REG-New Century AIM VCT Plc Half-year Report
. Half-year Report
New Century AIM VCT plc
For the six months to 31st August 2019
Chairman’s Statement
In the six months to 31st August 2019, the net asset value (NAV) of your fund increased by 2.9% to 71p. The FTSE AIM Allshare index declined 4.36% over the same period. Your fund can only invest primarily in VCT qualifying stocks which does limit the sectors we can buy into.
The fund went ex dividend to the amount of 3.5p per share in August which falls within the accounting period under review. If we add that back to the NAV, the fund increased by 7.97%. The Board realises the importance of income to its shareholders as well as trying to achieve an increase in its NAV, and based on a current mid market price of 70.5p for its shares, the fund has a dividend yield of 4.96%.
We made nine further qualifying investments in the period, Concepta plc, Diaceutics plc, Feedback plc, Gfinity plc, Immotion Group plc, Integumen plc, Intelligent Ultrasound Group plc, LightwaveRF plc and Velocys plc. We are excited about these investments from a variety of growth sectors that include Medtech, Apps, Esports, Virtual Reality, Healthcare, Energy Efficiency and Sustainable Fuels.
We top sliced or exited two qualifying investments and we also received a takeover of Premier Technology Services Group plc at a decent premium.
The AIM Market has experienced further volatility recently where we had the AIM Market starting the year well but then experiencing large declines followed by smaller rallies. As your fund is invested primarily in AIM companies, we are exposed to this, however the fund is invested in a wide variety of businesses from different industry sectors. There has been a tightening of liquidity in some of the smaller companies as investors deal with the continual news of the USA and China trade wars, the ongoing developments on BREXIT and some redemptions from other fund managers. We have also experienced some cautious statements from some companies we have invested in which has had a negative effect on their share prices but we also have many that continue to trade well which gives us cautious optimism in our ability to smooth out the peaks and troughs in the short term.
Geoff Gamble
29 October 2019 New Century AIM VCT plc
For the six months to 31st August 2019
Unaudited Balance Sheet
| Interim Accounts | Final Accounts | Interim Accounts | |||||||||||||||||
| as at 31 August 2019 |
as at 28 February 2019* |
as at 31 August 2018 | |||||||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||||||||||||
| Fixed Assets | |||||||||||||||||||
| Investments | 5,064 | 5,390 | 6,744 | ||||||||||||||||
| Current Assets | |||||||||||||||||||
| Uninvested cash | 541 | 73 | 142 | ||||||||||||||||
| 541 | 73 | 142 | |||||||||||||||||
| Current Liabilities | |||||||||||||||||||
| Creditors: amounts due | |||||||||||||||||||
| within one year | (14) | (55) | (17) | ||||||||||||||||
| 5,591 | 5,408 | 6,869 | |||||||||||||||||
| Capital and Reserves | |||||||||||||||||||
| Share capital | 786 | 786 | 786 | ||||||||||||||||
