Interim Results

28th Nov 2008 11:45



The directors of Triple Point VCT plc are pleased to announce the Reults of the Company for the six months ended 30 September 2008-11-28

Please address any queires to :

David Dick  020 7201 8989 or Graham Urquhart 020 3216 2000

Chairman's Statement

  

Introduction

I am pleased to be writing to you to present the unaudited interim results for Triple Point VCT plc ("the Company") for the six months ended 30 September 2008.

 

Investment strategy and review

The investment strategy of the Company was to build and hold a diversified portfolio of VCT qualifying holdings.

Having achieved the threshold of being 70% invested in VCT qualifying holdings, there have been no changes in such holdings during the period and the Company retains its VCT status. The Company's priority is now to manage the portfolio with the intention of returning value to shareholders within the minimum time consistent with VCT rules.

Dividends and buyback

During the period the Company declared and paid a dividend of 3.13p per share in respect of the year ended 31 March 2008. The total value of dividends paid so far is 5.43p per share. The Directors do not propose to declare a dividend in respect of the half year to 30 September 2008.

53 Shareholders accepted the buyback Tender Offer made by the Company and 3,390,537 shares were purchased at 92.0p each which is reflected in the reduction in money market funds and uninvested funds recorded in the balance sheet.

 

Results

 The Company continues to perform satisfactorily and made a profit after taxation of £0.271 million during the period.

The Net Asset Value (NAV) of the Company increased during the period and, following the payment of the dividend of 3.13p per share, the NAV of the Company at 30 September was £26.64 million. The NAV per share at 30 September was 93.15p.

Risks and Uncertainties

The board confirms that the principal risks facing the Company over the remainder of the financial period are:

a) investment risk associated with investing in small and immature businesses

b) failure to maintain approval as a VCT.

The Board believe these principal risks are manageable and to expected for a company with Triple Point VCT plc's strategy. The Board continues to work closely with the Investment Manager to endeavour to minimise either their likelihood or potential impact. A more detailed explanation of the risks faced by the Company can be found in note 20 on page 30 of the Annual Financial Statements for the period ended 31 March 2008.

 

Conclusion

The financial markets have experienced unprecedented difficulties but the board is pleased to announce that your Company, thus far, has been largely unaffected and hopes to be able to announce a substantial return of funds to shareholders in 2009.

If you have any queries or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8989 or email me at [email protected].

Michael Sherry

Chairman

28 November 2008

Triple Point VCT plc

Financial Summary

	Unaudited		Unaudited		Audited
	6 Months Ended		6 Months Ended		Year Ended
	30 Sep 2008		30 Sep 2007		31 Mar 2008
	£'000		£'000		£'000
Net assets	26,640		30,198		30,534
Net profit before tax	364		506		978
Return per share	0.86p		1.13p		2.18p
Net asset value per share	93.15p		94.40p		95.45p

  Triple Point VCT plc

Portfolio summary (unaudited)

As at 30 September 2008

		Cost & Valuation			Cost & Valuation
Security	Activity	30-Sep-08			31-Mar-08
		£'000	%		£'000	%
Unquoted
Qualifying holdings		22,202	91.24		22,202	76.11
Holdings whose VCT qualifying status has yet to be determined		1,030	4.23		1,030	3.53
Money market funds		1,094	4.50		2,972	10.19
Uninvested funds		7	0.03		2,966	10.17
		24,333	100.00		29,170	100.00
Qualifying Holdings (All Unquoted)
Beam Carrier Trading Ltd	Provision of satellite capacity
Equity		600	2.70		600	2.70
Debt		1,350	6.08		1,350	6.08
Bereavement Facilities and Services Ltd	Crematorium maintenance
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
Broadsword Satellite Communications Ltd	Provision of satellite capacity
Equity		685	3.09		685	3.09
Debt		1,315	5.92		1,315	5.92
Cranmer Lawrence Engineering Solutions Ltd	Ambulance refurbishment
Equity		475	2.14		475	2.14
Debt		475	2.14		475	2.14
Furnace Management Services Ltd	Crematorium management
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
High Definition Broadcast Services Ltd	Provision of satellite capacity
Equity		532	2.40		532	2.40
Debt		1,343	6.05		1,343	6.05
HTI Private Patient Services Ltd	Clinical care and administration
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
Meaujo 732 Ltd	Provision of virtual communications systems
Equity		302	1.36		302	1.36
Debt		1,132	5.10		1,132	5.10
Partners in Healthcare Technology London Ltd	Clinical care and administration
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
Per Port Services Ltd	Servicing & supply of telephony equipment
Equity		312	1.40		312	1.40
Debt		615	2.77		615	2.77
Carried Forward		13,256	59.71		13,256	59.71

