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Aberdeen Growth Opps (MIG3)

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Friday 14 July, 2006

Aberdeen Growth Opps

Interim Results

Aberdeen Growth Opps VCT PLC
14 July 2006


Aberdeen Growth Opportunities VCT PLC


Interim results


The Directors announce the unaudited interim results for the six months ended 31
May 2006.

A total of £14.95 million before expenses was raised in the C share issue, which
closed on 5 April 2006. The 70% qualifying threshold must be achieved on this
pool of money by November 2008 to meet the VCT regulations.

The companies forming the unlisted portfolio in which the original pool is
invested are showing encouraging signs of maturing into candidates for
successful trade sales or IPO on the AIM market.


Net Asset Value

The Net Asset Value (NAV) per share of the original pool at 31 May 2006 was
96.1p per share ("pps") compared with 95.4pps as at 30 November 2005 (as
restated) after payment of the capital dividend of 1.5p on 28 April 2006. The
NAV of the C share pool was 95.3pps, up from 95.0pps immediately after launch
expenses. The increase in NAV of the original pool of 0.7% compares with the
FTSE Small Cap Index, which increased by 11.2% over the period, and the FTSE AIM
100 Index, which increased by 10.6%.

Over the twelve month period ending 31 May 2006, the NAV has increased by 1.7p
taking account of the capital dividend paid in April 2006 and the NAV in May
2005 as restated for the change in accounting rules as explained in the Annual
Report.

Unquoted investments held by Aberdeen Growth Opportunities VCT are valued in
accordance with the International Private Equity and Venture Capital Valuation
Guidelines, which superseded the British Venture Capital Guidelines for
reporting periods beginning after 1 January 2005.

Investments which are quoted or traded on the Alternative Investment Market
(AIM) or a recognised stock exchange are valued at their bid price, discounted
where necessary to reflect any trading restrictions.


Co-investment

Aberdeen Growth Opportunities VCT has co-invested with other funds managed by
the Aberdeen Asset Management Group in a number of investments and is expected
to continue to do so. The advantage of this arrangement is that, together, the
funds are able to underwrite a wider range and size of transaction than would be
the case on a stand-alone basis.


Dividends and returns to date

The Board does not intend to declare an interim dividend for the period ended 31
May 2006. Since launch, the company has paid 5.0pps in tax free dividends. Given
the current NAV of 96.1p, the total return since launch on the original pool is
therefore 101.1pps, being the sum of dividends paid plus current NAV, while for
the C share pool it is 95.3pps. The Board has decided to suspend the operation
of the dividend reinvestment scheme until it is clear how the new VCT
regulations will be applied to the management of reinvested dividends.


Investment activity

During the six-months to 31 May 2006, three new unquoted and eight new AIM
investments were made at a total cost of £2.0 million. One AIM investment was
realised in a share-for-share transaction with the proceeds re-invested in the
acquiring company. Of the new investments, £1,087,000 and £923,000 was invested
from the original and C share pools respectively. The analysis contained
elsewhere within this report shows the amounts invested by each pool at the
period end. A total of £2.2 million was invested during the six month period,
including amounts invested in existing investee companies, resulting in an
investment portfolio consisting of forty-one unquoted and AIM investments having
a total cost of £6.6 million at 31 May 2006.

The following eleven new investments, of which all except one are VCT
qualifying, have been made since the publication of the Annual Report:


Unlisted Investments

Homelux Nenplas Limited (May 2006) - £472,000: Homelux Nenplas Limited is a
manufacturer of tile trims and other wet room furnishing accessories.  Its
products are distributed through major DIY retail outlets and trade product
distributors.(No website available)

IRW Systems Limited (April 2006) - £45,000: IRW Systems provides software
solutions and services to a range of clients across the central belt of Scotland
focusing on consultancy, bespoke software development and network managed
services. IRW Systems acquired the trade and assets of IRW Solutions Limited via
the Administration of the Albanet Group in April 2006. (www.irw.co.uk)

Styles and Wood Holdings Limited (December 2005) - £200,000: Styles & Wood is
the leading independent provider of store fit-out and refurbishment programmes
to the UK retail sector; customers include John Lewis, Marks and Spencer and
Boots. (www.stylesandwood.co.uk)


AiM investments


Debts.co.uk plc (May 2006) - £50,000: Debts.co.uk provides personal debt
solutions. (www.debts.co.uk)

Gold Frost plc (March 2006) - £151,000: Gold Frost designs, develops &
distributes kosher food products. (No website available)

Interactive World plc (April 2006) - £175,000: Interactive World is a digital
media content provider which distributes its content (images and video
downloads) via UK mobile network operators and Internet search engines. (No
website available)

Invocas plc (March 2006) - £172,000: Invocas is an insolvency practioner that
specialises in advising and administering Protected Trust Deeds and
sequestrations (bankruptcies) as well as providing corporate insolvency and
advisory services. (www.invocas.com)

Leadcom Integrated Solutions plc (May 2006) - £99,000: Leadcom is an
international leader in the supply, implementation and management of
telecommunication network services and solutions. (www.leadcom-is.com)

Litcomp plc (March 2006) - £150,000: Litcomp is a national supplier of medical
reports in support of legal actions. (www.legal-reports.co.uk)

MTI Wireless Edge plc (March 2006) - £70,000: MTI is a developer and
manufacturer of sophisticated antennas and antenna systems for fixed broadband
wireless communications. (www.mtiwe.com)

Work Group plc (February 2006) - £200,000: Work Group is a leading UK
recruitment services provider that helps employers to recruit and retain their
staff more effectively. (www.workcomms.com)


Portfolio developments

The fund has achieved a profitable exit from Travel Class from the sale of the
business to a major plc. Proceeds of £562,000 were received compared to the cost
of investment of £225,000 resulting in a gain of £335,000 equivalent to c3.4p
per share. As mentioned in the Annual Report for 2005, a partial exit was
achieved in November 2005 from Enterprise Food Group and the deferred
consideration amounting to £39,000 was received in the reporting period. In
addition, the remaining manufacturing business which had been spun out of
Enterprise Food was sold and contributed further modest gain of £9,000 which
brings the total gain from the realisations so far to £56,000 while retaining a
significant equity share in the remaining fulfilment business.




