Announcements

Northern Venture Trust PLC.


RNS Number : 8940U
Northern Venture Trust PLC
20 May 2008


20 MAY 2008
NORTHERN VENTURE TRUST PLC
UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2008

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:
(comparative figures as at 31 March 2007 in italics)
2008 2007
ORDINARY SHARES
* Net assets #31.8m #33.2m
* Net asset value per share 82.0p 85.9p
* Return per share
Revenue 1.0p 1.1p
Capital (0.7)p 5.1p
Total 0.3p 6.2p
* 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 82.0p 85.9p
Dividends paid per share* 71.0p 62.0p
Net asset value plus dividends
paid per share 153.0p 147.9p
* Share price at end of period 63.0p 70.0p
*Excluding proposed interim dividend


2008 2007
C SHARES
* Net assets #19.1m #19.2m
* Net asset value per share 92.6p 93.0p
* Return per share
Revenue 1.1p 1.1p
Capital 1.0p (1.8)p
Total 2.1p (0.7)p
* Interim dividend per share
proposed in respect of the period
Revenue 1.0p 1.0p
Capital - -
Total 1.0p 1.0p
* Cumulative return to
shareholders since launch
Net asset value per share 92.6p 93.0p
Dividends paid per share* 3.0p 1.0p
Net asset value plus dividends
paid per share 95.6p 94.0p
* Share price at end of period 82.5p 84.5p
*Excluding proposed interim dividend


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


NORTHERN VENTURE TRUST PLC
HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS
Results and dividend - ordinary shares
The net asset value (NAV) per ordinary share at 31 March 2008, after deducting
the 6.0p dividend paid during the half year, was 82.0p, compared with 87.6p at
30 September 2007. The return per share for the period before dividends as shown
in the
income statement was 0.3p, reflecting a number of positive developments in the
portfolio but also the need to take a cautious approach to investment valuations
against the background of the credit crisis and worsening economic conditions.

The directors propose an unchanged interim dividend of 3.0p per ordinary share,
again comprising 1.0p revenue and 2.0p capital distribution. As stated in last
year's annual report, it is our intention to maintain the annual dividend at not
less than
6.0p per ordinary share. The interim dividend will be paid on 27 June 2008 to
shareholders on the register on 6 June 2008 and will take the total ordinary
dividends paid by the company since launch to 74p per share.

Results and dividend - C shares
The net asset value per C share at 31 March 2008, after deducting the 1.0p
dividend paid during the half year, was 92.6p, a slight increase from the 91.5p
reported at 30 September 2007. The return per share for the period was 2.1p, a
creditable result
in the circumstances.

The directors propose an unchanged interim dividend of 1.0p per C share, which
will be paid on 27 June 2008 to shareholders on the register on 6 June 2008.

Investments
During the six months to 31 March 2008 the company invested #1,000,000 each in
Optilan Group, a Coventry-based telecommunications systems integration business,
and Axial Systems Holdings, a supplier of distributed network management
solutions based in Maidenhead. We also invested a further #450,000 in Paladin
Group (formerly known as Touchstone Asset Management) to finance new
acquisitions.

The half year saw strong exit activity in the ordinary share portfolio. The
long-standing AIM-quoted investments in Computerland (UK) and Revenue Assurance
Services were both sold following recommended offers, realising sale proceeds of
#1.5 million and a gain over original cost of #0.8 million. KCS Global Holdings
was sold to Sage Group plc for proceeds of #1.5 million and a realised gain of
over #0.9 million, and Barony Universal Products
was sold to a privately owned group for #1.4 million generating a gain of almost
#1.3 million. Since 31 March 2008 TFB Group has been sold to the AIM-quoted
Tikit Group plc for #2.1 million in cash and shares, and a
bank-financed recapitalisation of CGI Group has enabled us to withdraw #1
million in cash from the investment whilst retaining a slightly enhanced equity
stake.

A number of our investments have faced challenging conditions. As reported at
the last year end, the investment in Nightingales Holdings, the mail order
clothing retailer, had to be written off after a period of disappointing trading
performance
compounded by the impact of postal strikes, which eventually led to the
appointment of administrators in October 2007. The investment had already been
written down to nil value at 30 September 2007. We have also made full provision
against the investment
in Alaric Systems, which continues to trade behind expectations, at a cost in
the half year of #1.1 million.

