Announcements

Northern Venture Trust PLC.




TIDMNVT

7 MAY 2009

NORTHERN VENTURE TRUST PLC

UNAUDITED HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2009


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 2008)


ORDINARY SHARES 2009 2008

- Net assets GBP30.1m GBP31.8m

- Net asset value per share 76.2p 82.0p

- Return/(loss) per share:
Revenue 0.8p 1.0p
Capital (0.2)p (0.7)p
Total 0.6p 0.3p

- 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 76.2p 82.0p
Dividends per share* 78.5p 71.0p
Net asset value plus dividends
paid per share 154.7p 153.0p

- Share price at end of period 42.5p 63.0p

*Excluding proposed interim dividend



C SHARES 2009 2008

- Net assets GBP15.2m GBP19.1m

- Net asset value per share 73.6p 92.6p

- Return/(loss) per share:
Revenue 0.7p 1.1p
Capital (8.8)p 1.0p
Total (8.1)p 2.1p

- 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 73.6p 92.6p
Dividends per share* 7.0p 3.0p
Net asset value plus dividends
paid per share 80.6p 95.6p

- Share price at end of period 60.5p 82.5p

*Excluding proposed interim dividend



For further information, please contact:

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



HALF-YEARLY MANAGEMENT REPORT TO SHAREHOLDERS


I would like to begin this half-yearly report by expressing thanks on
behalf of shareholders and the board to Sir Fred Holliday, who
retired as chairman of Northern Venture Trust at the close of the
annual general meeting in January 2009. Fred served as chairman from
the company's inception in 1995 and his board colleagues will miss
his wisdom and calm authority as well as his deep knowledge of
commercial and scientific matters. This is certainly a challenging
time at which to take over as chairman, but I am confident that we
can continue to build on the strong foundation which the company has
put down over the past 14 years and which has seen the cumulative
return to ordinary shareholders (net asset value plus total dividends
paid) reach almost 155p per share.

Results and dividend - ordinary shares
The net asset value (NAV) per ordinary share at 31 March 2009, after
deducting dividends totalling 4.5p paid during the half year, was
76.2p, compared with 80.1p at 30 September 2008. The return per
share for the period before dividends as shown in the income
statement was 0.6p (corresponding period 0.3p), a creditable
performance over a six month period during which the FTSE All-Share
index fell by 20.1%. We have, not for the first time, felt the
benefit of having a diverse and maturing venture capital portfolio,
with excellent progress by several individual investments helping to
counter the general downward pressure on asset values exerted by
falling stock markets and the impact of recession on companies'
profitability.

The directors propose an unchanged interim dividend of 3.0p per
ordinary share, again comprising 1.0p revenue and 2.0p capital
distribution. It remains our objective to maintain the annual
dividend at not less than 6.0p per ordinary share, although I think
shareholders will understand that in the present volatile markets it
is difficult to look more than a short distance ahead at any point in
time. The interim dividend will be paid on 26 June 2009 to
shareholders on the register on 5 June 2009 and will take the total
ordinary dividends paid by the company since launch to 81.5p per
share.

Results and dividend - C shares
The net asset value per C share at 31 March 2009, after deducting
dividends of 3.0p paid during the half year, was 73.6p, down from the
84.7p reported at 30 September 2008. The income statement shows a
loss per share for the six months of 8.1p, compared with a positive
return of 2.1p in the same period last year. The loss reflects the
challenging market conditions of the past six months, which resulted
not only in a reduction in the valuation of the venture capital
portfolio but also in a fall in the current market value of our
listed fixed-interest investments.

The directors propose an unchanged interim dividend of 1.0p per C
share, which will be paid on 26 June 2009 to shareholders on the
register on 5 June 2009.

Investments
During the period under review the flow of new investment
opportunities has been relatively slow, against the background of a
shrinking UK economy and bankers who have been seeking to reduce
their lending exposure rather than take on new commitments. Our
managers have rightly taken a very cautious approach to the appraisal
of prospective investments. In December 2008 we invested GBP994,000 in
Ingleby (1804), a new group established by two experienced
entrepreneurs to exploit acquisition opportunities in the information
technology sector.

