RNS Number:8182I
Triple Point VCT PLC
29 November 2007
FOR IMMEDIATE RELEASE 29 November 2007
TRIPLE POINT VCT PLC
INTERIM REPORT FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2007
The directors of Triple Point VCT plc today announce their interim results for
the six months ended 30 September 2007.
For further information, please contact :
Peter Hargreaves, Company Secretary 01534 814806
Triple Point VCT plc
Chairman's statement
Introduction
I am pleased to be writing to you to present the unaudited interim results for
Triple Point VCT plc ("the Company") for the six months ended 30 September 2007.
The investment strategy of the Company is to build a diversified portfolio of
investments in smaller unquoted companies whilst at the same time structuring
transactions so as to limit the risk normally associated with such investments.
Investment review
The important feature of the 6 months under review is that as detailed in the
portfolio summary appearing on page 2, qualifying holdings now comprise 44.4% of
holdings compared to 25.9% at 31 March 2007 representing substantial further
progress towards meeting our target of being 70% invested in qualifying
holdings. The increase in the 6 months reflects a new investment in Cranmer
Lawrence Engineering Solutions Limited together with five follow on investments
in existing holdings. Since 30 September 2007 the company has invested #900,000
in another new investment Per-Port Services Limited which will be providing
ultra-thin client network services comprising hardware and services ultimately
to a government agency. As a result qualifying investments now stand at 47.4%
approximately of all holdings.
Investment pipeline
The pipeline of potential investments presently totals some #65 million with the
range of activities including services for crematoria, combined heat and power
generation, telephony and diagnostic services for the NHS.
For the Company to be 70% invested in qualifying holdings implies investments
costing #20.651m compared to #13.061m of qualifying holdings achieved by
30 September 2007.
The Company is thus realistically optimistic of achieving its target of being
70% invested before the end date by which this should be achieved. In order
that this target is achieved the investment manager has increased its
origination staff by three individuals.
Conversion of C Shares
The interim results reflects conversion of the C shares into new ordinary
shares, so that, for the current period the results are reported for a single
class of ordinary shareholders which hopefully makes the figures more
understandable.
Dividends
During the period the Company declared and paid a dividend of 2.3p per share in
respect of the year ended 31 March 2007. The Directors do not propose to declare
a dividend in respect of the half year to 30 September 2007.
Results
As at 30 September 2007, the net asset value of the Company's Ordinary Shares,
after payment of a dividend of 2.3p per share, was #30.198 million or 94.40p per
share (2006: Ordinary shares, #3.150 million or 94.73p per share and C Shares,
#27.224 million or 95.52p per share). The profit after taxation was #0.361
million (2006 #0.162 million).
As always, please do not hesitate to call us on 020 7404 7403 or email me at
michael.sherry@triplepoint.co.uk.
Michael Sherry
Chairman
21 November 2007
Triple Point VCT plc
Financial Summary
Unaudited Unaudited Audited
6 months Ended 6 months Ended Year Ended
30 September 2007 30 September 2006 31 March 2007
_________________ ___________________________ ___________________________
Ord. Ord. "C" Ord. "C"
Shares Shares Shares Total Shares Shares Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Net assets 30,198 3,150 27,224 30,374 3,178 27,395 30,573
Net profit before tax 506 20 169 189 45 407 455
Share Price at end of period 100.00p 100.00p 100.00p 100.00p 100.00p 100.00p 100.00p
Earnings per share 1.13p 0.51p 0.51p 0.51p 1.35p 1.12p 1.14p
Net asset value per share 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p
Dividend per share 2.30p - - - - - -
Total return per share 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p
Portfolio summary (unaudited)
As at 30 September 2007
Security Activity Cost & Valuation Cost & Valuation
31-Mar-07 30-Sep-07
#'000 % #'000 %
Qualifying holdings 7,784 25.91 13,061 44.36
