on return on ordinary (388) 228 (160)
activities
---------- ---------- ----------
Return on ordinary activities
after tax 1,341 2,045 3,386
---------- ---------- ----------

Return per share 2.5p 3.7p 6.2p


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 2007

Ordinary
shares C shares Company
#000 #000 #000
Equity shareholders'
funds at
1 October 2006 33,118 19,571 52,689
Return on ordinary 2,397 (153) 2,244
activities after tax
Dividends recognised in (2,319) (207) (2,526)
the period
Net proceeds of share 268 - 268
issues
Shares purchased for (240) - (240)
cancellation
Expenses charged to - - -
capital reserve
---------- ---------- ----------
Equity shareholders'
funds at
31 March 2007 33,224 19,211 52,435
---------- ---------- ----------


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 2006

Ordinary
shares C shares Company
#000 #000 #000
Equity shareholders'
funds at
1 October 2005 33,532 - 33,532
Return on ordinary 951 (6) 945
activities after tax
Dividends recognised in (2,340) - (2,340)
the period
Net proceeds of share 254 15,026 15,280
issues
Shares purchased for (344) - (344)
cancellation
---------- ---------- ----------
Equity shareholders'
funds at
31 March 2006 32,053 15,020 47,073
---------- ---------- ----------


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the year ended 30 September 2006

Ordinary
shares C shares Company
#000 #000 #000
Equity shareholders'
funds at
1 October 2005 33,532 - 33,532
Return on ordinary 3,345 41 3,386
activities after tax
Dividends recognised in (3,492) - (3,492)
the period
Net proceeds of share 371 19,530 19,901
issues
Shares purchased for (623) - (623)
cancellation
Expenses charged to (15) - (15)
capital reserve
---------- ---------- ----------
Equity shareholders'
funds at
30 September 2006 33,118 19,571 52,689
---------- ---------- ----------


BALANCE SHEET

(unaudited) as at 31 March 2007


Ordinary
shares C shares Company
#000 #000 #000
Fixed asset investments:
Venture capital investments
Unquoted 24,633 3,172 27,805
Quoted 3,639 633 4,272
---------- ---------- ----------
Total venture capital 28,272 3,805 32,077
investments
Other quoted investments - 14,320 14,320
---------- ---------- ----------
Total fixed asset 28,272 18,125 46,397
investments
---------- ---------- ----------
Current assets:
Debtors 920 340 1,260
Cash at bank 4,124 833 4,957
---------- ---------- ----------
5,044 1,173 6,217
Creditors (amounts falling (92) (87) (179)
due within one year)
---------- ---------- ----------
Net current assets 4,952 1,086 6,038
---------- ---------- ----------

Net assets 33,224 19,211 52,435
---------- ---------- ----------

Capital and reserves:
Called-up equity share 9,666 15,500 25,166
capital
Share premium 8,997 2,030 11,027
Capital redemption reserve 1,854 - 1,854
Capital reserve - realised 5,084 1,755 6,839
Capital reserve - unrealised 6,720 (345) 6,375
Revenue reserve 903 271 1,174
---------- ---------- ----------

Total equity shareholders' 33,224 19,211 52,435
funds
---------- ---------- ----------
Net asset value per share 85.9p 93.0p 88.4p


BALANCE SHEET

(unaudited) as at 31 March 2006


Ordinary
shares C shares Company
#000 #000 #000
Fixed asset investments:
Venture capital investments
Unquoted 23,736 198 23,934
Quoted 4,467 198 4,665
---------- ---------- ----------
Total venture capital 28,203 396 28,599
investments
Other quoted investments - 3,074 3,074
---------- ---------- ----------
Total fixed asset 28,203 3,470 31,673
investments
---------- ---------- ----------
Current assets:
Debtors 250 33 283
Cash at bank 3,815 11,945 15,760

---------- ---------- ----------
4,065 11,978 16,043
Creditors (amounts falling (215) (428) (643)
due within one year)
---------- ---------- ----------
Net current assets 3,850 11,550 15,400
---------- ---------- ----------

Net assets 32,053 15,020 47,073
---------- ---------- ----------

Capital and reserves:
Called-up equity share 9,720 11,926 21,646
capital
Share premium 16,736 3,100 19,836
Capital redemption reserve 1,676 - 1,676
Capital reserve - realised 515 (16) 499
Capital reserve - unrealised 2,570 - 2,570
Revenue reserve 836 10 846
---------- ---------- ----------