The future payment of our target level of ordinary dividends will
depend partly on a continuing stream of capital profits from the
investment portfolio, and it is encouraging to report that there were
two successful exits in the half year: Stainton Metal Company was
sold in November 2008 to the US-based Valmont Industries Inc,
generating cash proceeds of GBP0.5 million and a realised gain of GBP0.2
million, whilst in March 2009 Pivotal Laboratories Holdings was sold
to the clinical research services group ACM for cash proceeds of GBP1.3
million and a realised gain of GBP0.6 million. In both cases there is
a realistic prospect of further payments based on future performance.

The most prominent among the ongoing portfolio holdings during the
period have been DxS, which is generating substantial and growing
revenues from its range of diagnostic products, and Weldex
(International) Offshore, which has a full order book for its hire
fleet of large crawler cranes and lifting equipment. On the basis of
performance we have felt it appropriate to increase the valuation of
both investments substantially. Against this, however, a number of
our ongoing investee companies have faced difficult trading
conditions and this has been reflected in a number of prudent
provisions in the period against the cost of investments such as CGI
Group Holdings, Foreman Roberts Group and Astbury Marsden Holdings.

Shareholder issues
The small top-up offer of new ordinary shares to existing
shareholders announced in February 2009, which closed on 3 April
2009, raised a total of GBP538,000 of which GBP224,000 is reflected in
the 31 March 2009 balance sheet.

It was reported six months ago that your directors had appointed
Teathers as stockbrokers to the company in succession to Landsbanki
Securities, which ceased trading as a result of the financial
difficulties of its Icelandic parent. Regrettably Teathers in turn
ceased trading in March 2009 and we are currently reviewing the
future provision of corporate broking services to the company.
Shareholders will have noted that the quoted market prices of both
the ordinary and the C shares have been volatile during the past half
year, and both are currently standing at wide discounts to net asset
value despite a strong flow of dividends and an apparently steady
level of secondary market demand for the ordinary shares in
particular. There are however some indications that the attraction
of the ordinary shares' strong tax-free dividend yield is becoming
more widely appreciated, particularly at a time when interest rates
have fallen almost to zero and investors are facing the prospect of
significantly higher tax rates on most forms of investment income.
Based on the top-up offer price of 73p, less 30% initial income tax
relief, an annual dividend of 6p represents a tax-free yield of
11.7%. We will continue our efforts to communicate this message.

The dividend investment scheme, under which both ordinary and C
shareholders can re-invest their dividends in new ordinary shares
with the benefit of 30% income tax relief, has continued to operate
and has proved popular, with almost 2.6 million new shares issued
since December 2004. The latest scheme has now expired and a letter



giving details of the successor scheme is being sent to shareholders
with this half-yearly report. Existing members of the scheme need
take no action in order to continue investing their dividends.

We would again like to remind shareholders that the C shares issued
in the 2005/06 tax year are scheduled to convert into new ordinary
shares in October 2009, with the number of new ordinary shares being
determined by reference to the net assets per share attributable to
the respective pools of funds at 30 September 2009.

Board of directors
I have already mentioned the retirement of Sir Fred Holliday, which
reduced the number of directors on the board to four. It was stated
in the last annual report that we would be seeking to recruit
additional board members and I am very pleased to announce that Hugh
Younger, senior partner of Edinburgh-based solicitors Murray Beith
Murray, has been appointed as a director with effect from 11 May
2009. Hugh brings a great deal of investment knowledge and
experience to the board table and we look forward to working with
him. It is likely that another director will be appointed in the
foreseeable future.

VAT on management fees
Our managers have continued to pursue the repayment of VAT paid by
our company on management fees in past periods, following the
landmark European Court decision in the JPMorgan Claverhouse case.
Up to 31 March 2009 we have recognised recoverable VAT totalling
GBP502,000 in the company's financial statements, and negotiations
continue with a view to further recovery. With effect from 1 July
2008 VAT has no longer been chargeable on NVM's management fees, a
welcome saving given the effect which low interest rates are having
on our revenue account.

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.

Outlook
A year ago we commented that the resilience of our investments was
likely to be tested by the then current economic difficulties. We
did not appreciate how severe those difficulties were to become, and
most commentators are agreed that any recovery which may take place
in the UK economy will be slow and gradual. It is encouraging to see
a number of our existing investments making significant progress
despite the challenging conditions and we are ready to provide
further financial support where appropriate, especially with
conventional bank financing in short supply. Although the banks'
reluctance to lend remains an obstacle to the completion of new
deals, it will also create opportunities for us to take advantage of
the favourable investment conditions which often follow after a
period of recession. We will continue to place a heavy emphasis on
careful investment selection and on maintaining the strength of our
balance sheet.

