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Oxford Technology 4 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2011 to 31 August 2011
Statement on behalf of the Board
Net Assets per share were 69p at 31 August 2011 compared to 76p at 28 February
2011. To reflect the current economic conditions some valuations have prudently
been reduced to take into account poor trading or technical difficulties,
however some investments continue to develop well even in a difficult trading
environment. Amongst these is Impact Applications, a provider of mobile software
solutions, of which OT4 owns 49%. This company is now cash generative with
strong sales growth. During the period OT4 also paid a maiden dividend of £0.03
per share from the proceeds of sale of OT4's shareholding in Dexela, a 3D
medical imaging company which was sold to Perkin Elmer.
On behalf of the Board
David Livesley - Chairman
Unaudited Financial Information
+------------------------+-----------------+-----------------+-----------------+
| | | | |
|Profit and Loss Account |Six months to 31 |Six months to 31 |Year to 28 Feb 11|
|for the Period | Aug 11| Aug 10| £'000|
| | £'000| £'000| |
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|disposal of assets held | | | |
|at fair value | 145| 32| 81|
+------------------------+-----------------+-----------------+-----------------+
|Unrealised gain/(loss) | | | |
|on fair value of | | | |
|investments | (509)| (510)| (207)|
+------------------------+-----------------+-----------------+-----------------+
|Other income | -| 18| 43|
+------------------------+-----------------+-----------------+-----------------+
|Other expenses | (108)| (107)| (201)|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|ordinary activities | | | |
|before tax | (472)| (567)| (284)|
+------------------------+-----------------+-----------------+-----------------+
|Tax on profit/(loss) on | | | |
|ordinary activities | -| -| -|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|ordinary activities | | | |
|after tax | (472)| (567)| (284)|
+------------------------+-----------------+-----------------+-----------------+
|Earnings per Share | (4.1)p| (5.3)p| (2.6)p|
+------------------------+-----------------+-----------------+-----------------+
+------------------------+-----------------+-----------------+-----------------+
| | | | |
|Historic Cost Profits |Six months to 31 |Six months to 31 |Year to 28 Feb 11|
|and Losses Note | Aug 11| Aug 10| £'000|
| | £'000| £'000| |
+------------------------+-----------------+-----------------+-----------------+
| | | | |
|Profit/(loss) for the | | | |
|financial period | (472)| (567)| (284)|
+------------------------+-----------------+-----------------+-----------------+
|Unrealised loss/(gain) | | | |
|on investments held at | | | |
|fair value | 509| 510| 207|
+------------------------+-----------------+-----------------+-----------------+
|Loss/(profit) on | | | |
|disposal of investments | | | |
|held at fair value | (145)| (32)| (81)|
+------------------------+-----------------+-----------------+-----------------+
|Profit/(loss) on | | | |
|disposal of investments | | | |
|held at historical value| 300| -| (1,555)|
+------------------------+-----------------+-----------------+-----------------+
|Historical cost | | | |
|profit/(loss) before tax| 192| (89)| (1,713)|
+------------------------+-----------------+-----------------+-----------------+
|Historical cost | | | |
|profit/(loss) after tax | 192| (89)| (1,713)|
+------------------------+-----------------+-----------------+-----------------+
+---------------------------------+-----------+-----------+-----------+
| | | | |
| Summarised Balance Sheet | 31 Aug 11 | 31 Aug 10 | 28 Feb 11 |
| | £'000 | £'000 | £'000 |
+---------------------------------+-----------+-----------+-----------+
| Investments held at fair value | | | |
| | 7,335 | 7,850 | 8,220 |
| | | | |
+---------------------------------+-----------+-----------+-----------+
| Other net current assets | 556 | 294 | 207 |
+---------------------------------+-----------+-----------+-----------+
| Net assets | 7,891 | 8,144 | 8,427 |
+---------------------------------+-----------+-----------+-----------+
+-------------------------+-----------------+------------------+---------------+
| | | | |
|Capital and Reserves |Six months to 31 | Six months to 31 | Year to 28 Feb|
| | Aug 11| Aug 10| 11|
| | £'000| £'000| £'000|
+-------------------------+-----------------+------------------+---------------+
|Called up share capital | 1,152| 1,110| 1,110|
| | | | |
+-------------------------+-----------------+------------------+---------------+
|Share premium | 813| 573| 573|
+-------------------------+-----------------+------------------+---------------+
|Profit and loss account | 5,995| 7,709| 6,148|
+-------------------------+-----------------+------------------+---------------+
|Revaluation reserve | (69)| (1,248)| 596|
+-------------------------+-----------------+------------------+---------------+
|Shareholders'funds | 7,891| 8,144| 8.427|
+-------------------------+-----------------+------------------+---------------+
|Net asset value per share| 69p| 73p| 76p|
+-------------------------+-----------------+------------------+---------------+
+-----------------------------+----------------+----------------+--------------+
| | | | |
|Cash Flow Statement for the | Six months to| Six months to|Year to 28 Feb|
|Period | 31 Aug 11| 31 Aug 10| 11|
| | £'000| £'000| £'000|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from | | | |
|operating activities | (123)| (90)| (170)|
+-----------------------------+----------------+----------------+--------------+
|Capital expenditure and | | | |
|financial investment | | | |
|Purchase of investments | | | |
| | (80)| (203)| (230)|
+-----------------------------+----------------+----------------+--------------+
|Disposal of investments | | | |
| | 601| 15| 22|
+-----------------------------+----------------+----------------+--------------+
|Net cash outflow from capital| | | |
|expenditure and financial | | | |
|investment | 521| (188)| (208)|
+-----------------------------+----------------+----------------+--------------+
|Financing | | | |
|Issue of Shares | 297| 356| 357|
+-----------------------------+----------------+----------------+--------------+
|Expenses paid in connection | | | |
|with shares issued | | | |
| | (15)| (18)| (18)|
+-----------------------------+----------------+----------------+--------------+
|Net cash flow from financing | | | |
| | 282| 338| 339|
+-----------------------------+----------------+----------------+--------------+
|Dividends paid | (345)| -| -|
+-----------------------------+----------------+----------------+--------------+
|Increase/(decrease) in cash | | | |
| | 335| 60| (39)|
+-----------------------------+----------------+----------------+--------------+
Notes to the Unaudited Financial Information on pages 2 and 3
1The financial information for each of the interim periods ended 31 August 2011
and 31 August 2010 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 28 February 2011. The financial information for the
year ended 28 February 2011 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 2011 has been
prepared in accordance with IAS 34.
2The 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.
3Listed 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.
4Copies 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 4 VCT plc via Thomson Reuters ONE
[HUG#1551703]
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