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Hargreave Hale AIM VCT 1 plc (HHV)

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Tuesday 31 May, 2011

Hargreave Hale AIM VCT 1 plc

Correction: Half-yearly report






The Issuer wishes to notify that the record date stated for the next dividend
payment in the below announcement was incorrect. The record date for the next
dividend payment is 17 June 2011, not 14 June 2011 as previously stated.

Hargreave Hale AIM VCT 1 Plc

Unaudited Interim Results for the six month period ending 31 March 2011

Chairman's Statement

Introduction
In  the first half of  the financial year the  NAV rose from 62.67p to 67.60p, a
rise  of  11.1% taking  into  account  the  2p dividend distribution in February
2011.  During  the same period the FTSE AIM All Share Index rose by 15.2%, which
whilst the only sensible benchmark, is not wholly comparable as it is has a high
proportion of large mining and commodities stocks in which a VCT cannot invest.

Results
At 31 March 2011 the NAV was 67.60 pence which after adjusting for the dividends
paid  gives a total return  of 88.60 pence. The gain  per ordinary share for the
six  month period was  6.74 pence per share  (comprising revenue losses of 0.16
pence and capital gains of 6.90 pence).

Investments
The Investment Manager, Hargreave Hale Limited, invested a further £1.37 million
in  9 qualifying companies  during the  period and  2 companies were  taken over
resulting  in cash  offers realising  a net  loss of  £51,429. The Fair Value of
qualifying  investments at  31 March 2011 was  £11.9 million  invested in 43 AIM
companies and 4 unquoted companies (Mexican Grill Ltd, IS E&P Ltd, IS NV Ltd and
TMO  Renewables  Ltd),  the  balance  was  held in non-qualifying AIM stocks and
Gilts.

Dividend
A final dividend for the year ended 30 September 2010 of 2 pence was paid on 14
February 2011.

An  interim dividend of 2 pence will be paid on 14 July 2011, with an Ex date of
15 June  2011 and  record  date  of  17 June  2011. A  final  dividend  will  be
considered at the year end.

Buybacks
We  are able to  maintain our policy  of offering our  shareholders an efficient
exit  route through the buyback scheme.  In total, 716,175 Shares were purchased
during the period at an average price of 61.2 pence per share.

Joint Offer for Subscription of Ordinary Shares
The  Offer closed on  8 March 2011 and since  commencement on 20 March 2010, the
Offer  resulted in funds being received of £1.47 million and 2.16 million shares
were issued in respect of Hargreave Hale AIM VCT 1 plc.

New Joint Offer for Subscription of Ordinary Shares
On  the 9 March 2011 a new  joint offer for subscription  of Ordinary Shares was
opened  to  raise  approximately  £2.65  million,  in aggregate, in New Ordinary
Shares  for Hargreave Hale  AIM VCT 1 plc  and Hargreave Hale  AIM VCT 2 plc. To
date  the Offer has  resulted in funds  being received of  £372,000 and 456,700
shares  have been issued  for Hargreave Hale  AIM VCT 1 plc  with £52,000 of the
funds  received to be allotted.  The offer will close  on the earlier of 29 July
2011 or the date on which the maximum is reached.

Outlook
The  economy in general made an early  recovery in 2010, but the question is can
this  upturn  be  sustained  in  2011,. The  VAT  rise  in  January 2011 and the
significant   public  spending  cuts  being  introduced  from  April  2011 could
potentially lead to a double dip recession.

I  am hopeful that we will see continued recovery but there is little doubt that
we  live in uncertain economic  times. If the market  suffers a reversal we will
see  share prices go lower. As a VCT  has to maintain 70 per cent. of its assets
in  qualifying companies the manager  would have little scope  to sell assets in
such  circumstances. However, whilst we  may see a short  term drop in Net Asset
Value,  I believe that  your portfolio is  largely comprised of robust companies
with  competent management  and good  growth plans  and will  be well  placed to
weather any such storm.

Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code 'HHV', or on our own dedicated website atwww.hargreave-
hale.co.uk/VCT/aimvct.