These positive developments were partially offset by two significant reductions
in the valuation of investee companies which had to be processed at the end of
the period. Albanet was placed in Administration during April and a full
provision was taken against the carrying value; this was partially offset by the
investment in IRW Systems, a subsidiary of Albanet, which was purchased from the
Administrator at an agreed price. The Administration came about because of the
lack of market penetration which was achieved by the Company leading to a
funding requirement the terms of which could not be agreed by all shareholders.
Kingsley Cards was also placed in Administration during April but again the loss
was minimised by acquiring the business and certain assets through a new
investee company, Riverdale Publishing, from the Administrator.

The unlisted portfolio is showing signs of increasing maturity and further
realisations may be expected over the course of the remainder of the year.

The AiM portfolio has continued to be actively managed during the reporting
period resulting in gains of £112,000 equivalent to c1.1p per share. The UK
stock markets, including AiM, entered a period of instability around the middle
of May 2006 resulting in a fall in the FTSE AiM index of c11% between mid- May
and the end of the reporting period. This market movement affected many of the
investments held by the Company and the value fell by around 9% over the same
period.

The table below shows details of all of the sales made by the Company over the
reporting period. All of the realisations occurred in the original pool with the
exception of Invocas which was made by the C share pool.


Market conditions

The downturn in retail activity which was experienced towards the end of 2005
has continued with little respite into 2006. Meanwhile crude oil prices have
reached historically high levels as increasing demand from growth in the world
economy, in particular China, has squeezed the supply and demand balance. House
price increases have slowed and new mortgage applications have reduced in number
but personal levels of debt remain high and are increasing. While there has been
speculation that the Monetary Policy Committee would increase interest rates to
curb inflationary tendencies, no changes have been made since the last reduction
in rates in August 2005 and we now expect rates to remain unchanged for some
time to come.


Outlook

The outlook for new investments remains positive, with a steady flow of both
unquoted and AIM opportunities available for consideration by the Manager. The
primary focus is two fold; first to ensure that the Company continues to build,
in a measured fashion, a properly diversified portfolio of good quality smaller
company assets which will deliver sustained long term performance and secondly
to employ a similar strategy on the C share pool while achieving the 70%
threshold within the three year timescale required by the VCT legislation. Asset
quality will not be sacrificed for short term growth in the qualifying
investment portfolio.






Realisations during the reporting period

                                Date first      Complete/         Cost of shares         Sales    Realised gain/
                                  invested   partial exit            disposed of      proceeds            (loss)
                                                                           £'000         £'000             £'000
Unlisted
Enterprise Food Group                 2003        Partial                      -            39                39
Patisserie UK                         2005       Complete                      -             9                 9
Travel Class                          2005       Complete                    225           562               337
                                                                   ---------------------------------------------
Total unlisted                                                               225           610               385

AIM
Asfare                                2003        Partial                     10             8                (2)
Axeon                                 2003        Partial                     90           139                49
Careforce Group                       2004        Partial                     56            60                 4
Cello Group                           2004        Partial                     46            56                10
Datong                                2005        Partial                     13            13                 -
Gold Frost                            2006        Partial                     21            25                 4
Imagesound                            2004       Complete                     68            25               (43)
Inspicio                              2005        Partial                     56            68                12
Invocas                               2006        Partial                      2             4                 2
Legend Communications                 2004       Complete                    100            51               (49)
MTI Wireless Edge                     2006        Partial                     29            39                10
Neutrahealth                          2005        Partial                      7             8                 1
Spectrum Interactive                  2005        Partial                     19            14               (5)
Tanfield Group                        2004        Partial                     77           156                79
United Clearing                       2005        Partial                    202           220                18
Zetar                                 2005        Partial                     65            87                22
                                                                   ---------------------------------------------
Total AIM                                                                    861           973               112
                                                                   ---------------------------------------------
Total                                                                       1086          1583               497
                                                                   ---------------------------------------------





Aberdeen Growth Opportunities VCT PLC
Income statement
For the six months ended 31 May 2006 (unaudited)

                                                                   ORDINARY SHARES
                                                     -------------------------------------------
                                                     Revenue          Capital             Total
                                                       £'000            £'000             £'000

Gains/(losses) on investments                              -              130               130
Income from investments                                  110                -               110
Other income                                               9                -                 9                         
Investment management fees                               (27)            (107)             (134)
Other expenses                                           (55)               -               (55)
------------------------------------------------------------------------------------------------
Profit/(loss) on ordinary
activities before taxation                                37               23                60

Tax on ordinary activities                               (10)              10                 -
------------------------------------------------------------------------------------------------                        
                                                 
Profit/(loss) on ordinary activities
after taxation                                            27               33                60
------------------------------------------------------------------------------------------------                        
Earnings per Ordinary
share (pence)                                           0.27             0.33              0.60
------------------------------------------------------------------------------------------------


                                                                  'C' ORD SHARES
                                                       -------------------------------------------
                                                       Revenue           Capital             Total
                                                         £'000             £'000             £'000

Gains/(losses) on investments                                -                45                45
Income from investments                                     62                 -                62
Other income                                                16                 -                16                      
Investment management fees                                 (11)              (44)              (55)
Other expenses                                             (28)                -               (28)
---------------------------------------------------------------------------------------------------                     
                                                         
Profit/(loss) on ordinary
activities before taxation                                  39                 1                40

Tax on ordinary activities                                  (7)                7                 -
---------------------------------------------------------------------------------------------------                     
                                                         
Profit/(loss) on ordinary activities
after taxation                                              32                 8                40
---------------------------------------------------------------------------------------------------
Earnings per Ordinary
share (pence)                                             0.23              0.06              0.29
---------------------------------------------------------------------------------------------------




Aberdeen Growth Opportunities VCT PLC
Income statement
For the six months ended 31 May 2006 (unaudited)

                                                                        TOTAL
                                                      -----------------------------------------
                                                      Revenue          Capital            Total
                                                        £'000            £'000            £'000

Gains/(losses) on investments                               -              175              175                         
Income from investments                                   172                -              172
Other income                                               25                                25
Investment management fees                                (38)            (151)            (189)
Other expenses                                            (83)               -              (83)
------------------------------------------------------------------------------------------------                        
                                                    
