REG-New Century AIM VCT Plc Half-year Report
22/10/2020 07:00
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Half-year Report
New Century AIM VCT plc
For the six months to 31 August 2020
Chairman’s Statement
Business Update
It is pleasing to report that although March was a particularly difficult
month for your fund and stock markets in general, it has since regained all of
the declines in its net asset value (NAV) incurred during that month, and has
outperformed its benchmark for the six months to 31 August 2020.
In the six months to 31 August 2020, the net asset value (NAV) of your fund
increased by 14.8% to £5.953m or 75.7p per share (when using bid prices). The
FTSE AIM Allshare index increased by 12.5% over the same period.
We believe the difficult decision to use existing cash resources to invest in
new opportunities rather than fund a dividend at that time has proved to be
the correct one as we have seen a strong recovery in the NAV from the lows
experienced in the stock market sell off in March 2020.
Dividend Declaration
Further short-term volatility is likely to occur for reasons such as those
mentioned in my final paragraph. Nevertheless, as the fund’s recent
performance justifies it, we feel it is appropriate to award our shareholders
an interim dividend of 1.5p per share. This recognises the importance of
tax-free income to them whilst balancing the need to maintain sufficient cash
to take advantage of any investment opportunities which may occur in the
second half of the year. The Board has declared an interim dividend of 1.5p
per share in respect of the financial year ending 28 February 2021, payable on
4 December 2020 to shareholders on the register on 6 November 2020. The
ex-dividend date will be 5 November 2020.
Investment Strategy
We made ten further investments in the period, investing in AFC Energy PLC,
Concepta PLC, Deepmatter PLC, Eden Research PLC, ECSC Group PLC, Feedback plc,
Fusion Antibodies PLC, Gfinity PLC, Intelligent Ultrasound Group PLC and
Synairgen PLC.
We made ten sales where we either exited or top-sliced a holding.
We have a wide spread of established companies across a variety of sectors
within the fund and whilst we hope your fund will continue to outperform over
the rest of the year, we are mindful that we could see further volatility this
Autumn / Winter. The second half of the year has political events such as the
US Presidential election and the uncertainty over what type of BREXIT we will
have, as well as trying to contain a second wave of the virus and its further
effects on the wider economy.
Geoff Gamble
22 October 2020
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Balance Sheet
Interim Accounts Final Accounts Interim Accounts
as at 31 August 2020 as at 29 February 2020* as at 31 August 2019
£'000 £'000 £'000 £'000 £'000 £'000
Fixed Assets
Investments 5,809 5,045 5,064
Current Assets
Debtors 171 164 541
171 164 541
Current Liabilities
Creditors: amounts due
within one year (27) (23) (14)
Net Assets 5,953 5,186 5,591
Capital and Reserves
Share capital 786 786 786
Share premium 682 682 682
Capital reserve - realised 1,047 922 847
Capital reserve - unrealised 2,745 2,077 2,279
Capital redemption reserve 400 400 400
Revenue reserve 293 319 597
5,953 5,186 5,591
Net Asset Value per share 75.7p 66.0p 71.1p
*Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
6 month period ended 31 August 2020 Year to 29 February 2020* 6 month period ended 31 August 2019
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments
Realised - 184 184 - 319 319 - 271 271
Unrealised - 629 629 - (240) (240) - (86) (86)
Income 9 - 9 91 - 91 53 - 53
Investment management fees (7) (20) (27) (14) (41) (55) (7) (20) (27)
Other expenses (28) - (28) (62) - (62) (29) - (29)
Return on ordinary activities (26) 793 767 15 38 53 17 165 182
Tax on ordinary activities - - - - - - - - -
Return on ordinary activities
after taxation (26) 793 767 15 38 53 17 165 182
Return per ordinary share in pence (0.33) 10.10 9.76 0.19 0.48 0.66 0.22 2.10 2.32
*Audited
All revenue and capital items in the above statement derive from continuing
operations in the current six month period. No operations were acquired or
discontinued in the current period.
Other than that shown above, the company had no recognised gains or losses.
Accordingly, the above represents the total comprehensive income for the
period.
The weighted average number of shares in issue during the period was
7,860,937.
