Oxford Technology 2 VCT plc : 3rd Quarter Results <Origin Href="QuoteRef">OXF2.L</Origin>
07/01/2016 17:40
Company Registration Number: 3928569 Oxford Technology 2 Venture Capital Trust PLC Interim Accounts For the period 1 March 2015 to 30 November 2015 These interim statements have been prepared to comply with s836 and s838 of The Companies Act 2006. Financial Headlines Nine month Period Ended 30 November 2015 Year Ended 28 February 2015 Net Assets at Period End £2.08m £1.89m Net Asset Value per Share 30.6p 27.8p Cumulative Dividend 10.5p 10.5p Total NAV Return 41.1p 38.3p Share Price (mid market) 20.0p 11.0p Earnings per Share 2.8p 1.4p Statement on behalf of the Board These interim accounts have been prepared following the disposal of Telegesis and provide details of the results for the 9 month period to 30 November 2015. They have been prepared with the purpose of publishing a set of accounts which state the latest updated distributable reserves. Once these accounts have been received at Companies House, the Directors intend to declare an interim dividend for the year to 29 February 2016. On behalf of the Board Richard Roth - Chairman Unaudited Financial Information Income Statement for the Period Nine months to 30 Nov 15 £'000 Six months to 31 Aug 15 £'000 Year to 28 Feb 15 £'000 Gain/(loss) on disposal of assets held at fair value 142 - - Unrealised gain/(loss) on fair value of investments 101 187 157 Expenses (54) (32) (58) Profit/(loss) on ordinary activities before tax _____ 189 _____ 155 _____ 99 Tax on profit/(loss) on ordinary activities - - - _____ _____ _____ Return on ordinary activities after tax 189 155 99 _____ _____ _____ Earnings per Share 2.8p 2.3p 1.4p _____ _____ _____ Statement of Changes in Equity for the Period Nine months to 30 Nov 15 £'000 Six months to 31 Aug 15 £'000 Year to 28 Feb 15 £'000 Shareholders' funds at the start of period 1,890 1,890 1,791 Return on ordinary activities after tax 189 _____ 155 _____ 99 _____ Shareholders' funds at the end of period 2,079 2,045 1,890 _____ _____ _____ Summarised Balance Sheet 30 Nov 15 £'000 31 Aug 15 £'000 28 Feb 15 £'000 Investments held at fair value 1,608 1,907 1,720 Net current assets 494 165 205 Creditors: amounts falling due > 1 year (22) (27) (35) Net assets _____ 2,079 _____ 2,045 _____ 1,890 _____ _____ _____ Capital and Reserves 30 Nov 15 £'000 31 Aug 15 £'000 28 Feb 15 £'000 Called up share capital 679 679 679 Share premium 376 376 376 Profit and loss account 1,424 0 32 Revaluation reserve (400) 990 803 Shareholders' funds _____ 2,079 _____ 2,045 _____ 1,890 _____ _____ _____ Net asset value per share 30.6p 30.1p 27.8p _____ _____ _____ Richard Roth Chairman 6 th January 2016 Cash Flow Statement for the Period Nine months to 30 Nov 15 £'000 Six months to 31 Aug 15 £'000 Year to 28 Feb 15 £'000 Net cash inflow/(outflow) from operating activities (76) (53) (53) Capital expenditure and financial investment Purchase of investments Disposal of investments - 355 _____ - - _____ (86) - _____ Net cash inflow/(outflow) from capital expenditure and financial investment 355 - (86) Increase/(decrease) in cash 279 (53) (139) _____ _____ _____ Notes to the Unaudited Financial Information 1. The unaudited financial information for the nine months to 30 November 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 nine months to 30 November 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. The operating profit is stated after charging: Interim Period Ended 30 November 2015 £'000 Year Ended 28 February 2015 £'000 Directors' remuneration 8 3 Auditors' remuneration 5 6 Total 13 9 5. No liability to UK corporation tax arose during the period. 6. Investments Unquoted investments (Level 3) £'000 Total investments £'000 Valuation and net book amount: Book cost as at 1 March 2015 2,014 2,014 Cumulative revaluation (294) (294) Valuation at 1 March 2015 1,720 1,720 Movement in the year: Purchases at cost - - Cost of disposal (7) (7) Revaluation on disposal (207) (207) Revaluation in year 101 101 Valuation at 30 November 2015 1,607 1,607 Book cost at 30 November 2015 2,007 2,007 Revaluation to 30 November 2015 (400) (400) Valuation at 30 November 2015 1,607 1,607 7. Share Capital 30 November 2015 £'000 28 February 2015 £'000 Authorised: 10,000,000 ordinary shares of 10p each 1,000 1,000 Total Authorised 1,000 1,000 Allotted, called up and fully paid: 6,792,923 (28 Feb 2015: 6,792,923) ordinary shares of 10p each 679 679 8. Reserves Share Premium Account £'000 Capital Reserve Unrealised £'000 Profit and Loss Account Reserve £'000 At 1 March 2015 376 803 32 Profit/(loss) for period 0 101 88 Movement on Revaluation Reserve 0 (207) 207 Reserve Transfer 0 (1,097) 1,097 As at 30 November 2015 376 (400) 1,424 The distributable reserves at 30 November 2015 are £1,024,000 9. Copies of the Interim Statement have been lodged at Companies House and published on the website. Further copies can be obtained from the Company's Registered Office at: The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA Board Directors : Richard Roth, Robin Goodfellow, David Livesley and Alex Starling Company Secretary: James Gordon - Gordons Partnership LLP 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#1977496
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