TIDMIGV
RNS Number : 6558A
Income & Growth VCT (The) PLC
30 May 2019
THE INCOME & GROWTH VCT PLC
HALF YEAR REPORT FOR THE SIX MONTHSED 31 MARCH 2019
The Income & Growth VCT plc ("the Company") today announces
the half-year results for the six months ended 31 March 2019.
As at 31 March 2019:
Net assets: GBP81.44 million
Net asset value ("NAV") per share: 78.03 pence
Financial Highlights
Results for the Half Year ended 31 March 2019
* Net asset value total return per share was 4.1% for
the six months.
* Share price total return per share was 1.4% for the
six months.
* The Board has declared an interim dividend in respect
of the current year of 1.50 pence per share to be
paid to shareholders on 12 July 2019.
* The Company made one new investment and three
follow-on investments totalling GBP2.00 million
during the six months.
Performance summary
The table below shows the recent past performance of the Company's
existing class of shares for each of the last five years,
and the current year to date.
Reporting Net NAV Share Cumulative Cumulative total Dividends
date assets per price(1) dividends return per share paid
share paid per to shareholders(2) and
share proposed
in
respect
of each
As at year
----------- ----------------------
(NAV basis) (Share
price
basis)
-----------
(GBP
m) (p) (p) (p) (p) (p) (p)
----------- ------- ------- ---------- ----------- ------------ -------- ----------
31 March
2019 81.44 78.03 67.00 111.50 189.53 178.50 1.50(4)
30
September
2018 82.58 78.32 69.50 108.00 186.32 177.50 6.00
30
September
2017 64.35 81.24 73.00 102.50 183.74 175.50 21.00
30
September
2016 70.84 98.51 88.80 80.50 179.01 169.30 10.00
30
September
2015 75.20 106.38 93.50 68.50 174.88 162.00 12.00
30
September
2014 69.31 114.60 103.50(3) 50.50 165.10 154.00 18.00
(1) Source: Panmure Gordon & Co (mid-market price).
(2) Cumulative total return per share comprises the NAV per
share (NAV basis) or the mid-market price per share (share
price basis) plus cumulative dividends paid since launch of
the current share class.
(3) The share price at 30 September 2014 has been adjusted
to add back the dividend of 8.00 pence per share paid on 30
October 2014, as the listed share price was quoted ex this
dividend at the year end.
(4) An interim dividend of 1.50 pence per share, referred
to in the Financial Highlights above, is payable to shareholders
on 12 July 2019.
Chairman's Statement
I am pleased to present the Company's Half Year Report for
the six months ended 31 March 2019.
Overview
The half-year has again seen good progress and a positive
return for the period. This is detailed in the Performance
and the Investment Portfolio sections of my statement below.
Sixteen growth capital investments have now been completed
since the 2015 VCT Rule change. During the period under review,
one new investment was made and three existing portfolio companies
received follow-on funding. After the period end, the Company
made a further two new investments. Further details of this
investment activity are contained in the Investment Review.
The Investment Adviser continues to report an interesting
pipeline of growth capital opportunities. Meanwhile, the existing,
more mature portfolio constructed under the previous rules
continues to provide a healthy income yield.
Performance
The Company's NAV total return per share was 4.1% for the
six months to 31 March 2019 (2018: 1.3%) while the total share
price return was 1.4% (2018: 1.4%).
The Company's cumulative NAV total return per share (being
the closing net asset value plus total dividends paid to date)
has increased from 186.32 pence per share at the start of
the period to 189.53 pence per share at the period end. This
represents an increase of 1.7% over the period.
Investment portfolio
The portfolio has performed well during the period, increasing
in value by 5.2% (2018: 1.2%) on a like-for-like basis. The
portfolio achieved a net increase of GBP2.20 million in unrealised
gains and GBP0.37 million in realised gains over the six-month
period. The portfolio was valued at GBP51.68 million at the
period end (30 September 2018: GBP49.40 million).
During the six months under review, the Company invested a
total of GBP2.00 million (2018: GBP3.10 million) into four
(2018: six) investments. One of these investments was into
a new business; Grow Kudos, an online platform which provides
and promotes research dissemination; and three follow-on investments
were made into existing portfolio companies, namely Biosite,
Proactive and MPB.
After the period end, GBP1.53 million was invested into Arkk
Consulting, a regulatory and reporting requirement service
and product provider, and GBP0.93 million was invested into
Parsley Box, a supplier of home delivered ambient ready meals
for the elderly. Also, the realisation of Plastic Surgeon
occurred, realising proceeds of GBP1.22 million and generating
a multiple on cost of 5.6x.
Details of this investment activity and the performance of
the portfolio are contained in the Investment Review and the
Investment Portfolio Summary in the Half-Year Report.
Revenue account
The results for the period are set out in the Unaudited Condensed
Income Statement and show a revenue return (after tax) of
1.08 pence per share (2018: 0.92 pence per share). The revenue
return for the period of GBP1.13 million has increased from
last year's comparable figure of GBP0.86 million. This is
mainly due to an increase in income receivable from loans
made to new investee companies and some investee companies
resuming interest payments, as well as higher dividend receipts.
Dividends
The Board continues to be committed to provide an attractive
dividend stream to shareholders and is pleased to declare
an interim dividend of 1.50 pence per share for the year ending
30 September 2019, comprising 1.00 penny from income and 0.50
pence from capital. This dividend will be paid on 12 July
2019 to shareholders on the Register on 14 June 2019 and will
bring cumulative dividends paid per share to 113.00 pence.
The Company's target of paying a dividend of at least 6.00
pence per share in respect of each financial year has been
met or exceeded in each of the last seven years. I have previously
noted that the gradual move of the portfolio to younger growth
capital investments may make dividends harder to achieve from
income and capital returns alone in any given year. Accordingly,
the Board continues to monitor the sustainability of this
target.
Cash available for investment
The Board continues to monitor credit risk in respect of its
cash balances and to prioritise the security and protection
of the Company's capital. Cash and liquidity fund balances
as at 31 March 2019 amounted to GBP29.53 million. This figure
included GBP24.72 million held in money market funds with
AAA credit ratings and GBP4.81 million held in deposit accounts
with a number of well-known financial institutions across
a range of maturities.
Fundraising
The Board regularly review the Company's cash flow projections
and is presently consideration whether it may be desirable
to raise funds within the 2019/20 tax year. The Board will
notify shareholders of any intention to launch an offer for
subscription at the earliest opportunity.
