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  Print      Mail a friend       Annual reports

Wednesday 21 September, 2005


Interim Results

Quester VCT 5 plc

Interim statement

For the six months ended 30 June 2005

Financial highlights

Per ordinary share (pence)                  30 June  31 December       30 June
                                               2005         2004          2004
Capital values                                                                
Net asset value                                89.2         91.6          92.9
Share price                                    84.5         85.5          97.5
Return and dividends                                                          
Dividend                                          -            -             -
Cumulative dividend                             1.5          1.5           1.5
Total return*                                  90.7         93.1          94.4

*Net asset value plus cumulative dividend per share

Highlights from the Chairman's statement and Investment manager's report

  * The background for the development and financing of young technology
    companies has generally become more positive.
  * During the six months to 30 June 2005, £0.6 million was committed to 10
    existing venture capital investments and one new investment was made,
    resulting in a portfolio of 23 investments.
  * Since 30 June 2005, the rate of investment has increased. Three new
    investments have been made at a total cost of £1.1 million.
  * The performance of Quester VCT 5 is within current expectations.


The background for the development and financing of young technology companies
has generally become more positive. The Manager has been active during the
period in developing the portfolio, which is reflected by the ten follow-on
investments completed.


The Company's net assets have risen during the half year from £21.9 million as
at 31 December 2004 to £22.1 million as at 30 June 2005, although the net asset
value per share has fallen marginally over the same period from 91.6p to 89.2p
per share. These respective changes arise as follows:

                                          £'000   Pence per
Net asset value as at 31 December        21,904        91.6
Net unrealised loss on investments        (158)       (0.6)
Net realised loss on investments          (207)       (0.8)
Income                                      180         0.7
Expenses, including management fee        (440)       (1.8)
Net funds raised during the period          985         0.1
Share buy-ins*                            (167)           -
Net asset value as at 30 June 2005       22,097        89.2

* Share buy-ins served to increase net asset value by 0.06 pence per share

The increase in net assets primarily results from the fund raising during the
period, which generated net proceeds from the issue of new shares of £985,000
(£1.04 million gross) with the costs of the exercise having been capped by the
Manager at £57,000. This share issue had a very limited impact on net asset
value per share, as shown above. The reduction in net asset value per share
has, therefore, resulted from a combination of net running costs and net losses
on investments.

As at 30 June, the revenue reserve had a deficit of £47,000 and as a result,
and in the absence of realised gains on investments, the directors have not
declared an interim dividend.


During the six months to 30 June 2005, £0.6 million was committed to 10
existing venture capital investments and one new investment was made, resulting
in a portfolio of 23 investments (18 unquoted, 5 AIM traded). The investment in
Digital Union Limited was written off.

Net losses of £365,000 arose on the company's investments during the period
under review. The returns are attributable to the respective asset classes as

Investment class   Net realised gains Net unrealised         Total
                            /(losses) gains/(losses)              
                                £'000          £'000              
Quoted venture                      -          (180)         (180)
Unquoted venture                (189)          (212)         (401)
Listed equities                   (8)            230           222
Bonds                            (10)              4           (6)
Total                           (207)          (158)         (365)

Since 30 June 2005, the rate of investment has increased. Three new investments
have been made at a total cost of £1.1 million, together with follow-on
investments totalling £0.6 million. Included within these follow-on investments
were two funding rounds at higher valuations resulting in valuation uplifts for
the two investments concerned.

Further information on the performance of the Company's investments is provided
in the Investment Manager's report.


RSM Robson Rhodes LLP have replaced KPMG Audit Plc as auditor of the Company.


An attractive venture capital portfolio with good potential has now largely
been built. Its general positive underlying progress, together with an increase
in the rate of investment seen in the current year, gives us increased optimism
for the future performance of the fund.

Bill Passmore


21 September 2005



During the period net asset value per share reduced by 2.6%, as summarised in
the Chairman's statement. Generally venture portfolios suffer losses in the
early years before successful investments mature and establish higher values.
The performance of Quester VCT 5 is therefore within current expectations.


