Interim Results

Aberdeen Growth Opps VCT PLC
12 July 2002


Aberdeen Growth Opportunities VCT PLC


Interim Results


The directors announce the interim unaudited results for the period ended 31 May
2002.


Investment Activity


Since the fund was launched on 27 September 2001, a total of £10.1 million has
been subscribed by shareholders. It has been invested in a range of bonds,
gilts, unit trusts and cash to await investment in qualifying companies as
required by the VCT legislation. In addition one transaction has been completed
in an unquoted company, although this investment will fall outside the
definition of a qualifying investment for VCT purposes. It is nevertheless
regarded as an exceptional opportunity being a company which other clients of
the Manager have already supported and therefore is well known to the Manager.


The following new investment has been made : -


Transrent Holdings Limited (June 2002) - £ 119,004 (committed). Operating from
Stafford, Transrent is one of the fastest growing companies in the UK trailer
rental market providing finance packages and transport solutions for all types
of hauliers from single unit operators to major blue chip organisations. The
total fundraising was £4.25 million and Murray VCT PLC, Murray VCT 2 PLC, Murray
VCT 3 PLC, Murray VCT 4 PLC & Aberdeen Growth VCT I PLC were co-investors.


Market Conditions


Consumer confidence remains high, underpinned by unemployment rates at 26-year
lows and mortgage rates at their lowest levels in 38 years, and household credit
has continued to accelerate.


The only apparent risk to the consumer in the medium term came in the recent
Budget, with the announcement of a 1% increase in both employer and employee
National Insurance contributions starting in 2003.


The Manager has downgraded its 2002 GDP forecast because of a weaker March
quarter projection but expects a moderate growth acceleration through 2002.


Activity in the manufacturing sector remains weak, with production cut back at
the fastest pace since 1991 in March and employment in the sector continuing to
fall. However, forward-looking indicators of the sector have improved sharply
over the past month. CBI surveys of small, medium and large manufacturers in
April recorded the first increases in business confidence in almost two years.


The Bank of England sees the possibility that inflation could fall back over the
next few months as the impact of recent erratic changes in the prices of
seasonal foods and utilities unwinds. But their central projection also has
inflation subsequently moving slightly above the target at the two year forecast
horizon. There have also been some signs recently that inflation pressures may
be building.


The British Retail Consortium Shop Price index reported a 1.1% rise in retail
prices over the year to April, the largest annual increase since the index
began. Producer prices have also risen in the past five months, with the March
increase being the largest since September 2000.


The Manager expects that the Bank of England will raise base rates by 50 basis
points in the September quarter to 4.5%. There is a risk of further moves to 5%
by end 2002 although this seems less likely.


Portfolio Developments


The stock market remains highly volatile, with substantial falls in indices
recently. The Manager has invested principally in bonds, gilts and cash and,
contrary to the performance in equity markets, modest growth has been achieved
with encouragingly high levels of yield being maintained.


The equity element of the fund is modest, and has performed disappointingly over
the period. At cost funds totalling £0.800m are invested in the Aberdeen UK
Growth and Aberdeen UK Blue Chip unit trusts. Despite achieving an early premium
to cost, recent material falls in the UK stock market have reduced the value of
this holding to £0.710m.


The element of the fund exposed to UK equities has been decreased to less than
9% of total monies raised £10.1m and given the continuing volatility in equity
markets it is unlikely further exposures will be assumed in the near future.


Net Asset Value


The Net Asset Value (NAV) per share at 31 May 2002 was 94.7p compared with 95p
immediately after launch. This limited fall in asset value reflects the
defensive stance of the Fund during a period of volatility in global capital
markets.


Aberdeen Growth Opportunities invests in unlisted companies which will be valued
in accordance with the British Venture Capital Association guidelines.
Investments are normally valued at cost or cost less a provision until they have
been held for at least one year. As a result, should performance be ahead of
plan, which may imply an increase in the value of the investment, this would not
be reflected for at least 12 months; on the other hand any material
underperformance would be immediately reflected in a reduced valuation. Listed
equities and AIM stocks are valued at their mid-market price, discounted where
necessary to reflect any trading restrictions.


Dividends


The Board does not intend to declare an interim dividend for the period ending
30 November 2002.


Dividends from capital gains will be paid tax-free to shareholders following
Inland Revenue approval and will depend on the achievement of realisations.


Dividend reinvestment


Shareholders may opt to reinvest their dividends in new Aberdeen Growth
Opportunities VCT shares and enjoy the same tax reliefs as were available on
their initial investments. Full details of the terms and conditions applicable
to the reinvestment of dividends are available from the Manager.


Outlook


Deal flow is strong with a growing number of investment opportunities under
consideration throughout Aberdeen Murray Johnstone Private Equity's regional
network of seven offices, ensuring a continual flow of opportunities in which
the company can invest.


