Interim Results

RNS Number:0518X
Triple Point VCT PLC
17 January 2006


Interim Statement to 30 September 2005


Triple Point VCT plc (the "Company")


Chairman's Statement


I am pleased to report the Company's first set of interim accounts for the
period ended 30th September 2005. In accounting terms, this has been a quiet
period; from a business and investment perspective it has been very busy: Your
Company completed its initial fund raising, achieved FSA approval for Triple
Point Investment Management, made significant progress in the search for
appropriate investment opportunities and undertook the necessary ground work
ahead of the current C share issue.

I wrote to you in November about our investment activities, specifically in
relation to investments and businesses with access to a potentially large
pipeline of ambulance maintenance and refurbishment businesses. I am pleased to
say that the first company established to fulfill this service business
successfully submitted itself to Her Majesty's Revenue & Customs (HMRC), which
has provided written approval that the proposed trade of that company is
eligible for VCT investment. This is an important 'tick in the box' which clears
the way for Triple Point to invest in businesses fulfilling contracts which,
through specialist public sector finance company, Cranmer Lawrence, could be
worth over #30 million in the coming years.

 Triple Point VCT backed companies have also been granted priority access to
another substantial seam of business, providing environmental services reducing
pollution from burners at crematoria. Approximately #300 million will be spent,
mostly by the public sector, in this area in a short number of years and we have
targeted 25% of this market. Projections conservatively assume the capture of
#10 million of contracts over the next 18 months.

Crematoria, 85% of which are Local Authority owned, are being required by
legislation to mitigate mercury emissions. The legal deadline is some years
hence but a combination of industry self-regulation and the political imperative
to be environmentally friendly suggests that the majority of crematoria will
install these systems in the next 3 years.

A new company is being established and will shortly submit its business plan to
HMRC for pre-clearance. The proposed investment would share many similar
features with the ambulance service businesses - involving specific, fixed term
contracts with public sector customers and a transparent means of exit. The
target market is very substantial, though our means of access, while good, would
not be as clear cut as in the case of the ambulance business.

The team continues to develop a wide range of other leads, some of which are
promisingly poised. Suffice to say, we are pleased with the results to date. We
are also pleased with the overwhelmingly positive response from the specialist
intermediaries through which we are marketing the current C share offer, and
approach the imminent 'hot season' for VCT subscription with confidence. I hope
to write to you in the coming weeks to update you about material developments,
on both investment and fund raising matters.

In the meantime, do not hesitate to call us on 020 7404 7403 or email me at
michael.sherry@triplepoint.co.uk.: and for those of you considering adding to
your holding in Triple Point VCT I will close with a reminder that there is a
1.5% bonus applied to applications received before the end of January.


Michael Sherry
Chairman



STATEMENT OF TOTAL RETURN  (incorporating the Revenue Account)
For the period ended 30 September 2005

                                                        Period to 30 September 2005
                                               Revenue        Capital          Total
                                                  #000           #000           #000

Investment management fee (clawback)                18             -              18
Bank interest                                       47             -              47
Other expenses                                      (72)           -              (72)

Return on ordinary activities before and after      ( 7)           -              ( 7)
taxation

Transfer to reserves                                ( 7)           -              ( 7)

Return per ordinary share                           -0.022p        -              -0.022p


All revenue and capital items in the above statement derive from continuing
operations.  The company has only one class of business and derives its income
from investments made in shares and securities and from bank and money market
funds.


BALANCE SHEET as at 30 September 2005

                                                                              30 September 2005
                                                          #000                             #000
Fixed asset investments
Current Assets                                                               -
   Investments                                            -
   Debtors                                                78
  Cash at bank                                            3,101

                                                          3,179
Creditors: amounts falling due within one year            (19)

Net current assets                                                                        3,160

Net assets                                                                   3,160

Called up equity share capital                                               332
Share premium                                                                2,835
Revenue reserve                                                              (  7)

Total equity shareholders' funds                                             3,160

Net asset value per share                                                    95.03p



CASH FLOW STATEMENT For the period ended                                 31 August  2005
                                                                                    #000      #000

Net cash outflow from operating activities                                                   (66)

Net cash outflow from financial investment                                                   -

Financing:
Issue of own shares                                                               3,325
Share issue expenses                                                              (158)

Net cash inflow from financing                                                               3,167
                                                                                             _____

Increase in cash resources                                                                   3,101
                                                                                             _____


Notes

1        This interim financial information and the interim accounts for the
period ended 30 September 2005 from which it has been extracted, which are the
responsibility of the directors and were approved by them on 16 January 2006, do
not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985 and have not been delivered to the Registrar of Companies.

2        The Company is an investment company as defined in Section 266 of the
Companies Act 1985.  The financial statements have been prepared under the
historical cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable accounting standards in the UK
and with the Statement of Recommended Practice "Financial statements and
investment trust companies" issued in January 2003.

3       Copies of the Interim Report to Shareholders have been sent to
shareholders and are available at the Company's Registered Office: 10-11 Gray's
Inn Square, Gray's Inn, London WC1R 5JD or from Woodside Corporate Services,
21-22 Grosvenor Street, London W1K 4QJ.

4       The revenue return per share is based on a loss from ordinary activities
after tax of #7,445 and on 3,324,964 ordinary shares of 10p, being the weighted
average number of shares in issue during the period.  The net assets per share
is based on total net assets of #3,159,582 and on 3,324,964 ordinary shares.



Directors

Michael Gabriel Sherry
Louis Storton Greig
James Chadwick Murrin

Secretary and Registered Office

Peter William Hargreaves
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD

Sponsors and Solicitors
Howard Kennedy
19 Cavendish Square
London W1A 2AW

Company Registered Number
05304481

Investment Manager
Triple Point Investment Management Limited
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD

Independent auditors and VCT Tax Adviser
Grant Thornton LLP
1 Westminster Way
Oxford OX2 0PZ

Administrators
Triple P LLP
10-11 Gray's Inn Square,
Gray's Inn,
London WC1R 5JD

Receiving Agents
Woodside Corporate Services
21-22 Grosvenor Street
London W1K 4QJ

Registrars
Park Circus Registrars Limited
2nd Floor, 144 West George Street
Glasgow G2 2HG


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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