The C share portfolio is still in the initial investment phase but is developing
satisfactorily and we would expect to see some exit opportunities in due course.

Shareholder issues
We announced six months ago that following a review of the company's policy in
relation to the re-purchasing of ordinary shares, the board had decided that it
would no longer seek to use its buy-back authority to maintain a fixed 10%
discount to NAV.
Instead we have allowed market supply and demand to set the share price, against
the background of our policy of maintaining the annual ordinary dividend at not
less than 6.0p per share. As expected this has initially led to a fall in the
quoted market
price, but it remains our belief that in the longer term we can stimulate
secondary market interest in the shares by achieving strong tangible returns to
shareholders and communicating the investment merits of VCTs to a wider
audience. In the meantime we
remain ready to use our buy-back authority where we consider it is in
shareholders' interests to do so.

Board of directors
I am sorry to report that Clive Williams, who joined the board in 2005 and has
made an important contribution to our business, has today retired as a director
due to the pressure of his other personal commitments. I have indicated to my
colleagues
that, having served as chairman and a director since the company's formation in
1995, I intend to retire from both roles at the close of the annual general
meeting in January 2009. The directors are delighted that John Hustler has
agreed to take over the
chair on my retirement. It is likely that we will seek to appoint an additional
director to the board in due course.

VAT on management fees
The Government has recently announced that VCTs will be exempt from paying VAT
on investment management fees with effect from 1 October 2008, following a
European Court of Justice judgement against the Government in a case relating to
VAT payable by
investment trusts. HM Revenue & Customs have yet to confirm whether it will be
possible to obtain a repayment of VAT paid on management fees prior to the new
measure taking effect, a potentially significant sum for your company which is
one of the
longest established VCTs. In the meantime we look forward to an annual cost
saving which is likely to be well in excess of #150,000.

VCT qualifying status
I am pleased to report that the company has continued to comply with the
conditions laid down by HM Revenue & Customs for preserving its approved status
as a VCT. Taking into account the funds raised in the C share issue in 2006, the
company has
already satisfied the requirement for 70% of its assets to be invested in
qualifying holdings. We now have to ensure we maintain this position at a time
when market conditions may restrict the flow of attractive new investment
propositions. Your board
keeps the company's qualifying status under close review with our managers and
our VCT taxation advisers at PricewaterhouseCoopers LLP.

Companies Act 2006
In anticipation of forthcoming changes to company law brought about by the
Companies Act 2006, the directors intend to convene an extraordinary general
meeting at which a resolution will be proposed to alter that part of the
company's articles of
association which relates to directors' conflicts of interest. An explanatory
letter giving notice of the meeting will be sent to shareholders shortly.

Outlook
Although the rate of new investment activity may slow down in the short term,
our maturing portfolios should continue to produce realisation opportunities.
Our investments cover a wide range of industry sectors and although their
resilience is likely
to be tested by the current economic difficulties, we believe that the company
is well placed to make further progress in the future.

On behalf of the Board

Professor Sir Frederick Holliday
Chairman


The unaudited half-yearly financial statements for the six months ended 31 March
2008 are set out below.

INCOME STATEMENT
(unaudited) for the six months ended 31 March 2008
Ordinary shares C shares
------------------------ --------------------------

Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Gain/(loss) on disposal
of investments - 339 339 - (5) (5)
Unrealised adjustments to fair
value of investments - (399) (399) - 323 323
------ ------ ------ ------ ------ ------
- (60) (60) - 318 318
Income 737 - 737 466 - 466
Investment management fee (99) (296) (395) (56) (166) (222)
Other expenses (98) - (98) (85) - (85)
------- ------ ------ ------ ------ ------
Return on ordinary activities
before tax 540 (356) 184 325 152 477
Tax on return on ordinary (139) 88 (51) (97) 50 (47)
activities
------ ------ ------ ------ ------ ------
Return on ordinary activities
after tax 401 (268) 133 228 202 430
------ ------ ------ ------ ------ ------

Return per share 1.0p (0.7)p 0.3p 1.1p 1.0p 2.1p


Company
-------------------------
Revenue Capital Total
#000 #000 #000
Gain on disposal of investments - 334 334
Unrealised adjustments to fair
value of investments - (76) (76)
------ ------ ------
- 258 258
Income 1,203 - 1,203
Investment management fee (155) (462) (617)
Other expenses (183) - (183)
------ ------ ------
Return on ordinary activities
before tax 865 (204) 661
Tax on return on ordinary activities (236) 138 (98)
------ ------ ------
Return on ordinary activities
after tax 629 (66) 563
------ ------ ------