The Board is confident that Aberdeen Growth Opportunities VCT will achieve the
minimum investment target of 70% to comply with the Venture Capital Trust
legislation within the three year qualifying period which ends on 30 November
2004.



 1. INDEPENDENT REVIEW REPORT TO ABERDEEN GROWTH OPPORTUNITIES VCT PLC



 1. Introduction

We have been instructed by the company to review the financial information for
the 38 weeks ended 31 May 2002 which comprises the Statement of Total Return,
Balance Sheet, Cash Flow Statement and the related notes 1 to 3. 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.



 1. 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 the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those which will be applied in preparing the annual accounts.

Review Work Performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. 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 United Kingdom 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.



 1. 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 38 weeks ended
31 May 2002.



Ernst & Young LLP

Glasgow

12 July 2002






STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*) (unaudited)
For the 38 weeks ending 31 May 2002
                                                                                   Revenue      Capital         Total
                                                                                     £'000        £'000         £'000
     Gains from investments                                                              -           10            10
     Income from investments                                                            60            -            60
     Other income                                                                       22            -            22
     Investment management fees                                                        (5)         (20)          (25)
     Other expenses                                                                   (98)            -          (98)
     Net return on ordinary activities before taxation                                (21)         (10)          (31)
     Tax on ordinary activities                                                          3          (3)             -
     Return attributable to equity shareholders                                       (18)         (13)          (31)
     Ordinary dividends on equity shares                                                 -            -             -
     Transfer from reserves                                                           (18)         (13)          (31)
     Return per ordinary share (pence)                                               (0.4)        (0.3)         (0.7)



* The revenue column of this statement is the profit and loss account of the
company.




BALANCE SHEET (unaudited)
As at 31 May 2002
                                                                                       £'000        £'000
Fixed assets
      Investments                                                                                   7,315

Current assets
      Debtors                                                                            434
      Cash and overnight deposits                                                      1,247
                                                                                       1,681
Creditors
      Amounts falling due within one year                                                335
Net current assets                                                                                  1,346
                                                                                                    8,661
Capital and reserves
      Called up share capital                                                                         915
      Share premium                                                                                 7,777
      Capital reserve - realised                                                                     (20)
      Capital reserve - unrealised                                                                      7
      Revenue reserve                                                                                (18)
      Equity shareholders' interest                                                                 8,661

Net asset value per ordinary share (pence)                                                           94.7








CASH FLOW STATEMENT (unaudited)
For the 38 weeks ending 31 May 2002
                                                                                                £'000        £'000
     Operating activities
     Investment income received                                                                    28
     Deposit interest received                                                                      8
     Directors' expenses paid                                                                    (25)
     Other cash payments                                                                          (7)
     Net cash inflow from operating activities                                                                   4

     Taxation
     Corporation tax                                                                                           (3)

     Financial investment
     Purchase of investments                                                                  (7,427)

     Net cash outflow from financial investment                                                            (7,427)

     Net cash outflow before use of liquid resources and financing                                         (7,426)

     Issue of ordinary shares                                                                   9,149
     Expenses of share issue                                                                    (476)
     Net cash inflow from financing                                                                          8,673

     Increase in cash                                                                                        1,247


INDEPENDENT REVIEW REPORT TO ABERDEEN GROWTH OPPORTUNITIES VCT PLC
Notes to the Financial Statements
(unaudited)
                                                        Share            Capital            Capital
                                                       premium           reserve            reserve            Revenue
                                                       account           realised         unrealised           reserve
                                                        £'000             £'000              £'000              £'000
1.     Movement in reserves
       At 7 September 2001                                  -                  -                  -                 -
       Issue of shares                                  8,234                  -                  -                 -
       Expenses of share issue                          (457)
       Increase in unrealised appreciation                  -                  -                 10                 -
       Investment management fees                           -               (20)                  -                 -
       Taxation attributable to unrealised gain             -                  -                (3)                 -
       on investments
       Loss for period                                      -                  -                  -              (18)
       As at 31 May 2002                                7,777               (20)                  7              (18)

2.     Accounting policies

(a)    Basis of preparation
       The Financial Statements have been prepared in accordance with s.273 of the Companies Act, applicable
       accounting standards and with the Statement of Recommended Practice (the SORP) Financial Statements of
       Investment Trust Companies'. The accounts are prepared under the historical cost convention, modified to
       include the revaluation of fixed asset investments.

(b)    Income
       Dividends receivable on equity shares and unit trusts are treated as revenue for the period on an ex-dividend
       basis. Where no ex-dividend date is available dividends receivable on or before the period end are treated as
       revenue for the period. Provision is made for any dividends not expected to be received.

