Share Name Share Symbol Market Type Share ISIN Share Description
Inc&Gwth Vct LSE:IGV London Ordinary Share GB00B29BN198 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 69.50p 68.50p 70.50p 69.50p 69.50p 69.50p 0 05:30:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.3 2.4 2.8 24.9 65.36

Income & Growth VCT (The) PLC Half-year Report

15/05/2018 12:13pm

UK Regulatory (RNS & others)


TIDMIGV

RNS Number : 1504O

Income & Growth VCT (The) PLC

15 May 2018

 
 THE INCOME & GROWTH VCT PLC 
 
 HALF YEAR REPORT FOR THE SIX MONTHSED 31 
  MARCH 2018 
 The Income & Growth VCT plc ("the Company") 
  today announces the half-year results for the 
  six months ended 31 March 2018. 
                                                                                                           As at 31 March 2018: 
                                                                                                   Net assets: GBP83.58 million 
                                                                                 Net asset value ("NAV") per share: 79.28 pence 
 Financial Highlights 
 Results for the six months ended 31 March 2018 
 
        *    Net asset value total return per share was 1.3% for 
             the six months. 
 
        *    Share price total return per share was 1.4% for the 
             six months. 
 
       *    The Board has declared an interim dividend in respect 
            of the current year of 2.50 pence per share to be 
            paid to shareholders on 21 June 2018. 
 
             *    The Company made three new investments and three 
                  follow-on investments totalling GBP3.10 million 
                  during the six months. 
 Performance summary 
 The table below shows the recent past performance 
  of the Company's existing class of shares for 
  each of the last five years, and the current 
  year to date. 
  Reporting        Net      NAV       Share   Cumulative           Cumulative   Dividends 
    date         assets      per    price(1)    dividends         total return        paid 
                           share                     paid            per share         and 
                                                per share   to shareholders(2)    proposed 
                                                                                        in 
                                                                                   respect 
                                                                                   of each 
    As at                                                                             year 
  -----------                                              ------------------- 
                                                              (NAV      (Share 
                                                            basis)       price 
                                                                        basis) 
  ----------- 
                   (GBP 
                     m)      (p)         (p)          (p)      (p)         (p)         (p) 
  -----------  --------  -------  ----------  -----------  -------  ----------  ---------- 
   31 March 
    2018          83.58    79.28       71.00       105.50   184.78      176.50     2.50(4) 
   30 
    September 
    2017          64.35    81.24       73.00       102.50   183.74      175.50       21.00 
   30 
    September 
    2016          70.84    98.51       88.80        80.50   179.01      169.30       10.00 
   30 
    September 
    2015          75.20   106.38       93.50        68.50   174.88      162.00       12.00 
   30 
    September 
    2014          69.31   114.60   103.50(3)        50.50   165.10      154.00       18.00 
   30 
    September 
    2013          60.47   113.90       99.50        40.50   154.40      140.00       10.00 
 (1) Source: Panmure Gordon & Co (mid-market 
  price). 
  (2) Cumulative total return per share comprises 
  the NAV per share (NAV basis) or the mid-market 
  price per share (share price basis) plus cumulative 
  dividends paid since launch of the current share 
  class. 
  (3) The share price at 30 September 2014 has 
  been adjusted to add back the dividend of 8.00 
  pence per share paid on 30 October 2014, as 
  the listed share price was quoted ex this dividend 
  at the year-end. 
  (4) An interim dividend of 2.50 pence per share, 
  referred to in the Financial Highlights above, 
  is payable to shareholders on 21 June 2018. 
  Chairman's Statement 
   I am pleased to present the Company's Half-Year 
   Report for the six months ended 31 March 2018. 
 
   Overview 
   The half-year has again seen steady progress 
   and a small positive return for the period, 
   which is detailed in the Performance section 
   below, and a continuation in the rate of growth 
   capital investments made since the change in 
   Investment Policy approved by shareholders in 
   February 2016. 
 