Sir Aubrey Brocklebank Bt
Chairman

Date: 31 May 2011

Investment Managers Report

Market Commentary
The  stock markets have proven  to be more resilient  than many have feared. The
bull  trend remained intact in the first  half of this financial year, despite a
large  spike  in  volatility  in  March.  The  Arab  Spring,  disaster in Japan,
inflation  fears, further European sovereign  downgrades and persistent hikes in
the  oil prices all  failed to register  a larger impact  on the positive equity
market  sentiment and, although  there were two  significant retracements within
the  period,  the  FTSE  All-share  rose  by another 7.0% and FTSE AIM All-Share
gained   a   further  15.2%. Economic  surveys  have  generally  been  positive,
particularly  in core Europe, the US and EM.   Sadly, the same cannot be said of
the  UK, which continues  to struggle in  the face of  fiscal retrenchment, high
levels of inflation and falling disposable incomes.

Investment Report
In the first half of the financial year the NAV rose from 62.67p to 67.60p, a
rise of 11.1% taking into account the 2p dividend distribution in February
2011.

We have seen substantial increased levels of qualifying issuance and have
continued to make selective investments in qualifying companies.  We added
positions in Corac (direct drive turbo machinery), Omega Diagnostics (medical
diagnostics, follow up investment), IS E&P and IS NV (UK onshore E&P), IS Pharma
(hospital medicines in critical care, neurology and oncology), Instem Life
(software application for life sciences R&D) and TMO (renewables). We lost two
qualifying investments, Mount Engineering and Neutrahealth, to cash bids.

Net  realised and unrealised gains in the qualifying investments totalled £1.7m,
equivalent  to 6.51 pence per  share. 22 out of  the 47 investments increased in
value.  Intercede was by far the  largest contributor to NAV appreciation (2.35p
per  share, £0.628m) as strong trading and  positive updates resulted in a 100%
increase  in the share price. Animalcare  (1.33p per share, £0.355m) was another
significant  driver  of  performance  after  the  disposal of their agricultural
business in October 2010 triggered a significant re-rating.  K3 also contributed
a  noteworthy  0.63p per  share,  £0.168m.  There  were  no  significant losses,
realised or unrealised, in the period.

Portfolio Structure
The non-qualifying strategy has seen a small net realised and unrealised gain of
£0.14m, or 0.53p per share.  This was a disappointing outcome and reflected some
weak performance in Q2 following a respectable Q1.  The sum invested fell from
£1.5m to £1.1m as we reduced exposure in Q2 in anticipation of weaker markets.
 The weighting to non-qualifying equities fell from 9.2% to 6.0%, the effect
slightly magnified by the dilution that arose from the share issuance.

Fixed  income  exposure  fell  from  £4.1m  to £3.1m, from 25.0% to 17.1% of net
assets as a result of some disposals.  The cash position increased from £1.1m to
£2.0m,  from  6.5% to  11.2%, as  a  result  of  new share issuance, the reduced
allocation to non-qualifying equities and the disposal of some fixed income.

Investment Test
The  total number of qualifying investment has  grown from 42 to 47 and the fund
finished  the period at 85.4% invested, as measured by HMRC, 5.3% higher than it
was at the year end. We have since made two subsequent qualifying investments in
Microsaic  (mass spectrometry) and Indeed (online property conveyancing service)
whilst  also completing the disposal of  Rotala. Enfis acquired Photonstar via a
reverse takeover.


Hargreave Hale Limited

Date: 31 May 2011


Income Statement for the six month period to 31 March 2011 (unaudited)


                                               For the six month period to

                                                31 March 2011 (unaudited)

                                               Revenue     Capital       Total

                                                  £000        £000        £000

Realised gains on investments                        -         504         504

Unrealised gains on investments                      -       1,409       1,409

Income                                             144           -         144

                                           ----------- ----------- -----------

                                                   144       1,913       2,057



Management fee                                    (33)       (100)       (133)

Other expenses                                   (152)                   (152)

                                           ----------- ----------- -----------

                                                 (185)       (100)       (285)

                                           ----------- ----------- -----------

Profit/(loss) before taxation                     (41)       1,813       1,772

Taxation                                             -           -           -

                                           ----------- ----------- -----------

Profit/(loss) after taxation                      (41)       1,813       1,772

                                           ----------- ----------- -----------

Earnings/(loss) per share (Note 2)             (0.16)p       6.90p       6.74p





The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.