| Share premium | 682 | 682 | 682 | ||||||||||||||||
| Capital reserve - realised | 847 | 205 | 228 | ||||||||||||||||
| Capital reserve - unrealised | 2,279 | 2,755 | 3,946 | ||||||||||||||||
| Capital redemption reserve | 400 | 400 | 400 | ||||||||||||||||
| Revenue reserve | 597 | 580 | 827 | ||||||||||||||||
| 5,591 | 5,408 | 6,869 | |||||||||||||||||
| Net Asset Value per share | 71p | 69p | 87p | ||||||||||||||||
| *Audited | |||||||||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2019
Unaudited Statement of Comprehensive Income
(incorporating the revenue account)
| 6 month period ended 31 August 2019 | Year to 28 February 2019* | 6 month period ended 31 August 2018 | |||||||||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||||||||
| Gains/(losses) on investments | |||||||||||||||||||||
| Realised | - | 271 | 271 | - | 72 | 72 | - | 38 | 38 | ||||||||||||
| Unrealised | - | (86) | (86) | - | (1,321) | (1,321) | - | (95) | (95) | ||||||||||||
| Income | 53 | - | 53 | 108 | - | 108 | 57 | - | 57 | ||||||||||||
| Investment management fees | (7) | (20) | (27) | (16) | (48) | (64) | (9) | (26) | (35) | ||||||||||||
| Other expenses | (29) | - | (29) | (55) | - | (55) | (31) | - | (31) | ||||||||||||
| Return on ordinary activities | 17 | 165 | 182 | 37 | (1,297) | (1,260) | 17 | (83) | (66) | ||||||||||||
| Tax on ordinary activities | - | - | - | - | - | - | - | - | - | ||||||||||||
| Return on ordinary activities | |||||||||||||||||||||
| after taxation | 17 | 165 | 182 | 37 | (1,297) | (1,260) | 17 | (83) | (66) | ||||||||||||
|
Return per ordinary share in |
0.22 | 2.10 | 2.32 | 0.48 | (16.49) | (16.01) | 0.22 | (1.06) | (0.84) | ||||||||||||
| *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 31st August 2019
Unaudited Consolidated Statement of Changes in Equity
|
Share Capital |
Share Premium
|
Capital |
Capital
|
Capital
|
Revenue
|
Total |
|||||||||
| 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 gain to realised on disposal of investments | - | - |
- |
391 | (391) | - |
- |
||||||||
| Net revenue before tax | - | - | - | - | - | 17 | 17 | ||||||||
| Investment management fee | - |
- |
-
- |
(20) (26) | - | - | (20) | ||||||||
| ________ | ________ | _________ | ________ | ________ | ________ | ________ | |||||||||
| At 31 August 2019 | 786 | 682 | 400 | 847 | 2,279 | 597 | 5,591 | ||||||||
| As at 1 March 2018 | 786 | 682 | 400 | 469 | 3,788 | 810 | 6,935 | ||||||||
| Realised gains on disposals | - | - | - | 38 | - | - | 38 | ||||||||
| Unrealised Losses | - | - | - | - | (95) | - | (95) | ||||||||
| Transfer of unrealised loss to realised on disposal of investment | - | - | - | (253) | 253 | - | - | ||||||||
| Net revenue before tax | - | - | - | - | - | 17 | 17 | ||||||||
| Investment management fee | - | - | - | (26) | - | - | (26) | ||||||||
| ________ | ________ | _________ | ________ | ________ | _________ | ________ | |||||||||
| At 31 August 2018 | 786 | 682 | 400 | 228 | 3,946 | 827 | 6,869 |
New Century AIM VCT plc
For the six months to 31st August 2019