Profit/(loss) on ordinary
activities before taxation                                 76               24              100

Tax on ordinary activities                                (17)              17                -
------------------------------------------------------------------------------------------------                        
                                                   
Profit/(loss) on ordinary activities
after taxation                                             59               41              100
------------------------------------------------------------------------------------------------


Reconciliation of movements in Shareholders' Funds

                                            ORDINARY SHARES            'C' ORD SHARES               TOTAL
                                                      £'000                     £'000               £'000

Opening Shareholders' funds                           9,623                         -               9,623

Movements in the period
Total profit/(loss) for the period                       60                        40                 100
Net proceeds of issue of shares                           -                    14,206              14,206
Repurchase and cancellation of shares                  (123)                        -                (123)
Dividends paid - revenue                                (50)                        -                 (50)
Dividends paid - capital                               (149)                        -                (149)
----------------------------------------------------------------------------------------------------------
Closing Shareholders' funds                           9,361                    14,246              23,607
----------------------------------------------------------------------------------------------------------




Aberdeen Growth Opportunities VCT PLC
Income statement
For the six months ended 31 May 2005 (unaudited) (restated)

                                                                ORDINARY SHARES
                                                     ------------------------------------------
                                                     Revenue          Capital             Total
                                                       £'000            £'000             £'000

Gains/(losses) on investments                              -              385               385
Income from investments                                  102                -               102                         
Other income                                              11                -                11                         
Investment management fees                               (28)            (112)             (140)
Other expenses                                           (99)               -               (99)
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary
activities before taxation                               (14)             273               259

Tax on ordinary activities                                 -                -                 -
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary activities
after taxation                                           (14)             273               259
------------------------------------------------------------------------------------------------

Earnings per Ordinary
share (pence)                                          (0.14)            2.66              2.52
------------------------------------------------------------------------------------------------


                                                                    'C' ORD SHARES
                                                    --------------------------------------------
                                                    Revenue            Capital             Total
                                                     £'000              £'000              £'000

Gains/(losses) on investments                            -                 -                   -
Income from investments                                  -                 -                   -
Other income                                             -                 -                   -
Investment management fees                               -                 -                   -
Other expenses                                           -                 -                   -
------------------------------------------------------------------------------------------------
Profit/(loss) on ordinary
activities before taxation                               -                 -                   -
                                                    
Tax on ordinary activities                               -                 -                   -
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary activities
after taxation                                           -                 -                   -
------------------------------------------------------------------------------------------------                        
Earnings per Ordinary
share (pence)                                            -                 -                   -
------------------------------------------------------------------------------------------------                        
                            





Aberdeen Growth Opportunities VCT PLC
Income statement
For the six months ended 31 May 2005 (unaudited) (restated)


                                                                           TOTAL
                                                       ---------------------------------------------
                                                       Revenue            Capital              Total
                                                         £'000              £'000              £'000

Gains/(losses) on investments                                -                385                385
Income from investments                                    102                  -                102
Other income                                                11                  -                 11
Investment management fees                                 (28)              (112)              (140)
Other expenses                                             (99)                 -                (99)
-----------------------------------------------------------------------------------------------------                   
                                                   
Profit/(loss) on ordinary
activities before taxation                                 (14)               273                259
                                                                  

Tax on ordinary activities                                   -                  -                  -
-----------------------------------------------------------------------------------------------------                   
                                     
Profit/(loss) on ordinary activities
after taxation                                             (14)               273                259
-----------------------------------------------------------------------------------------------------                   
                                              
Earnings per Ordinary
share (pence)                                            (0.14)              2.66               2.52
-----------------------------------------------------------------------------------------------------



Reconciliation of movements in Shareholders' Funds

                                                     ORDINARY SHARES         'C' ORD SHARES           TOTAL
                                                               £'000                  £'000           £'000

Opening Shareholders' funds                                    9,751                      -           9,751

Movements in the period

Total profit for the period                                      259                      -             259
                                                                                    
Net proceeds of issue of shares                                    9                      -               9
                                                                                          
Repurchase and cancellation of shares                           (148)                     -            (148)
                                                                                      
Dividends paid - revenue                                        (102)                     -            (102)
------------------------------------------------------------------------------------------------------------            
Closing Shareholders' funds                                    9,769                      -           9,769
------------------------------------------------------------------------------------------------------------            
                                                                        



Aberdeen Growth Opportunities VCT PLC
Income statement
For the year ended 30 November 2005 (audited) (restated)

                                                                ORDINARY SHARES
                                                     ------------------------------------------
                                                     Revenue          Capital             Total
                                                       £'000            £'000             £'000

Gains/(losses) on investments                              -              443               443
Income from investments                                  322                -               322                         
Other income                                              23                -                23                         
Investment management fees                               (56)            (224)             (280)
Other expenses                                          (202)               -              (202)
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary
activities before taxation                                87              219               306

Tax on ordinary activities                               (12)              12                 -
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary activities
after taxation                                            75              231               306
------------------------------------------------------------------------------------------------                        
Earnings) per Ordinary
share (pence)                                           0.74             2.27              3.01
------------------------------------------------------------------------------------------------



                                                                    'C' ORD SHARES
                                                    --------------------------------------------
                                                    Revenue            Capital             Total
                                                     £'000              £'000              £'000
Gains/(losses) on investments                            -                  -                  -
Income from investments                                  -                  -                  -
Other income                                             -                  -                  -
Investment management fees                               -                  -                  -
Other expenses                                           -                  -                  -
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary
activities before taxation                               -                  -                  -
                                                       

Tax on ordinary activities                               -                  -                  -
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary activities
after taxation                                           -                  -                  -
------------------------------------------------------------------------------------------------                        
Earnings) per Ordinary
share (pence)                                            -                  -                  -
------------------------------------------------------------------------------------------------                        
                             



Aberdeen Growth Opportunities VCT PLC
Income statement
For the year ended 30 November 2005 (audited) (restated)

                                                                       TOTAL
                                                   ---------------------------------------------
                                                   Revenue            Capital             Total
                                                    £'000              £'000              £'000

