Interim Results
October 02 2002 - 12:29PM
UK Regulatory
RNS Number:9876B
Oxford Technology 2 VCT PLC
02 October 2002
Oxford Technology 2 Venture Capital Trust plc
Interim Statement
For the period
1 March 2002 to 31 August 2002
Statement on behalf of the Board
Oxford Technology 2 VCT is now fully invested in the sense that it will make no
further investments in new companies, although it retains some capital with
which to support existing investees, if the need arises. In the current
difficult investment climate, it is particularly important to be able to do
this.
At 31 August 2002, the net assets per share were #1.40 compared to #1.48 at 31
August 2001 and #1.42 at 28 February 2002.
During the period, Jetmask effectively failed and CHRdesign was sold at a loss.
However, some investees made good solid progress, including, particularly,
Equitalk, CDL, Insense, Orthogem and Oxford Sensor Technology. The investment
with the highest valuation, Intellikraft, is at a critical stage, with first
production expected in October. The next few months will be critical; the
potential remains high, but so too do the risks.
The Board is pleased with the development of the portfolio as a whole and
details of the investments are given in the October 2002 newsletter.
On behalf of the Board
John Jackson
Chairman
Unaudited financial information
Summarised Statement of Total Six months Six months Year
Return for the period 1 Mar 02 1 Mar 01 1 Mar 01
to 31 Aug 02 to 31 Aug 01 to 28 Feb 02
#'000 #'000 #'000
Gain / (loss) on investments (69) 2,940 2,637
Income 26 119 123
Expenses (88) (104) (179)
_____ _____ _____
Net return before taxation (131) 2,955 2,581
Tax on ordinary activities - - 2
_____ _____ _____
Return attributable to equity shareholders (131) 2,955 2,583
Dividends in respect of equity shares - - -
_____ _____ _____
Transfers to / (from) reserves (131) 2,955 2,583
===== ===== =====
Revenue earnings / (loss) per share (1.03)p 0.25p (0.90)p
Capital return / (loss) per share (1.15)p 49.00p 43.95p
Total return per ordinary share (2.18)p 49.25p 43.05p
===== ===== =====
Summarised Balance Sheet 31 Aug 02 31 Aug 01 28 Feb 02
#'000 #'000 #'000
Unquoted investments 7,550 6,430 7,340
Government stocks - 2,346 290
Other net current assets 850 127 901
_____ _____ _____
Net assets 8,400 8,903 8,531
===== ===== =====
Capital and Reserves
Called up share capital 600 600 600
Share premium:
Share issues 5,400 5,400 5,400
Expenses on share issues (179) (179) (179)
_____ _____ _____
5,821 5,821 5,821
Capital reserve
unrealised 2,762 3,057 2,746
realised (77) - 8
Revenue reserve (106) 25 (44)
_____ _____ _____
8,400 8,903 8,531
===== ===== =====
Net asset value per share 140p 148p 142p
===== ===== =====
Cash flow statement for the period Six months Six months Year
1 Mar 02 1 Mar 01 1 Mar 01
to 31 Aug 02 to 31 Aug 01 to 28 Feb 02
#'000 #'000 #'000
Net cash inflow / (outflow) from operating activities (20) (112) 35
Taxation recovered - - (20)
Capital expenditure and financial investment
Purchase of investments (465) (1,531) (2,679)
Redemption on maturity of government stocks 288 - 2,015
Proceeds on disposal of investments 189 - -
_____ _____ _____
Net cash inflow / (outflow) for capital expenditure 12 (1,531) (664)
and financial investment
Dividends paid - (60) (60)
_____ _____ _____
Decrease in cash (8) (1,703) (709)
===== ===== =====
This information is provided by RNS
The company news service from the London Stock Exchange
END
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