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REG-New Century AIM VCT Plc Half-year Report <Origin Href="QuoteRef">NECE.L</Origin>

New Century AIM VCTAnnouncement

26/10/2016 15:00

Half-year Report

New Century AIM VCT plc

For the six months to 31^st August 2016

Chairmans Statement

In the six months to 31st August 2016, the net asset value (NAV) of your fund fell 1.1% to 75.75p. The FTSE AIM Allshare Index increased by 13.65% over the same period.

The fund went ex-dividend to the amount of 3.2p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 3.1%.

The period started well, however in June we had the shock result of the BREXIT referendum which caused sharp falls across most indices, with the AIM All Share Index being one. Your fund was not immune to these falls as we reported a NAV of 81.64p as at the end of May 2016, but by the end of June this had fallen to 74.69p. The Markets have since absorbed the outcome of the referendum and have staged encouraging gains and your funds NAV has now recovered to 80.7p as at 20th October 2016.

We continue to expect volatility within the smaller companies sector as we await confirmation of the timetable of our withdrawal from the E.U., although we are currently seeing some attractively priced fund raisings starting to appear.

We made nine further VCT qualifying investments in the period, YU Group, MaxCyte, Scancell, Medaphor Group, Imaginatik, Cyan Holdings, SysGroup and LoopUp.

We top sliced or exited 3 qualifying holdings and 4 non-qualifying.

We are cautiously optimistic for the second half of the year.

Geoff Gamble

26 October 2016

New Century AIM VCT plc

For the six months to 31^st August 2016

Unaudited Balance Sheet

		Interim Accounts		Final Accounts		Interim Accounts
		as at 31 August 2016		as at 28 February 2016*		as at 31 August 2015
		'000	'000	'000	'000	'000	'000
Fixed Assets
	Investments		6,416		5,971		6,849

Current Assets
	Uninvested cash	292		443		986
			292		443		986

Current Liabilities
	Creditors: amounts due
	within one year		(17)		(27)		(30)

			6,691		6,387		7,805
Capital and Reserves

	Share capital		873		863		959
	Share premium		681		612		612
	Capital reserve - realised		1,136		1,140		1,235
	Capital reserve - unrealised		1,688		1,483		1,787
	Capital redemption reserve		313		313		217
	Revenue reserve		2,000		1,976		2,995

			6,691		6,387		7,805

Asset Value per share			77p		74p		81p
				*Audited accounts

New Century AIM VCT plc

For the six months to 31^st August 2016

Unaudited Statement of Comprehensive Income

(incorporating the revenue account)

	6 month period ended 31 August 2016			Year to 28 February 2016*			6 month period ended 31 August 2015
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	'000	'000	'000	'000	'000	'000	'000	'000	'000
Gains on investments
Realised	-	58	58	-	282	282	-	212	212
Unrealised	-	180	180	-	182	182	-	623	623
Income	59	-	59	118	-	118	61	-	61
Investment management fees	(13)	(39)	(52)	(19)	(57)	(76)	(10)	(29)	(39)
Other expenses	(22)	-	(22)	(48)	-	(48)	(26)	-	(26)
Return on ordinary activities	24	199	223	51	407	458	25	806	831
Tax on ordinary activities	-	-	-	-	-	-	-	-	-
Return on ordinary activities
after taxation	24	199	223	51	407	458	25	806	831
Return per ordinary share in pence	0.28	2.29	2.57	0.54	4.35	4.89	0.26	8.41	8.67

				*Audited Accounts

All revenue and capital items in the above statement derive from continuing operations.
The company has only one class of business and derives its income from investments in shares and securities, and
from bank and money market funds.
The weighted average number of shares in issue during the period was 8,717,526

New Century AIM VCT plc

For the six months to 31^st August 2016

Unaudited Consolidated Statement of Changes in Equity

	Share Capital account 000	Share Premium account 000	Capital Redemption Reserve 000	Capital realised 000	Capital unrealised 000	Revenue reserve 000

As at 1 March 2016	863	611	313	1140	1,483	1,976

Share issue	10	70
Share buy-back	-	-
Realised gains on disposals	-	-	-	59	-	-
Unrealised gains	-	-	-	-	180	-
Transfer of unrealised loss to realised on disposal of investment	-	-	-	(24)	25	-
Net revenue before tax	-	-	-	-	-	24
Investment management fee	-	-	- -	(39)	-	-
	________	________	_________	________	________	________
At 31 August 2016	873	681	313	1,136	1,688	2,000

