Interim Management Statement

    Interim Management Statement
             



Apollo VCT 1 plc ("the Fund")

30 May 2008

Interim Management Statement

Interim Management Statement
For the period from 1 February 2008 to 30 April 2008

In accordance with Rule 4.3 of the UK Listing Authority's  Disclosure
and Transparency  rules, Apollo  VCT 1  VCT plc  presents an  Interim
Management Statement  for the  period  1 February  2008 to  30  April
2008.  The  statement also  includes relevant  financial  information
between the end of the period and the date of this statement.

Financial highlights


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

Total net assets (£'000s)              8,318      8,355         8,355
Net asset value per share              94.3p      94.7p         94.4p
Net revenue return after tax
(£'000s)                                  23        102            33
Share price                              90p        90p           95p
Cumulative dividend - paid and
proposed                               0.75p      0.75p          0.0p


Investment performance
The unaudited net asset value ("NAV") per share on 30 April 2008  was
94.3p.  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.
The investments  made last  year  into Funeral  Services  Partnership
Limited, Bruce  Dunlop &  Associates  Limited and  Tristar  Worldwide
Limited are  all  held  at  cost  and  are  performing  in-line  with
expectations at this stage.

Investment Activity
Since the year end, the Fund  has made one investment of £196,000  in
the management  buy-out  of Hydrobolt  Limited  as part  of  a  £3.7m
investment from  other  Funds  managed  by  the  Investment  Manager.
Hydrobolt is a  specialist manufacturer of  high integrity  fasteners
for the oil & gas and energy sectors, and is well positioned for  the
expected continued  growth  in this  area.  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 30 April 2008 was £8.3
million  with  nearly  £2.1   million  invested  in  VCT   Qualifying
Companies.  Currently, £6.2 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               10.5%
Bruce Dunlop & Associates
Limited                      Unquoted         500                6.0%
Tristar Worldwide Limited    Unquoted         500                6.0%
Hydrobolt Limited            Unquoted         196                2.4%

* including cash and money market securities

Dividends and investment strategy
As stated in the  Annual Report for the  year ended 31 January  2008,
the Board has  proposed a  final dividend of  0.75p per  share to  be
payable to shareholders on 25 June 2008 who are on the register on 30
May 2008. This payment is subject to shareholder approval at the  AGM
on 4 June 2008.  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.

Share price
The decline in share  price is not indicative  of the performance  of
the Fund to date.  The share price is generally driven by supply  and
demand fundamentals of shares  in the secondary  market.  Due to  the
low level of activity, and one or two investors wishing to sell their
shares at this early stage, the share price has declined a little  to
reflect this.

Material events and transactions
The Fund's Board is not aware of any significant event or transaction
which has occurred between the 1 May 2008 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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