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Consolidated Statement of Changes in Equity
Capital Redemption Reserve Capital Capital Revenue Total
£’000
£’000
Share Capital account Share Premium realised unrealised reserve
£’000
£’000
£’000
£’000
account
£’000
As at 1 March 2020 786 682 400 922 2,077 319 5,186
Realised gains on disposals - - - 184 - - 184
Unrealised gains - - - - 629 - 629
Transfer of unrealised valuation deficit to realised reserves on disposal of - - - (39) 39 - -
investments
Net revenue before tax - - - - - (26) (26)
Capital element of investment management fee - - - (20) - - (20)
________ ________ _________ ________ ________ ________ ________
At 31 August 2020 786 682 400 1,047 2,745 293 5,953
As at 1 March 2019 786 682 400 205 2,755 580 5,408
Realised gains on disposals - - - 319 - - 319
Unrealised Losses - - - - (240) - (240)
Transfer of unrealised valuation gain to realised reserves on disposal of - - - 439 (439) - -
investments
Net revenue before tax - - - - - 15 15
Dividends paid - - - - - (275) (275)
Capital element of investment management fee - - - (41) - - (41)
________ ________ _________ ________ ________ _________ ________
At 29 February 2020* 786 682 400 922 2,077 319 5,186
Note: Some columns on this page may not cast because of rounding differences.
* Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Consolidated Statement of Changes in Equity (continued)
Capital Redemption Reserve Capital Capital Revenue Total
£’000
£’000
Share Capital account Share Premium realised unrealised reserve
£’000
£’000
£’000
£’000
account
£’000
As at 1 March 2019 786 682 400 205 2,755 580 5,408
Realised gains on disposals - - - 271 - - 271
Unrealised Losses - - - - (86) - (86)
Transfer of unrealised valuation gain to realised reserves on disposal of - - - 391 (391) - -
investments
Net revenue before tax - - - - - 17 17
Capital element of investment management fee - - - (20) - - (20)
________ ________ _________ ________ ________ _________ ________
At 31 August 2019 786 682 400 847 2,279 597 5,591
Note: Some columns on this page may not cast because of rounding differences.
New Century AIM VCT plc
For the six months to 31 August 2020
Unaudited Cash Flow Statement
6 month period ended 31 August 2020 Year to 29 February 2020* 6 month period ended 31 August 2019
£'000 £'000 £'000 £'000 £'000 £'000
Net cash used in operating activities (65) (149) (96)
Cash flows from investing activities
Investment income 9 91 53
Net cash from investing activities 9 91 53
Cash flows from investing activities
Sale of investments 374 1,178 938
Purchase of investments (324) (754) (427)
Dividends paid - (275) -
Net cash generated from financing activities 50 149 511
Net (decrease) / increase in cash and cash equivalents (6) 91 468
Cash and cash equivalents at beginning of period 164 73 73
Cash and cash equivalents at end of period 158 164 541
*Audited
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio
Security Cost Valuation % %
31 August 2020 Cost Valuation
Qualifying Investments 6,712,519 5,629,233 91.07 94.35
Non-qualifying Investments 500,814 179,658 6.79 3.01
7,213,333 5,808,891 97.86 97.36
Uninvested funds 157,752 157,752 2.14 2.64
7,371,085 5,966,643 100.00 100.00
Qualifying Investments
AIM Quoted
Access Intelligence plc 10,053 17,750 0.14 0.30
AFC Energy plc 50,254 60,875 0.68 1.02
Angle plc 125,880 105,981 1.71 1.78
Anglo African Oil & Gas plc 45,229 673 0.61 0.01
Audioboom Group plc 178,406 129,600 2.42 2.17
Bango plc 7,563 25,025 0.10 0.42
Belvoir Lettings plc 23,320 30,500 0.32 0.51
Bigblu Broadband plc 239,452 327,549 3.25 5.49
Bilby plc 156,673 51,066 2.13 0.86
Blackbird plc 97,991 374,400 1.33 6.27
Bould Opportunities plc 35,179 0 0.48 0.00
Brighton Pier Group plc 50,253 10,313 0.68 0.17