   Twelve growth capital investments have now been 
   completed in accordance with the Investment 
   Policy, in response to the VCT legislation introduced 
   by the Finance (No 2) Act 2015. Most recently, 
   additional changes to VCT legislation that were 
   proposed in the 2017 Autumn Budget Statement 
   were enacted in March 2018. Further details 
   and comments on these changes are set out in 
   the Summary of VCT Regulations in the Half-Year 
   Report and under the 'Industry and regulatory 
   developments' section of my statement below. 
 
   The Investment Adviser continues to report a 
   healthy pipeline of growth capital opportunities. 
   Meanwhile, the existing MBO focused portfolio 
   constructed under the previous VCT rules has 
   continued to perform steadily. 
 
   We are delighted with the strong support from 
   investors for our recent fundraising, which 
   was fully subscribed in March. The Board appreciates 
   the continued support from existing shareholders 
   and at the same time welcomes new shareholders. 
 
   Performance 
   The Company's NAV total return per share was 
   1.3% for the six months to 31 March 2018 (2017: 
   2.0%) while the total share price return was 
   1.4% (2017: 1.9%). 
 
   The Cumulative NAV total return per share (being 
   the closing net asset value plus total dividends 
   paid to date) has increased to 184.78 pence 
   compared to 183.74 pence at the year end. This 
   represents an increase of 0.6% over the period. 
 
   Investment portfolio 
   The portfolio has performed satisfactorily during 
   the period, increasing in value by 1.2% (2017: 
   1.5%) on a like-for-like basis. The aggregate 
   portfolio saw a net increase of GBP1.81 million 
   in realised gains against GBP1.25 million in 
   unrealised losses over the six month period. 
   The portfolio was valued at GBP47.11 million 
   at the period-end (30 September 2017: GBP48.03 
   million). 
 
   During the six months under review, the Company 
   invested a total of GBP3.10 million, (2017: 
   GBP4.07 million, including GBP0.72 million via 
   a company preparing to trade) into six (2017: 
   five) investments. Three of these investments 
   were into new businesses; Proactive Investors, 
   a provider of investor media services; Super 
   Carers Limited, an online platform connecting 
   people seeking home care; and Hemmels Limited, 
   a restorer of classic cars. 
 
   The Company received cash proceeds of GBP4.63 
   million during the six month period, mostly 
   attributable to the sale of the Company's investment 
   in Gro-Group Holdings Limited in December 2017, 
   an excellent result. 
 
   Details of these transactions and the performance 
   of the portfolio are contained in the Investment 
   Review and the Investment Portfolio Summary 
   in the Half-Year Report. 
 
   Revenue account 
   The results for the period are set out in the 
   Unaudited Condensed Income Statement and show 
   a revenue return (after tax) of 0.92 pence per 
   share (2017: 1.42 pence per share). The revenue 
   return for the period of GBP0.86 million has 
   decreased from last year's comparable figure 
   of GBP1.02 million. This decrease is mainly 
   due to a fall in income receivable arising from 
   the realisation of Entanet as well as a provision 
   against loan interest receivable for two companies 
   which are currently experiencing a challenging 
   trading environment. 
 
   Dividends 
   The Board continues to be committed to endeavouring 
   to provide an attractive dividend stream to 
   shareholders, and is pleased to declare an interim 
   dividend of 2.50 pence per share for the year 
   ending 30 September 2018, comprising 0.80 pence 
   from income and 1.70 pence from capital. This 
   dividend will be paid on 21 June 2018 to shareholders 
   on the Register on 25 May 2018 and will bring 
   cumulative dividends paid per share to 108.00 
   pence. 
 
   Shareholders are encouraged to ensure that Link, 
   the Company's Registrar, has up-to-date details 
   for them and to check whether they have received 
   all dividends payable to them. We are aware 
   that a number of dividends remain unclaimed 
   by shareholders and whilst we continue to endeavour 
   to contact shareholders if this is the case, 
   we cannot guarantee that we will be able to 
   do so if the Registrars do not have up-to-date 
   contact details. 
 
