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Oxford Technology 2 VCT PLC  -  OXH   

Oxford Technology 2 VCT plc : 3rd Quarter Results

Released 17:30 07-Jan-2016

Oxford Technology 2 VCT plc : 3rd Quarter Results

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
6th 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

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