C4X Discovery Holding plc 65,329 96,633 0.89 1.62
Cloudbuy plc 58,483 228 0.79 0.00
Cloudcall Group plc 20,230 26,600 0.27 0.45
Collagen Solutions plc 20,757 18,659 0.28 0.31
Concepta plc 100,507 59,063 1.36 0.99
Coral Products plc 118,095 40,000 1.60 0.67
Creo Medical Group plc 30,053 70,619 0.41 1.18
Cyanconnode Holdings plc 376,755 25,445 5.11 0.43
DCD Media plc 562,800 1,700 7.64 0.03
Deepmatter plc 49,754 71,940 0.67 1.21
Diaceutics plc 10,314 24,165 0.14 0.41
DP Poland plc 20,113 0 0.27 0.00
Ecsc Group plc 20,104 20,000 0.27 0.34
Eden Research plc 60,304 66,000 0.82 1.11
Entertainment Ai plc 150,754 77,667 2.05 1.30
Escape Hunt plc 31,006 1,817 0.42 0.03
Falanx Group Ltd 105,736 28,154 1.43 0.47
Faron Pharmaceuticals Ltd 25,128 46,000 0.34 0.77
Feedback plc 100,508 109,000 1.36 1.83
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio (continued)
AIM Quoted (continued)
Fusion Antibodies plc 12,064 10,667 0.16 0.18
Gear4Music Holdings lc 27,121 109,301 0.37 1.83
Gfinity plc 116,218 144,427 1.58 2.42
HML Holdings plc 266,497 329,000 3.62 5.51
Hunters Property plc 251,256 216,500 3.41 3.63
IDE Group Holdings plc 52,763 1,829 0.72 0.03
Ideagen plc 28,430 187,184 0.39 3.14
Immotion Group plc 130,661 81,641 1.77 1.37
Inspired Energy plc 51,370 260,743 0.70 4.37
Integumen plc 45,922 116,411 0.62 1.95
Intelligent Ultrasound Group plc 170,848 147,036 2.32 2.46
I-Nexus Global plc 70,353 3,101 0.95 0.05
K3 Business Technology Group plc 90,360 104,895 1.23 1.76
Keywords Studios plc 6,181 109,800 0.08 1.84
Lightwaverf plc 45,233 3,177 0.61 0.05
Location Sciences Group plc 132,946 23,975 1.80 0.40
M.Winkworth plc 64,320 112,000 0.87 1.88
Marechale Capital plc 133,828 23,718 1.82 0.40
Maxcyte Inc 25,128 127,142 0.34 2.13
Microsaic Systems plc 164,417 13,552 2.23 0.23
Modern Water plc 75,382 11,258 1.02 0.19
N4 Pharma plc 60,304 69,450 0.82 1.16
Open Orphan plc 115,581 73,413 1.57 1.23
Pelatro plc 25,128 18,160 0.34 0.30
PHSC plc 182,910 41,650 2.48 0.70
Polarean Imaaging plc 30,154 77,800 0.41 1.30
Property Franchise Group plc 100,503 160,000 1.36 2.68
Quixant plc 6,935 18,225 0.09 0.31
Rosslyn Data plc 27,037 4,483 0.37 0.08
Scholium Group plc 50,253 15,000 0.68 0.25
Scancell Holdings plc 130,618 78,117 1.77 1.31
Solid State plc 40,134 102,960 0.54 1.73
SRT Marine Systems plc 27,139 61,500 0.37 1.03
Sysgroup plc 99,177 50,980 1.35 0.85
Tekcapital plc 77,499 32,625 1.05 0.55
Touchstar plc 281,400 67,500 3.82 1.13
TP Group plc 109,278 49,289 1.48 0.83
Tristel plc 38,409 472,320 0.52 7.92
ULS Technology plc 48,241 79,200 0.65 1.33
Vianet Group plc 40,175 30,550 0.55 0.51
Yourgene Health plc 69,349 59,340 0.94 0.99
New Century AIM VCT plc
For the six months to 31 August 2020
Investment Portfolio (continued)
AIM Quoted (continued)
Yu Group plc 27,893 11,895 0.38 0.20
6,496,396 5,629,233 88.13 94.35
Unlisted Investments
Invocas Group plc 100,400 0 1.36 0.00
Outsourcery plc 45,027 0 0.61 0.00
Optare plc 50,753 0 0.69 0.00
Syqic plc 19,943 0 0.27 0.00
216,122 0 2.93 0.00
Total Qualifying Investments 6,712,519 5,629,233 91.07 94.35
Non Qualifying Investments
AIM Quoted
Audioboom Group plc 1,163 180 0.02 0.00
Bango plc 291 286 0.00 0.00
Be Heard Group plc 18,186 2,250 0.25 0.04
Cyanconnode Holdings plc 131 4 0.00 0.00
Driver Group plc 8,992 5,800 0.12 0.10
Gateley Holdings plc 14,627 20,325 0.20 0.34
IDE Group Holdings plc 218 2 0.00 0.00
K3 Business Technology Group plc 131 105 0.00 0.00
Rotala plc 60,796 29,700 0.83 0.50
Tristel plc 60 480 0.00 0.01
104,594 59,132 1.42 0.99
UK Listed
Aviva plv 22,268 14,130 0.30 0.24
Centrica plc 10,074 1,381 0.14 0.02
Imperial Brands plc 23,763 12,525 0.32 0.21
Investec plc 202,821 73,525 2.76 1.24
Twentyfour Income Fund Ltd 9,852 8,630 0.13 0.14
Vodafone Group plc 20,590 10,334 0.28 0.17