It was an active period with further investment being made in over half of the
unquoted companies in the portfolio.

During the half year £0.6 million was invested in 10 companies from the
existing portfolio, either as further tranches of originally agreed commitment
or as follow-on investment.

Company                         Sector                   Cost £ 
Advanced Valve Technologies     Industrial products &    100    
Limited                         services                        
Identum Limited*                Software                 36     
Avidex Limited                  Healthcare & life        65     
Azea Networks Inc.              Communications           129    
Celona Technologies Limited     Software                 138    
Digital Union UK Limited        Software                 29     
HTC Healthcare Group plc        Consumer goods &         12     
Oxford Immunotec Limited        Healthcare & life        75     
REQIO Limited                   Software                 8      
Workshare Limited               Software                 56     

* Formerly Argelcom Limited

In addition, one new investment of £88,000 was made in Nanotecture Limited, a
company that makes nanoscale structures that offer significant advantages to
various market sectors such as supercapacitors, molecular filters and gas

A significant level of new investment has also been achieved since 30 June
2005. New investments have been made in Level Four Limited (£414,000), Global
Silicon Limited (£333,000) and Pelikon Limited (£373,000). Level Four provides
software for the configuration and testing of ATM services, Global Silicon
designs and sells audio processors for portable music players and Pelikon
manufactures flexible electronic displays. Seven further follow-on investments
have also been made at a total cost of £0.6 million.


The portfolio contains a number of promising investments with attractive
potential upside. The growing portfolio, with 23 investments at the period end,
spreads the risks inherent in investments made in small young companies. It is
also spread by sector within the broad area of technology as shown in the table

Sector                      Percentage of       Valuation at  Number of  
                            venture capital     30 June 2005             
                            portfolio at                     investments 
                            %                          £'000             
Healthcare & life sciences  42.0                2,946        7           
Software                    16.9                1,188        4           
Industrial products &       15.0                1,052        4           
Communications              13.2                929          2           
Semiconductors              5.5                 383          2           
Electronics                 4.5                 318          2           
Consumer goods & services   1.6                 110          1           
Materials                   1.3                 88           1           
                            100.0                      7,014 23          


As at 30 June 2005, the venture capital portfolio was valued at £7.0 million,
equivalent to 90% of original cost. During the period, provisions totaling £
258,000 were made against Advanced Valve Technologies and HTC Healthcare. These
were partially offset by an upwards revaluation of £46,000 in the investment in
Workshare, reflecting the positive progress made by this company.

Digital Union failed during the period resulting in a loss of £200,000
(including bridging finance provided during the period). We worked extensively
with its management team to seek a satisfactory solution to the company's
failure to develop sales in line with plan, but ultimately decided not to
continue to support the business further.

The quoted venture capital investments fell in value by £180,000 during the
half year. A small proportion of this results from the impact of new accounting
standards that require listed investments to be valued at bid as opposed to mid


The listed equity portfolio, which forms part of our reserves to cover future
venture capital investment, performed well during the period generating net
gains of £222,000, equivalent to annualised growth of approximately 14%. The
portfolio, which currently comprises 40 stocks at an average cost of £75,000,
also generated a yield of approximately 4.5%.

An amount of £4.6 million is currently invested in short dated, highly rated
bonds, which, as at 30 June, were generating an average effective yield of

These two portfolios are also now valued on the basis of bid price.


At this stage we are satisfied with the continuing enlargement of the venture
capital portfolio and with the underlying progress made by a number of the
earlier investments. It is also encouraging that there is a more positive
climate for developing small technology based companies.

