Interim Results

Keydata AIM VCT PLC 19 May 2005 KEYDATA AIM VCT plc Unaudited Interim Results for the period ending 31 March 2005 Chairman's Statement Introduction This is my first statement as Chairman of Keydata AIM VCT which covers the period from date of incorporation on 16 August 2004 to 31 March 2005. I would like to welcome you as a shareholder and thank you for your support in the launch of the VCT. The Offer for Subscription closed on 30 April 2005 with gross funds raised of around £14.3 million from 863 investors. The costs of the launch were set at 5 per cent of the gross funds raised and the net proceeds retained by the company will be £13.6 million with an initial asset value per share of 95p. The net assets stated in the balance sheet reflect allotment proceeds received as at 31 March 2005. Results and Investments The Investment Manager, Hargreave Hale, invested £2.16 million in nine qualifying AIM companies during the period. The bid value of these investments at 31 March 2005 was £2.63 million, representing a 21% uplift. Investments were made in Accuma, Ant, Ascribe, Egdon Resources, FDM, Hardide, Sarantel, XN Checkout and Zenith Hygiene. This increase in the value of investments led to a capital return of 5.93p per share over the period, which, after deducting the revenue losses of 0.37p per share, resulted in a total return of 5.56p per share. The net asset value per share at 31 March 2005 was 99.67p, although this decreased to 96.55p based on valuations of investments at 30 April 2005 and the total number of shares issued under the offer for subscription (14,337,731). We are pleased with progress at this early stage but clearly we are focussed on delivering long term returns. The directors do not propose to recommend an interim dividend for the period. When the portfolio is more fully established and as capital profits are realised, the Directors intend to adopt a policy of distributing substantially all of the available income and capital gains. Outlook New and secondary issues on AIM have increased strongly in number this year. The quality of such issues has however been variable and the Investment Manager has been selective in making new investments. Our focus is to invest in new listings or secondary top ups of AIM companies. While we could invest in OFEX and pre-IPO companies, we will not generally do so due to the lack of liquidity in these companies. Shareholder Communication I look forward to reporting further progress in the Annual Report and Accounts that will be sent to you in December 2005. The Company's daily share price can be found on various financial websites under the EPIC code 'KEY' or on our own dedicated website at www.keydataaimvct.co.uk Sir Aubrey Brocklebank Bt Chairman 19 May 2005 Statement of total return (incorporating the revenue account) for the period ending 31 March 2005 For the period 16 August 2004 to 31 March 2005 (unaudited) Revenue Capital Total £000 £000 £000 Gains on investments - 468 468 Investment income 66 - 66 -------- -------- -------- 66 468 534 Management fees (16) (47) (63) Other expenses (77) - (77) -------- -------- -------- (93) (47) (140) -------- -------- -------- Return on ordinary activities before taxation (27) 421 394 Tax on ordinary activities - - - -------- -------- -------- Return for the period attributable to equity shareholders (27) 421 394 -------- -------- -------- Return per share (Note 2) (0.37)p 5.93p 5.56p The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period Balance sheet as at 31 March 2005 As at 31 March 2005 (unaudited) £000 Fixed assets Investments 2,630 Current assets Prepayments and accrued income 2 Cash 5,842 -------- 5,844 Creditors: amounts falling due within one year Accruals and deferred income (65) -------- Net current assets 5,779 -------- Net assets 8,409 -------- Capital and Reserves Called up share capital 84 Share premium 7,931 Capital reserve - realised (47) Capital reserve - unrealised 468 Revenue reserve (27) -------- Equity shareholders' funds 8,409 -------- Net asset value per share (Note 4) 99.67p Cash flow statement for the period ending 31 March 2005 For the period 16 August 2004 to 31 March 2005 (unaudited) £000 Net return on ordinary activities before taxation (27) Investment management fee charged to capital (47) Increase in debtors (2) Increase in creditors 65 -------- Net cash outflow from operating activities (11) Financial investment Purchase of investments (2,162) Financing Net proceeds from issue of ordinary share capital 8,015 -------- Increase in cash 5,842 -------- Reconciliation of movement in shareholders' funds For the period 16 August 2004 to 31 March 2005 (unaudited) £000 Revenue return for period (27) Capital return for the period 421 -------- 394 Issue of ordinary shares 8,015 -------- Closing shareholders' funds 8,409 -------- 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 which will be adopted at the year end. All AIM investments are valued on a bid price basis. 2 The total return per share of 5.56 pence is based on the profit after tax for the period of £394,000 and the weighted average number of shares in issue over the period to 31 March 2005 of 7,095,932. 3 The results should not be taken as a guide to the results for the period ending 30September2005. 4 The net asset value per ordinary share is based on net assets of £8,409,000 and on 8,436,978 shares, being the number of shares in issue as at 31 March 2005. 