289,369 120,525 3.93 2.02
Unlisted Investments
China Food Company plc 65,969 0 0.90 0.00
Gable Holdings Inc 12,112 0 0.16 0.00
Mar City plc 10,053 0 0.14 0.00
Sorbic International plc 18,717 0 0.25 0.00
106,851 0 1.45 0.00
Total Non-qualifying Investments 500,814 179,658 6.79 3.01
New Century AIM VCT plc
For the six months to 31 August 2020
Notes to the Accounts
This interim financial information and the unaudited interim accounts for the
six months to 31 August 2020 from which it has been extracted, are the
responsibility of the directors and were approved by them on 30 October 2020,
do not constitute statutory accounts within the meaning of Section 434 of the
Companies Act 2006 and have not been delivered to the Registrar of Companies.
The Company is an investment company as defined in Section 833 of the
Companies Act 2006. The unaudited interim accounts have been prepared in
accordance with the Financial Reporting Council’s (FRC) Financial Reporting
Standard 104 Interim Financial Reporting (March 2018) and with the Statement
of Recommended Practice for Investment Companies re-issued by the Association
of Investment Companies in October 2019.
The unaudited interim accounts have been prepared using accounting policies
that the company applied in the accounts for the year ending 29 February 2020,
incorporating FRS 102 The Financial Reporting Standard applicable in the UK
and Republic of Ireland. The company considers these accounting policies will
be used in the accounts for the year ending 28 February 2021.
Listed, AIM or NEX Markets-traded investments are stated at market value,
which is based upon market bid prices at the balance sheet date. These would
all meet tier 1 of the fair value hierarchy.
7,860,937 Ordinary Shares of 10 pence each were in issue throughout the period
under review.
The net asset value per share, using bid-prices to value the fund’s
investment portfolio, at 31 August 2020 was 75.7p (at 29 February 2020: 66.0p;
31 August 2019: 71.1p).
No dividend was paid in the period.
There have not been any significant events since the balance sheet date.
New Century AIM VCT plc is managed by M D Barnard & Company Limited
(‘MDB’). Under the terms of the management agreement MDB are entitled to a
fee (exclusive of VAT) equal to 1% per annum of the net assets of the company.
During the period the management fee was £27k (the year ended 29 February
2020: £55k, the period ended 31 August 2019: £27k).
Bearing in mind that the assets of the Company consist mainly of marketable
securities, the directors are of the opinion that at the time of approving
this interim financial information, the company has adequate resources to
continue in operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing this interim
financial information.
Copies of the Interim Report to Shareholders have been sent to shareholders
and are available at the Company’s Registered Office: Tricor Secretaries
Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.
New Century AIM VCT plc
For the six months to 31 August 2020
Directors, Investment Managers and Advisors
Directors, Investment Manager and Advisors
Directors Geoffrey Charles Gamble (Chairman)
Michael David Barnard
Peter William Riley
Ian Cameron-Mowat
Simon Like
Secretary Tricor Secretaries Ltd
and registered office 4(th) Floor, 50 Mark Lane
London EC3R 7QR
Investment Manager and Broker MD Barnard & Company Ltd
First Floor
12 Hornsby Square
Southfields Business Park
Basildon
Essex SS15 6SD
Registrars Neville Registrars
Neville House
Steelpark Road
Halesowen
West Midlands
B62 8HD
Auditor UHY Hacker Young LLP
Quadrant House
4 Thomas More Square
London E1W 1YW
Bankers Bank of Scotland
New Uberior House
11 Earl Grey Street
Edinburgh EH3 9BN
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