  Triple Point VCT plc

Portfolio summary (unaudited)

As at 30 September 2008

		Cost & Valuation			Cost & Valuation
Security	Activity	30-Sep-08			31-Mar-08
		£'000	%		£'000	%
Brought Forward		13,256	59.71		13,256	59.71
Satellite Broadband Access Solutions Ltd	Provision of satellite capacity
Equity		526	2.37		526	2.37
Debt		1,359	6.12		1,359	6.12
Simply Coffee Services Ltd	Coffee shops
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
Telecom Network Management Ltd	Provision of virtual communications systems
Equity		530	2.39		530	2.39
Debt		500	2.25		500	2.25
WAN Solutions Ltd	Provision of virtual communications systems
Equity		352	1.59		352	1.59
Debt		1,472	6.63		1,472	6.63
Wide Area Network Services Ltd	Provision of virtual communications systems
Equity		282	1.27		282	1.27
Debt		1,186	5.34		1,186	5.34
Wide Area Network Solutions Ltd	Provision of virtual communications systems
Equity		321	1.45		321	1.45
Debt		1,388	6.24		1,388	6.24
		22,202	100.00		22,202	100.00
Holdings whose VCT qualifying status has yet to be determined (All Unquoted)
Delanic Films Ltd	Film distribution
Equity		530	51.46		530	51.46
Debt		500	48.54		500	48.54
		1,030	100.00		1,030	100.00
Money Market Funds (non-qualifying)
BGI Sterling Liquidity Fund		182	16.64		495	16.66
GS Stg Liquid Res Fund		182	16.64		495	16.66
HSBC Sterling Liquidity Fund		183	16.73		495	16.66
Insight Liquidity Fund		182	16.64		495	16.66
Merrill Lynch Inst Liq Fund		182	16.63		496	16.68
RBOS Global Treasury Fund		183	16.72		496	16.68
		1,094	100.00		2,972	100.00

  Triple Point VCT plc 

Income Statement

	Unaudited					Unaudited			Audited
	6 months ended				6 months ended				Year ended
	30-Sep-08				30-Sep-07				31-Mar-08
	Rev.	Cap.	Tot.		Rev.	Cap.	Tot.		Rev.	Cap.	Tot.
	£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	764	-	764		934	-	934		1,814	-	1,814
Investment management fees	(84)	(250)	(334)		(90)	(271)	(361)		(178)	(534)	(712)
Other expenses	(66)	-	(66)		(67)	-	(67)		(124)	-	(124)
Return / (loss) on ordinary activities before taxation	614	(250)	364		777	(271)	506		1,512	(534)	978
Taxation on return on ordinary activities	(157)	64	(93)		(223)	78	(145)		(434)	153	(281)
Return / (loss) on ordinary activities after taxation	457	(186)	271		554	(193)	361		1,078	(381)	697
Return / (loss) per share, basic and diluted	1.46p	(0.59p)	0.86p		1.73p	(0.60p)	1.13p		3.37p	(1.19p)	2.18p

The total column of this statement is the company's profit and loss account. The supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.

All the items in the above statement derive from continuing operations.

There are no recognised gains or losses other that those disclosed in the income statement.

Statement of Movements in Shareholders' Funds

		Unaudited				Unaudited				Audited
		6 months				6 months			Year
	ended				ended				ended
	30-Sep-08				30-Sep-07				31-Mar-08
			£'000				£'000				£'000
Shareholders' funds at 1 April 2008			30,534				30,573				30,573
Shares bought back by company			(3,164)				-				-
Return on ordinary activities after taxation			271				361				697
Dividends paid in period			(1,001)				(736)				(736)
Shareholders' funds at 30 September 2008			26,640				30,198				30,534

  Triple Point VCT plc 

Balance Sheet

	Unaudited		Unaudited		Audited
	30-Sep-08		30-Sep-07		31-Mar-08
		£'000		£'000		£'000
Fixed Assets:
Investments		23,232		13,061		23,232
Current assets:
Debtors		2,691		1,184		2,042
Money market funds		1,094		15,572		2,972
Cash at bank		7		812		2,966
		3,792		17,568		7,980
Creditors: amounts falling due within one year		(384)		(431)		(678)
Net current assets		3,408		17,137		7,302
Total assets less current liabilities		26,640		30,198		30,534
Capital and reserves:
Share capital		286		320		320
Share premium		-		28,799		28,799
Capital redemption reserve		1,172		1,138		1,138
Special distributable reserve		25,635		-		-
Capital reserve - realised		(993)		(619)		(807)
Revenue reserve		540		560		1,084
Shareholders' funds		26,640		30,198		30,534
Net asset value per share		93.15p		94.40p		95.45p