On behalf of the Board

John Hustler
Chairman


The unaudited half-yearly financial statements for the six months
ended 31 March 2009 are set out below.

INCOME STATEMENT

(unaudited) for the six months ended 31 March 2009


Ordinary shares C shares
------------------------ ------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain/(loss) on
disposal
of investments - (57) (57) - 21 21
Movements in fair
value
of investments - 142 142 - (1,753) (1,753)
----- ----- ----- ----- ----- -----
- 85 85 - (1,732) (1,732)
Income 569 - 569 317 - 317
Investment (78) (233) (311) (44) (131) (175)
management fee
Recoverable VAT - - - 8 23 31
Other expenses (93) - (93) (86) - (86)
----- ----- ----- ----- ----- -----
Return/(loss) on
ordinary
activities 398 (148) 250 195 (1,840) (1,645)
before tax
Tax on return on (69) 59 (10) (55) 30 (25)
ordinary
activities
----- ----- ----- ----- ----- -----
Return/(loss) on
ordinary
activities after 329 (89) 240 140 (1,810) (1,670)
tax
----- ----- ----- ----- ----- -----

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




Company
------------------------
Revenue Capital Total
GBP000 GBP000 GBP000
Gain 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 fee (122) (364) (486)
Recoverable VAT 8 23 31
Other expenses (179) - (179)
----- ----- -----
Return/(loss) on ordinary
activities before tax 593 (1,988) (1,395)
Tax on return on ordinary activities (124) 89 (35)
----- ----- -----
Return/(loss) on ordinary
activities after tax 469 (1,899) (1,430)
----- ----- -----



INCOME STATEMENT

(unaudited) for the six months ended 31 March 2008


Ordinary shares C shares
--------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain/(loss)
on disposal
of - 339 339 - (5) (5)
investments
Movements in
fair value
of - (399) (399) - 323 323
investments
----- ----- ----- ----- ----- -----
- (60) (60) - 318 318
Income 737 - 737 466 - 466
Investment (99) (296) (395) (56) (166) (222)
management
fee
Recoverable - - - - - -
VAT
Other (98) - (98) (85) - (85)
expenses
----- ----- ----- ----- ----- -----
Return/(loss)
on ordinary
activities 540 (356) 184 325 152 477
before tax
Tax on return (139) 88 (51) (97) 50 (47)
on ordinary
activities
----- ----- ----- ----- ----- -----
Return/(loss)
on ordinary
activities 401 (268) 133 228 202 430
after tax
----- ----- ----- ----- ----- -----

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




Company
---------------------------
Revenue Capital Total
GBP000 GBP000 GBP000
Gain on disposal of investments - 334 334
Movements in fair value
of investments - (76) (76)
----- ----- -----
- 258 258
Income 1,203 - 1,203
Investment management fee (155) (462) (617)
Recoverable VAT - - -
Other expenses (183) - (183)
----- ----- -----
Return/(loss) on ordinary
activities before tax 865 (204) 661
Tax on return on ordinary (236) 138 (98)
activities
----- ----- -----
Return/(loss) on ordinary
activities after tax 629 (66) 563
----- ----- -----



INCOME STATEMENT
(unaudited) for the year ended 30 September 2008

Ordinary shares C shares
--------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Gain/(loss)
on disposal
of - (110) (110) - 566 566
investments
Movements in
fair value
of - (56) (56) - (1,870) (1,870)
investments
----- ----- ----- ----- ----- -----
- (166) (166) - (1,304) (1,304)
Income 1,477 - 1,477 912 - 912
Investment (186) (556) (742) (107) (322) (429)
management
fee



Recoverable 93 278 371 25 75 100
VAT
Other (199) - (199) (177) - (177)
expenses
----- ----- ----- ----- ----- -----
Return/(loss)
on ordinary
activities 1,185 (444) 741 653 (1,551) (898)
before tax
Tax on return (270) 82 (188) (169) 73 (96)
on ordinary
activities
----- ----- ----- ----- ----- -----
Return/(loss)
on ordinary
activities 915 (362) 553 484 (1,478) (994)
after tax
----- ----- ----- ----- ----- -----