Gains/(losses) on investments                           -                443                443
Income from investments                               322                  -                322
Other income                                           23                  -                 23
Investment management fees                            (56)              (224)              (280)
Other expenses                                       (202)                 -               (202)
------------------------------------------------------------------------------------------------                        
Profit/(loss) on ordinary
activities before taxation                             87                219                306
                                                   

Tax on ordinary activities                            (12)                12                  -
------------------------------------------------------------------------------------------------                        
                                          
Profit/(loss) on ordinary activities
after taxation                                         75                231                306
------------------------------------------------------------------------------------------------

Earnings) per Ordinary
share (pence)                                        0.74               2.27               3.01
------------------------------------------------------------------------------------------------



Reconciliation of movements in Shareholders' Funds

                                                     ORDINARY SHARES         'C' ORD SHARES           TOTAL
                                                               £'000                  £'000           £'000

Opening Shareholders' funds                                    9,751                      -           9,751
                                                                                          
Movements in the period
Total profit for year                                            306                      -             306
                                                                                       
Net proceeds of issue of shares                                   10                      -              10
                                                                                       
Repurchase and cancellation of shares                           (342)                     -            (342)
                                                                                                
Dividends paid - revenue                                        (102)                     -            (102)
------------------------------------------------------------------------------------------------------------            
Closing Shareholders' funds                                    9,623                      -           9,623
------------------------------------------------------------------------------------------------------------            
                                                                         


A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.

All items in the above statement are derived from continuing operations.

The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.

The total column of this Statement is the Profit and Loss Account of the
Company.



Aberdeen Growth Opportunities VCT PLC
Balance Sheet
As at 31 May 2006

                                                                                31 May 2006
                                                                                (unaudited)
                                                                      --------------------------------------
                                                                      ORDINARY     'C'  ORD
                                                                        SHARES       SHARES            TOTAL
                                                                      
                                                                         £'000        £'000            £'000

 Fixed assets
 Investments                                                             7,763       13,589           21,352

 Current assets
 Debtors                                                                   399          128              527
                                                                                        
 Cash and overnight deposits                                             1,292          713            2,005
------------------------------------------------------------------------------------------------------------            
                                                                           
                                                                         1,691          841            2,532
                                                                                        

 Creditors
 Amounts falling due within one year                                       (93)        (184)            (277)
-------------------------------------------------------------------------------------------------------------           
Net current assets                                                       1,598          657            2,255
-------------------------------------------------------------------------------------------------------------           
Net Assets                                                               9,361       14,246           23,607
-------------------------------------------------------------------------------------------------------------
 Capital and reserves
 Called up share capital                                                   974        1,495            2,469
 Share premium                                                           4,685       12,711           17,396
 Distributable reserve                                                   3,692            -            3,692
                                                                                          
 Capital redemption reserve                                                 73            -               73
                                                                                          
 Capital reserves             - realised                                     3          (35)             (32)
                              - unrealised                                (33)           43               10
                                                                                        
 Revenue reserve                                                          (33)           32               (1)
-------------------------------------------------------------------------------------------------------------           
 Equity Shareholders' funds                                             9,361        14,246           23,607
-------------------------------------------------------------------------------------------------------------

 Net Asset Value per Ordinary share (pence)                              96.1          95.3
-------------------------------------------------------------------------------------------------------------






Aberdeen Growth Opportunities VCT PLC
Balance Sheet
As at 31 May 2006

                                                                               31 May 2005
                                                                               (unaudited)
                                                                               (restated)
                                                                   ------------------------------------------
                                                                   ORDINARY          'C' ORD
                                                                     SHARES           SHARES            TOTAL
                                                                      £'000            £'000            £'000

 Fixed assets
 Investments                                                          7,142                -            7,142

 Current assets
 Debtors                                                                164                -              164
 Cash and overnight deposits                                          2,615                -            2,615
-------------------------------------------------------------------------------------------------------------
                                                                      2,779                -            2,779

 Creditors
 Amounts falling due within one year                                   (152)               -             (152)
--------------------------------------------------------------------------------------------------------------
 Net current assets                                                   2,627                -            2,627
--------------------------------------------------------------------------------------------------------------
 Net Assets                                                           9,769                -            9,769
--------------------------------------------------------------------------------------------------------------

 Capital and reserves
 Called up share capital                                              1,019                -            1,019
 Share premium                                                        4,685                -            4,685
 Distributable reserve                                                4,009                -            4,009
 Capital redemption reserve                                              28                -               28
 Capital reserves               - realised                             (398)               -             (398)
                                - unrealised                            377                -              377
 Revenue reserve                                                         49                -               49
--------------------------------------------------------------------------------------------------------------
 Equity Shareholders' funds                                           9,769                -            9,769
--------------------------------------------------------------------------------------------------------------
 Net Asset Value per Ordinary share (pence)                            95.9                -
------------------------------------------------------------------------------------------------




Aberdeen Growth Opportunities VCT PLC
Balance Sheet
As at 31 May 2006
                                                                                30 November 2005
                                                                                    (audited)
                                                                                    (restated)
                                                                  ---------------------------------------------
                                                                  ORDINARY             'C' ORD
                                                                    SHARES              SHARES            TOTAL
                                                                     £'000               £'000            £'000
 Fixed assets
 Investments                                                         8,167                   -            8,167

 Current assets
 Debtors                                                               376                   -              376
 Cash and overnight deposits                                         1,253                   -            1,253
----------------------------------------------------------------------------------------------------------------
                                                                     1,629                   -            1,629

 Creditors
 Amounts falling due within one year                                 (173)                   -            (173)
----------------------------------------------------------------------------------------------------------------
 Net current assets                                                  1,456                   -            1,456
----------------------------------------------------------------------------------------------------------------
 Net Assets                                                          9,623                   -            9,623
----------------------------------------------------------------------------------------------------------------
 Capital and reserves
 Called up share capital                                               993                   -              993
 Share premium                                                       4,685                   -            4,685
 Distributable reserve                                               3,815                   -            3,815
 Capital redemption reserve                                             54                   -               54
 Capital reserves               - realised                           (400)                   -            (400)
                                - unrealised                           337                   -              337
 Revenue reserve                                                       139                   -              139
----------------------------------------------------------------------------------------------------------------
 Equity Shareholders' funds                                          9,623                   -            9,623
----------------------------------------------------------------------------------------------------------------
 Net Asset Value per Ordinary share (pence)                           96.9                   -
----------------------------------------------------------------------------------------------------