Non-qualifying holdings 18,230 60.67 15,572 52.88
Uninvested funds 4,034 13.43 812 2.76
_____________________________________
30,048 100.01 29,445 100.00
=====================================
Qualifying Holdings (All Unquoted)
Beam Carrier Trading Ltd Provision of satellite
Equity capacity 315 4.05 600 4.59
Debt 685 8.80 1,350 10.33
Broadsword Satellite Communications Ltd Provision of satellite
Equity capacity 385 4.95 685 5.24
Debt 615 7.90 1,315 10.07
Cranmer Lawrence Engineering Solutions Ltd Ambulance
Equity refurbishment - - 475 3.64
Debt - - 475 3.64
High Definition Broadcast Services Ltd Provision of satellite
Equity capacity 270 3.47 532 4.07
Debt 730 9.38 1,343 10.28
Meaujo 732 Ltd Provision of virtual
Equity communications 288 3.70 288 2.20
Debt systems 650 8.35 657 5.03
Satellite Broadband Access Solutions Ltd Provision of satellite
Equity capacity 280 3.60 526 4.03
Debt 720 9.25 1,359 10.41
WAN Solutions Ltd (formerly Meaujo 731) Provision of virtual
Equity communications 328 4.21 328 2.51
Debt systems 672 8.63 672 5.15
Wide Area Network Services Ltd (formerly
Meaujo 733) Provision of virtual
Equity communications 265 3.40 265 2.03
Debt systems 600 7.71 1,203 9.21
Wide Area Network Solutions Ltd (formerly
Meaujo 734) Provision of virtual
Equity communications 300 3.85 300 2.30
Debt systems 681 8.75 688 5.27
_____________________________________
7,784 100.00 13,061 100.00
_____________________________________
Triple Point VCT plc
Profit & Loss Account
Unaudited Unaudited Audited
6 months Ended 6 months Ended Year Ended
30 September 2007 30 September 2006 31 March 2007
_________________________ _________________________ _________________________
Rev. Cap. Tot. Rev. Cap. Tot. Rev. Cap. Tot.
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Ordinary Shares
Investment income 934 - 934 63 - 63 135 - 135
Investment management fees (90) (271) (361) (8) (24) (32) (19) (57) (76)
Other expenses (67) - (67) (11) - (11) (11) - (11)
_________________________ _________________________ _________________________
Return on ordinary
activities before taxation 777 (271) 506 44 (24) 20 105 (57) 48
Taxation on
ordinary activities (223) 78 (145) (6) 3 (3) (7) 4 (3)
_________________________ _________________________ _________________________
Profit/(loss) on
ordinary activities after
taxation 554 (193) 361 38 (21) 17 98 (53) 45
_________________________ _________________________ _________________________
Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.94p (1.59p) 1.35p
_________________________ _________________________ _________________________
"C" Shares
Investment income - - - 539 - 539 1,142 - 1,142
Investment management fees - - - (68) (205) (273) (160) (480) (640)
Other expenses - - - (97) - (97) (95) - (95)
_________________________ _________________________ _________________________
Return on ordinary
activities - - - 374 (205) 169 887 (480) 407
Taxation on ordinary
activities - - - (54) 30 (24) (198) 107 (91)
_________________________ _________________________ _________________________
Profit/(loss) on
ordinary activities after
taxation - - - 320 (175) 145 689 (373) 316
_________________________ _________________________ _________________________
Earnings/(loss) per share - - - 1.13p (0.62p) 0.51p 2.44p (1.32p) 1.12p
_________________________ _________________________ _________________________
Total
Investment income 934 - 934 602 - 602 1,277 - 1,277
Investment management fees (90) (271) (361) (76) (229) (305) (179) (537) (716)
Other expenses (67) - (67) (108) - (108) (106) - (106)
_________________________ _________________________ _________________________
Return on ordinary
activities before taxation 777 (271) 506 418 (229) 189 992 (537) 455
Taxation on
ordinary activities (223) 78 (145) (60) 33 (27) (205) 111 (94)
_________________________ _________________________ _________________________
Profit/(loss)on
ordinary activities after
taxation 554 (193) 361 358 (196) 162 787 (426) 361
_________________________ _________________________ _________________________
Earnings/(loss) per share 1.73p (0.60p) 1.13p 1.13p (0.62p) 0.51p 2.49p (1.35p) 1.14p
_________________________ _________________________ _________________________
All earnings / (loss) per share figures are basic as there are no potentially dilutitive instruments in issue.