Share buy-backs
During the six months ended 31 March 2019, the Company bought
back and cancelled 1,074,519 of its own shares, representing
1.0% (2018: 1.5%) of the shares in issue at the beginning
of the period, at a total cost of GBP0.73 million (2018: GBP0.85
million) inclusive of expenses.
It is the Company's policy to cancel all shares bought back
in this way. The Board regularly reviews its buyback policy
and currently seeks to maintain the discount at which the
Company's shares trade at no more than 10% below the latest
published NAV.
Shareholder communications
May I remind you that the Company has its own website which
is available at www.incomeandgrowthvct.co.uk.
The Investment Adviser held its most recent annual Shareholder
Event in February 2019 which, from the feedback submitted,
was well received by shareholders. The event included presentations
on the investment activity and performance of all the Mobeus
VCTs. I would like to thank those shareholders who attended
for helping to make it a success. The next Event will take
place in the first quarter of 2020 and shareholders will be
sent further details and an invitation nearer the time.
Succession
As stated in last year's annual report, the Board is continuing
with its succession planning and will provide further details
in its Annual Report for the year ending 30 September 2019.
Outlook
Your Board considers that your Company is well positioned,
with the portfolio being comprised of a strong foundation
of more mature investments providing an income return, and
a younger, growth capital portfolio seeking to achieve scale,
so as to reach higher levels of profitability and hence value.
The demand for growth capital investments is strong and the
amount of capital available for investment in the sector is
substantial, which is giving rise to increased competition
and higher entry valuations for the most attractive investment
opportunities.
While the new growth capital element of the portfolio is still
young, both your Board and the Investment Adviser continue
to seek to assess, balance and diversify the risks within
the growing proportion of the overall portfolio that these
investments will represent. Your Board cautions that investing
in such earlier stage companies involves increased risk, as
those that succeed often take longer to build scale, while
those less successful investments may be the first to show.
Returns may therefore take longer to achieve, and the performance
of these businesses may be more volatile. Hopefully these
factors will be more than offset by longer-term gains.
The Board and Investment Adviser have carried out an analysis
of the possible impact of Brexit on the investment portfolio.
This will be kept under review.
Finally, I would like to take this opportunity once again
to thank all shareholders for their continued support.
Colin Hook
Chairman
30 May 2019
Investment Policy
The Company's policy is to invest primarily in a diverse portfolio
of UK unquoted companies.
Asset Mix and Diversification
The Company will seek to make investments in UK unquoted companies
in accordance with the prevailing requirements of VCT legislation.
Investments are made selectively across a wide variety of
sectors, principally in established companies.
Investments are generally structured as part loan and part
equity in order to receive regular income and to generate
capital gain from realisations.
There are a number of conditions within the VCT legislation
which need to be met by I&G and which may change from time
to time.
No single investment may represent more than 15% (by VCT tax
value) of the Company's total investments at the date of investment.
Save as set out above, the Company's other investments are
held in cash and liquid funds.
Liquidity
The Company's cash and liquid funds are held in a portfolio
of readily realisable interest bearing investments, deposit
and current accounts, of varying maturities, subject to the
overriding criterion that the risk of loss of capital be minimised.
Borrowing
The Company's articles of association permit borrowing of
up to 10% of the adjusted capital and reserves (as defined
therein). However, the Company has never borrowed and the
Board would only consider doing to in exceptional circumstances.
Investment Review
Demand for growth capital investment remains strong and there
is a significant pipeline of investment opportunities. It
is expected that the current pace and quantum of new and follow-on
investments will continue in the short to medium-term.
Portfolio review
The portfolio's activity in the six months to 31 March 2019
is summarised as follows:
2019 2018
GBPm GBPm
-------------------------------
Opening portfolio value 49.40 48.09
------- -------
New and follow-on investments 2.00 3.10
------- -------
Disposal proceeds (2.29) (4.63)
------- -------
Net realised gains 0.37 1.81
------- -------
Valuation movements 2.20 (1.25)
------- -------
Portfolio value at 31 March 51.68 47.12
------- -------
The six months to 31 March 2019 has seen further solid progress.
New investment comprised one new growth capital investment
of GBP0.47 million into Grow Kudos, an online platform which
provides and promotes research dissemination, and three existing
growth portfolio companies receiving follow-on funding totalling
GBP1.53 million (Biosite, Proactive and MPB). Net cash proceeds
of GBP2.29 million were received, primarily from loan repayments.
The investment and divestment activity during the period has
increased the proportion of the portfolio comprised of all
growth capital investments by value to 47.9% at the period
end.
After the period end, the Company invested GBP1.53 million
into Arkk Consulting, a regulatory and reporting requirement
service and product provider, and GBP0.93 million was invested
into Parsley Box, a supplier of home delivered ambient ready
meals for the elderly. This brings the total invested in those
growth capital investments made since the introduction of
the VCT Rules in 2015 to GBP20.53 million. Also, disposal
proceeds of GBP1.22 million have been received following the
realisation of Plastic Surgeon. These proceeds contributed
to a multiple on cost of 5.6x over the life of this investment.
Details of the valuation movements for each investee company
are provided in the Investment Portfolio Summary.
The portfolio's contribution to the overall results of the
VCT is summarised as follows:
Investment Portfolio Capital Movement 2019 2018
GBPm GBPm
Increase in the value of unrealised
investments 4.68 4.80
------- -------
Decrease in the value of unrealised
investments (2.48) (6.05)
------- -------
Net increase/(decrease) in the
value of unrealised investments 2.20 (1.25)
------- -------
Realised gains 0.37 1.81
------- -------
Realised losses - -
------- -------
Net realised gains in the period 0.37 1.81
------- -------
Net investment portfolio movement
in the period 2.57 0.56
------- -------
Valuation changes of portfolio investments still held
The principal contributors to the valuation increases of GBP4.68
million were ASL GBP1.25 million, EOTH (Rab and Lowe Alpine)
GBP0.53 million and Rotageek GBP0.43 million.
ASL's core business is trading well and, following two recent
corporate acquisitions, is beginning to benefit from associated
synergies. EOTH achieved a record year of profitability, underpinned
by continued growth in its Rab brand. Rotageek has made a
strong start since investment, having won a number of new
contracts for its software.
A small number of new growth investments have shown initial
uplifts from cost, due in large part to the structure of the
Company's investment, but, in some cases, also due to the
underlying investee company performance.
The main reductions within total valuation decreases of GBP(2.48)
million, were Redline GBP(0.39) million, Aquasium GBP(0.35)
million, and Bourne Bioscience GBP(0.34) million. Redline's
revenues have been unpredictable and sales in recent months
have been lower than planned which has impacted the valuation.
