Interim Management Statement

    Interim Management Statement
             



Phoenix VCT plc ("Phoenix" or "Fund")
27 August 2008

Interim Management Statement
For the period from 1 May 2008 to 31 July 2008

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and  Transparency  rules,  Phoenix   VCT  plc  presents  an   Interim
Management Statement for the period 1  May 2008 to 31 July 2008.  The
statement also includes  relevant financial  information between  the
end of the period and the date of this statement.

Financial highlights - Ordinary shares

                                                Six months
                                                        to    Year to
                                Three months to   30 April 31 October
                                   31 July 2008       2008       2007

Total net assets (�'000s)
                                   6,817             8,412     11,945
Net asset value per share
("NAV")                                   61.5p      75.9p     106.0p
Net (loss)/profit after tax
(�'000s)                                (4,310)    (2,714)      1,202
Share price                               60.0p      73.0p     102.0p
Cumulative dividend - paid                28.0p      28.0p      23.0p
and proposed since launch


Financial highlights - 'C' shares

                                                Six months
                                                        to    Year to
                                Three months to   30 April 31 October
                                   31 July 2008       2008       2007

Total net assets (�'000s)
                                          4,122      4,954      6,183
Net asset value per share
("NAV")                                   74.6p      89.0p     110.8p
Net (loss)/profit after tax
(�'000s)                                (1,853)    (1,051)        489
Share price                               71.0p      73.0p     107.0p
Cumulative dividend - paid and             9.0p       9.0p       7.0p
proposed since launch



Investment performance
The unaudited total return (NAV plus dividends paid) per share at  31
July 2008 was  84.5p for the  Ordinary shares and  81.6p for the  'C'
shares, down on the total return per share at 30 April 2008 of  98.9p
and 96.0p respectively.

The performance of the portfolio has been disappointing over the last
three months. There have been two reasons for this; firstly, the poor
sentiment towards small  quoted companies  has persisted  due to  the
uncertain  economic  outlook.  The  ratings   of  a  number  of   our
investments remained under pressure including Staffline  Recruitment,
Cello Group, Hasgrove, Zetar and Hexagon Human Capital, all of  which
have suffered share price falls in excess of 20%, despite meeting  or
exceeding expectations.   These  investments continue  to  make  good
progress and we expect the share prices to rally strongly once market
sentiment improves. Secondly, the Fund has been impacted by a  profit
warning by  Tanfield  Group,  which  was one  of  the  Fund's  larger
holdings. We invested in Tanfield during December 2004, and had  sold
80%  of  the  original  holding  over  recent  years,   crystallising
investment gains of over �1.65 million against an original investment
of �300,000. The  recent share  price fall however  has impacted  the
NAVs by approximately 3p.


Investment Activity - Ordinary Shares
No acquisitions were made in the period ended 31 July 2008.

Media Square plc  was disposed of  during the period  resulting in  a
realised loss of �159,998. The company had been struggling  following
a series of acquisitions during 2005  and 2006. It was felt that  the
turnaround would be more protracted and unpredictable in the  current
economic climate.

The total value  of the  Ordinary Shares investment  portfolio at  31
July 2008 was �4.9  million (compared with total  net assets of  �6.8
million).



Ten largest qualifying holdings - Ordinary shares

Company                                               Carrying value �'000   Percentage of total
                                                                                     net assets
CBG Group
plc                                                                    421                  6.2%
Staffline
Recruitment
Group plc                                                              368                  5.4%
Cello Group
plc                                                                    340                  5.0%
Hasgrove plc                                                           323                  4.7%
Pressure
Technologies
plc                                                                    297                  4.4%
Brooks
MacDonald
plc                                                                    249                  3.7%
Zetar plc                                                              215                  3.2%
Cohort plc                                                             206                  3.0%
Hexagon
Human        202
Capital plc                                                                                 3.0%
Augean plc                                                             172                  2.5%



Investment Activity - 'C' Shares
During the period, Mediasurface plc received a part cash part  shares
bid from Alterian plc.  The resulting holding  in Alterian has  since
been sold.

The total value of the 'C' Shares AIM-listed investment portfolio  at
31 July 2008 was �2.7 million (compared with total net assets of �4.1
million).


Ten largest qualifying holdings - 'C' shares

Company                 Carrying value        Percentage of total net
                                 �'000                        assets
Cohort plc                         446                          10.8%
CBG Group plc                      238                           5.8%
Melorio plc                        228                           5.5%
Pressure Technology plc            189                           4.6%
Hasgrove plc                       162                           3.9%
Concateno plc                      147                           3.6%
Brulines (Holdings) plc            133                           3.2%
Vitesse Media plc                  112                           2.7%
Hexagon Human Capital
plc                                101                           2.5%
Jelf plc                            97                           2.4%



Dividends
The Board declared an interim dividend of 5.0p per Ordinary share and
2.0p per 'C' share for the six months ending 30 April 2008 to be paid
on 29 August  2008 to shareholders  on the register  at the close  of
business on 1 August 2008.

Investment objective
Phoenix VCT plc invests in  a diversified portfolio of AIM-quoted  UK
companies  with  the  intention  of  providing  attractive   tax-free
dividends and long-term capital growth to its investors.

Material events and transactions
The Fund's  Board is  not aware  of any  other significant  event  or
transaction which has occurred between the 1 August 2008 and the date
of publication  of this  statement, other  than the  dividend  stated
above, which would have a  material impact on the financial  position
on the Fund.


For further information please contact:
Octopus Investments Limited - 020 7710 2800

- ---END OF MESSAGE---




http://hugin.info/136922/R/1246679/269644.htm
Phoenix Vct (LSE:PHX)
過去株価チャート
から 12 2024 まで 1 2025