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  Print      Mail a friend       Annual reports

Wednesday 17 September, 2003


Interim Results

                               Quester VCT 5 plc                               

            Interim statement for the six months ended 30 June 2003            

Financial highlights

Per ordinary share (pence)        6 months to      69 weeks to   42 weeks ended
                                 30 June 2003 31 December 2002     30 June 2002
Capital values                                                                 
Net asset value                          93.3             92.8             94.8
Share price                              96.0             96.0             93.0
Return and dividends                                                           
Dividend                                    -              0.5                -
Cumulative dividend                       0.5              0.5                -
Total return*                            93.8             93.3             94.8

*Net asset value plus cumulative dividend per share

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

  * The Company has performed in line with plan and has steadily continued to
    build its venture
capital portfolio.

  * The Company is continuing to build a portfolio that is well diversified by
    sector. Sectors include:
      + Software
      + Biotechnology
      + Industrial products & services
      + Energy
      + Communications
  * The portfolio is expected to grow to around 25 investments.
Chairman's statement


The Company has performed in line with plan and has steadily continued to build
its venture capital portfolio. The net asset value has remained relatively
stable and stood at 93.3p per share as at 30 June 2003.


Two new venture capital investments were made during the period at a cost of £
385,000.This takes the total number of venture capital investments to nine. In
addition, a further £163,000 was invested in existing investments as part of
follow-on rounds taking the total level of venture capital investment made
during the six months to £548,000. As can be seen in the table in the
Investment Manager's report, the creation of a diversified venture capital
portfolio is well underway.

At the period end, the majority of the Company's venture capital investments
continued to be valued at cost, as would be expected at this early stage.
However, provisions of £290,000 have been made against two investments.


The statement of total return for the six months to 30 June 2003 shows a loss
before tax of £17,000. Of this, a profit of £103,000 was attributable to the
revenue account, which is in effect the Company's profit and loss account, with
the balance of £120,000 being the capital loss for the period. There is no tax
charge. The directors are not declaring an interim dividend.


During the half year, the share offers were closed having generated additional
gross subscription proceeds of £2.5 million. In total, £3.6 million was raised
by these offers, which were launched in October 2002.The Company will consider
whether a further offer for shares later in the current tax year is in the best
interests of the Company and of shareholders.


The venture capital portfolio is expected to grow to around 25 investments,
with reserves retained to cover future potential funding requirements. It is
likely that the process of selecting the remaining investments will be
essentially completed during the next twelve months. Given the improvement in
market sentiment and a good deal flow, we believe that the Company is well
placed to build an attractive venture capital portfolio for shareholders.

WW Passmore


17 September 2003

Investment manager's report


During the half year to 30 June 2003, measured progress has been made in the
continued building of the Company's venture capital portfolio. We have
maintained a cautious rate of investment reflecting our selective investment

The recent upturn in stock markets generally has resulted in a recovery of
value in the Company's listed equity portfolio. The bond portfolio, which is
comprised of short dated instruments only, was valued marginally above cost as
at the period end.


The venture capital portfolio has now increased to nine investments, eight of
which are unquoted. The ninth, AIT Group plc, has a quotation on the
Alternative Investment Market (AIM). The composition of the portfolio is
provided in the Fund Summary table below.

During the period, new and follow-on investments were made as detailed below:

Investment                                               New      Follow-on
                                                       £'000          £'000
Advanced Valve Technologies Limited                       18              -
Antenova Limited                                           -             75
Azea Networks Limited                                      -             88
Oxxon Pharmaccines Limited                               367              -
                                                         385            163

Inclusive of these investments, the Company is continuing to build a portfolio
that is well diversified by sector, as shown in the following table:

Sector                                  Cost       Existing venture   Number of
                                       £'000   Capital portfolio at            
Biotechnology                            734                   28.1           2
Software                                 733                   28.1           2
Industrial products &                    418                   16.0           2
Energy                                   400                   15.3           1
Communications                           326                   12.5           2
                                       2,611                  100.0           9

Since the end of the period, £508,000 has been invested in three follow-on
investments and £519,000 in a further two new companies.

In view of the present conditions in the venture capital market, we are placing
much emphasis on the need for the Company to retain prudent reserves for
expected follow-on investment. This policy is needed to enable the Company to
contribute to the further finance required by successful portfolio companies as
they grow, given the uncertainties in the availability of venture capital for
young companies. Taking both actual investments made and reserves for future
follow-on investment into account, the Company has effectively completed
approximately 30% of the total anticipated venture capital portfolio. It is
anticipated that the actual number of investments held in the portfolio will
eventually rise to approximately 25.

The unquoted investments have been valued in line with the Company's accounting
policies, which are based upon guidelines issued by the British Venture Capital
Association (BVCA).At this early stage, most companies remain valued at cost.
However, the investment in Bowman Power had been written down to 75% of cost
and the investment in the AIT Group, which is a quoted investment, had been
marked down following a fall in its share price. As at 1 September 2003, the
share price of AIT Group had recovered strongly.


Since 31 December 2002, net additional funds of £465,000 have been invested in
the listed equity portfolio by Newton Investment Management Limited. During the
period, this portfolio has recovered some value, however, as at 30 June 2003,
it was showing a net unrealised loss of £100,000 on a cost of £1.1 million.

The bond portfolio, which is comprised of short dated instruments only, was
showing an unrealised profit of £85,000 on a cost of £13.5 million. This
portfolio will steadily reduce as funds are switched into venture capital


We have continued the steady progress of building the venture capital portfolio
and believe that the investments made to date have good potential, although it
should be stressed that these companies are at a very early stage. Going
forwards, shareholders will see a steady increase in the number of investments
held within the portfolio, up to an anticipated level of approximately 25
companies. With a strengthening deal flow and the possibility of somewhat more
positive global economic conditions, the Company is well placed to create a
portfolio of young companies with exciting potential.