Bourne has experienced softer trading in recent months due
to a strong competitive landscape, but a recently opened clinic
is expected to generate a positive contribution soon. Finally,
Aquasium, a legacy investment, is behind budget due to a low
order book and customer delays, although the longer-term prospects
appear more promising.
Realised gains and deferred consideration receipts
There have been no realisations during the period under review.
However, the Company realised a gain in the half-year from
deferred consideration receipts of GBP0.37 million arising
from past realisations.
After the period end, the Company realised its investment
in Plastic Surgeon, receiving GBP1.22 million in cash proceeds.
This contributed to a multiple on cost of 5.6x and an IRR
of 20.5% over the 11 years the investment was held.
Investment portfolio yield and capital repayments
In the period under review, the Company received the following
amounts in loan interest and dividend income:
Investment Portfolio Yield 2019 2018
GBPm GBPm
Loan interest received
in the period 1.41 1.29
------ ------
Dividends received in the
period 0.24 0.12
------ ------
Total portfolio income
in the period(1) 1.65 1.41
------ ------
Portfolio Value at 31 March 51.68 47.12
------ ------
Portfolio Income Yield
(Income as a % of Portfolio
value at 31 March) 3.2% 3.0%
------ ------
(1) Total portfolio income in the period is generated solely
from investee companies within the portfolio.
In addition to deferred consideration receipts of GBP0.37
million, the Company also received loan stock repayments of
GBP1.82 million (as the investments in the five companies
preparing to trade repaid the final loan stock sums still
payable) and preference share repurchases of GBP0.10 million,
both at cost.
New investment in the half year
The Company made one new investment of GBP0.47 million during
the period, as detailed below:
Company Business Date of Investment Amount of new
investment (GBPm)
Platform for
the dissemination
Grow Kudos of research November 2018 0.47
-------------------- -------------------- -------------------
Grow Kudos is an online platform which provides and promotes
research dissemination. The Kudos product was developed to
allow researchers to increase the impact and readership of
their work and to track and analyse distribution both within
academia and across broader audiences. The investment will
be used principally to increase its head count to support
sales growth. The company's unaudited accounts for the year
ended 31 December 2017 show revenues of GBP0.53 million and
a loss before interest, tax and amortisation of goodwill
of GBP(0.59) million.
Further investments in existing portfolio companies in the
half-year
The Company made further investments totalling GBP1.53 million
into three existing portfolio companies during the period
under review, as detailed below:
Company Business Date of Investment Amount of new
investment (GBPm)
Workforce management
and security
Biosite services October 2018 0.93
--------------------- --------------------- -------------------
Based in the Midlands, Biosite is a provider of biometric
access control and software-based workforce management solutions
for the construction sector. The business is growing significantly,
and this investment will support the further development
of software and hardware products. The company's audited
accounts for the year ended 31 July 2018 show turnover of
GBP9.76 million and a loss before interest, tax and amortisation
of goodwill of GBP(0.64) million.
Investor media
Proactive Investors services October 2018 0.45
--------------------- --------------------- -------------------
Proactive Investors specialises in timely multi-media news
provision, events organisation, digital services and investor
research. Proactive provides breaking news, commentary and
analysis on hundreds of small-cap listed companies and pre-IPO
businesses across the globe. The investment will enable Proactive
to expand its services into the US market, which is the largest
global market for investor media services. The company's
unaudited accounts for the year ended 30 June 2018 show turnover
of GBP4.75 million and a loss before interest, tax and amortisation
of goodwill of GBP(0.31) million.
Online marketplace
for used camera October and December
MPB Group and video equipment 2018 0.15
--------------------- --------------------- -------------------
MPB is Europe's leading online marketplace for used camera
and video equipment. Based in Brighton, its custom-designed
pricing technology enables MPB to offer both buy and sell
services through the same platform and offers a one-stop
shop for all its customers. Having expanded into the US (opening
a New York office) and German markets as part of the initial
VCT investment round, this follow-on investment, alongside
funds provided by the Proven VCTs, is to support its continued
growth plan. Having doubled its sales over the prior year,
this investment will give the company sufficient capital
to achieve its next phase of expansion. The company's audited
accounts for the year ended 31 March 2018 show turnover of
GBP21.71 million and a loss before interest, tax and amortisation
of goodwill of GBP(2.00) million.
New investments made after the period end
The Company made two new investments, totalling GBP2.46 million
after the period end, as detailed below:
Company Business Date of Investment Amount of new
investment (GBPm)
Regulatory and
reporting requirement
Arkk Consulting service provider May 2019 1.53
------------------------ -------------------- -------------------
Arkk Consulting (trading as Arkk Solutions) provides services
and software to enable organisations to remain compliant
with regulatory reporting requirements. Arkk was established
in 2009 and currently has over 800 clients across 20 countries.
These include more than 80 of the FTSE 350, and half of the
largest 20 accountancy firms in the UK. The investment will
build on Arkk's reputation and customer base, to target the
cloud based period end reporting market by building the sales
and marketing team. The company's audited accounts for the
year ended 31 December 2017 show turnover of GBP3.18 million
and a profit before interest, tax and amortisation of goodwill
of GBP0.52 million.
Home delivered
ambient ready
meals for the
Parsley Box elderly May 2019 0.93
------------------------ -------------------- -------------------
Parsley Box is a UK direct to consumer supplier of home delivered
ambient ready meals for the elderly. Founded in 2017, Parsley
Box has grown rapidly and has developed a unique meal delivery
solution for its customers. The company supplies a diverse
range of ambient meals via next day delivery which are easy
to store and aim to contribute to a more independent and
healthier lifestyle. The investment will scale the company's
marketing strategy, enable it to process larger order volumes
and continue to build out its team. The company's unaudited
accounts for the period ended 31 March 2018 show revenues
of GBP0.25 million and a loss before interest, tax and amortisation
of goodwill of GBP(0.21) million.
Realisation after the period end
The Company realised its investment in Plastic Surgeon after
the period end, as detailed below:
Company Business Period of investment Total cash proceeds
over the life
of the investment
/ Multiple over
cost
Plastic Surgeon Supplier of snagging April 2008 to GBP2.27 million
and finishing May 2019 5.6 times cost
services to the
property sector
--------------------- --------------------- --------------------
The Company sold its remaining investment in Plastic Surgeon
to Polygon Group for GBP1.22 million. Over the eleven years
this investment was held, it generated proceeds of GBP2.27
million compared to an original investment cost of GBP0.40
million which is a multiple on cost of 5.6x and an IRR of
20.5%.
