Final Results

New Cent. Aim Vct 2 Contents Page 2 NEW CENTURY AIM VCT PLC PRELIMINARY ANNOUNCEMENT AS AT 28 FEBRUARY 2007 Financial Summary -0- *T Period ended Period ended 28 February 2007 31 March 2006 Revenue return per share (pence) for the period 0.73 1.54 Total return per share (pence) for the period 10.49 27.15 Dividends per share (pence) 1.00 - Cumulative dividends per share (pence) 1.00 - Net asset value per share (pence) 135 126 NAV total return (net asset value plus cumulative dividends per share) (pence) 136 126 Shareholders' funds (£'000) 11434 10678 *T Investment Manager's Review Chairman's Statement The eleven month period to 28th February 2007 was not an easy one for the fund, with the FTSE AIM Index falling by 8%. Against this unfavourable backdrop, I am pleased to report that the net asset value of your fund rose by 7.1% to 135p During the period, we realised net profits of £1.176 million. At the financial year end, qualifying stocks accounted for 68.76% by value of the fund. By the end of February 2008, we shall require to maintain in excess of 70% of the fund in VCT qualifying stocks. Going forward, we shall have to ensure that when selling, we do not let the VCT qualifying stocks fall much below 70% by value of the fund. Indeed, for prudence sake, we would like our VCT qualifying stocks to be considerably in excess of 70% as we approach the February deadline. Our costs of £143,000 of which investment management fees amounted to £117,000, represented just 1.25% of the funds under management. Reflecting the reduction of funds on deposit during the year into lower yielding equities, net revenue declined to £56,000 for the eleven-month period compared to £131,000 for the previous twelve months. In the light of this, the Directors have decided to reduce the net dividend for the period to 0.7p compared to 1p for the previous twelve months. This reduced payment substantially utilises the total revenue reserves as at 28th February 2007. The excellent performance of your fund is a reflection of the dedication of our investment management team who have diligently analysed each proposed new investment while monitoring the existing investments with a view to part or total realisation of those investments when it is deemed appropriate. Annual General Meeting The annual general meeting will be held at 11.30 a.m. on Thursday, 30 August 2007 at 17-21 New Century Road, Laindon, Essex SS15 6AG. I look forward to meeting those shareholders that are able to attend. John Brice Chairman 28 June 2007 Introduction During our second year of management of your fund, we have continued in the same vein as in the previous year. We have maintained a high level of VCT-qualifying stocks, though to reduce risks, we have realised profits from some of the largest holdings and looked to expand the Company into more and more smaller holdings. By the end of the Company's financial year, the number of stocks held had risen to 48, while cash awaiting investment had risen to £2.528 million, equal to 22.05% of the value of the Company. During the year, we became increasingly concerned over the toughening competitive pressures being faced by IVAs and we took the decision to substantially reduce our commitment to this sector. Another concern for us was the reducing price of ethanol during which grain prices were sharply rising. This was not a good omen for GTL and Renova, which make ethanol from grain. As a result, we decided to realise a substantial profit on these investments. We reduced our holdings in Internet Business Group, Tanfield and Worthington Nicholls which were becoming disproportionately large holdings, and took massive gains for your fund in the process. Talarius was taken over during the period, resulting in additional useful profits. Fortunately, we decided to cut a small loss on Torex Retail, since when, this company has got into financial difficulties. System C continued to suffer from a lack of orders from the NHS and given its uncertain future, we decided to cut our losses here. Having suffered from the shortcomings of the NHS, we have switched our attention to a company that stands to benefit from these failings and invested in General Medical Clinics, a company that provides primary medical care in the City, specialising in general practice, health screening, occupational health, physiotherapy and travel vaccinations. General Medical operates three private clinics and, under contract with the Department of Health, an NHS walk-in centre. As in our previous year, we have invested in companies likely to benefit from changes in legislation or from those that will benefit from measures being taken to provide a greener environment. We have bought into Hightex which is a leading specialist in the polymer membrane market for the roofing industry using solar power technologies. We have participated in the secondary placing of CKS, which specialises in the recycling of redundant computers, and we have invested in Air Touring, a Biggin Hill company which sells services and repairs private light aircraft. With ever longer delays at airports leading to a rising demand for more efficient air travel and more stringent measures when testing for air worthiness, we believe Air Touring is well placed to benefit. We continue to see potential in companies providing services to the oil industry and have taken the opportunity to invest in Lamprell and Velosi which are both involved in this sector. Prospects The current year has started well. Since the year