Total equity shareholders' 32,053 15,020 47,073
funds
---------- ---------- ----------
Net asset value per share 82.4p 94.5p 85.9p


BALANCE SHEET

(unaudited) as at 30 September 2006


Ordinary
shares C shares Company
#000 #000 #000
Fixed asset investments:
Venture capital investments
Unquoted 24,577 1,593 26,170
Quoted 3,771 299 4,070
---------- ---------- ----------
Total venture capital 28,348 1,892 30,240
investments
Other quoted investments - 13,885 13,885
---------- ---------- ----------
Total fixed asset 28,348 15,777 44,125
investments
---------- ---------- ----------
Current assets:
Debtors 417 467 884
Cash at bank 4,523 3,401 7,924
---------- ---------- ----------
4,940 3,868 8,808
Creditors (amounts falling (170) (74) (244)
due within one year)
---------- ---------- ----------
Net current assets 4,770 3,794 8,564
---------- ---------- ----------

Net assets 33,118 19,571 52,689
---------- ---------- ----------

Capital and reserves:
Called-up equity share 9,663 15,500 25,163
capital
Share premium 8,814 2,030 10,844
Capital redemption reserve 1,772 - 1,772
Capital reserve - realised 6,946 1,868 8,814
Capital reserve - unrealised 4,850 (78) 4,772
Revenue reserve 1,073 251 1,324
---------- ---------- ----------

Total equity shareholders' 33,118 19,571 52,689
funds
---------- ---------- ----------
Net asset value per share 85.7p 94.7p 88.8p


CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2007

Ordinary
shares C shares Company
#000 #000 #000
Net cash inflow from 245 305 550
operating activities
Taxation:
Corporation tax paid (112) (48) (160)
Financial investment:
Purchase of investments (859) (3,774) (4,633)
Sale/repayment of 2,618 1,156 3,774
investments
Net cash inflow/(outflow)
from
financial investment 1,759 (2,618) (859)
Equity dividends paid (2,319) (207) (2,526)
---------- ---------- ----------
Net cash outflow before (427) (2,568) (2,995)
financing
Financing:
Issue of shares 273 - 273
Share issue expenses (5) - (5)
Purchase of ordinary shares (240) - (240)
for cancellation
Net cash inflow/(outflow) 28 - 28
from financing
---------- ---------- ----------
Decrease in cash at bank (399) (2,568) (2,967)
---------- ---------- ----------

Reconciliation of return
before tax to
net cash flow from operating
activities
Return on ordinary 2,401 (118) 2,283
activities before tax
(Gain)/loss on disposal of
investments held at fair (310) 3 (307)
value
Unrealised adjustments to
fair value
of investments (1,888) 267 (1,621)
Decrease in debtors 12 127 139
Increase in creditors 30 26 56
---------- ---------- ----------
Net cash inflow from 245 305 550
operating activities
---------- ---------- ----------

Analysis of movement in net
funds
1 October 31 March
2006 Cash flows 2007
#000 #000 #000
Cash at bank 7,924 (2,967) 4,957
---------- ---------- ----------


CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2006

Ordinary
shares C shares Company
#000 #000 #000
Net cash inflow from 250 389 639
operating activities
Taxation:
Corporation tax paid - - -
Financial investment:
Purchase of investments (765) (3,470) (4,235)
Sale/repayment of 3,704 - 3,704
investments
Net cash inflow/(outflow)
from
financial investment 2,939 (3,470) (531)
Equity dividends paid (2,340) - (2,340)
---------- ---------- ----------
Net cash inflow/(outflow) 849 (3,081) (2,232)
before financing
Financing:
Issue of shares 264 15,901 16,165
Share issue expenses (10) (875) (885)
Purchase of ordinary shares (344) - (344)
for cancellation
Net cash (outflow)/inflow (90) 15,026 14,936
from financing
---------- ---------- ----------
Increase in cash at bank 759 11,945 12,704
---------- ---------- ----------

Reconciliation of return
before tax to
net cash flow from operating
activities
Return on ordinary 999 (6) 993
activities before tax
Loss/(gain) on disposal of
investments held at fair 490 - 490
value
Unrealised adjustments to
fair value
of investments (1,164) - (1,164)
Increase in debtors (85) (47) (132)
Increase in creditors 10 442 452
---------- ---------- ----------
Net cash inflow from 250 389 639
operating activities
---------- ---------- ----------