Mobeus Equity Partners LLP
Investment Adviser
30 May 2019
Investment Portfolio Summary
As at 31 March 2019
Total cost Valuation at Additional Valuation
at at
31 March 30 September investments 31 March
2019 2018 2019
(audited) in the period
(unaudited) GBP (unaudited)
GBP GBP GBP
Tovey Management
Limited (trading
as Access IS)
Provider of data
capture and scanning
hardware 3,313,932 4,110,232 - 4,300,074
ASL Technology
Holdings Limited
Printer and photocopier
services 2,722,106 2,904,306 - 4,151,254
EOTH Limited
(trading as Equip
Outdoor Technologies)
Distributor of
branded outdoor
equipment and
clothing including
the Rab and Lowe
Alpine brands 1,383,313 2,809,199 - 3,336,475
Virgin Wines
Holding Company
Limited
Online wine retailer 2,745,503 3,227,371 - 3,327,794
Preservica Limited
Seller of proprietary
digital archiving
software 2,181,666 2,977,489 - 3,119,565
Pattern Analytics
Limited (trading
as Biosite)
Workforce management
and security
services for
the construction
industry 1,791,938 1,384,696 934,924 2,648,952
Media Business
Insight Holdings
Limited
A publishing
and events business
focussed on the
creative production
industries 3,666,556 2,469,625 - 2,633,975
Manufacturing
Services Investment
Limited (trading
as Wetsuit Outlet)
Online retailer
in the water
sports market 3,205,182 2,326,781 - 2,236,330
Master Removers
Group Limited
(trading as Anthony
Ward Thomas,
Bishopsgate and
Aussie Man &
Van)
A specialist
logistics, storage
and removals
business 682,183 1,926,851 - 2,054,472
MPB Group Limited
Online marketplace
for used photographic
equipment 1,423,974 1,885,665 154,780 2,050,973
Vian Marketing
Limited (trading
as Red Paddle
Co)
Design, manufacture
and sale of stand-up
paddleboards
and windsurfing
sails 1,207,437 1,870,551 - 1,988,059
CGI Creative
Graphics International
Limited
Vinyl graphics
to global automotive,
recreation vehicle
and aerospace
markets 1,943,948 1,962,334 - 1,875,034
My TutorWeb Limited
Digital marketplace
connecting school
pupils seeking
one-to-one online
tutoring 1,783,566 1,963,647 - 1,783,566
Tharstern Group
Limited
Software based
management Information
systems for the
printing industry 1,454,278 1,569,303 - 1,551,295
Idox plc
Developer and
supplier of knowledge
management products 453,881 1,462,570 - 1,500,072
Ibericos Etc.
Limited (trading
as Tapas Revolution)
Spanish restaurant
chain 1,397,386 1,630,329 - 1,395,285
Turner Topco
Limited (trading
as Auction Technology
Group)
SaaS based online
auction market
place platform 1,529,075 1,177,894 - 1,386,934
Proactive Group
Holdings Inc
Media Services
and investor
conferences 988,390 539,214 449,176 1,373,818
Rota Geek Limited
Workforce management
software 625,400 625,400 - 1,056,153
Buster and Punch
Holdings Limited
Industrial inspired
lighting and
interiors retailer 725,226 855,330 - 1,011,250
The Plastic Surgeon
Holdings Limited
Supplier of snagging
and finishing
services to the
property sector 40,833 829,934 - 906,333
Vectair Holdings
Limited
Designer and
distributor of
washroom products 53,400 684,085 - 860,948
Bourn Bioscience
Limited
Management of
in-vitro fertilisation
clinics 1,610,379 1,153,951 - 815,059
Blaze Signs Holdings
Limited
Manufacturer
and installer
of signs 418,281 598,605 - 753,404
RDL Corporation
Limited
Recruitment consultants
within the
pharmaceutical,
business intelligence
and IT industries 1,441,667 903,731 - 713,522
Aquasium Technology
Limited
Manufacturing
and marketing
of bespoke electron
beam welding
and vacuum furnace
equipment 166,667 1,002,689 - 654,321
Redline Worldwide
Limited
Provider of security
services to the
aviation industry
and other sectors 1,129,121 956,894 - 564,561
Kudos Innovations
Limited (trading
as Grow Kudos)
Online platform
that provides
and promotes
research dissemination 472,500 - 472,500 472,500
Super Carers
Limited
Online introductory
platform connecting
local individuals
with carers 649,528 649,528 - 324,764
Omega Diagnostics
Group plc
In-vitro diagnostics
for food intolerance,
autoimmune diseases
and infectious
diseases 280,026 350,010 - 303,342
BookingTek Limited
Direct booking
software for
hotel groups 872,646 436,323 - 218,161
Jablite Holdings
Limited
Manufacturer
of expanded polystyrene
products 498,790 162,366 - 162,366
Veritek Global
Holdings Limited
Maintenance of
imaging equipment 2,289,859 129,132 - 116,961
BG Training Limited
Technical training
business 53,125 26,563 - 26,563
Corero Network
Security plc
Provider of e-business
technologies 600,000 9,832 - 7,866
Hollydale Management
Limited
Company seeking
to carry on a
business in the
food sector 621,600 621,600 - -
Backhouse Management
Limited
Company seeking
to carry on a
business in the
motor sector 601,600 300,800 - -
Barham Consulting
Limited
Company seeking
to carry on a
business in the
catering sector 601,600 300,800 - -
Creasy Marketing
Services Limited
Company seeking
to carry on a
business in the
textile sector 601,600 300,800 - -
McGrigor Management
Limited
Company seeking
to carry on a
business in the
pharmaceutical
sector 601,600 300,800 - -
Oxonica Limited 2,524,527 - - -
International
nanomaterials
group
Racoon International 655,851 - - -
Group Limited
Supplier of hair
extensions, hair
care products
and training
NexxtDrive Limited/Nexxt 487,014 - - -
E-drive Limited
Developer and
exploiter of
mechanical transmission
technologies
CB Imports Group 175,000 - - -
Limited (trading
as Country Baskets)
Importer and
distributor of
artificial flowers,
floral sundries
and home decor
products
Biomer Technology 137,170 - - -
Limited
Developer of
biomaterials
for medical devices
Hemmels Limited 30,180 - - -
Sourcing and
restoration of
classic cars
Total 52,839,504 49,397,230 2,011,380 51,682,001
Statement of the Directors' Responsibilities
Responsibility statement
In accordance with Disclosure and Transparency Rule (DTR)
4.2.10, Colin Hook (Chairman), Jonathan Cartwright (Chairman
of the Audit and Nomination & Remuneration Committees) and
Helen Sinclair (Chairman of the Investment Committee), being
the Directors of the Company, confirm that to the best of
their knowledge:
(a) The condensed set of financial statements, which has
been prepared in accordance with Financial Reporting
Standard 104 "Interim Financial Reporting" gives a true
and fair view of the assets, liabilities, financial position
and profit of the Company as required by DTR 4.2.10;
(b) the Half Year Management Report, which comprises the
Chairman's Statement, Investment Policy, Investment Review
and Investment Portfolio Summary, includes a fair review
of the information required by DTR 4.2.7, being an indication
of important events that have occurred during the first
six months of the financial year and their impact on
the condensed set of financial statements;
(c) a description of the principal risks and uncertainties
facing the Company for the remaining six months is set
out below, in accordance with DTR 4.2.7; and
(d) there were no related party transactions in the first
six months of the current financial year that are required
to be disclosed, in accordance with DTR 4.2.8.