As at 1 March 2015	950	549	217	193	2,023	2,970

Share issue	9	63
Realised gains on disposals	-	-	-	212	-	-
Unrealised gains	-	-	-	-	623	-
Transfer of unrealised loss to realised on disposal of investment	-	-	-	859	(859)	-
Net revenue before tax	-	-	-	-	-	25
Investment management fee	-	-	-	(29)	-	-
	________	________	_________	________	________	________
At 31 August 2015	959	612	217	1,235	1,787	2,995

New Century AIM VCT plc

For the six months to 31^st August 2016

Unaudited Cash Flow Statement

	6 month period ended 31 August 2016		Year to 28 February 2016*		6 month period ended 31 August 2015
	'000	'000	'000	'000	'000	'000

Net cash generated from operating activities		(83)		(125)		(64)

Cash flows from investing activities
Interest received	1		7		4
Investment income	58		111		57

Net cash from investing activities		59		118		61

Taxation		-		-		-

Cash flows from investing activities

Sale of investments	236		2,496		1,797
Purchase of investments	(443)		(1,734)		(1,541)
Share Issue	80		72		72
Dividends paid	-		(297)		-
Share cancellation	-		(748)		-
Net cash used in financing activities		(127)		(211)		328
Net decrease in cash and cash equivalents		(151)		(218)		325
Cash and cash equivalents at beginning of year		443		661		661

Cash and cash equivalents at end of year		292		443		986

			*Audited Accounts

New Century AIM VCT plc

For the six months to 31^st August 2016

Investment Portfolio

Security	Cost	Valuation	%	%
		31 August 2016	Cost	Valuation

Qualifying Investments	8,070,196	5,743,720	88.00	85.61
Non-qualifying Investments	808,433	672,954	8.82	10.04
	8,878,629	6,416,674	96.82	95.65
Uninvested funds	291,822	291,822	3.18	4.35
	9,170,451	6,708,496	100.00	100.00
Qualifying Investments
AIM Quoted
Tristel plc	163901.00	550069.00	1.79	8.20
PHSC plc	182910.00	77000.00	1.99	1.15
DCD Media plc	562800.00	1955.00	6.13	0.03
Legion Group plc	175875.00	0.00	1.91	0.00
K3 Business Technology Group	90360.00	317682.00	0.99	4.73
Touchstar plc	281400.00	81250.00	3.07	1.21
Progility plc	753750.00	4375.00	8.21	0.06
Lighthouse Group plc	203513.00	135000.00	2.22	2.01
Invocas Group plc	100400.00	9000.00	1.09	0.13
Relax Group plc	135675.00	0.00	1.48	0.00
Vianet Group	40175.00	31525.00	0.44	0.47
HML Holdings plc	351549.00	396800.00	3.83	5.91
Welby Holdings lc	502500.00	0.00	5.48	0.00
Kurawood plc	150750.00	0.00	1.64	0.00
Optare plc	50753.00	0.00	0.55	0.00
Cyan Holdings plc	376755.00	225536.00	4.11	3.36
Marechale Capital plc	133828.00	16563.00	1.46	0.25
Lombard Risk Mgt plc	24120.00	45000.00	0.26	0.67
M.Winkworth plc	72360.00	93600.00	0.79	1.40
Bango plc	7563.00	15050.00	0.08	0.22
Coretx Holdings plc	82913.00	45375.00	0.90	0.68
Kennedy Ventures plc	70350.00	250.00	0.77	0.00
Tax Systems plc	250020.00	1262.00	2.73	0.02
TP Group plc	109278.00	39866.00	1.19	0.59
Brady plc	41805.00	47235.00	0.46	0.70
Music Festivals plc	68090.00	0.00	0.74	0.00
Inspired Energy plc	51370.00	209238.00	0.56	3.12
Microsaic Systems plc	78978.00	7515.00	0.86	0.11
Venn Life Sciences plc	115581.00	131952.00	1.26	1.97
DP Poland plc	20113.00	69368.00	0.22	1.03
Modern Water plc	50253.00	5500.00	0.55	0.08
Quixant plc	11559.00	57500.00	0.13	0.86
Litebulb Group Ltd	102266.00	0.00	1.12	0.00
Blur Group	4991.00	192.00	0.05	0.00
Keywords Studios plc	30907.00	90250.00	0.34	1.35