Income Statement for the six month period to 31 March 2010 (unaudited)

                                               For the six month period to

                                                31 March 2010 (unaudited)

                                               Revenue     Capital       Total

                                                  £000        £000        £000

Realised gains on investments                        -       (762)       (762)

Unrealised losses on investments                     -         811         811

Income                                             152           -         152

                                           ----------- ----------- -----------

                                                   152          49         201



Management fee                                    (18)        (56)        (74)

Other expenses                                   (176)           -       (176)

                                           ----------- ----------- -----------

                                                 (194)        (56)       (250)

                                           ----------- ----------- -----------

Profit/(loss) before taxation                     (42)         (7)        (49)

Taxation                                             -           -           -

                                           ----------- ----------- -----------

Profit/(loss) after taxation                      (42)         (7)        (49)

                                           ----------- ----------- -----------

Earnings/(loss) per share (Note 2)             (0.16)p     (0.02)p     (0.18)p





The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing
operations.


Balance sheet as at 31 March 2011 (unaudited)

                                                     31 March      31 March

                                                         2011          2010

                                                  (unaudited)   (unaudited)

                                                         £000          £000

 Fixed assets

 Investments                                           16,085        15,629

                                                  -----------   -----------

 Current assets

 Prepayments and accrued income                            44            58

 Cash at bank and on deposit                            2,029         1,079

                                                  -----------   -----------

                                                        2,073         1,137

 Creditors: amounts falling due within one year

 Accruals and deferred income                           (140)         (193)

                                                  -----------   -----------

 Net current assets                                     1,933           944

                                                  -----------   -----------

 Net assets                                            18,018        16,573

                                                  -----------   -----------



 Capital and Reserves

 Share capital redemption reserve                         769           756

 Called up share capital                                  294           286

 Capital reserve - realised                           (3,233)       (3,689)

 Capital reserve - unrealised                           (903)       (2,322)

 Special reserve                                       19,486        21,291

 Share Premium                                          1,461           126

 Revenue reserve                                          144           125

                                                  -----------   -----------

 Equity shareholders' funds                            18,018        16,573

                                                  -----------   -----------

 Net asset value per share (Note 4)                    67.60p        64.06p






Cash flow statement for the six month period to 31 March 2011 (unaudited)


                                                           2011        2010

                                                           £000        £000

Profit on ordinary activities before taxation             1,772        (49)

Realised (gains)/losses on investments                    (504)         762

Unrealised (profit) on investments                      (1,409)       (811)

Decrease in debtors                                          50          37

(Decrease)/Increase in creditors                           (20)          66

                                                    ----------- -----------

Net cash (outflow)/inflow from operating activities       (111)           5



Financial investment:

Purchase of investments                                 (3,080)     (2,274)

Sale of investments                                       4,438       2,770

                                                    ----------- -----------

Net financial investment                                  1,358         496



Dividends paid                                            (526)           0

                                                    ----------- -----------

Cash inflow before management of liquid resources           721         501

                                                    ----------- -----------

Financing

Purchase of shares for cancellation                       (439)       (610)

Net Proceeds from issue of share capital                    659         128

                                                    ----------- -----------

Net financing                                               220       (482)

                                                    ----------- -----------

Increase in cash                                            941          19

                                                    ----------- -----------




Reconciliation  of movements in shareholders' funds  for the six month period to
31 March 2011 (unaudited)

                  Share     Capital    Capital     Capital     Special       Share     Revenue

                Capital  Redemption    Reserve     Reserve     Reserve     Premium     Reserve      Total

                            Reserve   Realised  Unrealised

                   £000        £000       £000        £000        £000        £000        £000       £000

At beginning        291         762    (3,637)     (2,312)      20,451         812         185     16,552
of period

Realised              -           -        504           -           -           -           -        504
gains on
investments

Unrealised            -           -          -       1,409           -           -           -      1,409
profit on
investments

Management            -           -      (100)           -           -           -           -      (100)
fee charged
to capital

Equity                -           -          -           -       (526)           -           -      (526)
dividends
paid

Shares              (7)           7          -           -       (439)           -           -      (439)
repurchased
for
cancellation

Profit after          -           -          -           -           -           -        (41)       (41)
taxation for
the period

Subscription         10           -          -           -                     649           -        659

             ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------


At end of           294         769    (3,233)       (903)      19,486       1,461         144     18,018
period

             ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------





Reconciliation of movements in shareholders' funds for the six month period to
31 March 2010 (unaudited)


