RNS Number:7472S
Close Brothers Protected VCT PLC
02 December 2003


                        Close Brothers Protected VCT PLC

                                                                2 December 2003

Close Brothers Protected VCT PLC ("the Company"), managed by Close Venture
Management, today announces interim results for the six months ended 30
September 2003.

Financial Highlights:

Summary of dividends and Net Asset Value as at 30 September 2003

                                                                Pence per share

Gross dividend for the year to 31 March 1998                         4.00
Gross interim dividends and net final dividend 
for the year to 31 March 1999                                        4.00
Net dividend for the year to 31 March 2000                           4.00
Net dividend for the year to 31 March 2001                           3.25
Net dividend for the year to 31 March 2002                           2.25
Net dividend for the year to 31 March 2003                           1.00
Net dividend for the six months to 30 September 2003                 0.75
                                                                    19.25

Net asset value at 30 September 2003                                87.30

Total                                                              106.55

Note 1: following the cessation of tax credits on 5 April 1999, dividends paid
by VCTs no longer benefit from tax credits.

Note 2: the above table does not take into account the income tax relief of 20%
or the capital gains tax deferral relief of 40% upon subscription for shares in
the Company.

For further information, please contact:

Patrick Reeve/Henry Stanford             Justin Griffiths/ John West
Close Venture Management                 Tavistock Communications
Tel: 020 7426 4000                       Tel: 020 7920 3150

www.closeventures.co.uk

Notes to Editors:

1)  Close Brothers Protected VCT PLC is managed by Close Venture Management.

2)  Close Venture Management is a subsidiary of Close Brothers Investment
    Limited and is regulated by the FSA.

3)  The financial information set out in the announcement does not
    constitute the Company's statutory accounts for the six months ended 30
    September 2003 or 2002. The financial information for the year ended 31 
    March 2003 is derived from the statutory accounts delivered to the Registrar
    of Companies. The auditors reported on those accounts; their report was 
    unqualified and did not contain a statement under s237 (2) or (3) of the 
    Companies Act 1985.

Chairman's Statement

Investment review

During the six months to 30 September 2003, I am pleased to say that the
Company's net asset value per share increased by 11.8%, while the interim
dividend per share grew by 50% from last year's depressed levels. The growth in
net asset value was prompted by the strong performance of our AIM portfolio,
which now accounts for 28% of the Company's assets, and which increased in value
by almost 60%, compared to the growth of the AIM Index of 38.5% over the same
period.

At the same time, the Company's interim dividend has increased to 0.75 pence per
share from last year's 0.50 pence per share. This has been the result of the
continuing progress in replacing the low-yielding portfolio of loans guaranteed
by Royal Bank of Scotland PLC with a higher yielding portfolio of asset-based
investments. New investments in this area include an initial #1 million (to be
followed by up to a further #2 million) in Kew Green VCT (Stansted), a newly
formed company which will build and operate a 183 room Express by Holiday Inn
hotel in Stansted Airport. With continued progress in this area, as at the date
of this statement, asset-based investments now account for #5.3 million of the
investment portfolio, with a further #4.2 million reserved for investment. This
underlies the Company's policy of supplementing the prospects of lower-risk
capital growth with a reliable income yield.

The following is a profile of the Company's investment portfolio by value
following the decision to change its investment strategy:

                            30 September   31 March   30 September   31 March
                                    2003       2003           2002       2002
Investments by value             # 000's    # 000's        # 000's    # 000's

Qualifying loan
investments guaranteed by
RBS                                8,705     11,105         11,505     11,180

Qualifying AIM investments         5,951      3,729          4,952      6,594

Qualifying asset based
investments                        3,333      2,250          1,000          -

Cash and other
non-qualifying investments         3,588      2,214          3,385      7,630
                                 ---------  ---------      ---------  ---------

Total                             21,577     19,298         20,842     25,404
                                 ---------  ---------      ---------  ---------


As at 30 September 2003 the net assets of the Company were #21.4 million, or
87.3 pence per share compared with net assets at 31 March 2003 of #19.2 million,
or 78.1 pence per share and net assets at 30 September 2002 of #20.7 million, or
83.3 pence per share. The rise in the AIM market led to a total capital profit
for the period of #2.35 million (2002: #2.0 million loss). Net revenue income
before taxation amounted to #205,000 in the six months against #135,000 in the
comparable period last year, with the increase due to the build up of the high
yielding portfolio of asset-based investments. The Board has therefore declared
a net interim dividend of 0.75 pence per share (2002: 0.50 pence). The dividend
will be paid on 7 January 2004 to shareholders on the register on 12 December
2003.