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 - 307 307
investments
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
------ ------ ------


INCOME STATEMENT
(unaudited) for the year ended 30 September 2007
Ordinary shares C shares
-------------------------- --------------------------
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Gain/(loss) on disposal
of investments - 1,188 1,188 - (98) (98)
Unrealised adjustments to fair
value of investments - 2,474 2,474 - (382) (382)
------ ------ ------ ------ ------ ------
- 3,662 3,662 - (480) (480)
Income 1,535 - 1,535 974 - 974
Investment management fee (195) (585) (780) (114) (342)
(456)
Other expenses (176) - (176) (166) - (166)
------ ------ ------ ------ ------ ------
Return on ordinary activities
before tax 1,164 3,077 4,241 694 (822) (128)
Tax on return on ordinary (251) 178 (73) (222) 108
(114)
activities
------ ------ ------ ------ ------ ------
Return on ordinary activities
after tax 913 3,255 4,168 472 (714) (242)
------ ------ ------ ------ ------ ------

Return per share 2.4p 8.4p 10.8p 2.3p (3.5)p (1.2)p


Company
--------------------------
Revenue Capital Total
#000 #000 #000
Gain on disposal of investments - 1,090 1,090
Unrealised adjustments to fair
value of investments - 2,092 2,092
------ ------ ------
- 3,182 3,182
Income 2,509 - 2,509
Investment management fee (309) (927) (1,236)
Other expenses (342) - (342)
------ ------ ------
Return on ordinary activities
before tax 1,858 2,255 4,113
Tax on return on ordinary activities (473) 286 (187)
------ ------ ------
Return on ordinary activities
after tax 1,385 2,541 3,926
------ ------ ------


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(unaudited) for the six months ended 31 March 2008
Ordinary shares C shares Company
#000 #000 #000
Equity shareholders' funds at
1 October 2007 33,632 18,883 52,515
Return on ordinary activities after 133 430 563
tax
Dividends recognised in the period (2,303) (206) (2,509)
Net proceeds of share issues 292 - 292
------ ------ ------
Equity shareholders' funds at
31 March 2008 31,754 19,107 50,861

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


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 activities after 2,397 (153) 2,244
tax
Dividends recognised in the period (2,319) (207) (2,526)
Net proceeds of share issues 268 - 268
Shares purchased for cancellation (240) - (240)
------ ------ ------
Equity shareholders' funds at
31 March 2007 33,224 19,211 52,435
------ ------ ------


RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
(unaudited) for the year ended 30 September 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 activities after 4,168 (242) 3,926
tax
Dividends recognised in the period (3,477) (414) (3,891)
Net proceeds of share issues 417 - 417
Shares purchased for cancellation (594) (32) (626)
------ ------ ------
Equity shareholders' funds at
30 September 2007 33,632 18,883 52,515
------ ------ ------


BALANCE SHEET
(unaudited) as at 31 March 2008

Ordinary shares C shares Company
#000 #000 #000
Fixed asset investments:
Venture capital investments
Unquoted 23,001 8,616 31,617
Quoted 915 1,136 2,051
------ ------ ------
Total venture capital investments 23,916 9,752 33,668
Listed fixed-interest investments - 8,401 8,401
------ ------ ------
Total fixed asset investments 23,916 18,153 42,069
------ ------ ------
Current assets:
Debtors 1,217 218 1,435
Cash at bank 6,828 1,035 7,863
------ ------ ------
8,045 1,253 9,298
Creditors (amounts falling due within (207) (299) (506)
one year)
------ ------ ------
Net current assets 7,838 954 8,792
------ ------ ------

Net assets 31,754 19,107 50,861
------ ------ ------

Capital and reserves:
Called-up equity share capital 9,686 15,472 25,158
Share premium 9,301 2,030 11,331
Capital redemption reserve 1,971 28 1,999
Capital reserve - realised 4,588 673 5,261
Capital reserve - unrealised 5,171 573 5,744
Revenue reserve 1,037 331 1,368
------ ------ ------

Total equity shareholders' funds 31,754 19,107 50,861
------ ------ ------
Net asset value per share 82.0p 92.6p


