REG-Oxford Technology 2 VCT plc : Half-yearly report <Origin Href="QuoteRef">OXF2.L</Origin>

Oxford Technology 2 Venture Capital TrustAnnouncement

28/10/2015 07:00

Oxford Technology 2 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2015 to 31 August 2015
Financial Headlines
  
Interim Period Ended
31 August 2015
Year Ended
28 February 2015
 Net Assets at Period End 
 2.05m 
 1.89m 
 Net Asset Value per Share 
 30.1p 
 27.8p 
 Cumulative Dividend 
 10.5p 
 10.5p 
 Total NAV Return 
 40.6p 
 38.3p 
 Share Price (mid market) 
 20.0p 
 11.0p 
 Earnings per Share 
 2.3p 
 1.4p 
Statement on behalf of the Board
I am pleased to present my first report to shareholders, having taken over the Chairmanship from Michael O'Regan in July. Neither Michael nor Lucius Cary stood for re-election as Directors at the AGM. I would like to thank them both for all their hard work on behalf of shareholders since the formation of the Company in 2000.
It has been a busy six months for the VCT with a number of changes announced with our annual results in June: reduced management fees, an escalation added to the threshold for the performance fee, and the introduction of a Common Board across the four Oxford Technology VCTs commensurate with the companies becoming 'self-managed'. Lucius Cary and his team continue to be involved with the portfolio as OT2 Managers Ltd (the Company's investment manager) sub-contracting services from Oxford Technology Management. OT2 is unlikely to be significantly affected by the changes proposed for the VCT industry as a result of the Budget announcements earlier in the year.
The net asset value has increased by 8.3% (2.3p) from 27.8p at 28 February 2015 to 30.1p at 31 August 2015, primarily driven by continued improved trading at both Select Technology and Telegesis. The Company's assets remain dominated by OCR, which the Board believes still has growth potential. Full details of these investments are included in our Annual Report, and on the website.
The ultimate success for OT2, and the potential for distributions in the future are likely to revolve around profitable exits from these investee companies.
On behalf of the Board
Richard Roth - Chairman
Unaudited Financial Information


Income Statement for the Period 


Six months to 
31 Aug 15
'000


Six months to 
31 Aug 14
'000


Year to 
28 Feb 15
'000
 (Loss)/gain on disposal of assets held at fair value  
 

 - 
 

 -

  
 

 - 
 Unrealised gain/(loss) on fair value of investments 
 

 187

  
 

 92

  
 

 157

  
 Expenses 
 (32) 
 (34) 
 (58) 
 

 Profit/(loss) on ordinary activities
before tax  
 _____

 

 155 
 _____

 

 58 
 _____

 

 99 
 Tax on profit/(loss) on ordinary activities 
 

 - 
 

 - 
 

 - 
  
 _____ 
 _____ 
 _____ 
 Profit/(loss) on ordinary activities after tax 
 155 
 58 
 99 
  
 _____ 
 _____ 
 _____ 
 Earnings per Share 
 2.3p 
 0.9p 
 1.4p 
  
 _____ 
 _____ 
 _____ 
 


Statement of Changes in Equity for the Period


Six months to 
31 Aug 15
'000


Six months to 
31 Aug 14
'000


Year to 
28 Feb 15
'000
 Shareholders' funds at the start of period  
 

 1,890 
 

 1,791 
 

 1,791 
 Return on ordinary activities after tax 
 155
_____  
 58
_____  
 99
_____  
 Shareholders' funds at the end of period 
 

 2,045 
 

 1,849 
 

 1,890 
  
 _____ 
 _____ 
 _____ 





Summarised Balance Sheet




31 Aug 15
'000




31 Aug 14
'000




28 Feb 15
'000
 Investments held at fair value  
 1,907 
 1,569

  
 1,720

  
 Net current assets 
 165 
 329 
 205 
 Creditors: amounts falling due 
> 1 year  
 

 (27) 
 

 (49) 
 

 (35) 
 

 

 Net assets 
 _____

 

 2,045 
 _____

 

 1,849 
 _____

 

 1,890 
  
 _____ 
 _____ 
 _____ 
 




Capital and Reserves


















 Called up share capital  
 679 
 679 
 679 
 Share premium 
 376 
 376 
 376 
 Profit and loss account 
 0 
 56 
 32 
 Revaluation reserve 
 990 
 738 
 803 
 

 

 Shareholders' funds 
 _____

 

 2,045 
 _____

 

 1,849 
 _____

 

 1,890 
  
 _____ 
 _____ 
 _____ 
 Net asset value per share 
 30.1p 
 27.2p 
 27.8p 
  
 _____ 
 _____ 
 _____ 
 


Cash Flow Statement for the Period


Six months to 
31 Aug 15
'000


Six months to 
31 Aug 14
'000


Year to 
28 Feb 15
'000
 Net cash inflow/(outflow) from operating activities  
 

 (53) 
 

 (39) 
 

 (53) 
 Financial investment
 Purchase of investments
 Disposal of investments   
 

 -
-
_____

    
 

 -
-
_____

    
 

 (86)
-
_____   
 

 Increase/(decrease) in cash 
 

 (53) 
 

 (39) 
 

 (139) 
  
 _____ 
 _____ 
 _____ 
  Oxford Technology 2 Venture Capital Trust Plc   
  Summary of Investment Portfolio as at 31 August 2015
 
Company
Net cost of investment 000's
Valuation
000's
Valuation movement 
000's
% of portfolio by value
 OC Robotics 
 311 
 860 
 - 
 45.1% 
 Select Technology 
 132 
 348 
 111 
 18.3% 
 Telegesis 
 8 
 299 
 86 
 15.7% 
 Plasma Antennas 
 188 
 189 
 - 
 9.9% 
 Orthogem 
 304 
 62 
 - 
 3.3% 
 Other Investments 
 1,072 
 149 
 (10) 
 7.7% 
 Total Investments 
 2,015 
 1,907 
 187 
 100% 
 Other Net Assets 
  
 138 
  
  
 Net Assets 
  
 2,045 
  
  
Notes to the Unaudited Financial Information 
1 The unaudited financial information for the six months to 31 August 2015 has been prepared in accordance with Financial Reporting Standard 104 "Interim Financial Reporting" and in accordance with the accounting policies and principles that will be adopted in the next financial statements which are to be prepared under Financial Reporting Standard 102 for the first time. No restatement of prior periods has been necessary. The unaudited financial information for the six months to 31 August 2015 does not constitute statutory accounts within the meaning of Section 415 of the Companies Act 2006. The comparative figures for the year ended 28 February 2015 have been extracted from the audited financial statements for that year, which have been delivered to the Registrar of Companies. The independent auditor's report on those financial statements was unqualified. 
2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period. 
3 Listed investments are stated at market value based upon bid prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
4 Copies of the Interim Statement have been made available to shareholders and further copies can be obtained from the Company's Registered Office.
Board Directors : Richard Roth, Robin Goodfellow, David Livesley and Alex Starling
 
Investment Manager : OT2 Managers Ltd with services contracted to 
 Oxford Technology Management Ltd


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oxford Technology 2 VCT plc via Globenewswire
HUG#1961829