Principal risks and uncertainties
In accordance with DTR 4.2.7, the Board confirms that the
principal risks and uncertainties facing the Company have
not materially changed from those identified in the Annual
Report and Financial Statements for the year ended 30 September
2018 ("the Annual Report").
The principal risks faced by the Company are:
-- Investment and strategic
-- Loss of approval as a Venture Capital Trust;
-- Regulatory;
-- Counterparty;
-- Economic;
-- Financial and operating;
-- Market;
-- Asset liquidity; and
-- Market liquidity;
A detailed explanation of the principal risks facing the Company
can be found in the Annual Report on pages 27 and 28, and
in Note 16 on Financial Instruments on pages 65 to 72. Copies
can be viewed or downloaded from the Company's website: www.incomeandgrowthvct.co.uk.
Going Concern
The Board has assessed the Company's operation as a going
concern. The Company's business activities, together with
the factors likely to affect its future development, performance
and position are set out in the Half Year Management Report.
The Directors have satisfied themselves that the Company continues
to maintain an adequate cash position. The portfolio taken
as a whole remains resilient and well-diversified. The major
cash outflows of the Company (namely investments, share buybacks
and dividends) are within the Company's control.
The Board's assessment of liquidity risk and details of the
Company's policies for managing its capital and financial
risks are shown in Note 16 on pages 65 to 72 of the Annual
Report. Accordingly, the Directors continue to adopt the going
concern basis of accounting in preparing the half year report
and financial statements.
Cautionary Statement
This report may contain forward looking statements with regards
to the financial condition and results of the Company, which
are made in the light of current economic and business circumstances.
Nothing in this report should be construed as a profit forecast.
For and on behalf of the Board:
Colin Hook
Chairman
30 May 2019
Unaudited Condensed Income Statement
for the six months ended 31 March 2019
Six months ended 31 Six months ended 31
March 2019 March 2018
(unaudited) (unaudited)
Notes Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
--------------- ------ ---------- ---------- ---------- ---------- ------------ ------------
Unrealised
gains /
(losses)
on
investments
held at fair
value 9 - 2,199,709 2,199,709 - (1,251,618) (1,251,618)
Realised gains
on
investments
held at fair
value 9 - 367,651 367,651 - 1,810,102 1,810,102
Income 4 1,783,886 - 1,783,886 1,476,579 - 1,476,579
Investment
Adviser's
fees 5 (215,882) (647,647) (863,529) (205,694) (617,082) (822,776)
Other expenses (224,094) - (224,094) (234,496) - (234,496)
--------------- ------ ---------- ---------- ---------- ---------- ------------ ------------
Profit /
(loss)
on ordinary
activities
before
taxation 1,343,910 1,919,713 3,263,623 1,036,389 (58,598) 977,791
Tax on profit
/ (loss) on
ordinary
activities 6 (209,618) 209,618 - (173,800) 173,800 -
--------------- ------ ---------- ---------- ---------- ---------- ------------ ------------
Profit for
the period
and total
comprehensive
income 1,134,292 2,129,331 3,263,623 862,589 115,202 977,791
--------------- ------ ---------- ---------- ---------- ---------- ------------ ------------
Basic and
diluted
earnings per
share 7 1.08p 2.02p 3.10p 0.92p 0.12p 1.04p
Year ended 30 September
2018
(audited)
Notes Revenue Capital Total
GBP GBP GBP
------------------------- ------ ---------- ------------ ------------
Unrealised gains
/ (losses) on
investments held
at fair value - 570,022 570,022
Realised gains
on investments
held at fair
value - 1,113,464 1,113,464
Income 4 3,093,838 - 3,093,838
Investment Adviser's
fees 5 (428,311) (1,284,934) (1,713,245)
Investment Adviser's
performance fees 5 - (1,119) (1,119)
Other expenses (455,836) - (455,836)
------------------------- ------ ---------- ------------ ------------
Profit on ordinary
activities before
taxation 2,209,691 397,433 2,607,124
Tax on profit
on ordinary activities 6 (339,227) 339,227 -
------------------------- ------ ---------- ------------ ------------
Profit for the
period and total
comprehensive
income 1,870,464 736,660 2,607,124
------------------------- ------ ---------- ------------ ------------
Basic and diluted
earnings per
share 7 1.88p 0.74p 2.62p
The revenue column of the Income Statement includes all income
and expenses. The capital column accounts for the unrealised
gains/(losses) and realised gains on investments and the proportion
of the Investment Adviser's fee and performance fee charged
to capital.
The total column is the Statement of Total Comprehensive Income
of the Company prepared in accordance with Financial Reporting
Standards ("FRS"). In order to better reflect the activities
of a VCT and in accordance with the 2014 Statement of Recommended
Practice ("SORP") issued by the Association of Investment
Companies ("AIC") and updated in January 2017, supplementary
information which analyses the Income Statement between items
of a revenue and capital nature has been presented alongside
the Income Statement. The revenue column of profit attributable
to equity shareholders is the measure the Directors believe
appropriate in assessing the Company's compliance with certain
requirements set out in Section 274 Income Tax Act 2007.
All the items in the above statement derive from continuing
operations of the Company. No operations were acquired or
discontinued in the period.