Unaudited Cash Flow Statement
|
6 month period ended |
Year to 28 February |
6 month period ended |
||||||||||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Net cash used in operating activities | (96) | (92) | (76) | |||||||||
| Cash flows from investing activities | ||||||||||||
| Investment income | 53 | 108 | 57 | |||||||||
| Net cash from investing activities | 53 | 108 | 57 | |||||||||
| Cash flows from investing activities | ||||||||||||
| Sale of investments | 938 | 927 | 549 | |||||||||
| Purchase of investments | (427) | (678) | (463) | |||||||||
| Dividends paid | - | (267) | - | |||||||||
|
|
||||||||||||
|
Net cash generated from/(used in) financing |
511 | (18) | 86 | |||||||||
|
Net increase / (decrease) in cash and cash |
468 | (2) | 67 | |||||||||
| Cash and cash equivalents at beginning of period | 73 | 75 | 75 | |||||||||
| Cash and cash equivalents at end of period | 541 | 73 | 142 | |||||||||
| *Audited | ||||||||||||
New Century AIM VCT plc
For the six months to 31st August 2019
Investment Portfolio
| Security | Cost | Valuation | % | % | ||||||
| 31 August 2019 | Cost | Valuation | ||||||||
| Qualifying Investments | 6,365,006 | 4,633,795 | 85.13 | 82.67 | ||||||
| Non-qualifying Investments | 570,260 | 430,700 | 7.63 | 7.68 | ||||||
| 6,935,266 | 5,064,495 | 92.76 | 90.35 | |||||||
| Uninvested funds | 541,092 | 541,092 | 7.24 | 9.65 | ||||||
| 7,476,358 | 5,605,587 | 100.00 | 100.00 | |||||||
| Qualifying Investments | ||||||||||
| AIM Quoted | ||||||||||
| Tristel plc | 41,922 | 284,610 | 0.56 | 5.08 | ||||||
| PHSC plc | 182,910 | 31,500 | 2.45 | 0.56 | ||||||
| DCD Media plc | 562,800 | 2,125 | 7.53 | 0.04 | ||||||
| K3 Business Technology Group plc | 90,359 | 211,788 | 1.21 | 3.78 | ||||||
| Touchstar plc | 281,400 | 43,750 | 3.76 | 0.78 | ||||||
| Vianet Group plc | 40,175 | 38,675 | 0.54 | 0.69 | ||||||
| HML Holdings plc | 266,497 | 300,800 | 3.56 | 5.37 | ||||||
| Cyanconnode Holdings plc | 376,755 | 23,132 | 5.04 | 0.41 | ||||||
| Marechale Capital plc | 133,828 | 8,612 | 1.79 | 0.15 | ||||||
| M.Winkworth plc | 64,320 | 86,400 | 0.86 | 1.54 | ||||||
| Bango plc | 7,563 | 22,225 | 0.10 | 0.40 | ||||||
| IDE Group Holdings plc | 52,763 | 6,125 | 0.71 | 0.11 | ||||||
| TP Group plc | 109,278 | 47,839 | 1.46 | 0.85 | ||||||
| Brady plc | 41,805 | 22,560 | 0.56 | 0.40 | ||||||
| Inspired Energy plc | 51,370 | 257,524 | 0.69 | 4.59 | ||||||
| Microsaic Systems plc | 164,417 | 47,430 | 2.20 | 0.85 | ||||||
| Open Orphan plc | 115,581 | 27,830 | 1.55 | 0.50 | ||||||
| DP Poland plc | 20,113 | 8,004 | 0.27 | 0.14 | ||||||
| Modern Water plc | 75,382 | 5,727 | 1.01 | 0.10 | ||||||
| Quixant plc | 6,935 | 45,900 | 0.09 | 0.82 | ||||||
| Keywords Studios plc | 6,181 | 79,300 | 0.08 | 1.42 | ||||||
| Cloudbuy plc | 58,483 | 3,513 | 0.78 | 0.06 | ||||||
| Synnovia plc | 30,153 | 25,800 | 0.40 | 0.46 | ||||||
| Sysgroup plc | 99,177 | 65,780 | 1.33 | 1.17 | ||||||
| Brighton Pier Group plc | 50,253 | 16,250 | 0.67 | 0.29 | ||||||
| Property Franchise Group plc | 100,503 | 160,000 | 1.34 | 2.85 | ||||||
