Interim Management Statement

    Interim Management Statement
             



Apollo VCT 1 plc ("the Fund")

Interim Management Statement
For the period from 1 August 2007 to 31 October 2007

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and  Transparency  rules,  Apollo  VCT  1  plc  presents  an  Interim
Management Statement  for the  period  1 August  2007 to  31  October
2007.   The statement  also includes  relevant financial  information
between the end of the period and the date of this statement.

Financial highlights


                             As at 31 October 2007 As at 31 July 2007

Total net assets                             £8.4m              £8.4m
Net asset value per share                    94.5p              94.4p
Share price                                  95.0p              95.0p
Total return per share -                      0.4p               0.3p
Year to Date


Investment performance

The unaudited net asset  value ("NAV") per share  on 31 October  2007
was 94.5p, unchanged from the initial  NAV of 94.5p.  The  investment
manager has taken an active  approach to managing the cash  resources
raised through the Offer  prior to its  investment in VCT  Qualifying
Companies. The funds raised  have been invested in  a range of  money
market securities.

Investment Activity

Since the half-year period end, the  Fund has made one investment  of
£875,000 in  Funeral Services  Partnership Limited  ("FSP").  Through
targeted acquisitions  FSP are  in the  process of  creating a  major
group of  independent  funeral  businesses across  the  UK.  The  FSP
management team have  successful experience of  building and  selling
profitable businesses in this  sector. The investment  was part of  a
£3.75 million funding  round which  has enabled FSP  to complete  the
acquisition of  a further  five funeral  businesses in  the south  of
England. The  investment  has  been structured  so  that  the  Fund's
investment is lower risk than that of the other equity investors.

The total value of  the investment portfolio at  31 October 2007  was
£8.2 million.   Currently, £7.4  million is  invested in  a range  of
money  market  securities   awaiting  investment   in  suitable   VCT
Qualifying Companies.

Largest qualifying holdings


Company                    Investment    Carrying Percentage of total
                                class value £'000       investments*
Funeral Services
Partnership Limited          Unquoted         875               10.6%

* including cash and money market securities

Dividends and investment strategy

The Fund will be managed to maximise the level of tax-free  dividends
payable to shareholders in each of the first five years. This  income
will be generated  by employing  a low  risk but  active approach  to
managing the funds  raised prior  to investment  into VCT  Qualifying
Companies.

Material events and transactions

The Fund's board is not aware of any significant event or transaction
which has  occurred  between  the  1 August  2007  and  the  date  of
publication of this statement which  would have a material impact  on
the financial position on the Fund, and has not been detailed above.

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


ENDS

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