Unaudited Condensed Balance Sheet
as at 31 March 2019
31 March 31 March 30 September
2019 2018 2018
(unaudited) (unaudited)
(audited)
Notes GBP GBP GBP
------------------------- ------ ------------- ------------- ------ -----------
Fixed assets
Investments at fair
value 9 51,682,001 47,114,979 49,397,230
Current assets
Debtors and prepayments 447,599 718,466 458,043
Current asset
investments 10 27,873,883 34,467,981 31,627,351
Cash at bank 10 1,659,682 1,483,126 1,284,816
------------------------- ------ ------------- ------------- ------ -----------
29,981,164 36,669,573 33,370,210
Creditors: amounts
falling due within
one year (225,127) (199,647) (183,726)
Net current assets 29,756,037 36,469,926 33,186,484
------------------------- ------ ------------- ------------- ------ -----------
Net assets 81,438,038 83,584,905 82,583,714
------------------------- ------ ------------- ------------- ------ -----------
Capital and reserves
Called up share capital 1,043,639 1,054,360 1,054,384
Capital redemption
reserve 44,235 25,754 33,490
Share premium reserve 46,473,760 45,949,915 46,473,760
Revaluation reserve 6,200,237 2,484,528 4,102,002
Special distributable
reserve 18,486,621 21,727,185 19,655,855
Realised capital reserve 6,469,707 9,878,415 8,627,792
Revenue reserve 2,719,839 2,464,748 2,636,431
------------------------- ------ ------------- ------------- ------ -----------
Equity Shareholders'
funds 81,438,038 83,584,905 82,583,714
------------------------- ------ ------------- ------------- ------ -----------
Basic and diluted
net asset value:
Basic and diluted
net asset value per
share 11 78.03p 79.28p 78.32p
Unaudited Condensed Statement of Changes in Equity
for the six months ended 31 March 2019
Non-distributable reserves Distributable reserves Total
Called Capital Share Revaluation Special Realised Revenue
up share redemption premium reserve distributable capital reserve
capital reserve reserve reserve reserve
(Note (Note (Note
a) b) b)
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
At 1 October
2018 1,054,384 33,490 46,473,760 4,102,002 19,655,855 8,627,792 2,636,431 82,583,714
Comprehensive
income
for the
period
Profit/(loss)
for the
period - - - 2,199,709 - (70,378) 1,134,292 3,263,623
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Total
comprehensive
income
for the
period - - - 2,199,709 - (70,378) 1,134,292 3,263,623
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Contributions
by and
distributions
to owners
Shares
bought
back (Note
c) (10,745) 10,745 - - (731,205) - - (731,205)
Dividends
paid - - - - - (2,627,210) (1,050,884) (3,678,094)
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Total
contributions
by and
distributions
to owners (10,745) 10,745 - - (731,205) (2,627,210) (1,050,884) (4,409,299)
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Other
movements
Realised
losses
transferred
to special
reserve
(Note
a) - - - - (438,029) 438,029 - -
Realisation
of previously
unrealised
appreciation - - - (101,474) - 101,474 - -
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Total
other
movements - - - (101,474) (438,029) 539,503 - -
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
At 31
March
2019 1,043,639 44,235 46,473,760 6,200,237 18,486,621 6,469,707 2,719,839 81,438,038
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ------------ ------------
Notes:
a): The Special distributable reserve also provides the Company
with a reserve to absorb any existing and future realised
losses and, when considered by the Board to be in the interests
of shareholders, to fund share buybacks and for other corporate
purposes. All of this reserve originates from funds raised
prior to 6 April 2014. The transfer of GBP438,029 to the special
reserve from the realised capital reserve above is the total
of realised losses incurred by the Company in the period.
b): The realised capital reserve and the revenue reserve together
comprise the Profit and Loss Account of the Company.
c): During the period, the Company repurchased 1,074,519 of
its own shares at the prevailing market price for a total
cost (including stamp duty) of GBP731,205, which were subsequently
cancelled.
Unaudited Condensed Statement of Changes in Equity
for the six months ended 31 March 2018
Non-distributable reserves Distributable reserves
Called Capital Share Revaluation Special Realised Revenue Total
up redemption premium reserve distributable capital reserve
share reserve reserve reserve reserve
capital
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ---------- ------------
At 1 October
2017 792,047 14,014 24,099,311 4,020,689 23,215,643 10,134,703 2,072,344 64,348,751
Comprehensive
income
for the
period
(Loss)/profit
for the
period - - - (1,251,618) - 1,366,820 862,589 977,791
Total
comprehensive
income
for the
period - - - (1,251,618) - 1,366,820 862,589 977,791
--------------- ---------- ----------- ----------- -------------- ------------ ------------
Contributions
by and
distributions
to owners
Shares
issued
via Offer
for
Subscription 266,076 - 21,293,047 - (199,395) - - 21,359,728
Dividends
re-invested
into new
shares 7,977 - 557,557 - - - - 565,534
Shares
bought
back (11,740) 11,740 - - (845,781) - - (845,781)
Dividends
paid - - - - - (2,350,933) (470,185) (2,821,118)
Total
contributions
by and
distributions
to owners 262,313 11,740 21,850,604 - (1,045,176) (2,350,933) (470,185) 18,258,363
--------------- ---------- ----------- ----------- -------------- ------------ ------------
Other
movements
Realised
losses
transferred
to special
reserve - - - - (443,282) 443,282 - -
Realisation
of previously
unrealised
appreciation - - - (284,543) - 284,543 - -
Total
other
movements - - - (284,543) (443,282) 727,825 - -
--------------- ---------- ----------- ----------- -------------- ------------ ------------
At 31
March
2018 1,054,360 25,754 45,949,915 2,484,528 21,727,185 9,878,415 2,464,748 83,584,905
--------------- ---------- ----------- ----------- ------------ -------------- ------------ ---------- ------------
Unaudited Condensed Statement of Cash Flows
for the six months ended 31 March 2019 Six months Six months
ended 31 ended 31 Year ended
March 2019 March 2018 30 September
Notes (unaudited) (unaudited) 2018 (audited)
GBP GBP GBP
-------------------------------- ------ ------------- ------------- ----------------
Cash flows from operating
activities
Profit for the financial
period 3,263,623 977,791 2,607,124
Adjustments for:
Net unrealised (gains)/losses
on investments (2,199,709) 1,251,618 (570,022)
Realised gains on realisations
on investments (367,651) (1,810,102) (1,113,464)
Increase in debtors (66,947) (228,772) (4,832)
Increase/(decrease) in
creditors and accruals 41,402 (559,040) (574,960)
-------------------------------- ------ ------------- ------------- ----------------
Net cash inflow/(outflow)
from operating activities 670,718 (368,505) 343,846
-------------------------------- ------ ------------- ------------- ----------------
Cash flows from investing
activities
Purchase of investments 9 (1,933,990) (3,103,915) (6,290,160)
Disposal of investments 9 2,293,969 4,513,856 6,579,334
------------- ----------------
Net cash inflow from
investing activities 359,979 1,409,941 289,174
------------- ----------------
Cash flows from financing
activities
Shares issued as part
of Offer for Subscription - 24,305,938 24,305,938
Equity dividends paid 8 (3,678,094) (2,255,584) (4,352,591)
Purchase of own shares (731,205) (928,419) (1,461,936)
-------------------------------- ------ ------------- ------------- ----------------
Net cash (outflow)/inflow
from financing activities (4,409,299) 21,121,935 18,491,411
-------------------------------- ------ ------------- ------------- ----------------
Net (decrease)/increase
in cash and cash equivalents (3,378,602) 22,163,371 19,124,431
Cash and cash equivalents
at start of period 29,760,398 10,635,967 10,635,967
Cash and cash equivalents
at end of period 26,381,796 32,799,338 29,760,398
-------------------------------- ------------- ----------------
Cash and equivalents
comprise:
Cash at bank and in hand 10 1,659,682 1,483,126 1,284,816
Cash equivalents 10 24,722,114 31,316,212 28,475,582
The notes below form part of the Half-Year Financial Statements
Notes to the Unaudited Condensed Financial Statements
for the six months ended 31 March 2019
1. Company Information
The Income & Growth VCT plc is a public limited company
incorporated in England and Wales, registration number
04069483. The registered office is 30 Haymarket, London
SW1Y 4EX.