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 investments 28,272 3,805 32,077
Listed fixed-interest investments - 14,320 14,320
------ ------ ------
Total fixed asset investments 28,272 18,125 46,397
------ ------ ------
Current assets:
Debtors 920 340 1,260
Cash at bank 4,124 833 4,957
------ ------ ------
5,044 1,173 6,217
Creditors (amounts falling due within (92) (87) (179)
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 capital 9,666 15,500 25,166
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' funds 33,224 19,211 52,435
------ ------ ------
Net asset value per share 85.9p 93.0p


BALANCE SHEET
(unaudited) as at 30 September 2007

Ordinary shares C shares Company
#000 #000 #000
Fixed asset investments:
Venture capital investments
Unquoted 24,996 6,054 31,050
Quoted 2,452 1,389 3,841
------ ------ ------
Total venture capital investments 27,448 7,443 34,891
Listed fixed-interest investments - 10,845 10,845
------ ------ ------
Total fixed asset investments 27,448 18,288 45,736
------ ------ ------
Current assets:
Debtors 350 371 721
Cash at bank 6,008 364 6,372
------ ------ ------
6,358 735 7,093
Creditors (amounts falling due within (174) (140) (314)
one year)
------ ------ ------
Net current assets 6,184 595 6,779
------ ------ ------

Net assets 33,632 18,883 52,515
------ ------ ------

Capital and reserves:
Called-up equity share capital 9,596 15,472 25,068
Share premium 9,099 2,030 11,129
Capital redemption reserve 1,971 28 1,999
Capital reserve - realised 4,174 1,513 5,687
Capital reserve - unrealised 7,772 (469) 7,303
Revenue reserve 1,020 309 1,329
------ ------ ------

Total equity shareholders' funds 33,632 18,883 52,515
------ ------ ------
Net asset value per share 87.6p 91.5p


CASH FLOW STATEMENT
(unaudited) for the six months ended 31 March 2008
Ordinary shares C shares Company
#000 #000 #000
Net cash inflow/(outflow) from (641) 424 (217)
operating activities
Taxation:
Corporation tax paid - - -
Financial investment:
Purchase of investments (1,160) (2,300) (3,460)
Sale/repayment of investments 4,632 2,753 7,385
Net cash inflow from
financial investment 3,472 453 3,925
Equity dividends paid (2,303) (206) (2,509)
------ ------ ------

Net cash inflow before financing 528 671 1,199
Financing:
Issue of shares 292 - 292
Share issue expenses - - -
Purchase of ordinary shares for - - -
cancellation
Net cash inflow from financing 292 - 292
------ ------ ------
Increase in cash at bank 820 671 1,491
------ ------ ------

Reconciliation of return before tax
to
net cash flow from operating
activities
Return on ordinary activities 184 477 661
before tax
(Gain)/loss on disposal of
investments held at fair value (339) 5 (334)
Unrealised adjustments to fair
value
of investments 399 (323) 76
(Increase)/decrease in debtors (867) 153 (714)
Increase/(decrease) in creditors (18) 112 94
------ ------ ------
Net cash inflow/(outflow) from (641) 424 (217)
operating activities
------ ------ ------

Analysis of movement in net funds
1 October 31 March
2007 Cash flows 2008
#000 #000 #000
Cash at bank 6,372 1,491 7,863
------ ------ ------


CASH FLOW STATEMENT
(unaudited) for the six months ended 31 March 2007
Ordinary shares C shares Company
#000 #000 #000
Net cash inflow from operating 245 305 550
activities
Taxation:
Corporation tax paid (112) (48) (160)
Financial investment:
Purchase of investments (859) (3,774) (4,633)
Sale/repayment of investments 2,618 1,156 3,774
Net cash inflow/(outflow) from
financial investment 1,759 (2,618) (859)
Equity dividends paid (2,319) (207) (2,526)
------ ------ ------
Net cash outflow before financing (427) (2,568) (2,995)
Financing:
Issue of shares 273 - 273
Share issue expenses (5) - (5)
Purchase of ordinary shares for (240) - (240)
cancellation
Net cash inflow from financing 28 - 28
------ ------ ------
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 activities 2,401 (118) 2,283
before tax
(Gain)/loss on disposal of
investments held at fair value (310) 3 (307)
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 operating 245 305 550
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 year ended 30 September 2007
Ordinary shares C shares Company
#000 #000 #000
Net cash inflow from operating 689 448 1,137
activities
Taxation:
Corporation tax paid (112) (48) (160)
Financial investment:
Purchase of investments (1,828) (11,544) (13,372)
Sale/repayment of investments 6,390 8,553 14,943
Net cash inflow/(outflow) from
financial investment 4,562 (2,991) 1,571
Equity dividends paid (3,477) (414) (3,891)
------ ------ ------
Net cash inflow/(outflow) before 1,662 (3,005) (1,343)
financing
Financing:
Issue of shares 429 - 429
Share issue expenses (12) - (12)
Purchase of ordinary shares for (594) (32) (626)
cancellation
Net cash outflow from financing (177) (32) (209)
------ ------ ------
Increase/(decrease) in cash at 1,485 (3,037) (1,552)
bank
------ ------ ------