Aberdeen Growth Opportunities VCT PLC
Cash Flow Statement
For the six months ended 31 May 2006

                                                                             Six months to
                                                                              31 May 2006
                                                                              (unaudited)
                                                           ----------------------------------------------------
                                                           ORDINARY          'C' ORD SHARES               TOTAL
                                                             SHARES
                                                              £'000                   £'000               £'000
 Operating activities
 Investment income received                                      93                    (62)                  31         
                 
 Deposit interest received                                        9                      14                  23         
                                                                
 Other income                                                     -                       -                   -         
                                                                
 Investment management fees paid                               (137)                      -                (137)        
                                                            
 Secretarial fees paid                                          (39)                      -                 (39)        
                                                             
 Cash paid to and on behalf of directors                        (31)                     (2)                (33)        
                                                           
 Other cash payments                                            (34)                     (1)                (35)        
----------------------------------------------------------------------------------------------------------------        
 Net cash (outflow) from operating activities                  (139)                    (51)               (190)

 Taxation

 Corporation tax                                                  -                       3                   3         
 Financial investment
 Purchase of investments                                     (1,252)                (14,449)            (15,701)        
                                                          
 Sale of investments                                          1,752                   1,004               2,756         
----------------------------------------------------------------------------------------------------------------        
                                                            
 Net cash inflow/(outflow) from financial investment            500                 (13,445)            (12,945)

 Equity dividends paid                                         (199)                      -                (199)        
----------------------------------------------------------------------------------------------------------------        
                                                          
 Net cash inflow/(outflow) before use of liquid               
 resources and financing                                        162                 (13,493)            (13,331)

 Financing

 Issue of shares                                                  -                  14,206              14,206         
          
 Repurchase of Ordinary shares                                 (123)                      -                (123)        
                                     
 Expenses of share issue                                          -                       -                   -
----------------------------------------------------------------------------------------------------------------        
 Net cash inflow/(outflow) from financing                      (123)                 14,206              14,083
----------------------------------------------------------------------------------------------------------------
 Increase/(decrease) in cash                                     39                     713                 752
----------------------------------------------------------------------------------------------------------------




Aberdeen Growth Opportunities VCT PLC
Cash Flow Statement
For the six months ended 31 May 2006

                                                                            Six months to            Year ended
                                                                              31 May 2005      30 November 2005
                                                                               (unaudited)             (audited)
                                                                          ORDINARY SHARES       ORDINARY SHARES
                                                                                    £'000                 £'000
 Operating activities
 Investment income received                                                            88                   261
 Deposit interest received                                                             12                    25
 Other income                                                                           -                     -         
 Investment management fees paid                                                     (132)                 (273)
 Secretarial fees paid                                                                (30)                  (60)
 Cash paid to and on behalf of directors                                              (35)                  (66)
 Other cash payments                                                                  (34)                  (77)
----------------------------------------------------------------------------------------------------------------
 Net cash (outflow) from operating activities                                        (131)                 (190)

 Taxation
 Corporation tax                                                                        -                     3         
             
 Financial investment
 Purchase of investments                                                           (2,433)               (5,095)
 Sale of investments                                                                  456                 2,007
----------------------------------------------------------------------------------------------------------------
 Net cash inflow/(outflow) from financial investment                               (1,977)               (3,085)

 Equity dividends paid                                                                (94)                 (102)
----------------------------------------------------------------------------------------------------------------
Net cash inflow/(outflow) before use of liquid resources and financing             (2,202)               (3,377)

 Financing
 Issue of shares
 Repurchase of Ordinary shares                                                       (148)                 (345)
 Expenses of share issue
                                                                                                             10
----------------------------------------------------------------------------------------------------------------
 Net cash inflow/(outflow) from financing                                            (148)                 (335)
----------------------------------------------------------------------------------------------------------------
 Increase/(decrease) in cash                                                       (2,350)               (3,712)
----------------------------------------------------------------------------------------------------------------        
                                                                       





Notes to the Financial Statements


1.  Accounting policies

The financial information for the 6 months ended 31 May 2006 and the 6 months
ended 31 May 2005 comprises non statutory accounts within the meaning of section
240 of the Companies Act 1985. The financial information contained in this
report has been prepared on the basis of the accounting policies set out in the
Annual Report and Financial Statements for the year ended 30 November 2005, with
the exception of the items set out in Note 2.

The results for the year ended 30 November 2005 are extracted from the full
accounts for that year, subject to the adjustments detailed in Note 2, which
received an unqualified report from the Auditors and have been filed with the
Registrar of Companies.


2. Basis of restatement

During the 6 months to 31 May 2006 the company became subject to new Financial
Reporting Standards issued as part of the programme to converge UK GAAP with
international accounting standards As a result of this the results for the year
ended 30 November 2005 and 6 months to 31 May 2005 have been restated to reflect
the changes of accounting practice in relation to the following:


  • Investments are measured initially at cost and are recognised at trade
    date.
  • For financial assets acquired, the cost is the fair value of the
    consideration.  Subsequent to initial recognition investments are valued at
    fair value. For listed and AIM quoted investments this is deemed to be bid
    market prices sourced from The London Stock Exchange. Unlisted investments
    are valued by the Directors at fair value, in line with the guidelines of
    the International Private Equity and Venture Capital Valuation Guidelines.
  • In accordance with FRS 21 - "Events after the Balance Sheet Date",
    dividends are not accrued in the Financial Statements unless they have been
    declared before the Balance Sheet Date. Final dividends are therefore
    recognised in the period in which they are declared and paid. As a result of
    this change the accounts for the year ended 20 November 2005 have been
    restated.