2. Basis of preparation of the Financial Statements
These Financial Statements prepared in accordance with
accounting policies consistent with Financial Reporting
Standard 102 ("FRS102"), Financial Reporting Standard 104
("FRS104") - Interim Financial Reporting, with the Companies
Act 2006 and the 2014 Statement of Recommended Practice,
'Financial Statements of Investment Trust Companies and
Venture Capital Trusts' ('the SORP') (updated in January
2017) issued by the Association of Investment Companies.
The Financial Statements have been prepared on the historical
cost basis except for the modification to a fair value
basis for certain financial instruments as specified in
note 9.
The Half-Year Report has not been audited, nor has it been
reviewed by the auditor pursuant to the Financial Reporting
Council's (FRC) guidance on Review of Interim Financial
Information.
3. Principal accounting policies
The accounting policies have been applied consistently
throughout the period. Full details of principal accounting
policies will be disclosed in the Annual Report, while
the policy in respect of investments is included within
an outlined box at the top of note 9 on investments.
4. Income
Six months Six months Year ended
ended 31 March ended 31 March 30 September
2019 (unaudited) 2018 (unaudited) 2018 (audited)
GBP GBP GBP
-------------------------- ------------------ ------------------ ----------------
Income
- Dividends 240,656 121,857 424,491
- Money market
funds 91,855 33,569 108,807
- Loan stock interest 1,408,515 1,290,981 2,497,742
- Bank deposit
interest 23,074 22,433 43,178
- Interest on preference
share dividend arrears 17,423 - 11,881
- Other income 2,363 7,739 7,739
-------------------------- ------------------ ------------------ ----------------
Total Income 1,783,886 1,476,579 3,093,838
-------------------------- ------------------ ------------------ ----------------
5. Investment Adviser's fees and performance fees
Six months Six months Year ended
ended 31 ended 31 30 September
March 2019 March 2018 2018
(unaudited) (unaudited)
(audited)
GBP GBP GBP
---------------------- ------------- ------------- --------------
Allocated to revenue
return: Investment
Adviser's fees 215,882 205,694 428,311
Allocated to capital
return: Investment
Adviser's fees 647,647 617,082 1,284,934
Investment Adviser's
performance fees - - 1,119
Total 863,529 822,776 1,714,364
---------------------- ------------- ------------- --------------
Investment Adviser's
fee 863,529 822,776 1,713,245
Investment Adviser's
performance fees - - 1,119
Total 863,529 822,776 1,714,364
---------------------- ------------- ------------- --------------
6. Taxation
There is no tax charge for the period as the Company has
tax losses brought forward from previous periods, which
can be offset against taxable income.
7. Basic and diluted earnings and return per share
Six months ended Six months Year ended
31 March 2019 ended 31
March 2018
(unaudited) (unaudited) 30 September
2018
(audited)
GBP GBP GBP
------------------------- ----------------- ------------- ---------------
Total earnings
i) after taxation: 3,263,623 977,791 2,607,124
Basic earnings
per share (Note
a) 3.10 p 1.04 p 2.62 p
-------------------------------- ----------------- ------------- ---------------
ii) Revenue earnings
from ordinary
activities
after taxation 1,134,292 862,589 1,870,464
Basic revenue
earnings per share
(Note b) 1.08 p 0.92 p 1.88 p
-------------------------------- ----------------- ------------- ---------------
Net unrealised
capital gains/(losses)
on investments 2,199,709 (1,251,618) 570,022
Net realised capital
gains on investments 367,651 1,810,102 1,113,464
Capitalised Investment
Adviser fees and
performance fees
less taxation (438,029) (443,282) (946,826)
-------------------------------- ----------------- ------------- ---------------
Total capital
iii) return 2,129,331 115,202 736,660
Basic capital
earnings per share
(Note c) 2.02 p 0.12 p 0.74 p
-------------------------------- ----------------- ------------- ---------------
iv)
----------------- ------------- ---------------
Weighted average
number of shares
in issue in the
period 105,141,805 93,616,928 99,602,770
-------------------------------- ----------------- ------------- ---------------
Notes:
a) Basic earnings per share is total earnings after taxation
divided by the weighted average number of shares in issue.
b) Basic revenue earnings per share is the revenue return
after taxation divided by the weighted average number of
shares in issue.
c) Basic capital earnings per share is the total capital
return after taxation divided by the weighted average number
of shares in issue.