Triple Point VCT plc
Statement of Movements in Shareholders' Funds
Unaudited Unaudited Audited
6 months Ended 6 months Ended Year Ended
30 September 2007 30 September 2006 31 March 2007
_________________ ___________________________ ___________________________
Ord. Ord. "C" Ord. "C"
Shares Shares Shares Total Shares Shares Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Shareholders' funds at
1 April 2007 30,573 3,133 10,114 13,247 3,133 10,114 13,247
Total gain recognised in
period 361 17 145 162 45 316 361
Net proceeds of share issues - - 16,965 16,965 - 16,965 16,965
Dividends declared (736) - - - - - -
_________________ ___________________________ ___________________________
Shareholders' funds at
30 September 2007 30,198 3,150 27,224 30,374 3,178 27,395 30,573
_________________ ___________________________ ___________________________
Balance Sheet
Unaudited Unaudited Audited
6 months Ended 6 months Ended Year Ended
30 September 2007 30 September 2006 31 March 2007
_________________ ___________________________ ___________________________
Ord. Ord. "C" Ord. "C"
Shares Shares Shares Total Shares Shares Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Fixed Assets:
Investments 13,061 393 3,607 4,000 797 6,987 7,784
_________________ ___________________________ ___________________________
Current assets:
Debtors 1,184 3 22 25 86 732 818
Current asset investments 15,572 1,899 16,275 18,174 1,905 16,325 18,230
Cash at bank 812 877 7,513 8,390 422 3,612 4,034
_________________ ___________________________ ___________________________
17,568 2,779 23,810 26,589 2,413 20,669 23,082
_________________ ___________________________ ___________________________
Creditors: amounts falling due
within one year (431) (22) (193) (215) (32) (261) (293)
_________________ ___________________________ ___________________________
Net current assets 17,137 2,757 23,617 26,374 2,381 20,408 22,789
_________________ ___________________________ ___________________________
Total assets less current
liabilities 30,198 3,150 27,224 30,374 3,178 27,395 30,573
_________________ ___________________________ ___________________________
Capital and reserves:
Share capital 320 33 1,425 1,458 33 1,425 1,458
Share premium 28,798 3,134 25,665 28,799 3,134 25,665 28,799
Capital redemption reserve 1,139 - - - - - -
Capital reserve (619) (21) (175) (196) (53) (373) (426)
Revenue reserve 560 4 309 313 64 678 742
_________________ ___________________________ ___________________________
Shareholders' funds 30,198 3,150 27,224 30,374 3,178 27,395 30,573
_________________ ___________________________ ___________________________
Net asset value per share
pence 94.40p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p
Dividends paid 2.30p - - - - - -
Total return to shareholders 96.70p 94.73p 95.52p 95.43p 95.57p 96.12p 96.06p
Triple Point VCT plc
Cash Flow Statement
Unaudited Unaudited Audited
6 months Ended 6 months Ended Year Ended
30 September 2007 30 September 2006 31 March 2007
_________________ ___________________________ ___________________________
Ord. Ord. "C" Ord. "C"
Shares Shares Shares Total Shares Shares Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Net cash inflow from operating
activities
Profit on ordinary activities
before tax 506 20 169 189 48 407 455
Adjusted for:
Taxation charge for the period (145) (3) (24) (27) (3) (91) (94)
Realised gains on investment
disposals - - - - - - -
Unrealised appreciation in
investment values - - - - - - -
_________________ ___________________________ ___________________________
Cash generated from
operations before changes
in working capital 361 17 145 162 45 316 361
Increase in debtors (366) (3) (20) (23) (86) (730) (816)
(Decrease)/Increase in
creditors 138 (71) (105) (176) (62) (37) (99)
_________________ ___________________________ ___________________________
Net cash (outflow)/inflow
from operating activities 133 (57) 20 (37) (103) (451) (554)
_________________ ___________________________ ___________________________
Financial investment:
Purchase of unquoted securities (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784)
_________________ ___________________________ ___________________________
Net cash outflow from
financial investment (5,277) (393) (3,607) (4,000) (797) (6,987) (7,784)
_________________ ___________________________ ___________________________
Equity dividends paid (736) - - - - - -
_________________ ___________________________ ___________________________
Management of liquid
resources:
Investment in cash
investments 2,658 (544) (630) (1,174) (549) (680) (1,229)
_________________ ___________________________ ___________________________
Financing:
Issue of own shares - - 17,812 17,812 - 17,812 17,812