                   Share     Capital    Capital     Capital     Special       Share     Revenue

                 Capital  Redemption    Reserve     Reserve     Reserve     Premium     Reserve      Total

                             Reserve   Realised  Unrealised

                    £000        £000       £000        £000        £000        £000        £000       £000

At beginning                     746                                              -                 17,104
of period            294                (2,871)     (3,133)      21,901                     167


Realised               -           -      (762)           -           -           -           -      (762)
gains on
investments

Unrealised             -           -          -         811           -           -           -        811
gains on
investments

Management             -           -       (56)           -           -           -           -       (56)
fee charged
to capital

Equity                 -           -          -           -           -           -           -          -
dividends
paid

Shares              (10)          10          -           -       (610)           -           -      (610)
repurchased
for
cancellation

Subscriptions          2           -          -           -           -         126           -        128

Profit after           -           -          -           -           -           -        (42)       (42)
taxation for
the period

              ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------

At end of            286         756    (3,689)     (2,322)      21,291         126         125     16,573
period

              ---------- ----------- ---------- ----------- ----------- ----------- ----------- ----------


Notes to the interim report

 1. The  accounts  of  the  company  are  prepared in accordance with Accounting
    Standards  applicable in the United Kingdom. The accounting policies used in
    preparing  this report are consistent  with those to be  adopted at the year
    end.  All AIM  investments are  valued at  bid price. Unquoted companies are
    included  at fair value. The Company uses a valuation technique to arrive at
    the  fair value, including the use of  prices obtained in recent arms length
    transactions,  discounted cash flow analysis  and other valuation techniques
    commonly  used  by  market  participants.  The  fair value of such assets or
    liabilities  will be  reviewed on  a 6 monthly  basis and more frequently if
    events occur that could have a material impact on the investment.
 2. The  profit per ordinary share of 6.74p is based on the profit after tax for
    the  period of £1,771,813 and the weighted average number of ordinary shares
    in issue over the period of 26,303,312.
 3. The  results should not be taken as a guide to the results for the financial
    period ending 31 September 2011.
 4. The  net asset  value per  ordinary share  at 31 March  2011 of 67.60p after
    deducting  the 2p dividend paid  in February 2011 is  based on net assets of
    £18,018,217 and on 26,655,036 shares, being the number of ordinary shares in
    issue as at 31 March 2011.
 5. The  financial information contained in  the 31 March 2011 income statement,
    balance  sheet,  cash  flow  statement  and  reconciliation  of movements in
    shareholders'  funds does not  constitute full financial  statements and has
    not been audited.