Reconciliation of return before
tax to
net cash flow from operating
activities
Return on ordinary activities 4,241 (128) 4,113
before tax
(Gain)/loss on disposal of
investments
held at fair value (1,188) 98 (1,090)
Unrealised adjustments to fair
value
of investments (2,474) 382 (2,092)
Decrease in debtors 67 96 163
Increase in creditors 43 - 43
------ ------ ------
Net cash inflow from operating 689 448 1,137
activities
------ ------ ------

Analysis of movement in net
funds
1 October 30 September
2006 Cash flows 2007
#000 #000 #000
Cash at bank 7,924 (1,552) 6,372
------ ------ ------


INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2008
ORDINARY SHARES
Cost Valuation % of net assets
#000 #000 by valuation
CGI Group 2,325 4,453 14.0
Weldex (International) Offshore 200 2,990 9.4
TFB Group 773 2,090 6.6
DxS 1,105 1,560 4.9
Envirotec 812 1,447 4.6
Pivotal Laboratories Holdings 714 955 3.0
Arleigh International 375 861 2.7
Abermed 600 747 2.4
S&P Coil Products 480 709 2.2
John Laing Partnership 356 681 2.2
Interlube Systems 88 639 2.0
Direct Valeting 635 635 2.0
IG Doors 500 608 1.9
Liquidlogic 144 554 1.7
Paladin Group 291 417 1.3
------ ------ ------
Fifteen largest venture capital 9,398 19,346 60.9
investments
Other venture capital investments 9,347 4,570 14.4
------ ------ ------
Total fixed asset investments 18,745 23,916 75.3
------
Net current assets 7,838 24.7
------ ------
Net assets 31,754 100.0
------ ------
C SHARES
Cost Valuation % of net assets
#000 #000 by valuation
Paladin Group 1,161 1,668 8.7
Product Support (Holdings) 800 1,132 5.9
Promanex Group Holdings 801 801 4.2
Astbury Marsden Holdings 800 800 4.2
Foreman Roberts Group 800 800 4.2
Promatic Group 797 797 4.2
Axial Systems Holdings 700 700 3.7

Optilan Group 700 700 3.7
Frontier Foods 542 542 2.8
Gentronix 406 406 2.1
IDOX* 298 357 1.8
Wear Inns 270 270 1.4
Maelor* 199 253 1.3
Brulines (Holdings)* 184 209 1.1
Shieldtech* 248 168 0.9
------ ------ ------
Fifteen largest venture capital 8,706 9,603 50.2
investments
Other venture capital investments 347 149 0.8
------ ------ ------
Total venture capital investments 9,053 9,752 51.0
Listed fixed-interest investments 8,527 8,401 44.0
------ ------ ------
Total fixed asset investments 17,580 18,153 95.0
------
Net current assets 954 5.0
------ ------
Net assets 19,107 100.0
------ ------
*Quoted on AIM


The above summary of results for the six months ended 31 March 2008 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 2007 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 directors confirm that to the best of their 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 proposed interim ordinary share dividend of 3.0p per share for the year
ending 30 September 2008 will be paid on 27 June 2008 to ordinary shareholders
on the register at the close of business on 6 June 2008.

The proposed interim C share dividend of 1.0p per share for the year ending 30
September 2008 will be paid on 27 June 2008 to C shareholders on the register at
the close of business on 6 June 2008.

A copy of the half-yearly financial report for the six months ended 31 March
2008 is expected to be posted to shareholders on 30 May 2008 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.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange

END

IR XBLFLVEBLBBD