Share issue expenses - - (847) (847) - (847) (847)
Subscriptions received but
not allotted - - (11,249) (11,249) - (11,249) (11,249)
_________________ ___________________________ ___________________________
Net cash inflow from
financing - - 5,716 5,716 - 5,716 5,716
_________________ ___________________________ ___________________________
Net (decrease)/increase in
cash and cash equivalents (3,222) (994) 1,499 505 (1,449) (2,402) (3,851)
Opening Cash and cash
equivalents 4,034 1,871 6,014 7,885 1,871 6,014 7,885
_________________ ___________________________ ___________________________
Closing Cash and cash
equivalents 812 877 7,513 8,390 422 3,612 4,034
_________________ ___________________________ ___________________________
Triple Point VCT plc
Notes to the interim report for the six months ended 30 September 2007
1. The unaudited interim results cover the six months to 30 September 2007
and have been drawn up in accordance with the Accounting Standard Board's (ASB)
Statement on Half-yearly Financial Reports (July 2007) and adopting the
accounting policies set out in the statutory accounts for the year ended 31
March 2007 which were prepared under UK GAAP and in accordance with the
Statement of Recommended Practice for Investment Companies issued by the
Association of Investment Trust Companies in January 2003, revised December
2005.
2. The financial information set out in this report has not been audited
and does not comprise full financial statements within the meaning of Section
240 of the Companies Act 1985. Statutory accounts for the year ended 31 March
2007, which were unqualified, have been lodged with the Registrar of Companies.
No statutory accounts in respect of any period after 31 March 2007 have been
reported on by the Company's auditors or delivered to the Registrar of
Companies.
3. Taxation has been provided for at a rate of 28.63% based on the
assumption that income for the second half of the year will be equal to that for
the first half. Given that the business is not seasonal the directors regard
this as a reasonable assumption.
4. Copies of the Interim Report to Shareholders have been sent to
shareholders and are available at the Company's Registered Office: 10-11 Gray's
Inn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services, 4th
Floor, 150-152 Fenchurch Street, London EC3M 6BB
5. During the period under review, the Company did not issue any new
shares.
6. The earnings per share is based on income from ordinary activities after
tax of #0.361m and on 31,990,482 ordinary shares of 1p, being the weighted
average number of shares in issue during the period. The net assets per share
is based on total net assets of #30.198m and 31,990,482 ordinary shares of 1p in
issue at the period end.
7. Related party transactions
Mr Michael Sherry, Chairman of the Company, is an equity Member of
Triple Point LLP (TPLLP). TPLLP in turn holds a controlling interest in Triple
Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP provided
management and administrative services to the Company amounting to #361,147
(2006 - #304,854)
Triple Point VCT plc
Responsibility statement of the Directors in respect of the interim report for
the six months ended 30 September 2007
We confirm to the best of our knowledge:
* the condensed set of financial statements have been prepared in accordance
with the Statement Half-yearly financial reports issued by the UK Accounting
Standards Board;
* the interim management report includes a fair review of the information
required by:
* DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of the 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
* 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 may have materially effected 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.
By order of the Board
Peter Hargreaves
Secretary
21 November 2007
Triple Point VCT plc
Directors
Michael Gabriel Sherry
James Chadwick Murrin
Robin David Morrison
Secretary and Registered Office
Peter William Hargreaves
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD
Company Registered Number
05304481
Solicitors
Howard Kennedy
19a Cavendish Square
London W1A 2AW
Bankers
HSBC
60 Queen Victoria Street
London, EC4
Investment Manager and Administrator
Triple Point Investment Management LLP
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD
VCT Tax Adviser
PricewaterhouseCoopers LLP
1 Embankment Place
London WC2N 6RH
Independent Auditor
Grant Thornton UK LLP
1 Westminster Way
Oxford OX2 0PZ
Registrars
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
West Midlands, B63 3DA
This information is provided by RNS
The company news service from the London Stock Exchange
END
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