Return/(loss) 2.3p (0.9)p 1.4p 2.3p (7.1)p (4.8)p
per share




Company
---------------------------
Revenue Capital Total
GBP000 GBP000 GBP000
Gain on disposal of investments - 456 456
Movements in fair value
of investments - (1,926) (1,926)
----- ----- -----
- (1,470) (1,470)
Income 2,389 - 2,389
Investment management fee (293) (878) (1,171)
Recoverable VAT 118 353 471
Other expenses (376) - (376)
----- ----- -----
Return/(loss) on ordinary
activities before tax 1,838 (1,995) (157)
Tax on return on ordinary (439) 155 (284)
activities
----- ----- -----
Return/(loss) on ordinary
Activities after tax 1,399 (1,840) (441)
----- ----- -----



RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

(unaudited) for the six months ended 31 March 2009


Ordinary shares C shares Company
GBP000 GBP000 GBP000
Equity shareholders' funds at
1 October 2008 31,118 17,461 48,579
Return/(loss) on ordinary 240 (1,670) (1,430)
activities after tax
Dividends recognised in the (1,753) (618) (2,371)
period
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 six months ended 31 March 2008


Ordinary shares C shares Company
GBP000 GBP000 GBP000
Equity shareholders' funds at
1 October 2007 33,632 18,883 52,515
Return on ordinary activities 133 430 563
after tax
Dividends recognised in the (2,303) (206) (2,509)
period
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 year ended 30 September 2008


Ordinary shares C shares Company
GBP000 GBP000 GBP000
Equity shareholders' funds at
1 October 2007 33,632 18,883 52,515
Return/(loss) on ordinary 553 (994) (441)
activities after tax
Dividends recognised in the (3,465) (413) (3,878)
period
Net proceeds of share issues 463 - 463
Shares purchased for cancellation (65) (15) (80)
------ ------ ------
Equity shareholders' funds at
30 September 2008 31,118 17,461 48,579
------ ------ ------



BALANCE SHEET

(unaudited) as at 31 March 2009


Ordinary shares C shares Company
GBP000 GBP000 GBP000
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 at bank 9,682 1,104 10,786
------ ------ ------
10,634 1,788 12,422
Creditors (amounts falling due (501) (194) (695)
within 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 - realised 5,939 768 6,707
Capital reserve - unrealised 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 31 March 2008


Ordinary shares C shares Company
GBP000 GBP000 GBP000
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 (207) (299) (506)
within 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 30 September 2008


Ordinary shares C shares Company
GBP000 GBP000 GBP000
Fixed asset investments:
Venture capital investments
Unquoted 19,956 6,643 26,599
Quoted 1,567 1,158 2,725
------ ------ ------
Total venture capital investments 21,523 7,801 29,324
Listed fixed-interest investments - 8,535 8,535
------ ------ ------
Total fixed asset investments 21,523 16,336 37,859
------ ------ ------
Current assets:



Debtors 787 166 953
Cash at bank 9,098 1,100 10,198
------ ------ ------
9,885 1,266 11,151
Creditors (amounts falling due (290) (141) (431)
within one year)
------ ------ ------
Net current assets 9,595 1,125 10,720
------ ------ ------

Net assets 31,118 17,461 48,579
------ ------ ------

Capital and reserves:
Called-up equity share capital 9,715 15,459 25,174
Share premium 9,418 2,030 11,448
Capital redemption reserve 1,996 41 2,037
Capital reserve - realised 7,152 860 8,012
Capital reserve - unrealised 1,673 (1,309) 364
Revenue reserve 1,164 380 1,544
------ ------ ------

Total equity shareholders' funds 31,118 17,461 48,579
------ ------ ------
Net asset value per share 80.1p 84.7p



CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2009

Ordinary C shares Company
shares
GBP000 GBP000 GBP000
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 at bank 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 57 (21) 36
investments
Movements in fair value of (142) 1,753 1,611
investments
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
GBP000 GBP000 GBP000
Cash at bank 10,198 588 10,786
------ ------ ------



CASH FLOW STATEMENT

(unaudited) for the six months ended 31 March 2008


Ordinary C shares Company
shares
GBP000 GBP000 GBP000
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 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 before 184 477 661
tax
(Gain)/loss on disposal of (339) 5 (334)
investments
Movements in fair value of 399 (323) 76
investments
(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 Cash flows 31 March
2007 2008
GBP000 GBP000 GBP000
Cash at bank 6,372 1,491 7,863
------ ------ ------