  Triple Point VCT plc 

Cash Flow Statement

	Unaudited		Unaudited		Audited
	6 months		6 months		Year
	ended		ended		ended
	30-Sep-08		30-Sep-07		31-Mar-08
		£'000		£'000		£'000
Net cash inflow from operating activities
Return on ordinary activities before tax		364		506		978
Adjusted for:
Increase in debtors		(649)		(366)		(1,224)
(Decrease) / increase in creditors		(294)		138		386
Net cash outflow from operating activities		(579)		278		140
Taxation:
Corporation tax charge for the period		(93)		(145)		(281)
Financial investment:
Purchase of unquoted investments		-		(5,277)		(15,448)
Disposal of current asset investments		1,878		2,658		15,257
Equity dividends paid		(1,001)		(736)		(736)
Net cash outflow before financing		205		(3,222)		(1,068)
Financing:
Repurchase of own shares		(3,164)		-		-
Net cash outflow from financing		(3,164)		-		-
Decrease in cash		(2,959)		(3,222)		(1,068)
Reconciliation of net cash flow to movements in cash and cash equivalents
Net decrease in cash and cash equivalents		(2,959)		(3,222)		(1,068)
Cash and cash equivalents at 1 April 2008		2,966		4,034		4,034
Cash and cash equivalents at 30 September 2008		7		812		2,966

  Triple Point VCT plc

Notes to the half yearly report for the six months ended 30 September 2008

1. The unaudited half yearly results cover the six months to 30 September 2008 and have been drawn up in accordance with the Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 31 March 2008 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for Investment Companies issued by the Association of Investment Companies in January 2003, revised December 2005.

2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985 and have not been delivered to the Registrar of Companies.  Statutory accounts for the year ended 31 March 2008, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 March 2008 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

3. Taxation has been provided for at a rate of 25.50% based on the assumption that income for the second half of the year will be equal to that for the first half. Given that the business is not seasonal the directors regard this as a reasonable assumption.

4. Copies of the Half Yearly Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 4-5 Grosvenor Place, London SW1X 7HJ or from Woodside Corporate Services Limited, 4th Floor, 150-152 Fenchurch Street, London EC3M 6BB

5. During the period under review, the Company did not issue any new shares but bought back 3,390,537 shares at a cost of £3,163,171.

6. The return per share is based on income from ordinary activities after tax of £0.271m and on 31,434,656 ordinary shares of 1p, being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of £26.640m and 28,599,945 ordinary shares of 1p in issue at the period end. 

7. Related party transactions

Mr Michael Sherry, Chairman of the Company, is an equity Member of Triple Point LLP (TPLLP). TPLLP in turn holds a controlling interest in Triple Point Investment Management LLP (TPIMLLP). During the period, TPIMLLP provided management and administrative services to the Company amounting to £334,497 (2007 - £361,147).

  Triple Point VCT plc

Responsibility statement of the Directors in respect of the half yearly report for the six months ended 30 September 2008

We confirm to the best of our knowledge:

• the half yearly financial statements have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board;

• the half yearly management report includes a fair review of the information required by the Financial Services Authority Disclosure and Transparency rules, being:

- an indication of the important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

- related party transactions that have taken place in the first six months of the current financial year and that may have materially affected the financial position or performance of the entity during that period, and any changes in the related party transactions described in the last annual report that could do so.

By order of the Board

Michael Sherry

Director

28 November 2008

  Triple Point VCT plc

Directors

Michael Gabriel Sherry

James Chadwick Murrin

Robin David Morrison

Secretary and Registered Office

Peter William Hargreaves

10-11 Gray's Inn Square, 

Gray's Inn, 

London WC1R 5JD

Company Registered Number

05304481

Solicitors 

Howard Kennedy

19a Cavendish Square

London W1A 2AW

Bankers

HSBC

60 Queen Victoria Street

London, EC4

Investment Manager and Administrator

Triple Point Investment Management LLP

4-5 Grosvenor Place, 

London SW1X 7HJ

VCT Tax Adviser

PricewaterhouseCoopers LLP

1 Embankment Place

London WC2N 6RH 

Independent Auditor

Grant Thornton UK LLP

1 Westminster Way

Oxford OX2 0PZ

Registrars

Neville Registrars Limited

Neville House

18 Laurel Lane

Halesowen

West Midlands, B63 3DA

ENDIR FVLFLVFBZFBB

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