The impact of these changes is shown below:


 Reconciliation of Balance Sheets

ORDINARY SHARES                                                     31 May             30 November       30 November
                                                                      2005                    2005              2004
                                                                (unaudited)               (audited)         (audited)
                                                                     £'000                   £'000             £'000

Net assets as previously reported                                    9,854                   9,700             9,716
Restatement of investments at bid value                                (85)                   (127)              (69)
Reversal of provision for final dividend                                 -                      50               104
---------------------------------------------------------------------------------------------------------------------
Restated net assets                                                  9,769                   9,623             9,751
---------------------------------------------------------------------------------------------------------------------


Reconciliation of the Statement of Total Return
                                                            6 months ended              Year ended
                                                               31 May 2005        30 November 2005
                                                                (unaudited)               (audited)
                                                                      £000                    £000

Total transfer to reserves per original reported        
Statement of Total Return                                              276                     316
Add year to 30 November 2005 final dividend on ordinary shares          (1)                     48
Change from mid to bid basis at 30 November 2004                        69                      69
Change from mid to bid basis at 30 November 2005                         -                    (127)
Change from mid to bid basis at 31 May 2005                            (85)                      -
---------------------------------------------------------------------------------------------------
Return on ordinary activities after tax per Income Statement           259                     306


3. Statement of changes in equity
                                                                     Share                               Capital
ORDINARY SHARES                                   Share            premium      Distributable         redemption
                                                Capital            account            reserve            reserve
                                                  £'000              £'000              £'000              £'000

At 30 November 2004                               1,038              4,676              4,157                  8
Effect of restatement                                 -                  -                  -                  -
-----------------------------------------------------------------------------------------------------------------
At 30 November 2004 (as restated)                 1,038              4,676              4,157                  8
Final dividend 2004 paid and declared                 -                  -                  -                  -
                                                             
Shares issued                                         1                  9                  -                  -
                                             
Shares bought back and cancelled                   (46)                  -               (342)                46
                                                                       
Net return on ordinary activities                    -                   -                  -                  -
-----------------------------------------------------------------------------------------------------------------       
At 30 November 2005 (as restated)                  993               4,685              3,815                 54
-----------------------------------------------------------------------------------------------------------------
Final dividend 2005 paid and
declared                                             -                   -                  -                  -
Shares bought back and cancelled                   (19)                  -               (123)                19
                                                                       
Net return on ordinary activities                    -                   -                  -                  -
-----------------------------------------------------------------------------------------------------------------       
At 31 May 2006                                     974               4,685              3,692                 73
-----------------------------------------------------------------------------------------------------------------



                                               Capital             Capital
                                               reserve             reserve            Revenue              Total
                                            - realised        - unrealised            reserve
                                                 £'000               £'000              £'000              £'000

At 30 November 2004                               (498)                273                 62              9,716
Effect of restatement                                -                 (69)               104                 35
-----------------------------------------------------------------------------------------------------------------
At 30 November 2004 (as restated)                 (498)                204                166              9,751
Final dividend 2004 paid and declared                -                   -               (102)              (102)
Shares issued                                        -                   -                  -                 10      
Shares bought back and cancelled                     -                   -                  -               (342)       
Net return on ordinary activities                   98                 133                 75                306        
-----------------------------------------------------------------------------------------------------------------       
At 30 November 2005 (as restated)                 (400)                337                139              9,623
-----------------------------------------------------------------------------------------------------------------
Final dividend 2005 paid and declared                -                   -               (199)              (199)
Shares bought back and cancelled                     -                   -                  -               (123)       
Net return on ordinary activities                  403                (370)                27                 60
-----------------------------------------------------------------------------------------------------------------
At 31 May 2006                                       3                 (33)               (33)             9,361
-----------------------------------------------------------------------------------------------------------------




                                                                  Share                                 Capital
'C' ORD SHARES                                 Share            premium        Distributable         redemption
                                             Capital            account              reserve            reserve
                                               £'000              £'000                £'000              £'000

At 30 November 2005                                -                  -                    -                  -
Shares issued                                  1,495             12,711                    -                  -         
Net return on ordinary activities                  -                  -                    -                  -
-----------------------------------------------------------------------------------------------------------------       
At 31 May 2006                                 1,495             12,711                    -                  -
-----------------------------------------------------------------------------------------------------------------       
                                                                   
                                              Capital            Capital
                                              reserve            reserve            Revenue              Total
                                           - realised       - unrealised            reserve
                                                £'000              £'000              £'000              £'000

At 30 November 2005                                 -                  -                  -                  -
Shares issued                                                                                           
Net return on ordinary activities                 (35)                43                 32                 40
-----------------------------------------------------------------------------------------------------------------       
At 31 May 2006                                    (35)                43                 32             14,246
-----------------------------------------------------------------------------------------------------------------



4. Returns per Ordinary Share

ORDINARY SHARES                                       6 months ended       6 months ended           Year ended
                                                           31-May-06            31-May-05            30-Nov-05
                                                               £'000                £'000                £'000
                                                                                (Restated)           (Restated)
The return per ordinary share is based on
the following figures:
Revenue return                                                    27                  (14)                  75
Capital return                                                    33                  273                  231
-----------------------------------------------------------------------------------------------------------------
Total return                                                      60                  259                  306
-----------------------------------------------------------------------------------------------------------------

Weighted average number of ordinary shares in issue        9,901,276           10,278,864           10,170,995

Revenue return per ordinary share                               0.27p               (0.14p)               0.74p
Capital return per ordinary share                               0.33p                2.66p                2.27p
-----------------------------------------------------------------------------------------------------------------
Return per ordinary share                                       0.60p                2.52p                3.01p
-----------------------------------------------------------------------------------------------------------------

The Net Asset Value per Ordinary share has been calculated using the number of shares in issue at 31 May 2006
of 9,744,243.





'C'  ORD SHARES                                         6 months ended
                                                             31-May-06
                                                                 £'000

The return per ordinary share is based on
the following figures:
Revenue return                                                      32
Capital return                                                       8
----------------------------------------------------------------------
Total return                                                        40
----------------------------------------------------------------------


Weighted average number of ordinary shares in issue         14,197,900

Revenue return per ordinary share                                 0.23p
Capital return per ordinary share                                 0.06p
-----------------------------------------------------------------------
Return per ordinary share                                         0.29p
-----------------------------------------------------------------------

The Net Asset Value per Ordinary share has been calculated using the
number of shares in issue at 31 May 2006 of 14,954,494.


A summary of investment changes for the period under review and an investment
portfolio summary as at 31 May 2006 are attached.