       The fixed returns on debt securities and non-equity shares are recognised on a time apportionment basis so as
       to reflect the effective yield on the debt securities and shares. Provision is made for any fixed income not
       expected to be received. Interest receivable from cash and short term deposits and interest payable are
       accrued to the end of the period.

(c)    Expenses
       All expenses are accounted for on an accruals basis. Expenses are charged through the revenue account except
       as follows:

         • Expenses which are incidental to the acquisition of an investment are included within the cost of the
           investment.


         • Expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds
           of the investment.


         • Expenses are charged to realised capital reserves where a connection with the maintenance or enhancement
           of the value of the investments can be demonstrated. In this respect the investment management fee has
           been allocated 20% to revenue and 80% to realised capital reserves to reflect the company's investment
           policy and prospective income and capital growth.


(d)    Taxation
       Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at
       the balance sheet date, where transactions or events that result in an obligation to pay more tax in the
       future or right to pay less tax in the future have occurred at the balance sheet date. This is subject to
       deferred tax assets only being recognised if it is considered more likely than not that there will be suitable
       profits from which the future reversal of the underlying timing differences can be deducted. Timing
       differences are differences arising between the company's taxable profits and its results as stated in the
       financial statements which are capable of reversal in one or more subsequent periods. Deferred tax is measured
       on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing
       differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the
       balance sheet date.

(e)    Investments
       Listed investments and unit trusts are valued in the accounts at middle market prices and unlisted
       investments, which include shares quoted on the Alternative Investment Market (AIM), at a valuation determined
       by the directors. In determining the valuation of unlisted investments (see page X) the directors adopt the
       middle market price where a dealing facility exists and apply a discount if considered appropriate. Where no
       dealing facility exists the factors which the directors have regard to include, inter alia, the earnings
       record and growth prospects of the
       Security, the rating of comparable listed companies, the yield of the security, where appropriate,
       and any recent transactions.


3.     Earnings per share


Returns per ordinary share have been calculated using the average number of
shares in issue during the period of 4,379,765. Net asset value per ordinary
share has been calculated using the number of shares in issue at 31 May 2002 of
9,149,312. Subsequent to the period end 963,559 ordinary shares were issued and
as at 30 June 2002 there were 10,112,871 Ordinary Shares in issue.


A summary of investment changes for the period under review and an investment
portfolio summary as at 31 May 2002 are attached.


A full copy of the interim accounts 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


12 July 2002



ABERDEEN GROWTH OPPORTUNITES VCT PLC
SUMMARY OF INVESTMENT CHANGES
For the period ended 31 May 2002


                                   Net proceeds
                                  of share issue*    Net investment     Appreciation         Valuation
                                                    (disinvestment)    (depreciation)
                                                                                            31 May 2002
                                     £'000       %              £'000            £'000     £'000           %
Listed investments
  Unit Trusts                            -    -                 2,600               10     2,610        30.1
  Fixed income                           -    -                 4,705                0     4,705        54.3
Total investments                        -    -                 7,305               10     7,315        84.4
Other net assets                     8,692   100.0            (7,346)                -     1,346        15.6
Total Assets                         8,692   100.0               (41)               10     8,661       100.0

  * After issue expenses of £457,466 which were equivalent to 5% of monies raised.




ABERDEEN GROWTH OPPORTUNITES VCT PLC
INVESTMENT PORTFOLIO SUMMARY
As at period ended 31 May 2002
                                                                                                                    % of
                                                                                                   Valuation       Total
                                                                                                       £'000      Assets
Listed Unit Trusts
Aberdeen Sterling Bond Unit Trust Income                                                                 917        10.6
Aberdeen Fixed Interest Income                                                                           913        10.5
Aberdeen UK Growth Income                                                                                391         4.5
Aberdeen UK Blue Chip Income                                                                             389         4.5
                                                                                                       2,610        30.1
Listed Fixed Income investments
Treasury 8.5% 07/12/2005                                                                                 774         8.9
Treasury 5% 07/06/2004                                                                                   662         7.6
Treasury 6.5% 07/12/2003                                                                                 651         7.5
Treasury 7.5% 07/12/2006                                                                                 491         5.7
Bk Nederlandse Gemeenten 6.375% 30/03/2005                                                               307         3.6
Sweden 7 1/2% 30/12/2002                                                                                 305         3.5
KFW International Finance 6% 27/10/2003                                                                  304         3.5
European Investment Bank 6% 26/11/2004                                                                   304         3.5
European Investment Bank 6% 07/05/2003                                                                   303         3.5
Asian Development Bank 5.75% 12/11/2002                                                                  302         3.5
KFW International Finance 5.5% 18/06/2004                                                                302         3.5
                                                                                                       4,705        54.3
Total Investments                                                                                      7,315        84.4





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