Investment portfolio summary as at 31 March 2011


                                         Book Cost   Valuation   Valuation

 Qualifying investments                       £000        £000           %

 Intercede Group                               518       1,255         7.8

 Abcam Plc                                     100       1,130         7.0

 Animal Care                                   300         845         5.3

 Advanced Computer Software                    400         824         5.1

 Craneware                                     150         621         3.9

 K3 Business Tech Group                        270         579         3.6

 Pressure Technologies                         340         510         3.2

 EKF (formerly IBL)                            300         440         2.7

 Cohort plc                                    800         399         2.5

 Instem Life                                   297         371         2.3

 IS Pharma                                     350         367         2.3

 I-Dox                                         150         355         2.2

 Brulines Holdings                             386         289         1.8

 Vertu Motors                                  600         275         1.7

 Egdon Resources plc                           158         254         1.6

 Bglobal                                       258         248         1.5

 Chime (formerly Essentially Group)            220         237         1.5

 Keycom                                        300         225         1.4

 Plastics Capital                              250         208         1.3

 TMO Renewables (unquoted)                     200         200         1.2

 Mexican Grill A Preference (unquoted)         185         185         1.1

 Omega Diagnostics                             150         181         1.1

 Rotala                                        372         179         1.1

 Reneuron Group                                298         177         1.1

 Richoux                                       365         164         1.0

 Corac                                         150         145         1.0

 Maxima Holdings                               251         137         0.9

 Tangent Communications                        300         127         0.8

 Advanced Power Components                     148         113         0.7

 CBG Group                                     534          95         0.6

 Jelf Group                                    174          95         0.6

 Feedback                                      201          84         0.5

 Universe Group                                385          83         0.5

 Autoclenz Holdings                            256          78         0.5

 Energetix Group                               380          76         0.5

 Tasty plc                                     288          68         0.4

 Progressive Digital                           173          55         0.3

 IS E&P (unquoted)                              50          50         0.3

 IS NV (unquoted)                               50          50         0.3

 Infrastrata (formerly Portland Gas)            46          37         0.2

 Hardide                                       396          25         0.2

 Mexican Grill (unquoted)                       20          21         0.1

 Expansys                                      331          16         0.1

 Invocas Group                                 169          12         0.1

 Photonstar (formerly Enfis)                   146          10         0.1

 Invu                                          200           4         0.0

 Sports Media Group                            300           3         0.0

 Infoserve Group                               200           1         0.0

                                          --------   ---------     -------

 Total qualifying investments               12,865      11,903        74.0






                                      Book Cost   Valuation   Valuation

 Non-Qualifying investments                £000        £000           %



 UK Treasury 2.25% 2014                     978       1,012         6.3

 UK Treasury 2.5% 2016                      491         558         3.5

                                       --------   ---------     -------

 Total - UK gilts                         1,469       1,570         9.8



 Nationwide 3.75% 2011                    1,018       1,017         6.3

 Scot Amicable 8.5% 2049                    256         261         1.6

 Nationwide 7.971% 2049                     242         250         1.6

                                       --------   ---------     -------

 Total - UK corporate bonds               1,516       1,528         9.5



 Brady                                      136         172         1.1

 Anglo Pacific                              167         170         1.1

 Cove Energy plc                             35          94         0.6

 BP                                         100          91         0.6

 Communisis                                 105          87         0.5

 Immunodiagnostic                            84          83         0.5

 Skill P&L                                  100          80         0.5

 Optare plc                                 103          62         0.4

 OPG                                         43          52         0.3

 Acta                                        94          47         0.3

 DDD                                         34          40         0.2

 Chariot                                     33          33         0.2

 Cap-XX                                      30          32         0.2

 Expansys                                    60          29         0.2

 Abcam Plc                                    4           4         0.0

 Animalcare Group plc                         2           2         0.0

 K3                                           2           2         0.0

 Corac                                        1           1         0.0

 Intercede                                    1           1         0.0

 Egdon Resources                              1           1         0.0

 IS Pharma                                    1           1         0.0

 Richoux                                      1           0         0.0

 EKF                                          0           0         0.0

 Photonstar (formerly Enfis)                  0           0         0.0

 Tasty Plc                                    1           0         0.0

                                       --------   ---------     -------

 Total - non-qualifying equities          1,138       1,084         6.7



                                       --------   ---------     -------

 Total - non-qualifying investments       4,123       4,182        26.0



                                      ---------   ---------     -------

 Total investments                       16,988      16,085       100.0

                                      ---------   ---------     -------




The  top 10 equity investments are  shown below, each is  valued by reference to
the bid price.


Intercede plc                                                                80p
--------------------------------------------------------------------------------
Investment date    May 2007           Unaudited  results for      September 2010
                                      6 months to

Equity held        3.25%              Turnover (£'000)                     3,506

Purchase Price     33p                Profit    before   tax               1,225
                                      (£'000)

Cost (£'000)       518                Net assets (£'000)                   4,367

Valuation (£'000)  1,255


Intercede is an international developer and supplier of software for identity
and credential management. This software is branded as the Intercede MyID®
Identity and Credential Management System. MyID is a commercial-off-the-shelf
product that Intercede has licensed the use of to governments, public
authorities and companies around the world to improve the level of identity
assurance of their citizens and employees.


Abcam plc                                                                376.75p
--------------------------------------------------------------------------------
Investment date    October 2005       Unaudited  results for       December 2010
                                      6 months to

Equity held        0.17%              Turnover (£'000)                    39,353

Purchase Price     34.8p              Profit    before   tax              15,152
                                      (£'000)

Cost (£'000)       104                Net assets (£'000)                  60,355

Valuation (£'000)  1,134


Abcam  is a producer and  distributor of research-grade antibodies headquartered
in  Cambridge,  UK,  with  offices  in  Cambridge, Massachusetts, USA and Tokyo,
Japan.   The Company produces  and distributes its  own and third party produced
antibodies  to  academic  and commercial  users  throughout  the world.  Product
ordering  is available  through the  Company's website  where customers are also
able  to access up-to-date  and detailed technical  product data sheets. All the
antibodies  are sold under the  Abcam brand name and  the Company's vision is to
build  the  world's  largest  online  resource  of high quality and commercially
viable antibodies.


