Interim Results - 6 Months to 31 March 2000

Northern Venture Trust PLC
15 May 2000


NORTHERN VENTURE TRUST PLC
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2000
Highlights are as follows (comparative figures as at 31 March 1999 in
brackets):

*    Net asset value per share          105.7p (91.2p)

*    Net assets                         £39,441,000 (£34,049,000)

*    Investment income                  £805,000 (£883,000)

*    Net revenue before tax             £527,000 (£588,000)

*    Revenue return per share           1.2p (1.1p)

*    Interim dividend per share         1.0p (0.8p)



The Chairman of Northern Venture Trust, Professor Sir Frederick Holliday, made
the following statement to shareholders:

I  am  pleased to report an encouraging performance during the six  months  to
March  2000, a period in which our venture capital investments have  begun  to
show  the  results of much effort expended in earlier years.  Whilst  we  have
benefited  to a certain extent from the upturn in the technology  sector,  our
portfolio remains a broadly based one.

Balance sheet
The net asset value per share as at 31 March 2000 was 105.7p.  This represents
an  increase of 15.9% from the corresponding figure of 91.2p at 31 March  1999
and 17.3% from the audited figure of 90.1p at 30 September 1999.  Net realised
gains on sale of investments amounted to just over £1 million, a good start to
the process of eliminating the adverse balance brought forward on the realised
capital  reserve.   The unrealised surplus on the revaluation  of  investments
rose  by  £4.8  million, helped by a strong showing from some  of  our  quoted
venture   capital  investments.   Funds  held  in  the  listed  fixed-interest
portfolio continued to reduce as new unquoted investments were completed.

Revenue and dividend
The  revenue return per share in the half year was 1.2p, slightly up from  the
corresponding figure of 1.1p at 31 March 1999.  The revenue surplus before tax
fell  from  £588,000 to £527,000, again reflecting the withdrawal  of  income-
earning funds from the listed fixed-interest portfolio, but this was more than
offset  by  the  lower effective tax rate (the preceding period's  tax  charge
included  a  write-off of irrecoverable advance corporation tax).  An  interim
dividend  of  1.0p per share (last year 0.8p) will be paid on 8 June  2000  to
shareholders  on  the register on 26 May 2000.  The final  dividend  will,  as
usual, be determined in the light of the results for the full year.

Investments
During  the period six new venture capital investments totalling £3.8  million
were  completed.   A  further £1.1 million was invested in  further  financing
rounds for existing portfolio companies.  The new investments were:

*    CQC  (Barnstaple), manufacturer of load-carrying equipment  for  military
     personnel - £602,000
*    Chorus  Application Software (Barnstaple), financial management  software
     developer - £546,000
*    Tolwood  (Newton  Aycliffe), manufacturer of pressed steel  car  parts  -
     £1,000,000
*    Barony  Universal  Products (Auchinleck), producer  of  aerosol  packaged
     products - £315,000
*    Scipher (Hayes), developer of intellectual property rights - £420,000
*    T&D  Packaging  (Bradford/Liverpool),  manufacturer  of  metal  drums   -
     £900,000

We  invested in Scipher in December ahead of a planned flotation in  February.
The  flotation  was  well  timed  to catch the strong  demand  for  technology
investments  in the first quarter of 2000 and we took advantage  of  a  strong
after-market  to sell our holding for total proceeds of £808,000.   The  other
new investments are making good progress so far.

Elsewhere in the portfolio there were a number of encouraging events.   Indigo
Active  Vision Systems completed a new £5 million financing round involving  a
number  of  new  institutional investors, at a price almost  three  times  our
previous  valuation.   In the biopharmaceutical sector, Alizyme  and  BioFocus
both announced a series of promising commercial developments and the resulting
growth  in the respective share prices means that these are currently our  two
largest  investments by value.  XKO Group moved from AIM to a full listing  on
the  London  Stock Exchange and saw its share price more than  triple  between
October  and February.  In total, the portfolio at 31 March 2000 comprised  45
holdings with an aggregate value of £29.5 million.

VCT qualifying status
Your  board  and  its  advisers continue to monitor  carefully  the  company's
compliance  with  the VCT qualifying investment conditions laid  down  by  the
Inland  Revenue  and  are satisfied that the company  continues  to  meet  the
relevant requirements.

Share price
After reaching a low point of 65p in November, the company's share price  rose
to  85p during March before falling back to its present level of 77.5p.   This
represents a discount of over 26% to the net asset value at 31 March, a  level
which  your  directors  do  not consider is justified  in  the  light  of  the
company's improving position and prospects.

Although few shares have been traded in recent months, we appreciate that  the
market  price is an important value indicator to shareholders.   We  are  also
mindful  that  by  the  end  of 2000, some of the original  investors  in  the
company's  1995  share  issue  will  be free  to  sell  their  shares  without
forfeiting  their  initial income tax relief.  Whilst it is likely  that  many
shareholders  will  wish  to  continue to hold the  shares,  it  is  obviously
desirable  that there should be a genuine market for those who wish  to  sell.
We expect that judicious use of the company's power to purchase its own shares
in  the  market  will  help to make this possible.  With  this  in  mind,  the
directors  intend in the near future to use their limited authority  to  allot
shares  by  placing  up to 3.7 million new shares at a small  premium  to  the
current  net asset value, so as to ensure that the company's liquid  resources
are  maintained  at an adequate level.  Any shareholder who is  interested  in
subscribing  for new shares should contact the company secretary on  0191  244
6000.