end, we have generated further net profits of £1.337 million for your Company and VCT-qualifying investments have risen to 70.2% of the Company. Cash balances represent 19.6% of the fund, thus providing some protection in the event of a Market fall but also offering the opportunity to invest in further promising new investments. The total number of holdings now amounts to 55 and you will be pleased to learn that as at 19th June 2007, the net asset value of the Company has risen to 154.7p per share. Michael BarnardIncome Statement (incorporating the revenue account) for the period to 28 February 2007 -0- *T Period ended Period ended 28 February 2007 31 March 2006 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - realised 0 1175 1175 0 55 55 - unrealised 0 -262 -262 0 2180 2180 Income 111 - 111 226 0 226 Investment management fee -29 -87 -117 -27 -83 -110 Other expenses -25 - -25 -38 - -38 ----------- --------- ------ ----------- --------- -------- Return on ordinary activities before taxation 56 825 881 161 2152 2313 Tax (charge)/credit on ordinary activities 0 0 0 -30 15 -15 ----------- --------- ------ ----------- --------- -------- Return on ordinary activities after taxation 56 825 881 131 2167 2298 Dividends - - - - - - ----------- --------- ------ ----------- --------- -------- Transfer to reserves 56 825 881 131 2167 2298 =========== ========= ====== =========== ========= ======== Return per ordinary share 0.73 9.76 10.49 1.54 25.61 27.15 *T All revenue and capital items in the above statement are from continuing operations in the current year. No operations were acquired or discontinued in the current period. Other than shown above, the company had no recognised gains or losses. Accordingly no statement of total recognised gains and losses has been prepared. -0- *T Period ended Period ended 31 March 2006 Balance Sheet 28 February 2007 £000 At 28 February 2007 £000 Fixed assets Investments 8,934 9,088 Current assets Debtors 2,528 1,637 Creditors: amounts falling due within one year -29 -47 ------------------- --------------------- 11,433 10,678 =================== ===================== Capital and reserves Called up share capital 846 846 Share premium 7,534 7,534 Capital reserve - realised 1,131 68 Capital reserve - unrealised 1,862 2,099 Revenue reserve 60 131 ------------------- --------------------- Total equity shareholders' funds 11,434 10,678 *T -0- *T Net asset value per ordinary share 135p 126p ============= ===================== *T Cash Flow Statement for the period to 28 February 2007 -0- *T Operating activity £000 £000 Operating profit 2,313 Profit on sale of investments -55 Unrealised gains on investments -2,180 Investment income -226 Increase in creditors 32 Net cash inflow from operating activities -116 Returns on investments Interest received 213 Investment income 13 Net cash inflow for returns on investments and servicing of finance 226 Taxation Capital expenditure & financial investment Sale of investments 864 Purchase of investments -7,717 Net cash outflow for capital expenditure & financial investment -6,853 ______ Net cash outflow before financing -6,743 Share issue 8,464 Expenses paid in connection with share issue -84 Net cash inflow from financing 8,380 Uninvested funds with Broker 1,637 *T Notes 1 Return per share The Revenue return per ordinary share is based on net revenue on ordinary activities after taxation of £56,174 (2006:£130,399) and on 8,464,500 ordinary shares (2006:8,464,500), being the weighted average number of ordinary shares in issue during the year. The capital return per ordinary share is based on a net realised and unrealised capital profit of £825,813 (2006:£2,167,892) and on 8,464,500 ordinary shares (2006:8,464,500), being the weighted average number of ordinary shares in issue during the period. 2 Dividend The directors are proposing a final dividend of 0.7p per share for the period ended 28 February 2007. 3 Accounts The results set out above are not full accounts within the meaning of s.240 of the Companies Act 1985 and have not been reported on but have been agreed with the company's auditors. The Annual Report and Accounts for the period ended 28 February 2007 will be filed at the Registrar of Companies following the annual general meeting and will be posted to shareholders shortly. 4 Announcement A copy of this announcement will be available at the offices of the Company for 14 days from the date of this announcement. This preliminary announcement is not being posted to shareholders. Directors John Roger Simpson Brice (Chairman) Michael David Barnard Geoffrey Gamble Robin Kirby Peter William Riley All directors are non-executive. Management and Administration -0- *T Registered Office & Registered Number Investment Manager and Broker 4th Floor, M D Barnard & Company Limited 150-152 Fenchurch Street 17-21 New Century Road London EC3M 6BB Laindon Essex SS15 6AG 5352611 Company Secretary Auditor & VCT Status Adviser Woodside Secretaries Limited UHY Hacker Young 4th Floor, St Alphage House 150-152 Fenchurch Street 2 Fore Street London EC3M 6BB London EC2Y 5DH Registrar Sponsor Neville Registrars Limited Teather & Greenwood Limited Neville House, 18 Laurel Lane Beaufort House Halesowen, West Midlands B63 3DA 15 St Botolph Street Glasgow G2 2BR London EC3A 7QR Solicitors Bankers Dundas & Wilson Bank of Scotland 5th Floor, Northwest Wing New Uberior House Bush House 11 Earl Grey Street Aldwych Edinburgh EH3 9BN London WC2B 4EZ *T

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