Analysis of movement in net
funds
1 October 31 March
2005 Cash flows 2006
#000 #000 #000
Cash at bank 3,056 12,704 15,760
---------- ---------- ----------


CASH FLOW STATEMENT

(unaudited) for the year ended 30 September 2006

Ordinary
shares C shares Company
#000 #000 #000
Net cash inflow/(outflow) 662 (274) 388
from operating activities
Taxation:
Corporation tax paid (11) - (11)
Financial investment:
Purchase of investments (1,654) (15,855) (17,509)
Sale/repayment of 6,214 - 6,214
investments
Net cash inflow/(outflow)
from
financial investment 4,560 (15,855) (11,295)
Equity dividends paid (3,492) - (3,492)
---------- ---------- ----------
Net cash outflow before 1,719 (16,129) (14,410)
financing
Financing:
Issue of shares 385 20,667 21,052
Share issue expenses (14) (1,137) (1,151)
Purchase of ordinary shares (623) - (623)
for cancellation
Net cash (outflow)/inflow (252) 19,530 19,278
from financing
---------- ---------- ----------
Increase in cash at bank 1,467 3,401 4,868
---------- ---------- ----------

Reconciliation of return
before tax to
net cash flow from operating
activities
Return on ordinary 3,457 89 3,546
activities before tax
Loss on disposal of
investments

held at fair value 431 - 431
Unrealised adjustments to
fair value
of investments (3,065) 78 (2,987)
Increase in debtors (141) (467) (608)
(Decrease)/increase in (5) 26 21
creditors
Expenses charged to capital (15) - (15)
reserve
---------- ---------- ----------
Net cash inflow from 662 (274) 388
operating activities
---------- ---------- ----------

Analysis of movement in net
funds
1 October 30 September
2005 Cash flows 2006
#000 #000 #000
Cash at bank 3,056 4,868 7,924
---------- ---------- ----------


INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2007


ORDINARY SHARES
Cost Valuation % of net assets
#000 #000 by valuation
Fifteen largest venture capital investments:
CGI Group 2,325 5,096 15.3
TFB Group 1,000 1,698 5.1
Weldex (International) Offshore 200 1,609 4.8
Envirotec 812 1,499 4.5
John Laing Partnership 356 1,340 4.0
Barony Universal Products 184 1,217 3.7
Alaric Systems 1,578 1,184 3.6
DxS 1,105 1,070 3.2
Computer Software Group* 220 1,064 3.2
Pivotal Laboratories Holdings 714 849 2.6
KCS Global Holdings 572 839 2.5
Ithaca Holdings 492 783 2.4
Arleigh International 375 733 2.2
Direct Valeting 732 732 2.2
Abermed Group 600 720 2.2
---------- ---------- ----------
11,265 20,433 61.5
Other venture capital investments 10,287 7,839 23.6
---------- ---------- ----------
Total fixed asset investments 21,552 28,272 85.1
----------
Net current assets 4,952 14.9
---------- ----------
Net assets 33,224 100.0
---------- ----------


C SHARES
Cost Valuation % of net assets
#000 #000 by valuation
Promanex Group Holdings 801 801 4.2
Touchstone Asset Management 800 800 4.2
Product Support (Holdings) 800 800 4.2
Nightingales Holdings 596 298 1.5
Wear Inns 270 270 1.4
Brulines (Holdings)* 182 244 1.3
Hat Pin* 149 231 1.2
Gentronix 203 203 1.0
Twenty* 198 158 0.8
---------- ---------- ----------
Total venture capital investments 3,999 3,805 19.8
Listed fixed interest investments 14,471 14,320 74.5
---------- ---------- ----------
Total fixed asset investments 18,470 18,125 94.3
----------
Net current assets 1,086 5.7
---------- ----------
Net assets 19,211 100.0
---------- ----------
*Quoted on Alternative Investment Market

The above summary of results for the six months ended 31 March 2007 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.
The figures for the year ended 30 September 2006 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
under Section 235 of the Companies Act 1985 was unqualified.

The proposed interim ordinary share dividend of 3.0p per share for the year
ending 30 September 2007 will be paid on 15 June 2007 to ordinary shareholders
on the register at the close of business on 18 May 2007.

The proposed interim C share dividend of 1.0p per share for the year ending 30
September 2007 will be paid on 15 June 2007 to ordinary shareholders on the
register at the close of business on 18 May 2007.

A copy of the interim report for the six months ended 31 March 2007 is expected
to be posted to shareholders on 18 May 2007 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


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