Animalcare Group plc                                                        155p
--------------------------------------------------------------------------------
Investment date    December 2007      Unaudited  results for       December 2010
                                      6 months to

Equity held        2.68%              Turnover (£'000)                     5,986

Purchase Price     55.2.p             Profit    before   tax               1,441
                                      (£'000)

Cost (£'000)       302                Net assets (£'000)                  14,587

Valuation (£'000)  847


Animalcare  plc  has  operated  through  two  trading  division,  Animalcare and
Ritchey.   Animalcare  develops,  markets  and  supplies  a  range  of  licensed
veterinary  medicines,  companion  animal  identification  microchips  and other
animal   welfare   products   to   veterinary   surgeons  and  other  veterinary
professionals within the UK and Europe, whilst Ritchey manufactures and supplies
livestock  identification and other products to agricultural retailers in the UK
and Republic of Ireland.   On 20 September 2010, Animalcare sold its Agriculture
businesses,  including Ritchey, for £3.25m cash.   The company will now focus on
its core veterinary medicines business.


Advanced Computer Software plc                                               35p
--------------------------------------------------------------------------------
Investment date    July 2008          Unaudited  results for         August 2010
                                      6 months to

Equity held        0.66%              Turnover (£'000)                    47,314

Av. Purchase Price 17p                Profit    before   tax               1,917
                                      (£'000)

Cost (£'000)       400                Net Assets (£'000)                  81,110

Valuation (£'000)  824


Advanced  Computer Software Group plc is a  supplier of software and IT services
to the healthcare and commercial sectors with a primary focus on delivering high
quality  products and  services to  enable first  class delivery  of care in the
community.  Advanced additionally  delivers back-office  systems for NHS trusts,
local  authorities and care providers and  is further strengthening its position
in the health checks and pharmacy services markets. Working with partners in the
NHS, local government and the private sector, Advanced delivers IT in support of
safe   and  efficient  care  delivery  and  greater  information  for  both  the
commissioner  and care provider. The company offers a range of integrated health
and   care   solutions  from  patient-facing  IT  systems  through  to  back-end
operational  systems  and  services.  Advanced  is  also  a  leading supplier of
software  and IT services to the  commercial sector, which represents 35% of the
company's revenues.


Craneware                                                                   530p
--------------------------------------------------------------------------------
Investment date    September 2007     Unaudited  results for       December 2010
                                      6 months to

Equity held        0.44%              Turnover ($'000)                    16,560

Av. Purchase Price 128p               Profit    before   tax               4,334
                                      ($'000)

Cost (£'000)       150                Net assets ($'000)                  25,005

Valuation (£'000)  621


Craneware provides proprietary software solutions that improve the financial
performance of US hospitals and healthcare organisations through strategic
pricing, revenue cycle and supply management solutions. The Group's main
product, Chargemaster Toolkit(TM) ("CMT"), assists US healthcare providers in
reducing billing errors, ensuring accurate submission of claims and managing
compliance risk. CMT is designed to help hospital finance departments maintain
accurate and up-to-date information, increase operational efficiency and
increase reimbursement related to outpatient items. Craneware was founded in
1999 and currently maintains its corporate headquarters in Livingston, Scotland,
with offices in Florida, Arizona and Kansas.


K3 Business Technology Group                                                193p
--------------------------------------------------------------------------------
Investment date    September 2005     Unaudited  results for       December 2010
                                      6 months to

Equity held        1.16%              Turnover (£'000)                    24,671

 Purchase Price    90.3p              Profit    before   tax               4,233
                                      (£'000)

Cost (£'000)       272                Net assets (£'000)                  25,005

Valuation (£'000)  581


K3  supplies and installs Microsoft  based enterprise resource planning software
solutions  for the  supply chain  around the  world. The  company focuses on the
retail,  manufacturing  and  distribution  markets.   ERP  software  is business
critical  and provides companies with an  integrated software solution to manage
inventory,  resources  and  business  processes.   Once installed these software
systems  remain  in  place  typically  12 years  or  more.    K3's customers are
primarily  mid-tier retailers,  manufacturers or  distributors but  also include
larger  companies within these sectors. In  total, the Company has installed and
now  supports  its  Microsoft  based  software  solutions  in  c1,500  customers
operating across 30 countries.