Martin Bralsford
Chairman
2 December 2003


                       Unaudited Statement of Total Return
                   (incorporating the profit and loss account)
                     for the six months to 30 September 2003

                     Six months to                Six months to                    Year to
                   30 September 2003            30 September 2002               31 March 2003

              Revenue   Capital     Total   Revenue   Capital    Total   Revenue   Capital     Total
                #'000     #'000     #'000     #'000     #'000    #'000     #'000     #'000     #'000
------------------------------------------------------------------------------------------------------

Realised
gains/
(losses) on
investments        -         23        23         -      (239)    (239)        -      (553)     (553)

Unrealised
gains/
(losses) on 
investments        -      2,327     2,327         -    (1,712)  (1,712)        -    (2,633)   (2,633)

Income           305          -       305       259         -      259       536         -       536

Investment
management
fees             (48)       (78)     (126)      (45)      (66)    (111)      (91)     (126)     (217)

Other            
expenses         (52)       (25)      (77)      (79)      (39)    (118)     (144)      (71)     (215)
                -----      -----     -----     -----     -----    -----     -----      -----    -----
Return on
ordinary
activities
before tax       205      2,247     2,452       135    (2,056)  (1,921)      301    (3,383)   (3,082)

Tax on
ordinary
activities       (26)        13       (13)       (6)        5       (1)      (24)       16        (8)
                -----      -----     -----     -----     -----    -----     -----      -----    -----
Return
attributable
to
Shareholders     179      2,260     2,439       129    (2,051)  (1,922)      277    (3,367)   (3,090)

Dividends       (184)         -      (184)     (124)        -     (124)     (245)        -      (245)
                -----     -----     -----     -----     -----    -----     -----     -----     -----
Transfer
to/(from)
reserves          (5)     2,260    (2,255)        5    (2,051)  (2,046)       32    (3,367)   (3,335)
               ======    ======    =======   ======    =======  =======   ======    =======   =======
Return per
ordinary
share            0.7p       9.2p      9.9p      0.5p     (7.6)p   (7.1)p     1.1p    (13.0)p   (11.9)p


All revenue and capital items in the above statement derive from continuing
operations.

There were no recognised gains or losses other than those disclosed above.


                        Unaudited Summary Balance Sheet

                              At 30 September 2003

                           30 September 2003   30 September 2002      31 March
                                                                          2003
                                       #'000               #'000         #'000
---------------------------------------------------------------------------------

Fixed asset investments

Qualifying investments                17,989              17,457        17,084

Non-qualifying investments                 4               2,005             3
                                      ------              ------        ------

Total fixed asset
investments                           17,993              19,462        17,087

Current assets
Debtors                                  143                 101            97
Cash at bank and in hand               3,584               1,380         2,211
                                      ------              ------        ------
                                       3,727               1,481         2,308

Creditors: due within one
year                                    (314)               (225)         (244)
                                       ------              ------        ------

Net current assets                     3,413               1,256         2,064
                                      ------              ------        ------

Net assets                            21,406              20,718        19,151
                                      ======              ======        ======

Represented by:
Called up share capital               12,260              12,445        12,260
Special reserve                        9,706               9,984         9,706
Capital redemption reserve             1,678               1,493         1,678
Capital reserve
realised                                (789)               (328)         (722)
unrealised                            (1,512)             (2,917)       (3,839)
Revenue reserve                           63                  41            68
                                       ------              ------        ------

Total equity shareholders'
funds                                 21,406              20,718        19,151
                                      ======              ======        ======

Net asset value per
ordinary share                          87.3p               83.3p         78.1p

This interim report was approved by the Board of Directors on 2 December 2003

Signed on behalf of the Board of Directors by

D M Bralsford

Chairman





                          Unaudited Cashflow Statement
                     for the six months to 30 September 2003

                                     Six months to   Six months to     Year to
                                 30 September 2003    30 September    31 March
                                             #'000            2002        2003
                                                             #'000       #'000
--------------------------------------------------------------------------------

Operating activities
Investment income received                     324             278         524
Deposit interest received                       18              89         117
Other income received                            -               1           -
Investment management fees paid               (109)           (118)       (226)
Other cash payments                            (87)           (150)       (226)
                                             ------          ------      ------

Net cash inflow from operating
activities                                     146             100         189

Taxation
UK corporation tax refund                       12               -           -

Investing activities
Purchase of investments                     (1,227)         (2,635)     (3,935)
Disposals of investments                     2,583           3,087       5,529
                                            -------         -------     -------

Net cash inflow from investing
activities                                   1,356             452       1,594
                                            ------          ------      ------

Equity dividends paid
Dividends paid on ordinary
shares                                        (123)           (414)       (537)
                                             -------         -------     -------

Net cash inflow before financing             1,391             138       1,246

Financing
Purchase of shares net of
expenses                                         -          (2,382)     (2,659)
Capital restructuring expenses                 (18)              -           -
                                             ------         -------     -------
                                               (18)         (2,382)     (2,659)
                                             ------         -------     -------
Increase/(decrease) in cash and
cash equivalents                             1,373          (2,244)     (1,413)
                                             ======         =======     =======






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