Interim Results

Close Brothers Dev VCT PLC
19 September 2001


     Close Brothers Development VCT PLC- Announcement of Interim Results

                          for the six months to 30 June 2001

                             Chairman's Statement



Investment Progress

The investment programme has continued since I last wrote to you, with £4.9
million invested in qualifying unquoted companies since 31 December 2000. This
takes total investments made or committed for investment to £8.2 million,
representing a qualifying investment level of 60%. After taking into account
investments currently in progress, your board is confident that the Company
will exceed the 70% target by its third anniversary on 31 December 2001.

While the majority of our investments are operating broadly in line with
expectations, two which had originally been performing ahead of expectations,
have now fallen behind. The first is Swetenhams, where, in line with the
software sector in general, the roll-out of its new marketing automation
system has been much slower than anticipated, although its core business of
list broking and management has remained robust. The second is Odyssey Clubs
Group, where a fire at the Company's Stevenage club disrupted the operations
at an important stage of the group's development. Corrective measures have
been taken in both these businesses to ensure a return to profitability,
although we have deemed it prudent to write down the value of our equity
holdings. In the case of Odyssey, this returns the investment to cost after
its revaluation at the last year end.

Results and Dividend

As at 30 June 2001 the net asset value of the company was £13.2 million,
(2000: £13.7 million), equivalent to 90.4 pence per share (2000: 93.4 pence).
Net income after taxation was £296,000 for the six months, (2000: £264,000)
enabling the board to declare an increased net interim dividend of 1.6 pence
per share (2000: 1.4 pence per share), payable on 26 October 2001 to those
shareholders registered on 28 September 2001.


R M Davidson
Chairman                                                      19 September 2001





                            Unaudited Statement of Total Return

                         (incorporating the profit and loss account)

                            for the six months to 30 June 2001

                  Six months to         Six months to            Year to
                  30 June 2001          30 June 2000        31 December 2000
              Revenue Capital Total Revenue Capital Total Revenue Capital Total
               £'000    £'000 £'000   £'000   £'000 £'000   £'000   £'000 £'000
(Losses)/
gains on           -    (897) (897)      -       4      4      -     652    652
investments

Income           497       -   497     441       -    441    937       -   937

Investment       (40)   (121) (161)    (40)   (121) (161)    (81)   (244) (325)
management fees

Other            (53)    (15)  (68)    (55)    (15)  (70)    (99)    (30) (129)
expenses                                                          

Return on 
ordinary         404  (1,033) (629)    346    (132)  214     757     378  1,135
activities
before tax

Tax on          (108)     36   (72)    (82)     32   (50)   (187)     67   (120)
ordinary                                                          
activities

Return 
attributable to  296    (997) (701)     264   (100) 164       570     445 1,015
Shareholders

Dividends       (232)      -  (232)    (205)     - (205)     (550)      -  (550)
                                                                
Transfer to/      64    (997) (933)      59   (100) (41)       20     445  465
(from) reserves

Return per      2.0p   (6.8)p (4.8)p   1.8p   (0.7)p 1.1p     3.9p   3.0p  6.9p
share                             


 All revenue and capital items in the above statement derive from continuing
 operations.





                  Unaudited Summary Balance Sheet at 30 June 2001

                                   30 June 2001   30 June 2000 31 December 2000
                                          £'000          £'000            £'000
Fixed asset investments
Qualifying
Reserved for investment                  7,094          3,274            6,216
Less: uninvested to date                (1,000)        (1,400)          (2,650)
Total Qualifying                          6,094          1,874            3,566
Non-Qualifying                            4,498         10,480            8,983
                                         10,592         12,354           12,549
Current assets
Debtors                                      64             84               87
Short term money market deposits          2,958          1,708            2,037
                                          3,022          1,792            2,124
Creditors: due within one year            (391)          (458)            (476)
Net current assets                        2,631          1,334            1,648
Net assets                               13,223         13,688           14,197

Represented by:
Called up share capital                   7,308         7,331             7,331
Special reserve                           6,552         6,590            6,593
Capital redemption reserve                   23             -                -

Capital reserve
Realised                                  (492)          (296)            (398)
Unrealised                                (259)            (3)              644
Profit and loss account                      91             66               27

Total equity shareholders funds          13,223         13,688           14,197

Net asset value per share            90.4 pence     93.4 pence       96.8 pence



     This interim report was approved by the Board of Directors on 19
     September 2001

     Signed on behalf of the Board of Directors by R M Davidson, Chairman



                        Unaudited Cash Flow Statement

                      for the six months to 30 June 2001


                                          Six months   Six months         Year 
                                               ended        ended        ended
                                             30 June      30 June  31 December
                                                2001         2000         2000
                                               £'000        £'000        £'000

Operating activities
Investment income received                      337          205           560
Deposit interest received                        53          178           206
Investment management fees paid                (167)        (161)        (322)
Other cash payments                             (64)         (71)        (135)
Net cash inflow from operating                  159           151         309
activities

Taxation

UK corporation tax paid                           -            -          (18)

Capital expenditure and financial
investments

Purchase of investments                      (3,350)      (5,494)      (6,594)
Disposals of investments                      4,495            -        1,500
Net cash inflow/(outflow) from                1,145                    (5,094)
investing activities                                      (5,494)

Equity dividends paid

Dividends paid on ordinary shares              (342)        (219)        (425)
Net cash inflow/(outflow) before                962       (5,562)     (5,228)
financing

Financing

Cancellation of share premium                     -            -           (5)
Purchase of own shares                          (41)           -           -

Net cash outflow from financing                 (41)           -           (5)

Increase/(decrease) in cash and cash             921      (5,562)      (5,233)
equivalents





                 Independent review report on the interim information


        Independent review report to Close Brothers Development VCT PLC

        Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2001 which comprises the profit and loss account,
the balance sheets, the cash flow statement and related notes 1 to 6. We have
read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies
with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reason for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board. A review consists principally of
making enquiries of management and applying analytical procedures to the
financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit. Accordingly, we do not express an audit opinion on
the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2001.



Deloitte & Touche

Chartered Accountants

Stonecutter Court

1 Stonecutter Street

London EC4A 4TR 19 September 2001



        For further information, contact Patrick Reeve, Close VCT Management
        tel: [phone]