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Oxford Technology (HVN)

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Friday 02 May, 2003

Oxford Technology

Annual Report and Accounts

Oxford Technology Vent Cap Tst PLC
02 May 2003

Preliminary Announcement for Oxford Technology Venture Capital Trust plc for the
year ended 28 February 2003

A copy of the full accounts and the accompanying newsletter has been submitted
to the UKLA, and will shortly be available for inspection at the UKLA's Document
Viewing Facility, which is situated at 25 The North Colonnade, Canary Wharf,
London E14 5HS.

Chairman's Statement

Times have generally been hard for technology companies and the investee
companies of Oxford Technology VCT have not escaped unscathed. Net assets per
share were £1.15 at 28 February 2003 compared to £1.22 at 28 February 2002 and
£1.19 at 31 August 2002.

But several investee companies have been making good progress. Armstrong has at
last raised another round of capital and its sales have been increasing
especially in the US. Avidex is making excellent progress with its science.
Coraltech has invented and patented what promises to be a major advance in
injection moulding technique. Sales at Equitalk have continued to grow strongly
and additional capital has been raised at a slightly increased valuation. Valid
has secured some much larger orders. Scancell has also made encouraging
progress. The outlook for other investee companies is also good while one or two
others could be in trouble unless sales increase.

The Board is pleased with the development of the portfolio as a whole.
Investments are described in detail in the periodic newsletters.

Net revenue return after taxation and management expenses was a deficit of
£128,000 and revenue return per share for the year was a loss of 2.64p. Capital
return was a loss of 4.14p per share.

John Jackson


2 May 2003

Statement of Total Return (Incorporating the Revenue Account)*

for the Year Ended 28 February 2003
                                                                2003                             2002
                                                             Audited                          Audited
                                 Revenue £000     Capital Total £000    Revenue    Capital Total £000
                                                     £000                  £000       £000
Gains/(losses) on investments               -       (201)      (201)          -        297        297
Income                                     29           -         29          4          -          4
Investment management fee                (89)           -       (89)       (82)          -       (82)
Other expenses                           (68)           -       (68)       (58)          -       (58)
                                        _____       _____      _____      _____      _____      _____
Net return on ordinary                  (128)       (201)      (329)      (136)        297        161
activities before taxation
Tax on ordinary activities                  -           -          -          -          -          -
                                        _____       _____      _____      _____      _____      _____
Return attributable to equity           (128)       (201)      (329)      (136)        297        161
shareholders and transfers to/
(from) reserves
                                       ======      ======     ======     ======     ======     ======
Return per ordinary share             (2.64p)     (4.14)p    (6.78)p    (2.80p)      6.12p      3.32p
                                       ======      ======     ======     ======     ======     ======

* The revenue column of this statement is the profit and loss account of the

All revenue and capital items in the above statement derive from continuing
operations. There were no recognised gains or losses for the year other than
those shown above.

Balance Sheet at 28 February 2003
                                      28 February 2003         28 February 2002 
                                               Audited                  Audited
                                      £000        £000         £000        £000
Fixed assets
Investments                                      5,664                    5,898
Current assets
Debtors                                  3                        2
Cash at bank                            40                       20
                                     _____                    _____
                                        43                       22
Creditors: amounts falling due       (122)                      (6)
within one year
                                     _____                    _____
Net current assets                                (79)                       16
                                                 _____                    _____
Net assets                                       5,585                    5,914
                                                 =====                    =====
Capital and reserves
Called up share capital                            485                      485
Share premium account                            4,107                    4,107
Other reserves:
Capital reserve - realised                       (790)                    (916)
Capital reserve - unrealised                     2,186                    2,513
Revenue reserve                                  (403)                    (275)
                                                 _____                    _____
Shareholders' funds                              5,585                    5,914
                                                 =====                    =====
Net asset value per share                         115p                     122p
                                                 =====                    =====

Cash Flow Statement for the Year Ended 28 February 2003

                                         2003       2002
                                      Audited    Audited
                                         £000       £000
Net cash inflow / (outflow) from         (13)      (147)
operating activities
Capital expenditure and financial
Purchase of investments                     -       (83)
Disposal of investments                    33         22
                                       ______     ______
Net cash inflow/(outflow) from             33       (61)
capital expenditure and financial
                                       ______     ______
Increase/(decrease) in cash                20      (208)
                                       ======     ======


1. Basis of preparation

The preliminary announcement has been prepared in accordance with applicable
accounting standards up to and including FRS 19 and with the Statement of
Recommended Practice 'Financial statements of investment trust companies' and
under the historical cost convention, modified to include the revaluation of
investments. The principal accounting policies have remained unchanged from
those set out in the company's 2002 financial statements.

2. Return per Ordinary Share

The calculation of revenue return per share is based on the net deficit for the
financial period of £128,000 (2002: £136,000) divided by the weighted average
number of ordinary shares of 4,852,900 (2002: 4,852,900) in issue during the

The calculation of capital return per share is based on the net capital loss for
the financial period of £201,000 (2002: return of £297,000) divided by the
weighted average number of ordinary shares of 4,852,900 (2002: 4,852,900) in
issue during the year.

3. General

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The balance sheet at 28 February 2003 and the statement of total return,
cash flow statement and associated notes for the year then ended have been
extracted from the company's 2003 statutory financial statements on which the
auditors' opinion is unqualified and does not include any statement under
section 237 of the Companies Act 1985.

                      This information is provided by RNS
            The company news service from the London Stock Exchange