| Solid State plc | 40,134 | 69,300 | 0.54 | 1.24 | ||||||
| Audioboom Group plc | 178,406 | 147,600 | 2.39 | 2.63 | ||||||
| Scholium Group plc | 50,253 | 20,000 | 0.67 | 0.36 | ||||||
| Rosslyn Data plc | 27,037 | 5,706 | 0.36 | 0.10 | ||||||
| Coral Products plc | 118,095 | 62,500 | 1.58 | 1.12 | ||||||
| SRT Marine Systems plc | 27,139 | 61,500 | 0.36 | 1.10 | ||||||
| ULS Technology plc | 52,261 | 78,000 | 0.70 | 1.39 | ||||||
| Collagen Solutions plc | 20,757 | 10,325 | 0.28 | 0.18 |
New Century AIM VCT plc
For the six months to 31st August 2019
Investment Portfolio (continued)
| AIM Quoted (continued) | ||||||||||
| Gfinity plc | 94,179 | 54,444 | 1.26 | 0.97 | ||||||
| Ideagen plc | 28,430 | 126,453 | 0.38 | 2.26 | ||||||
| Angle plc | 125,880 | 129,104 | 1.68 | 2.30 | ||||||
| Bilby plc | 156,673 | 69,880 | 2.10 | 1.25 | ||||||
| Hunters Property plc | 251,256 | 205,000 | 3.36 | 3.66 | ||||||
| Bigblu Broadband plc | 239,452 | 391,788 | 3.20 | 6.99 | ||||||
| Tekcapital plc | 157,671 | 56,419 | 2.11 | 1.01 | ||||||
| Falanx Group Ltd | 105,736 | 27,071 | 1.41 | 0.48 | ||||||
| Gear4Music Holdings lc | 27,121 | 36,887 | 0.36 | 0.66 | ||||||
| Yourgene Health plc | 69,349 | 37,088 | 0.93 | 0.66 | ||||||
| Belvoir Lettings plc | 23,320 | 21,400 | 0.31 | 0.38 | ||||||
| Bould Opportunities plc | 35,179 | 0 | 0.47 | 0.00 | ||||||
| Yu Group plc | 27,893 | 18,000 | 0.37 | 0.32 | ||||||
| Maxcyte Inc | 25,128 | 42,857 | 0.34 | 0.76 | ||||||
| Scancell Holdings plc | 130,618 | 64,544 | 1.75 | 1.15 | ||||||
| Intelligent Ultrasound Group plc | 145,721 | 113,831 | 1.95 | 2.03 | ||||||
| Faron Pharmaceuticals Ltd | 30,153 | 12,360 | 0.40 | 0.22 | ||||||
| Cloudcall Group plc | 20,230 | 37,100 | 0.27 | 0.66 | ||||||
| Creo Medical Group plc | 30,053 | 51,145 | 0.40 | 0.91 | ||||||
| Anglo African Oil & Gas plc | 45,229 | 8,550 | 0.60 | 0.15 | ||||||
| Escape Hunt plc | 31,006 | 10,968 | 0.41 | 0.20 | ||||||
| Location Sciences Group plc | 72,642 | 84,361 | 0.97 | 1.51 | ||||||
| Fusion Antibodies plc | 22,114 | 17,440 | 0.30 | 0.31 | ||||||
| Pelatro plc | 25,128 | 28,000 | 0.34 | 0.50 | ||||||
| Polarean Imaaging plc | 30,154 | 40,000 | 0.40 | 0.71 | ||||||
| Access Intelligence plc | 10,053 | 13,750 | 0.13 | 0.25 | ||||||
| Blackbird plc | 100,504 | 200,000 | 1.34 | 3.57 | ||||||
| I-Nexus Global plc | 70,353 | 15,063 | 0.94 | 0.27 | ||||||
| Immotion Group plc | 130,661 | 107,926 | 1.75 | 1.93 | ||||||
| N4 Pharma plc | 60,304 | 17,400 | 0.81 | 0.31 | ||||||
| Lightwaverf plc | 45,233 | 39,706 | 0.61 | 0.71 | ||||||
| Diaceutics plc | 10,314 | 12,690 | 0.14 | 0.23 | ||||||
| Concepta plc | 75,379 | 45,000 | 1.01 | 0.80 | ||||||
| Integumen plc | 50,254 | 67,857 | 0.67 | 1.21 | ||||||
| Velocys plc | 45,229 | 42,000 | 0.61 | 0.75 | ||||||
| Feedback plc | 55,279 | 59,583 | 0.74 | 1.06 | ||||||
| 6,148,883 | 4,633,795 | 82.24 | 82.67 | |||||||
| Unlisted Investments | ||||||||||
| Syqic plc | 19,943 | 0 | 0.27 | 0.00 | ||||||
| Outsourcery plc | 45,027 | 0 | 0.60 | 0.00 | ||||||
| Invocas plc | 100,400 | 0 | 1.34 | 0.00 | ||||||