A full copy of the Interim Report and Financial Statements will be printed and
issued to shareholders.

Copies of this announcement will be available to the public at the office of
Aberdeen Asset Management PLC, 123 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, Cheapside, London.



By Order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY


14 July 2006




Aberdeen Growth Opportunities VCT plc
Ordinary Shares
Investment Portfolio Summary
As at 31 May 2006
                                                                                                              % of
                                                       Bookcost    Valuation      % of   % of Equity   Equity held
                                                          £'000        £'000     Total  held by fund      by other
                                                                                Assets                     clients
Unlisted Investments
Bond Aviation    Provision of Pilot training               
Solutions        services                                   300          420      4.5%          4.8%         35.2%      
Fieldstreet    
(Investments)                                                            
Limited          Insurance provider and broker.             301          300      3.2%          0.2%          1.3%
MoneyPlus Group  
Limited                                                                  
(formerly
Chiltern (UK)
Limited)         Debt Management                            300          300      3.2%          6.0%         24.9%
Original Shoe    Retailer of branded clothing and          
Company          footwear.                                  300          300      3.2%            -             -       
      
Cash Bases       
Limited                                          
(formerly
Deckflat         Design and manufacture of                  250          286      3.1%          8.3%         20.2%
Limited)         customised cash drawers.
Sanastro         Financial publishing house                 275          275      3.0%          3.5%          9.6%
                                                                         
Transrent        
Holdings Limited Rent and sales of truck trailers           218          218      2.3%          0.8%         35.6%      
                                                 
Styles & Wood    Leading independent provider of            
Holdings Limited store fit-out and refurbishment                         
                 programmes to the UK retail
                 sector.                                    200          200      2.1%          0.8%         45.6%
Homelux Nenplas  Extruder of plastic tiling trims          
Limited          and related products                       199          199      2.1%          3.4%         41.6%      
       
Palgrave Brown   Manufacture and distribution of            
(Holdings)       specialist timber products for                          
Limited          the housebuilding and builders'
                 merchant sectors.                          150          179      1.9%          1.1%         48.3%
PSCA             Producer of publications aimed at        
International    public sector officials                    138          174      1.9%          1.6%         21.6%      
Limited                                                    
Essential        Video streaming software                  
Viewing Systems                                                          
Limited                                                     171          171      1.8%          7.9%         41.5%
FFC (UK) Limited Design and manufacture of office           
                 furniture                                  150          150      1.6%          7.5%         30.0%      
Oled-T Limited - Developer of flat panel display           
(previously      technologies                              
Elam T)                                                     150          150      1.6%          3.5%         15.0% 
Vibration        Seismic surveys                           
Technology                                                               
Limited                                                     150          150      1.6%          1.3%          8.8%
RMS Europe       Provider of stevedoring and ships        
                 agency services                            116          138      1.5%          1.3%         26.8%      
Riverdale        Publisher of greeting cards                                     
Publishing                                                    
Limited                                                       1          117      1.2%          7.4%         57.6%
Inovas           IP rights for fixed asset                  
                 management applications, linking                        
                 moving data such as video to
                 positional references                      115          115      1.2%          9.2%         50.8%
Driver Hire      Supplier of temporary drivers.             100          100      1.1%          0.6%         39.1%
Llanllyr Water   Extraction and bottling of spring         
Company Limited  water                                      100          100      1.1%          7.5%         42.4%      
IRW Systems      Design, building and management            
Limited          of bespoke software and network                          
                 solutions.                                  45           92      1.0%          8.9%         48.6%
PLM Dollar Group On-shore helicopter services                50           50      0.5%          0.6%         30.3%
Limited                                                                   
Amgas Limited    Manufacturer of flammable gas              100           50      0.5%          0.4%          4.1%
                 sensors                                                  
Enterprise Food  Supply management service.                
Group Holdings                                              -             29      0.3%          1.5%         15.7%      
Kingsley Cards   Manufacturer and distributor of      
Limited          greetings cards                            250            -      0.0%          3.1%         24.4%      
Albanet          Network Services and Software              172            -      0.0%          7.0%         38.4%
Enterprise Food  Supply chain and management              
Group Limited    services in the bakery sector              -              -      0.0%             -             -      
                                                       -----------------------------------        
                                                          4,301        4,263     45.5%
                                                                       
AIM Investments
Software Radio   Provider of wireless technology       
Technology PLC   products and services                      284          503      5.3%          1.4%          2.8%      
Axeon            Developer of semiconductor             
                 intellectual properties                                 
                 specifically geared to the
                 automotive industry.                       247          346      3.7%          2.0%          6.0%
Avanti           Provider of in-store media               
Screenmedia Plc  services to the retail and                              
                 leisure sector.                            223          222      2.4%          0.5%          1.8%
Work Group PLC   Provider of recruitment services.          200          204      2.2%          1.0%          2.6%
Neutrahealth plc Manufacturer and distributor of          
                 nutraceutical products.                    140          174      1.9%          0.9%          2.1%      
Gold Frost       Designer, developer & distributor        
Limited          of kosher food products.                   130          160      1.7%          0.7%          0.7%      
Tanfield Group   Technical solutions and                    
PLC              manufacturing group                         62          157      1.7%          0.3%          1.0%      
Invocas PLC      Provider of services to                     
                 individuals and corporates                              
                 requiring insolvency advice.                90          144      1.5%          0.3%          0.4%
Zetar plc        Manufacturer of confectionary.              68          133      1.4%          0.4%          1.0%
Datong           Producer of devices that enable           
Electronics PLC  governement intelligence and                            
                 defence agencies covertly to
                 track vehicles and mobile phones.          151          107      1.1%          0.9%          1.1%
Cello Group Plc  A consolidator of niche                 
                 businesses in the marketing and                         
                 media services industry.                    84          102      1.1%          0.3%          1.7%
Strategic Retail Trading as "Fads" - decorating           
plc              specialist.                                117           99      1.1%          0.4%          4.8%      
Billing Services Provider of billing services for       
Group PLC        the telecommunications industry.           131           95      1.0%          0.1%          0.3%      
Inspicio plc     Provider of testing, inspection       
                 and conformity services.                    70           90      1.0%          0.1%          0.2%      
Litcomp plc      National supplier of medical               
                 reports in support of legal                              
                 actions.                                    80           81      0.9%          2.9%          2.5%
Fountains Plc    Land management and related                
                 outsourced services in the UK and                        
                 North America                              102           59      0.6%          0.5%          2.2%
Debts.co.uk plc  Provider of personal debt                  
                 solutions                                   50           54      0.6%          0.1%          0.3%      
Air Music and    Leading UK producer and supplier          
Media            of low-priced entertainment                              
                 products to the international
                 market.                                    150           49      0.5%          0.4%             -
MTI Wireless     Developer & manufacturer of                
Edge Limited     sophisticated antennas & antenna                         
                 systems for fixed broadband
                 wireless communications.                    41           48      0.5%          0.2%          0.3%
Careforce Group  Provider of domiciliary care                
plc              services, primarily caring for                           
                 the elderly and infirm in their
                 own homes                                   55           44      0.5%          0.4%          0.9%
Public           A leading specialist in public            
Recruitment      sector staffing in healthcare and                        
Group Plc        education                                  133           33      0.4%          0.3%          1.7%
Asfare           Manufacture and supply of                  
                 equipment for the Emergency                              
                 Services                                    46           32      0.3%          0.6%          2.8%
Elevation Events Events management and corporate            
Group plc        hospitality.                               150           28      0.3%          2.5%          8.1%
Spectrum         Operator of payphones and                  
Interactive      internet terminals in both the UK                        
                 and Germany                                 98           27      0.3%          0.3%          1.3%
Award            The sourcing and delivery of              
International    merchandising materials for major                       
Holdings PLC     blue chip customers                         100            -      0.0%          3.1%         15.4%
                                                     -----------------------------------
                                                           3,002        2,991     32.0%
                                                                       