Quester Capital Management Limited


21 September 2005

FUND SUMMARY                           Cost       Valuation % equity  % of fund
As at 30 June 2005                     £'000      £'000     held      by value 
Quoted venture capital investments                                             
Allergy Therapeutics plc               500        598       1.1%      2.7%     
Polaron plc                            250        169       1.2%      0.8%     
Portrait Software plc (previously AIT  565        350       1.8%      1.6%     
Group plc)                                                                     
Public Recruitment Group plc           250        241       0.8%      1.1%     
Quadnetics Group plc                   57         50        0.2%      0.2%     
Total quoted venture capital           1,622      1,408               6.4%     
Unquoted venture capital investments                                           
Advanced Valve Technologies Limited    513        242       10.3%     1.1%     
Anadigm Limited                        237        199       1.7%      0.9%     
Antenova Limited                       402        402       2.2%      1.8%     
Arithmatica Limited                    287        184       2.5%      0.8%     
Avidex Limited                         506        506       1.4%      2.3%     
Azea Networks Inc.                     527        527       2.2%      2.4%     
Celona Technologies Limited            266        266       4.4%      1.2%     
Cyclacel Limited                       500        500       0.6%      2.3%     
Footfall Limited                       400        400       3.1%      1.8%     
HTC Healthcare Group plc               226        110       3.5%      0.5%     
Identum Limited (previously Argelcom   71         71        2.5%      0.3%     
Lorantis Holdings Limited              400        400       0.9%      1.8%     
Mesophotonics Limited                  357        268       2.4%      1.2%     
Nanotecture Limited                    88         88        0.8%      0.4%     
Oxford Immunotec Limited               325        325       3.7%      1.5%     
Oxxon Therapeutics Holdings, Inc.      367        367       1.3%      1.7%     
Workshare Limited                      456        501       2.7%      2.3%     
Xention Discovery Limited              250        250       2.4%      1.1%     
Total unquoted venture capital         6,178      5,606               25.4%    
Total venture capital investments      7,800      7,014               31.8%    
Listed fixed interest investments      4,572      4,575               20.7%    
Listed equity investments              3,011      3,582               16.2%    
Total investments                      15,383     15,171              68.7%    
Cash and other net assets              6,926      6,926               31.3%    
Net assets                             22,309     22,097              100.0%   



Incorporating the revenue account of the Company

                        6 months ended 30 June  6 months ended 30 June Year    
                                          2005                    2004 ended 31
                 Note Revenue  Capital   Total Revenue Capital Total   Total   
                        £'000    £'000   £'000 £'000   £'000   £'000   £'000   
(Loss)/profit on      -       (365)    (365)   -       82      82      (86)    
Income                180     -        180     317     -       317     618     
Investment            (137)   (137)    (274)   (132)   (132)   (264)   (552)   
management fee                                                                 
Other expenses        (166)   -        (166)   (131)   -       (131)   (277)   
(Loss)/return on      (123)   (502)    (625)   54      (50)    4       (297)   
before taxation                                                                
Tax on ordinary       -       -        -       2       -       2       2       
(Loss)/return on      (123)   (502)    (625)   56      (50)    6       (295)   
activities after                                                               
Proposed              -       -        -       -       -       -       -       
Transfer (from)/      (123)   (502)    (625)   56      (50)    6       (295)   
to reserves                                                                    
(Loss)/earnings     3 (0.51)p (2.05)p  (2.56)p 0.24p   (0.22)p 0.02p   (1.20)p 
per share                                                                      

The revenue column of this statement is the revenue account of the Company.

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

The Company has only one class of business and derives its income from
investments made in shares and securities and from bank deposits.