New Century AIM VCT plc

For the six months to 31^st August 2016

Investment Portfolio (continued)

Qualifying Investments (continued)
AIM Quoted (continued)
Cloudbuy plc	58483.00	10387.00	0.64	0.15
EU Supply plc	15333.00	6412.50	0.17	0.10
Plastics Capital plc	30153.00	32100.00	0.33	0.48
Sysgroup plc	99177.00	98671.00	1.08	1.47
Brighton Pier Group plc	50253.00	35938.00	0.55	0.54
Kalibrate Technologies	31761.00	28800.00	0.35	0.43
Syqic plc	19943.00	5120.00	0.22	0.08
Outsourcery plc	45027.00	0.00	0.49	0.00
Martinco plc	100502.00	125000.00	1.10	1.86
Solid State plc	40134.00	59400.00	0.44	0.89
Audioboom Group	22615.00	37500.00	0.25	0.56
Scholium Group	50253.00	17000.00	0.55	0.25
Rosslyn Data Tech plc	27037.00	7336.00	0.29	0.11
Coral Products plc	118095.00	158333.00	1.29	2.36
SRT Marine Systems plc	27139.00	73200.00	0.30	1.09
ULS Technology plc	135679.00	222750.00	1.48	3.32
Nostra Terra Oil & Gas plc	12667.00	1176.00	0.14	0.02
Mountfield Group plc	18481.00	12000.00	0.20	0.18
Collagen Solutions plc	20757.00	24485.00	0.23	0.36
Gfinity plc	96021.00	57382.50	1.05	0.86
Ideagen plc	28430.00	44924.00	0.31	0.67
Premier Technical Services Group	130963.00	187945.00	1.43	2.80
Angle plc	125880.00	115615.00	1.37	1.72
Bilby plc	156673.00	290271.00	1.71	4.33
Hunters Property plc	251256.00	340000.00	2.74	5.07
Satellite Solutions Group	253774.00	392778.00	2.77	5.85
Tekcapital plc	135683.00	202500.00	1.48	3.02
Falanx Group Ltd	51460.00	14629.00	0.56	0.22
Gear4Music Holdings	115830.00	135150.00	1.26	2.01
Premaitha Health plc	69349.00	37950.00	0.76	0.57
Belvoir Lettings plc	23320.00	26400.00	0.25	0.39
Photonstar LED group plc	35179.00	25200.00	0.38	0.38
Yu Group plc	27893.00	35250.00	0.30	0.53
Maxcyte Inc	25128.00	29285.00	0.27	0.44
Scancell Holdings plc	54877.00	54600.00	0.60	0.81
Medaphor Group plc	75373.00	68324.00	0.82	1.02
Imaginatik plc	40207.00	24000.00	0.44	0.36

Total Qualifying Investments	8,070,196	5,743,720	88.00	85.61

New Century AIM VCT plc

For the six months to 31^st August 2016

Investment Portfolio (continued)

Non Qualifying Investments
AIM Quoted
Sanderson Group	37009.00	70000.00	0.41	1.05
Rotala plc	60796.00	105600.00	0.66	1.58
Tristel plc	60.00	131.00	0.00	0.00
K3 Business Technology	131.00	318.00	0.00	0.00
Bango plc	291.00	172.00	0.00	0.00
China Food Co plc	65969.00	2300.00	0.72	0.04
Numis Corp	16570.00	43400.00	0.18	0.65
Gable Holdings	12112.00	1250.00	0.13	0.02
Lombard Risk Mgt plc	131.00	75.00	0.00	0.00
Coretx Holdings plc	218.00	33.00	0.00	0.00
Brady plc	106.00	67.00	0.00	0.00
Cyan Hldgs	130.00	39.00	0.00	0.00
Sorbic Int	18717.00	2660.00	0.21	0.04
Driver Group	8992.00	4000.00	0.10	0.06
TLA Worldwide plc	29118.00	52461.00	0.32	0.78
Mar City plc	10053.00	4500.00	0.11	0.07
Minds & Machines Group Ltd	12063.00	11000.00	0.13	0.16
Tyratech Inc	10204.00	4350.00	0.11	0.07
Audioboom plc	1163.00	250.00	0.01	0.00
Be Heard Group plc	18186.00	15000.00	0.20	0.22
EKF Diagnostics plc	10255.00	7500.00	0.11	0.11
Gateley Holdings plc	14627.00	18150.00	0.16	0.27
Yolo Leisure and Tech plc	22367.00	11250.00	0.24	0.17
EVR Holdings plc	52570.00	56525.00	0.57	0.84










