Interim Results

RNS Number:7949O
Thompson Clive Investments PLC
18 August 2003



Thompson Clive Investments plc



___________________________________________________________________________



Chairman's Statement





At 30 June 2003 the net asset value per share of Thompson Clive Investments plc
('TCI') was 407.1p, a decrease of 2% from the net asset value at 31 December
2002.   For the six months to 30 June 2003, TCI earned a net profit of #620,000
(2002 : #648,000).  The retained profit for the period was #574,000 (2002 :
#587,000).  #264,000 of this resulted from VAT reclaimed from prior years after
lengthy negotiations by our tax advisers.



These results come against a background of improvements in the stock markets and
the quoted portfolio is valued at #23.8m compared to #22.1m at 31 December 2002.
However, conditions have been difficult for the unquoted portfolio companies
and there have been some write downs in the last six months.



Following the policy adopted in previous years, the directors do not recommend
the payment of an interim dividend.



During the six months to 30 June 2003, TCI made one follow-on investment of
#177,000 in Ealing Catalog Inc.  As announced last October, there will be no
further investments after that date.  The board has put into practice its stated
intention to realise the quoted portfolio over the period to 31 December 2004
and has sold its investments in Advanced Technology (UK) plc, Nettec plc,
Persistence Software Inc and Visual Networks Inc.  Together with unquoted part
realisations, proceeds totalled #1,133,000.



After the end of the period under review, part of TCI's holding in Quintiles
Transnational Corporation were disposed of for #3,320,000.  There is a bid
outstanding at $14.50 per share for the balance of TCI's holding in Quintiles
and it is hoped to realise this holding for cash before the year end.



The Terence Chapman Group, which has sold its operating subsidiary, has
negotiated a cap on its warranties for the sale of its subsidiary.  It is now in
voluntary liquidation and should return some cash to TCI in the second half of
the year.



May 2003 saw the Company's third tender offer and a total of #19 million, at net
asset value, has now been returned to shareholders.  A further tender offer of
approximately #5 million is planned to be made in October 2003.



Colin Clive

Chairman



18 August 2003



The Interim Report is being sent to shareholders and further copies are
available from the Company's registered office.  The results will not be
advertised in any newspaper.



Thompson Clive Investments plc                                                              
                                                                                                         
Unaudited Interim Report                                                                    
For the six months to 30 June 2003                                                          
Summarised Statement of Total Return                                                        
                                                                  Six months    Six months     Year ended 
                                                                  to 30 June    to 30 June    31 December 
                                                                        2003          2002           2002 
                                                                        #000          #000           #000 
              REVENUE RETURN                                                                              
              Revenue                                                    460           830          1,456 
              Management expenses allocated to revenue                 (104)          (182)         (330) 
              VAT reclaimed                                              264             -              - 
                                                                         620           648          1,126 
              Tax on ordinary activities allocated to revenue           (46)          (61)          (158) 
              NET REVENUE RETURN AFTER TAX                               574           587            968 
              CAPITAL RETURN                                                                              
              Realised gain/(loss) on investments                      (159)         6,058          (660) 
              Unrealised depreciation                                  (902)      (11,911)       (20,234)
              Management expenses allocated to capital                 (584)       (1,033)        (1,775) 
                                                                     (1,645)       (6,886)       (22,669) 
              Tax on ordinary activities allocated to capital             46            61            158
              NET CAPITAL RETURN AFTER TAX                           (1,599)       (6,825)       (22,511) 
              TOTAL RETURN AFTER TAX                                 (1,025)       (6,238)       (21,543) 
              Return per ordinary share                                                                   
              Revenue                                                   5.4p          4.4p           7.6p
              Capital                                                (15.0p)       (50.9p)       (177.1p) 
              Total                                                   (9.6p)       (46.5p)       (169.5p) 


                                                                                                            
Summarised Balance Sheet                                                                        
For the six months to 30 June 2003                                                              
                                                                             30 June   30 June   31 December
                                                                                2003      2002          2002
                                                                                #000      #000          #000
            FIXED ASSETS                                                                                    
            Investments :                                                                                   
            Venture capital investments                                       38,118    51,264        40,006
            Fixed interest investments                                         1,489     6,979         6,466
                                                                              39,607    58,243        46,472
            CURRENT ASSETS                                                                                  
            Debtors                                                              327       217           113
            Cash at bank and in hand                                             937     3,612         1,440
                                                                               1,264     3,829         1,553
            CREDITORS : AMOUNTS FALLING DUE                                                                 
            WITHIN ONE YEAR                                                    (667)     (715)       (1,997)
            NET CURRENT ASSETS                                                   597     3,114         (444)
            TOTAL ASSETS LESS CURRENT                                                                       
            LIABILITIES                                                       40,204    61,357        46,028
            NET ASSETS                                                        40,204    61,357        46,028
            CAPITAL AND RESERVES                                                                            
            Called-up share capital                                            4,938     6,071         5,525
            Share premium                                                      3,714     3,714         3,714
            Capital redemption reserve                                         2,085       951         1,497
            Realised capital reserve                                          23,751    49,852        45,097
            Unrealised capital reserve                                         3,009   (2,265)      (12,005)
            Revenue reserve                                                    2,707     3,034         2,200
            Total shareholders' funds attributable to equity shareholders     40,204    61,357        46,028
            Net assets per share                                              407.1p    505.3p        416.6p



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

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