The future
Despite  the  upward  trend in interest rates, we remain  positive  about  the
general economic outlook for the UK.  The investment portfolio is making  good
progress  and  Northern Venture Managers are receiving a strong  flow  of  new
enquiries;   we  will  aim to maintain a sensible balance  between  technology
investments  and the more traditional industry sectors.  We  have  as  a  high
priority the realisation of further investment gains so that we can clear  our
past  losses and make gains available for distribution to shareholders by  way
of dividend.


The  unaudited interim financial statements for the six months ended 31  March
2000 are set out below.

                    Six months ended      Six months ended      Year ended
                     31 March 2000          31 March 1999   30 September 1999
                                             (re-stated)           
(re-stated)

             Revenue Capital Total Revenue Capital Total Revenue Capital Total
             £000    £000    £000  £000    £000    £000  £000    £000    £000

Gains/(losses) 
on                                                             
investments:                                                                  
Realised on   -      1,030  1,030   -      (2,035) (2,035) -     (2,698)(2,698)
disposal          
Unrealised    -      4,868  4,868   -      (1,037) (1,037) -      (496)   (496)
valuation       
movements       
              -      5,898  5,898   -      (3,072) (3,072) -     (3,194)(3,194)
                            
Income        805     -       805   883       -       883 1,677    -     1,677
Investment                   
management 
fee          (158)   (237)   (395) (175)    (262)   (437)  (335)   (502)  (837)
Other expenses(120)    -     (395) (120)      -     (120)  (229)    -     (229)
                  ------  ------  ------ ------  ------ -------  -------------
    
Return on                                                                     
ordinary                                                                      
activities    527   5,661   6,188   588   (3,334) (2,746) 1,113 (3,696)(2,583)
before tax                      
Tax on ordinary                                                               
activities    (85)     71     (14) (173)      81     (92)  (289)   151  (138)
              ------  ------ ----   ------ ------   -------  ------  --------

Return on                                                                     
ordinary     442    5,732   6,174   415    (3,253)(2,838)  824  (3,545)(2,721)
activities after             
tax

Dividends  (373)      -     (373)  (299)     -     (299)  (299)    -     (299)
- interim              
  - final    -        -        -      -      -       -    (522)    -     (522)
           ------ ------  ------ ------  ------  -------  ------ ------
------Transfer to  69     5,732  5,801    116   (3,253) (3,137)    3 
(3,545)(3,542)
reserves              
           ------ ------  ------ ------  ------  -------  ------ ------ ------

Return per 
share    1.2p     15.4p   16.6p   1.1p    (8.7)p   (7.6)p  2.2p  (9.5)p (7.3)p
                            
Dividends per share                                                             
  Interim 1.0p                    0.8p                     0.8p            
  Final     -                      -                       1.4p            
  




BALANCE SHEET
                              31 March  31 March 1999   30 September
                                  2000           £000           1999
                                  £000                          £000
Fixed assets                                           
Venture capital investments 
-unlisted                       21,356         13,811         17,374
-listed                          8,179          3,745          3,974
                            ------------   -------------  -------------
                         
Total venture capital 
investments                     29,535         17,556         21,348
Listed fixed-interest            6,557         13,100          9,248
investments                                            
                            ------------   -------------  -------------

Total fixed asset               36,092         30,656         30,596
investments              

Net current assets               3,349          3,393          3,048
                             ------------   -------------  -------------

Net assets                      39,441         34,049         33,644
                            ------------   -------------  -------------

Share capital                    9,329          9,330          9,330
Share premium                   10,457         10,457         10,457
Capital redemption reserve           1              -              -
Share purchase reserve          16,996         17,000         17,000
Capital reserve-realised        (2,273)        (2,304)        (3,137)
               -unrealised       4,827           (582)           (41)
Revenue reserve                    104            148             35
                           ------------   -------------  -------------
Total equity                    39,441         34,049         33,644
shareholders' funds                                    
              
                           ------------   -------------  -------------

Net asset value per             105.7p          91.2p          90.1p
share

The  statements of total return for the six months ended 31 March 1999 and the
year  ended  30  September 1999 have been re-stated  so  as  to  show  franked
investment  income  net  of the attributable tax credit,  in  accordance  with
Financial Reporting Standard 16.  As a result the figures shown in the revenue
column  in  respect of income and tax on ordinary activities  have  each  been
reduced  by £46,000 for the six months ended 31 March 1999 and by £70,000  for
the  year ended 30 September 1999;  there has been no change to the previously
reported return on ordinary activities after tax and return per share.

The  above summary of results for the six months ended 31 March 2000 does  not
constitute  statutory  accounts  within the meaning  of  Section  240  of  the
Companies  Act 1985 and has not been delivered to the Registrar of  Companies.
The  figures for the year ended 30 September 1999 have been extracted from the
financial statements for that year, which have been delivered to the Registrar
of  Companies;   the  auditors'  report on those  financial  statements  under
Section 235 of the Companies Act 1985 was unqualified.

The  interim dividend for the year ending 30 September 2000 will be paid on  8
June  2000 to shareholders on the register at the close of business on 26  May
2000.

A  copy of the full interim report to shareholders for the six months ended 31
March 2000 is expected to be posted to shareholders on 22 May 2000 and will be
available  to  the  public  at  the  registered  office  of  the  company   at
Northumberland House, Princess Square, Newcastle upon Tyne NE1 8ER.

For further information contact:
Christopher Mellor              0191 244 6000
(Northern Venture Trust PLC)

Neil Baldwin                    0113 241 0130
(Brewin Dolphin Securities Ltd.)

15 May 2000