	401,838	411,031	4.37	6.13

New Century AIM VCT plc

For the six months to 31^st August 2016

Investment Portfolio (continued)

Non Qualifying Investments (continued)
UK Listed
Investec plc	202822.00	106250.00	2.21	1.59
Aviva plv	22268.00	21400.00	0.25	0.32
HSBC Holdings plc	21955.00	19740.00	0.24	0.30
Imperial Brands plc	23763.00	39940.00	0.26	0.60
Greene King plc	9964.00	10150.00	0.11	0.15
Waterman Group	9926.00	14350.00	0.11	0.21
Centrica plc	10074.00	6960.00	0.11	0.10
Twentyfour Inc	9852.00	9300.00	0.11	0.14
Vodafone Group plc	20590.00	21333.00	0.23	0.32


	331,214	249,423	3.63	3.73
Unlisted Investments
Merchant House	25,128	5,000	0.27	0.07
Litebulb Group loan	50,253	7,500	0.55	0.11
	75,381	12,500	0.82	0.18

Total Non-qualifying Investments	808,433	672,954	8.82	10.04

New Century AIM VCT plc

For the six months to 31^st August 2016

Notes to the Accounts

1		This interim financial information and the unaudited interim accounts for the six months to 31 August 2016 from
		which it has been extracted, are the responsibility of the directors and were approved by them on 26 October 2016,
		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.

2		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 Councils (FRC) Financial
		Reporting Standard 104 Interim Financial Reporting (March 2015) and with the Statement of Recommended Practice
		for Investment Companies re-issued by the Association of Investment Companies in November 2014.

		The unaudited interim accounts have been prepared using accounting policies that the company applied in the
		accounts for the year ending 28 February 2016, incorporating FRS 102 The Financial Reporting Standard applicable
		in the UK and Republic of Ireland. The company consider these accounting policies will be used in the accounts for
		the year ending 28 February 2017.

3		Listed, AIM or ISDX 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.

4		8,734,374 Ordinary Shares of 10 pence each were in issue at the end of the period under review (weighted
		average 8,717,526 shares).

5		Net Asset Value per share at 31 August 2016 was 77p (at 28 February 2016: 74p; 31 August 2015: 81p).

6		No dividend was paid in the period.

7		There have not been any significant events since the balance sheet date.

8		New Century AIM VCT plc is managed by M D Barnard & Co. Limited (MDB), a company controlled by Michael
		Barnard who is a non-executive director of the company. 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 52k (the year ended 28 February 2016: 76k, the period ended 31 August 2015: 39k).

9		Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Companys
		Registered Office: Tricor Secretaries Ltd, 4th Floor, 50 Mark Lane, London EC3R 7QR.

10		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.

New Century AIM VCT plc

For the six months to 31^st August 2016

Directors, Investment Managers and Advisors

Directors, Investment Manager and Advisors

Directors		Geoffrey Charles Gamble (Chairman)
		Michael David Barnard
		Peter William Riley
		Ian Cameron-Mowat

Secretary		Tricor Secretaries Ltd
and registered office		4^th Floor, 50 Mark Lane
		London EC3R 7QR

Investment Manager and Broker		MD Barnard & Co Ltd
		17-21 New Century Road
		Laindon
		Essex SS15 6AG

Registrars		Neville Registrars
		18 Laurel Lane
		Halesowen
		B63 3DA

Auditor and VCT status advisors		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

View source version on businesswire.com: http://www.businesswire.com/news/home/20161026006112/en/

NEW CENTURY AIM VCT PLC

NCA — New Century AIM VCT News Story

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