                               Note   30 June       31 December   30 June      
                                      2005                        2004         
                                      £'000         £'000         £'000        
Fixed assets                                                                   
Investments at valuation              15,171        12,615        19,867       
Current assets                                                                 
Debtors                               413           56            273          
Cash at bank                          6,829         9,373         2,447        
                                      7,242         9,429         2,720        
Creditors (amounts falling            (270)         (94)          (327)        
due within one year)                                                           
Net current assets                    6,972         9,335         2,393        
Creditors (amounts falling            (46)          (46)          (46)         
due in over one year)                                                          
Net assets                            22,097        21,904        22,214       
Capital and reserves                                                           
Called-up equity share                248           239           239          
Share premium account           1     5,966         4,992         4,992        
Special reserve                 1     16,379        16,544        17,311       
Capital reserve - realised      1     (237)         130           (556)        
- unrealised                    1     (212)         (77)          163          
Revenue reserve                 1     (47)          76            65           
Total equity shareholders'            22,097        21,904        22,214       
Net asset value per share             89.2p         91.6p         92.9p        


                                            6 months     6 months    Year ended
                                               ended        ended              
                                                                    31 December
                                        30 June 2005 30 June 2004          2004
                                        £'000        £'000                £'000
Net cash (outflow)/inflow from          (299)        394                    557
operating activities                                                           
Corporation tax repaid                  -            -                        2
Net capital expenditure and financial   (3,063)      (1,427)              5,343
Dividends paid                          -            (221)                (221)
Financing                               818          1,347                1,338
(Decrease)/increase in cash for the     (2,544)      93                   7,019
Reconciliation of net cash flow to                                             
movement in net funds                                                          
(Decrease)/increase in cash for the     (2,544)      93                   7,019
Net funds at the start of the period    9,373        2,354                2,354
Net funds at the end of the period      6,829        2,447                9,373


1. Movement in reserves

                               Share   Special    Capital     Capital   Revenue
                             premium   reserve    reserve     reserve   reserve
                             account             realised  unrealised          
                                         £'000                            £'000
                               £'000                £'000       £'000          
At 1 January 2005          4,992     16,544    130        (77)        76       
Share issues pursuant to   1,031     -         -          -           -        
the offers for                                                                 
Expenses of share issues   (57)      -         -          -           -        
Share buy back and         -         (165)     -          -           -        
Net loss on realisation of -         -         (207)      -           -        
Net unrealised loss        -         -         -          (158)       -        
on investments                                                                 
Transfer from unrealised   -         -         (23)       23          -        
Investment management fee  -         -         (137)      -           -        
charged to capital                                                             
Net loss for the period    -         -         -          -           (123)    
At 30 June 2005            5,966     16,379    (237)      (212)       (47)     

 2. This Interim Report has been prepared using new accounting standards, which
    have been issued to begin the process of converging UK standards with
    International Financial Reporting Standards ('IFRS'). The relevant
    standards are FRS 25 Financial Instruments: Disclosure and Presentation and
    FRS 26 Financial instruments: Measurement. These standards have been
    adopted by the Company with effect from 1 January 2005.
All investments held by the Company are classified as `fair value through
profit or loss'. For investments actively traded in organised financial
markets, fair value is generally determined by reference to Stock Exchange
quoted market bid prices at the close of business on the balance sheet date.
Previously all listed investments were valued with reference to closing mid
market prices at the balance sheet date. The effect of this change in
accounting policy on the net asset value of the Company as at 30 June 2005 has
been to reduce it by £34,000. The comparative figures have not been restated as
the impact is immaterial.

In addition, transaction costs incurred on the purchase and sale of investments
are now charged through the Statement of Total Return in the period in which
they are incurred instead of being included within the cost of the investment
or deducted from the proceeds of a sale. This has no impact on the net asset
value of the Company but impacts the unrealised and realised gain or loss on

 3. The calculation of the revenue loss and capital loss per share for the
    period is based respectively on the net loss after tax of £123,000 and the
    net capital loss after tax of £502,000 divided by the weighted average
    number of shares in issue during the period of 24,446,922.
 4. The unaudited financial statements set out above do not constitute
    statutory accounts within the meaning of Section 240 of the Companies Act
 5. Copies of the unaudited interim results are expected to be sent to
    shareholders on 23 September 2005. Further copies can be obtained from the
    Company's registered office.
 6. The Interim Report will also be available on request from the Company's
    registered office, 29 Queen Anne's Gate, London SW1H 9BU.