Quester Capital Management Limited


17 September 2003


AS AT 30 JUNE 2003

                                            Cost      Valuation   % of fund
                                            £'000     £'000        by value
Venture capital investments                                                
Advanced Valve Technologies                 18        18               0.1%
AIT Group plc *                             333       143              0.7%
Antenova Limited                            150       150              0.7%
Avidex Limited                              367       367              1.8%
Azea Networks Limited                       176       176              0.9%
Bowman Power Limited                        400       300              1.5%
Footfall Limited                            400       400              1.9%
Oxxon Pharmaccines Limited                  367       367              1.8%
Workshare Limited                           400       400              1.9%
Total venture capital                       2,611     2,321           11.3%
Listed fixed interest                       13,495    13,580          65.7%
Listed equity investments                   1,130     1,030            5.0%
Total investments                           17,236    16,931          82.0%
Cash and other net assets                   3,728     3,728           18.0%
Net assets                                  20,964    20,659         100.0%

* AIT Group plc is quoted on the Alternative Investment Market (AIM).



Incorporating the revenue account of the Company

                   Note 6 months ended 30 June 42 weeks ended 30 June  69 weeks
                                 2003                   2002           ended 31
                        Revenue Capital Total  Revenue Capital Total      Total
                        £'000   £'000   £'000  £'000   £'000   £'000      £'000
Losses on               -       (27)    (27)   -       (17)    (17)       (135)
Income                  340     -       340    184     -       184          507
Investment              (93)    (93)    (186)  (30)    (30)    (60)       (190)
management fee                                                                 
Other expenses          (144)   -       (144)  (149)   -       (149)      (290)
Return/(loss) on        103     (120)   (17)   5       (47)    (42)       (108)
activities before                                                              
Tax on ordinary         -       -       -      -       -       -            (4)
Return/(loss) on        103     (120)   (17)   5       (47)    (42)       (112)
activities after                                                               
Proposed dividend       -       -       -      -       -       -           (93)
Transfer to/            103     (120)   (17)   5       (47)    (42)       (205)
(from) reserves                                                                
Earnings/(loss)    3      0.49p (0.57)p (0.08) 0.04p   (0.44)p (0.40)    (0.7)p
per share                               p                      p               

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

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     30 June     31 December  
                                          2003        2002        2002         
                                          £'000       £'000       £'000        
Fixed assets                                                                   
Investments                               16,931      12,691      15,907       
Current assets                                                                 
Debtors                                   346         480         348          
Cash at bank                              3,600       5,924       2,346        
                                          3,946       6,404       2,694        
Creditors: amounts falling due            (172)       (1,493)     (308)        
within one year                                                                
Net current assets                        3,774       4,911       2,386        
Creditors: amounts falling due in                                              
over one year                                                                  
Loan Stock                                (46)        (46)        (46)         
Net assets                                20,659      17,556      18,247       
Capital and reserves                                                           
Called up equity share capital            221         185         197          
Share premium account              1      3,260       17,413      842          
Special reserve                    1      17,400      -           17,413       
Capital reserve - realised         1      (24)        (43)        63           
- unrealised                       1      (307)       (4)         (274)        
Revenue reserve                    1      109         5           6            
Total equity shareholders' funds          20,659      17,556      18,247       
Net asset value per share                 93.3p       94.8p       92.8p        


                                        6 months     42 weeks     69 weeks     
                                        ended        ended        ended        
                                        30 June 2003 30 June 2002 31 December  
                                        £'000        £'000        £'000        
Net cash (outflow)/inflow from          (58)         (264)        126          
operating activities                                                           
Net capital expenditure and financial   (1,038)      (11,410)     (16,278)     
Dividends paid                          (79)         -            -            
Financing                               2,429        17,598       18,498       
Increase in cash for the period         1,254        5,924        2,346        
Reconciliation of net cash flow to                                             
movement in net funds                                                          
Increase in cash for the period         1,254        5,924        2,346        
Net funds at the start of the period    2,346        -            -            
Net funds at the end of the period      3,600        5,924        2,346        

Notes to the unaudited financial statements


                                Share    Special  Capital  Capital    Revenue
                                premium  reserve  reserve  reserve    reserve
                                account           realised unrealised        
                                £'000    £'000                        £'000  
                                                  £'000    £'000             
At 1 January 2003               842      17,413   63       (274)      6      
Share issues                    2,459    -        -        -          -      
Expenses of share issues        (54)     -        -        -          -      
Shares allocated under the      13       -        -        -          -      
dividend reinvestment scheme                                                 
Share buy back and cancellation -        (13)     -        -          -      
Net profit on realisation of    -        -        15       -          -      
Net unrealised depreciation of  -        -        -        (42)       -      
Transfer from unrealised        -        -        (9)      9          -      
Investment management fee       -        -        (93)     -          -      
charged to capital                                                           
Net revenue retained for the    -        -        -        -          103    
At 30 June 2003                 3,260    17,400   (24)     (307)      109    

 2. The financial information contained in this report has been prepared on the
    basis of the accounting policies adopted by the Company and covers the six
    months to 30 June 2003.
3. The calculation of the revenue, capital and total return per share for the
period is based

on the respective profit or loss after tax and on the weighted average number
of shares in

issue during the period of 21,096,443.

4. The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985.

5. Copies of the unaudited interim results are expected to be sent to
shareholders on 17 September 2003. Further copies can be obtained from the
Company's registered office.

A copy of the above document has been submitted to the UK Listing Authority,
and will shortly be available for inspection at the UK Listing Authority's
Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf


E14 5HS


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