Pressure Technologies plc                                                   225p
--------------------------------------------------------------------------------
Investment date    May 2007           Audited   results  for        October 2010
                                      52 weeks to

Equity held        2.00%              Turnover (£'000)                    21,714

Purchase Price     150p               Profit    before   tax               3,486
                                      (£'000)

Cost (£'000)       340                Net assets (£'000)                  15,907

Valuation (£'000)  510


Pressure Technologies is the holding company for Chesterfield Special Cylinders
("CSC") and Chesterfield BioGas. CSC designs, manufactures and offers retesting
and refurbishment services for a range of specialty high pressure, seamless
steel gas cylinders for global energy and defense markets. Chesterfield BioGas,
formed in November 2008 following the signing of a co-operation agreement with
Greenlane® Biogas Limited, gives Pressure Technologies exclusive rights to
market Greenlane® equipment in the UK and Eire. Chesterfield BioGas will provide
turnkey solutions for the cleaning, storage and dispensing of biomethane,
produced from waste water treatment and anaerobic digestion of organic waste.
Pressure Technologies has also acquired Al-Met Limited in Feb 2010 and Hydratron
in October 2010.


EKF Diagnostics Holdings plc                                                 22p
--------------------------------------------------------------------------------
Investment date    June 2010          No           financial
                                      information available

Equity held        1.19%              Turnover (£'000)                         -

Av. Purchase Price 15p                Profit    before   tax                   -
                                      (£'000)

Cost (£'000)       300                Net assets (£'000)                       -

Valuation (£'000)  440


The EKF Group is a leading diagnostic business with its head office in the UK
and operations in Germany, Poland and Russia. The business is focused on the
development, production and worldwide distribution of blood analysers.
Established in manifold applications, the products are sold into hospitals,
universities, laboratories, blood donor centres, for industrial use and point of
care testing.   International Brand Licensing acquired EKF Diagnostics in August
2010 by reverse takeover.  The new management team, which has strong credentials
in the life sciences arena, intends to develop a meaningful life sciences
business through a combination of organic and acquisitive growth.  EKF has
completed its aquisition of Quotient Diagnostics in October 2010 and Argutus
Medical Limited in December 2010. Quotient has subsequently obtained FDA
approval for Quo-Test in China.


Cohort plc                                                                   65p
--------------------------------------------------------------------------------
Investment date    February 2006      Unaudited  results for       December 2010
                                      6 months to

Equity held        1.51%              Turnover (£'000)                    32,720

Purchase Price     130.2p             Profit    before   tax                 721
                                      (£'000)

Cost (£'000)       800                Net assets (£'000)                  46,340

Valuation (£'000)  399


Cohort was established to capitalise on consolidation and organic growth
opportunities primarily in the defence market. The group provides an environment
in which complementary companies can grow and cooperate to provide technical
advice, managed services, niche products and software across the wider defence,
security and associated sectors. Cohort's trading subsidiaries, MASS, SCS and
SEA, are leading independent service providers, working for defence, wider
government and industry clients.


Instem plc                                                                  218p
--------------------------------------------------------------------------------
Investment date    October 2010       Unaudited  results for       December 2010
                                      52 weeks to

Equity held        1.45%              Turnover (£'000)                    10,001

Purchase Price     175p               Profit    before   tax               1,415
                                      (£'000)

Cost (£'000)       297                Net assets (£'000)                   4,548

Valuation (£'000)  371


Instem  is a  leading supplier  of IT  solutions (pre-clinical  study management
solutions) to the early development healthcare market. It has customers in North
America,  Europe, China,  India and  Japan, including  sixteen of the top twenty
pharmaceutical and biotech companies such as GlaxoSmithKline and AstraZeneca. It
is  estimated that  approximately half  of the  world's pre-clinical drug safety
data has been collected over the last 20 years via Instem software.




Date: 31 May 2011

For further information please contact:

Stuart Brookes
Company Secretary
Hargreave Hale AIM VCT 1 plc
0207 009 4900







This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Hargreave Hale AIM VCT 1 plc via Thomson Reuters ONE

[HUG#1520178]