Unit Trust
Aberdeen Global Fixed Interest Opportunities Fund            485          509       5.4%           -             -
                                                     -----------------------------------
                                                             485          509       5.4%
                                                     -----------------------------------
Total                                                   
Investments                                                7,788        7,763      82.9%
                                                     -----------------------------------




Aberdeen Growth Opportunities VCT plc
'C' Ords Share Pool
Investment Portfolio Summary
As at 31 May 2006
                                                                                                             % of
                                                          Bookcost    Valuation      % of % of Equity Equity held
                                                             £'000        £'000     Total     held by    by other
                                                                                   Assets        fund     clients
Unlisted Investments


Homelux Nenplas      Extruder of plastic tiling trims                               
Limited              and related products                      274          274      1.9%        4.7%       40.3%
                    ----------------------------------------------------------------------                              
                                  
                                                               274          274      1.9%
AIM Investments


Interactive World    Digital media content provider            175          175      1.2%        0.6%        0.8%       
PLC                                                           
Invocas PLC          Provider of services to                                      
                     individuals and corporates         
                     requiring insolvency advice.               78          125      0.9%        0.2%        0.4%
Leadcom Integrated   Telecommunication network                                      
Solutions Limited    services and solutions.                    99          101      0.7%        0.1%           -
Litcomp plc          National supplier of medical                                  
                     reports in support of legal            
                     actions.                                   70           71      0.5%        2.5%        2.9%
Zetar plc            Manufacturer of confectionery.            225          253      1.8%        0.8%        0.6%       
                                                            ------------------------------
                                                               647          725      5.1%
Listed Fixed Income
Treasury 4% 07/03/09                                         3,844        3,827     26.9%                        
                                                            
Treasury 4.5% 2007                                           3,901        3,894     27.3%                        

Treasury 5% 07/03/08                                         3,881        3,869     27.2%                        
                                                            ------------------------------
                                                            11,626       11,590     81.4%

Unit Trust
Aberdeen Global Fixed Interest Opportunities Fund            1,000        1,000      7.0%                           
                                                            ------------------------------
                                                             1,000        1,000      7.0%
Total investments                                           ------------------------------                       
                                                            13,547       13,589     95.4%
                                                            ------------------------------




Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the six months ended 31 May 2006
ORDINARY SHARES

                            Valuation                           Net     
                     30 November 2005                    investment        Appreciation                 Valuation
                            (restated)               (disinvestment)      (depreciation)              31 May 2006
                                £'000           %             £'000               £'000          £'000          %
 Listed Investments
 Unit Trusts                      712         7.4             (207)                   4            509        5.4       
                                            
                                              
 AIM Investments                3,221        33.5             (196)                 (34)         2,991       32.0
                                                           
 Unlisted investments
 Equities                       1,566        16.3             (378)                 354          1,542       16.5
                                                              
 Preference shares                200         2.1               (1)                   1            200        2.1       
                                           
                                           
 Loan stocks                    2,468        25.6              248                 (195)         2,521       26.9
------------------------------------------------------------------------------------------------------------------      
 Total investments              8,167        84.9             (534)                 130          7,763       82.9
 Other net assets               1,456        15.1              142                    -          1,598       17.1
------------------------------------------------------------------------------------------------------------------      
 Total assets                   9,623       100.0             (392)                 130          9,361      100.0
------------------------------------------------------------------------------------------------------------------      
                                                        




Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the six months ended 31 May 2006
'C' ORD SHARES
                         Net proceeds                Net investment     Appreciation      Valuation 
                     of share issue *                (disinvestment)   (depreciation)   31 May 2006                     
                                £'000           %             £'000            £'000          £'000            %
 Listed Investments
 Unit Trusts                        -           -            11,626             (36)         11,590         81.4        
 AIM Investments                    -           -             1,000                -          1,000          7.0        
 Unlisted investments
 Equities                           -           -               644               81            725          5.1        
 Preference shares                  -           -                28                -             28          0.2        
 Loan stocks                        -           -               246                -            246          1.7        
-----------------------------------------------------------------------------------------------------------------
 Total investments                  -           -            13,544               45         13,589         95.4        
 Other net assets              14,206       100.0          (13,549)                -            657          4.6 
-----------------------------------------------------------------------------------------------------------------
 Total assets                  14,206       100.0               (5)               45         14,246        100.0        
-----------------------------------------------------------------------------------------------------------------       
           
                                                               

* After issue expenses of £747,725 which were equivalent to 5% of monies raised.


                                                                                    

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