CASH FLOW STATEMENT
(unaudited) for the year ended 30 September 2008

Ordinary C shares Company
shares
GBP000 GBP000 GBP000
Net cash inflow from operating 471 613 1,084
activities
Taxation:
Corporation tax paid (73) (97) (170)
Financial investment:
Purchase of investments (6,036) (3,937) (9,973)
Sale/repayment of investments 11,795 4,585 16,380
Net cash inflow from
financial investment 5,759 648 6,407
Equity dividends paid (3,465) (413) (3,878)
------ ------ ------
Net cash inflow before financing 2,692 751 3,443
Financing:
Issue of shares 464 - 464
Share issue expenses (1) - (1)
Purchase of shares for (65) (15) (80)
cancellation
Net cash inflow/(outflow) from 398 (15) 383
financing
------ ------ ------
Increase in cash at bank 3,090 736 3,826
------ ------ ------

Reconciliation of return before
tax to
net cash flow from operating
activities
Return on ordinary activities 741 (898) (157)
before tax
(Gain)/loss on disposal of 110 (566) (456)
investments
Movements in fair value of 56 1,870 1,926
investments
(Increase)/decrease in debtors (437) 205 (232)
Increase in creditors 1 2 3
------ ------ ------
Net cash inflow from operating 471 613 1,084
activities
------ ------ ------

Analysis of movement in net funds
1 October 30 September
2007 Cash flows 2008
GBP000 GBP000 GBP000
Cash at bank 6,372 3,826 10,198
------ ------ ------




INVESTMENT PORTFOLIO SUMMARY
as at 31 March 2009
ORDINARY SHARES

Cost Valuation % of net assets
GBP000 GBP000 by valuation
DxS 1,107 5,757 19.1
Weldex (International) Offshore 205 4,568 15.2
Envirotec 813 1,462 4.9
CGI Group Holdings 3,449 862 2.9
Abermed 600 844 2.8
Arleigh International 375 725 2.4
S&P Coil Products 480 685 2.3
e-know.net 360 490 1.6
Alaric Systems 2,174 471 1.6
Direct Valeting 591 443 1.5
Tikit Group* 752 395 1.3
Paladin Group 291 378 1.2
Axial Systems Holdings 301 334 1.1
CloserStill Holdings 300 300 1.0



Ingleby (1804) 298 298 1.0
------ ------ -----
Fifteen largest venture capital 12,096 18,012 59.9
investments
Other venture capital investments 6,451 1,936 6.4
------ ------ -----
Total fixed asset investments 18,547 19,948 66.3
------
Net current assets 10,133 33.7
------ -----
Net assets 30,081 100.0
------ -----

C SHARES

Cost Valuation % of net assets
GBP000 GBP000 by valuation
Paladin Group 1,161 1,512 10.0
Axial Systems Holdings 703 775 5.1
CloserStill Holdings 700 700 4.6
Ingleby (1804) 696 696 4.6
Optilan Group 700 574 3.8
Frontier Foods 542 542 3.6
Promanex Group Holdings 801 401 2.6
Promatic Group 797 399 2.6
IDOX* 298 367 2.4
Gentronix 406 304 2.0
Advanced Computer Software* 229 269 1.8
Wear Inns 270 269 1.8
IS Pharma* 276 242 1.6
Brulines (Holdings)* 184 137 0.9
Shieldtech* 248 40 0.2
------ ------ -----
Fifteen largest venture capital 8,011 7,227 47.6
investments
Other venture capital investments 1,798 15 0.1
------ ------ -----
Total venture capital investments 9,809 7,242 47.7
Listed fixed-interest investments 7,208 6,337 41.8
------ ------ -----
Total fixed asset investments 17,017 13,579 89.5
------
Net current assets 1,594 10.5
------ -----
Net assets 15,173 100.0
------ -----
*Quoted on AIM



The above summary of results for the six months ended 31 March 2009
does not constitute statutory financial statements within the meaning
of Section 240 of the Companies Act 1985, 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 2008 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 2009 will be paid on 26 June 2009 to
ordinary shareholders on the register at the close of business on 5
June 2009.

The proposed interim C share dividend of 1.0p per share for the year
ending 30 September 2009 will be paid on 26 June 2009 to C
shareholders on the register at the close of business on 5 June 2009.

A copy of the half-yearly financial report for the six months ended
31 March 2009 is expected to be posted to shareholders on 29 May 2009
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.

=--END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.


(END) Dow Jones Newswires



May 07, 2009 02:05 ET (06:05 GMT)