8. Dividends
Dividend Type For the Pence Date paid Six months Six months Year ended
year per ended ended
ended share 31 March 31 March
30 September 2019 2018
(unaudited) (unaudited)GBP
GBP 30 September
2018
(audited)
GBP
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
15
February
Final Income 2017 0.50p 2018 - 470,185 470,185
15
February
Final Capital 2017 2.50p 2018 - 2,350,933 2,350,933
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
21 June
Interim Income 2018 0.80p 2018 - - 843,492
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
21 June
Interim Capital 2018 1.70p 2018 - - 1,792,420
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
15
February
Final Income 2018 1.00p 2019 1,050,884 - -
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
15
February
Final Capital 2018 2.50p 2019 2,627,210 - -
---------- --------- -------------- ------ ---------- ------------ --------------- ---------------
Previous dividends not claimed within
the statutory period - - (7,300)
--------------------------------------------------------- ------------ --------------- ---------------
Total* 3,678,094 2,821,118 5,449,730
------------------------------------- ------ ---------- ------------ --------------- ---------------
* - For the period ended 31 March 2018, GBP2,821,118 (30
September 2018: GBP5,449,730) disclosed above differs to
that shown in the Statement of Cashflows of GBP2,255,584
(30 September 2018: GBP4,352,591) due to GBP565,534 (30
September 2018: GBP1,097,139) of new shares issued as part
of the Company's Dividend Investment Scheme. No new shares
were issued as part of the Scheme in the current period
following the suspension of the Scheme in December 2018.
9. Summary of movement on investments during the period
Unquoted Unquoted Unquoted
Traded ordinary preference loan
on AIM shares shares stock
Level Level Level Level
1 3 3 3 Total
GBP GBP GBP GBP GBP
-------------------- ---------- ------------ ------------ ------------ ------------
Valuation at 1
October
2018 1,822,412 20,758,488 368,541 26,447,789 49,397,230
Purchases at cost - 926,956 - 1,084,424 2,011,380
Sales - proceeds
(Note a) - (367,651) (101,518) (1,824,800) (2,293,969)
- realised
(losses)/gains - (362,269) - 729,920 367,651
Unrealised
(losses)/gains
on investments in
the period (11,132) 2,826,057 (7,672) (607,544) 2,199,709
-------------------- ---------- ------------ ------------ ------------ ------------
Valuation at 31
March 2019 1,811,280 23,781,581 259,351 25,829,789 51,682,001
-------------------- ---------- ------------ ------------ ------------ ------------
Book cost at 31
March 2019 1,333,907 25,855,013 24,674 25,625,910 52,839,504
Unrealised gains
at 31 March 2019 977,373 4,666,941 234,677 321,246 6,200,237
Permanent
impairment
of valuation of
investments (500,000) (6,740,373) - (117,367) (7,357,740)
-------------------- ---------- ------------ ------------ ------------ ------------
Valuation at 31
March 2019 1,811,280 23,781,581 259,351 25,829,789 51,682,001
-------------------- ---------- ------------ ------------ ------------ ------------
(Losses)/gains on
investments
Realised gains
based
on historical cost - 367,651 101,474 - 469,125
Less amounts
recognised
as unrealised
gains
in previous years - - (101,474) - (101,474)
-------------------- ---------- ------------ ------------ ------------ ------------
Realised gains
based
on carrying value
at 30 September
2018 - 367,651 - - 367,651
Net movement in
unrealised
(losses)/gains
in the period (11,132) 2,826,057 (7,672) (607,544) 2,199,709
(Losses)/gains on
investments for
the period ended
31 March 2019 (11,132) 3,193,708 (7,672) (607,544) 2,567,360
==================== ========== ============ ============ ============ ============
Note a) Purchases shown above of GBP2,011,380 differs from
those shown in the Statement of Cash flows of GBP1,933,990
by GBP77,390. This difference arises due to funds held
in a solicitor's client account in advance of an investment
that completed in October 2018.
There has been no significant change in the risk analysis
as disclosed in Note 16 of the Financial Statements in
the Company's Annual Report. The decrease in unrealised
valuations of the loan stock investments above reflect
the changes in the entitlement to loan premiums, and/or
in the underlying enterprise value of the investee company.
The decrease does not arise from assessments of credit
or market risk upon these instruments.
10. Current asset investments and Cash at bank
as at 30 September
2018
as at 31 as at 31 (audited)
March 2019 March 2018
(unaudited) (unaudited)
GBP GBP GBP
--------------------------- ------------- ------------- -------------------
OEIC Money market
funds 24,722,114 31,316,212 28,475,582
--------------------------- ------------- ------------- -------------------
Cash equivalents
per Statement of
Cash Flows 24,722,114 31,316,212 28,475,582
Bank deposits that
mature after three
months 3,151,769 3,151,769 3,151,769
--------------------------- ------------- ------------- -------------------
Current asset investments 27,873,883 34,467,981 31,627,351
--------------------------- ------------- ------------- -------------------
Cash at bank 1,659,682 1,483,126 1,284,816
--------------------------- ------------- ------------- -------------------
11. Net asset value per share
as at 31 March as at 31 March as at 30 September
2019 2018 2018
(unaudited) (unaudited) (audited)
-------------------- --------------- --------------- -------------------
Net assets GBP81,438,038 GBP83,584,905 GBP82,583,714
Number of shares
in issue 104,363,865 105,435,973 105,438,384
Net asset value
per share - basic
and diluted 78.03p 79.28p 78.32p
-------------------- --------------- --------------- -------------------
12. Post balance sheet events
On 10 May 2019, the Company realised its investment in
The Plastic Surgeon Holdings Limited, generating proceeds
of GBP1.22 million.
On 13 May 2019, the Company invested GBP1.53 million into
Arkk Consulting Limited, a service and product provider
that enables companies to remain compliant with regulatory
reporting requirements.
On 22 May 2019, the Company invested GBP0.93 million into
Parsley Box Limited, a supplier of home delivered ambient
ready meals for the elderly.
13. Statutory information
The financial information for the six months ended 31 March
2019 and the six months ended 31 March 2018 has not been
audited.
The financial information contained in this Half-Year results
announcement does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. The Financial
Statements for the year ended 30 September 2018 have been
filed with the Registrar of Companies. The auditor has
reported on these Financial Statements and that report
was unqualified and did not contain a statement under either
Section 498(2) or 498(3) of the Companies Act 2006.
14. Half-Year Report
Copies of the Half-Year Report will be sent to all shareholders.
Further copies are available on request by writing to the
Company's registered office, 30 Haymarket, London, SW1Y
4EX, or can be downloaded via the Company's website at
www.incomeandgrowthvct.co.uk.
Contact details for further enquiries:
Rob Brittain or Robert King at Mobeus Equity Partners LLP
(the Company Secretary) on 020 7024 7600 or by e-mail to vcts@mobeus.co.uk.
Mobeus Equity Partners LLP (the Investment Adviser) on 020
7024 7600 or by e-mail to info@mobeus.co.uk.
DISCLAIMER
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's
website (or any other website) is incorporated into, or forms
part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR ZBLFXKEFLBBK
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