| Optare plc | 50,753 | 0 | 0.68 | 0.00 | ||||||
| 216,123 | 0 | 2.89 | 0.00 | |||||||
| Total Qualifying Investments | 6,365,006 | 4,633,795 | 85.13 | 82.67 |
New Century AIM VCT plc
For the six months to 31st August 2019
Investment Portfolio (continued)
| Non Qualifying Investments | ||||||||||
| AIM Quoted | ||||||||||
| Sanderson Group plc | 37,008 | 138,000 | 0.50 | 2.46 | ||||||
| Rotala plc | 60,796 | 90,750 | 0.81 | 1.62 | ||||||
| Tristel plc | 60 | 265 | 0.00 | 0.00 | ||||||
| K3 Business Technology Group plc | 131 | 212 | 0.00 | 0.00 | ||||||
| Bango plc | 291 | 254 | 0.01 | 0.00 | ||||||
| IDE Group Holdings plc | 218 | 7 | 0.00 | 0.00 | ||||||
| Brady plc | 106 | 32 | 0.00 | 0.00 | ||||||
| Cyanconnode Holdings plc | 131 | 4 | 0.00 | 0.00 | ||||||
| Driver Group plc | 8,992 | 5,300 | 0.12 | 0.09 | ||||||
| Audioboom Group plc | 1,163 | 205 | 0.02 | 0.00 | ||||||
| Be Heard Group plc | 18,186 | 4,000 | 0.24 | 0.07 | ||||||
| Gateley Holdings plc | 14,627 | 23,700 | 0.20 | 0.42 | ||||||
| Yolo Leisure and Tech plc | 22,367 | 3,125 | 0.30 | 0.06 | ||||||
| 164,076 | 265,854 | 2.20 | 4.72 |
| UK Listed | ||||||||||
| Investec plc | 202,822 | 89,675 | 2.71 | 1.60 | ||||||
| Aviva plc | 22,268 | 17,700 | 0.30 | 0.32 | ||||||
| Imperial Brands plc | 23,763 | 21,230 | 0.32 | 0.38 | ||||||
| Greene King plc | 9,964 | 10,500 | 0.13 | 0.19 | ||||||
| Centrica plc | 10,074 | 2,085 | 0.13 | 0.04 | ||||||
| Twentyfour Income Fund Ltd | 9,852 | 9,280 | 0.13 | 0.17 | ||||||
| Vodafone Group plc | 20,590 | 14,376 | 0.28 | 0.26 | ||||||
| 299,333 | 164,846 | 4.00 | 2.96 | |||||||
| Unlisted Investments | ||||||||||
| China Food Co plc | 65,969 | 0 | 0.88 | 0.00 | ||||||
| Gable Holdings Inc | 12,112 | 0 | 0.16 | 0.00 | ||||||
| Sorbic International plc | 18,717 | 0 | 0.25 | 0.00 | ||||||
| Mar City plc | 10,053 | 0 | 0.14 | 0.00 | ||||||
| 106,851 | 0 | 1.43 | 0.00 | |||||||
| Total Non-qualifying Investments | 570,260 | 430,700 | 7.63 | 7.68 |
New Century AIM VCT plc
For the six months to 31st August 2019
Notes to the Accounts
This interim financial information and the unaudited interim accounts for the six months to 31 August 2019 from which it has been extracted, are the responsibility of the directors and were approved by them on 29 October 2019, 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 28 February 2019, 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 2020.
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 f the period under review.
Net Asset Value per share at 31 August 2019 was 71p (at 28 February 2019: 69p; 31 August 2018: 87p).
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 28 February 2019: £64k, the period ended 31 August 2018: £35k).
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 31st August 2019
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 | 4th 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 | |
| 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: https://www.businesswire.com/news/home/20191030005428/en/
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