5 The financial information contained in the 31 March 2005 statement of total return, balance sheet and cash flow statement does not constitute full financial statements and has not been audited. Investment portfolio summary as at 31 March 2005 Qualifying investments Book cost Valuation % of net assets £000 £000 % Accuma Group PLC 270 372 4.4 Ant PLC 75 109 1.3 Ascribe PLC 250 333 3.9 Egdon Resources PLC 249 224 2.6 FDM Group PLC 250 250 2.9 Hardide PLC 200 200 2.4 Sarantel Group PLC 343 431 5.1 XN Checkout Holdings PLC 244 365 4.3 Zenith Hygiene Group PLC 281 346 4.1 -------- -------- -------- Total qualifying investments 2,162 2,630 31.0 Non-qualifying investments Cash 5,842 5,842 69.0 -------- -------- -------- Total investments 8,004 8,472 100 -------- -------- -------- New Investments Accuma Group PLC Accuma advises on debt solutions, in particular, Individual Voluntary Arrangements, a highly attractive solution for indebted consumers and their creditors alike. This is a fragmented but rapidly growing market and Accuma wishes to scale up now to accelerate its market share from its current level of 6%. Personal indebtedness in the UK has breached £1,000 billion and is rising by £1 million every four minutes. The slowdown in the housing market is limiting debt consolidation through equity withdrawal. Over-indebted consumers will need to find alternative remedies. Unlike many debt solutions, an Accuma IVA is free to the debtor, runs for a finite period, is legally binding and affords the creditor above average recovery rates. Ant PLC Ant is a specialist provider of embedded browser software specific to IPTV (internet protocol TV) set top boxes. The software works behind the scene as the interface between the user and the internet, positioning the image on the screen and controlling and interpreting the interaction between the user and system. It also allows customisation of user interfaces such as the Electronic Programme Guide. Ant is currently the clear market leader and estimate that over 70% of IPTV set top boxes contains their software with the expectation of further growth. Presently, all the companies with major influence in this chain are recommending Ant's browser. The imminent arrival of respectable broadband connection speeds (2 megabytes per second) will allow a significant ramping up of the rollout of IPTV. Ascribe PLC The health IT group focuses on medicine management through the development and marketing of software solutions supporting patient, clinical and business processes to the international healthcare market. Ascribe had a vision to provide a centralised database of prescriptions available to all healthcare professionals. The company now has over 300 customer sites worldwide, including installations throughout the UK, Australia, New Zealand, Hong Kong and Malaysia. Egdon Resources PLC An independent UK-based oil and gas exploration company founded in 1997 with a diverse portfolio of 19 exploration licenses containing a significant number of oil and gas prospects. Their strategy is to become a significant and profitable oil and gas producer through an active and focussed exploration and appraisal programme, asset and/or company acquisitions, and proactive management of the company's oil and gas assets. FDM Group PLC FDM is an IT services company that provides IT solutions in three areas: the placement of IT professionals into contract positions of employment in the UK, mainland Europe and North America; the development, support and implementation of IT projects on behalf of corporate clients; and the production and delivery of tailored trainingsolutions for a range of vertical business sectors. It maintains a growing team of employees, trained in-house with the specialist IT skills in most demand from its clients. They will focus on revenue and margin growth by investing in higher margin activities. Hardide PLC Hardide was incorporated in August 2000 to develop and commercialise Hardide technology jointly developed by the University of Moscow and the Russian Academy of Science Institute of Physical Chemistry. Hardide is a patented surface coating technology which combines ultra-hardness, low friction and chemical resistance for use with steel, hard alloys and other materials. When applied via chemical vapour deposition to customer components, the tungsten carbide coating typically extends the component's useful life. The company moved to Oxfordshire in 2003 where it has 3 coating machines in a 12,500 sq ft facility. Sarantel Group PLC Sarantel designs, manufactures and sells patented ceramic filtering antennae which offer significant performance advantages for users and manufacturers. The simple design allows design standardisation, lower costs and reduced time to market. Their size, high efficiency, low emissions and superior field of view make them ideal for mobile devices such as GPS. Other applications include Wi-Fi, 3G, Bluetooth platforms and, most significantly, satellite radio. Sarantel's antennae are already playing a leading role in enabling the integration of GPS in mass-market mobile devices and PDAs and have significantly increased the range and effective bandwidth of Wi-Fi devices. XN Checkout Holdings PLC XN Checkout is a leading supplier of IT hardware, software and services to the bar, restaurant and leisure sectors. Formerly Checkout Computer Systems Limited, XN Checkout is the market leader in the provision of EPOS (electronic point of sale) systems and software to the UK managed house pub sector. It has more than 40,000 installed POS touch screens worldwide (35,000 in the UK) at more than 4,000 sites, mainly pubs, nightclubs, hotels and restaurants. The company has become increasingly interested in electronic gaming platforms and recently made 3 acquisitions to further that revenue stream. Zenith Hygiene Group PLC Zenith Hygiene is one of the UK's leading contenders in the manufacture, supply and provision of superior cleaning products for industrial and commercial purposes. Their acquisition of SB Chemicals in October 2004 was a major boost to the company allowing it for the first time to manufacture its own chemical products. Zenith Hygiene has a strong client base that includes: The Dorchester, The Ivy, ASK, Pizza Express, Holmes Place, Cafe Rouge, the Houses of Parliament and Cambridge University. This information is provided by RNS The company news service from the London Stock Exchange

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