Close Technology & General VCT releases full year results

11 March 2005

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As at 31 December 2004, following revaluations, the net asset value of Close Technology & General VCT Plc was Â£15.5m, or 111.3p per share, compared to net assets at 31 December 2003 of Â£15.4m, or 107.8p per share. Net income after taxation was Â£339,000 (2003: Â£273,000) for the year, enabling the board to declare a net final dividend of 1p per share, making a total dividend of 7p per share for the year (2003: 2p). The main event of the year was the sale of Active Hotels for a profit of Â£4.44m on cost of Â£500,000. A small further sum is expected at the end of the current financial year by way of deferred consideration. Careforce Group floated on AIM in 2004 and Close Technology & General VCT received proceeds, including a redemption premium on loan stock, of Â£1.04m, and still own shares in Careforce valued at Â£780,000 at the year end on a cost of Â£1.13m. The VCT made profits of Â£337,000 on a disposal of a variety of AIM investments, while the quoted technology portfolio recorded net realised profits of Â£107,000. Against this, the disposal of its underperforming investment in Leisure Links resulted in a net loss of Â£317,000 on cost of Â£950,000. City Centre Breweries has performed poorly and was placed into administration in November 2004.