Oxford Technology Oxford Technology VCT plc : Half-yearly report
October 01 2012 - 8:20AM
UK Regulatory
TIDMOXT
Oxford Technology Venture Capital Trust PLC
Interim Statement
For the period 1 March 2012 to 31 August 2012
Statement on behalf of the Board
The net assets per share at 31 August 2012 were 68p compared to 26p as at 31
August 2011, and 25p as at 29 February 2012. The major reason for the increase
is the increase in the share price of Scancell, which is quoted on AIM. At 29
February its share price was 6.5p and at 31 August the share price had risen to
31p. OT1 owns 4.3% of the equity. Scancell has a vaccine for skin cancer in
clinical trials.
OT1 also owns 30% of Select Technology, which is beginning to grow quite
rapidly. Sales increased from GBP541k in the year to July 2011, to GBP1,595k in the
year to July 2012. These sales are almost all in the UK, but sales are now
growing in Europe and are expected to start in the US and China during the next
year.
On behalf of the Board
John Jackson - Chairman
Unaudited Financial Information
+------------------------+-----------------+-----------------+-----------------+
| | | | |
|Profit and Loss Account |Six months to 31 |Six months to 31 |Year to 29 Feb 12|
|for the Period | Aug 12| Aug 11| GBP'000|
| | GBP'000| GBP'000| |
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|disposal of assets held | | | |
|at fair value | 1| -| -|
+------------------------+-----------------+-----------------+-----------------+
|Unrealised gain/(loss) | | | |
|on fair value of | | | |
|investments | 2,368| 21| (18)|
+------------------------+-----------------+-----------------+-----------------+
|Other income | 2| 2| 4|
+------------------------+-----------------+-----------------+-----------------+
|Other expenses | (30)| (34)| (46)|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|ordinary activities | | | |
|before tax | 2,341| (11)| (60)|
+------------------------+-----------------+-----------------+-----------------+
|Tax on profit/(loss) on | | | |
|ordinary activities | -| -| -|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|ordinary activities | | | |
|after tax | 2,341| (11)| (60)|
+------------------------+-----------------+-----------------+-----------------+
| | | | |
|Earnings per Share | 43.1p| (0.2)p| (1.1)p|
+------------------------+-----------------+-----------------+-----------------+
+------------------------+------------------+-----------------+----------------+
| | | | |
|Historic Cost Profits | Six months to 31 |Six months to 31 | Year to 29 Feb|
|and Losses Note | Aug 12| Aug 11| 12|
| | GBP'000| GBP'000| GBP'000|
+------------------------+------------------+-----------------+----------------+
| | | | |
|Profit/(loss) for the | | | |
|financial period | 2,341| (11)| (60)|
+------------------------+------------------+-----------------+----------------+
|Unrealised loss/(gain) | | | |
|on investments held at | | | |
|fair value | (2,368)| (21)| 18|
+------------------------+------------------+-----------------+----------------+
|Loss/(profit) on | | | |
|disposal of investments | | | |
|held at fair value | (1)| -| -|
+------------------------+------------------+-----------------+----------------+
|Profit/(loss) on | | | |
|disposal of investments | | | |
|held at historical value| (463)| -| (112)|
+------------------------+------------------+-----------------+----------------+
|Historical cost | | | |
|profit/(loss) before tax| (491)| (32)| (154)|
+------------------------+------------------+-----------------+----------------+
|Historical cost | | | |
|profit/(loss) after tax | (491)| (32)| (154)|
+------------------------+------------------+-----------------+----------------+
+----------------------------------+-----------+-----------+-----------+
| | | | |
| Summarised Balance Sheet | 31 Aug 12 | 31 Aug 11 | 29 Feb 12 |
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------+-----------+-----------+-----------+
| Investments held at fair value | | | |
| | 3,474 | 1,136 | 1,097 |
| | | | |
+----------------------------------+-----------+-----------+-----------+
| | | | |
| Other net current assets | 217 | 263 | 253 |
+----------------------------------+-----------+-----------+-----------+
| | | | |
| Net assets | 3,691 | 1,399 | 1,350 |
+----------------------------------+-----------+-----------+-----------+
+-------------------------+-----------------+-----------------+----------------+
| | | | |
|Capital and Reserves |Six months to 31 |Six months to 31 | Year to 28 Feb|
| | Aug 12| Aug 11| 12|
| | GBP'000| GBP'000| GBP'000|
+-------------------------+-----------------+-----------------+----------------+
|Called up share capital | 543| 543| 543|
| | | | |
+-------------------------+-----------------+-----------------+----------------+
|Share premium | 176| 176| 176|
+-------------------------+-----------------+-----------------+----------------+
|Profit and loss account | 66| 679| 556|
+-------------------------+-----------------+-----------------+----------------+
|Revaluation reserve | 2,906| 1| 75|
+-------------------------+-----------------+-----------------+----------------+
|Shareholders'funds | 3,691| 1,399| 1,350|
+-------------------------+-----------------+-----------------+----------------+
|Net asset value per share| 68p| 26p| 25p|
+-------------------------+-----------------+-----------------+----------------+
+-----------------------------+----------------+----------------+--------------+
| | | | |
|Cash Flow Statement for the | Six months to| Six months to|Year to 28 Feb|
|Period | 31 Aug 12| 31 Aug 11| 12|
| | GBP'000| GBP'000| GBP'000|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from | | | |
|operating activities | (25)| (32)| (49)|
+-----------------------------+----------------+----------------+--------------+
|Capital expenditure and | | | |
|financial investment | | | |
|Purchase of investments | | | |
| | (18)| -| -|
+-----------------------------+----------------+----------------+--------------+
|Disposal of investments | | | |
| | 9| -| -|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from capital| | | |
|expenditure and financial | | | |
|investment | (9)| -| -|
+-----------------------------+----------------+----------------+--------------+
|Increase/(decrease) in cash | | | |
| | (34)| (32)| (49)|
+-----------------------------+----------------+----------------+--------------+
Notes to the Unaudited Financial Information on pages 2 and 3
1 The financial information for each of the interim periods ended 31
August 2012 and 31 August 2011 is unaudited and does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared
using accounting policies consistent with those set out in the company's
statutory accounts for the year ended 29 February 2012. The financial
information for the year ended 29 February 2012 has been extracted from the
company's statutory accounts for that period which contained an unqualified
audit report and which have been filed with the Registrar of Companies. The
Board confirms that the unaudited finance information for the 6 months ending
31 August 2012 has been prepared in accordance with IAS 34.
2 The calculation of earnings per share for the period is based on the return
attributable to shareholders divided by the weighted average number of shares in
issue during the period.
3 Listed investments are stated at market value based upon middle market
prices at the accounting period end. The unrealised depreciation or
appreciation on the valuation of investments are dealt with in the revaluation
reserve.
4 Copies of the Interim Statement are being sent to shareholders and further
copies can be obtained from the Company's Registered Office.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Oxford Technology VCT plc via Thomson Reuters ONE
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