   Dividend Investment Scheme 
   The Company's Dividend Investment Scheme ("the 
   Scheme") is a convenient, easy and cost effective 
   way for shareholders to build up their shareholding 
   in the Company. Instead of receiving cash dividends, 
   shareholders can elect to receive new shares 
   in the Company. By opting to receive a dividend 
   in this manner, there are three benefits to 
   shareholders: 
 
    *    The dividend remains tax free; 
 
 
 
    *    Shareholders are allotted new shares in the Company 
         which will, subject to their particular circumstances, 
         attract VCT tax reliefs applicable for the tax year 
         in which the shares are allotted. The tax relief 
         currently available to investors in new VCT shares is 
         30% for the 2018/19 tax year for investments up to 
         GBP200,000 in any one tax year; and 
 
 
 
    *    The Scheme also has one particular advantage. Under 
         its terms, a member is able to re-invest at an 
         advantageous price, being the average market price of 
         the shares for the five business days prior to the 
         dividend being paid. This price is likely to be at a 
         discount of 10% to the underlying net asset value 
         (provided that this is greater than 70% of the latest 
         published net asset value per share). 
 
 
 
   Shareholders wishing to join the Scheme should 
   submit a mandate form to Link Asset Services, 
   the Scheme Administrator, by no later than, 
   Wednesday, 6 June 2018, to ensure that they 
   receive the above dividend as shares. Details 
   of where to obtain an application form can be 
   found under Shareholder Information in the Half-Year 
   Report. 
 
   Industry and regulatory developments 
   As mentioned in my overview, the 2017 Autumn 
   Budget Statement outlined the key findings from 
   the Patient Capital Review, which was tasked 
   with identifying and tackling factors considered 
   to be adversely affecting the supply of longer-term 
   capital to small and developing firms. These 
   findings have resulted in a number of legislative 
   changes to the VCT scheme which include measures 
   to exclude purely tax motivated investments 
   where capital is not at risk (that is, principally 
   seeking to preserve investors' capital) and 
   to encourage VCTs to put their funds to work 
   faster. 
 
   Your Board notes these changes, some of which 
   place further restrictions on the way investments 
   may be structured. However, they are not expected 
   to materially affect the Company's present investment 
   approach. 
 
   A summary of the current VCT regulations is 
   included in the Summary of VCT Regulations in 
   the Half-Year Report. 
 
   Liquidity 
   The recent fundraising round, which closed fully 
   subscribed in March 2018 raising GBP25 million, 
   has provided the Company with sufficient liquidity 
   to meets its cash needs and maintain the current 
   rate of investment in the medium term. It is 
   unlikely the Company will seek to raise further 
   funds in the current 2018/19 tax year. 
 
   Cash available for investment 
   The Board continues to monitor credit risk in 
   respect of its cash balances and to prioritise 
   the security and protection of the Company's 
   capital. Cash and liquidity fund balances as 
   at 31 March 2018 amounted to GBP35.95 million. 
   This figure included GBP31.32 million held in 
   money market funds with AAA credit ratings and 
   GBP4.63 million held in deposit accounts with 
   a number of well-known financial institutions 
   across a range of maturities. In addition, the 
   investment portfolio contained GBP1.82 million 
   in companies preparing to trade that also hold 
   cash in money market funds. 
 
   Share buy-backs 
   During the six months ended 31 March 2018, the 
   Company bought back and cancelled 1,173,968 
   of its own shares, representing 1.5% (2017: 
   0.1%) of the shares in issue at the beginning 
   of the period, at a total cost of GBP0.85 million 
   (2017: GBP0.03 million) inclusive of expenses. 
 
   It is the Company's policy to cancel all shares 
   bought back in this way. The Board regularly 
   reviews its buyback policy and currently seeks 
   to maintain the discount at which the Company's 
   shares trade at around 10% below the latest 
   published NAV. 
 
   Shareholder communications 
   May I remind you that the Company has its own 
   website which is available at www.incomeandgrowthvct.co.uk. 
 
   The Investment Adviser held its eighth annual 
   Shareholder Event in January 2018 which, from 
   the feedback submitted, was well received by 
   Shareholders. The event included presentations 
   on the investment activity and performance of 
   all the Mobeus VCTs. I would like to thank those 
   Shareholders who attended for helping to make 
   it a success. The next Event will take place 
   in February 2019 and Shareholders will be sent 
   further details and an invitation nearer the 
   time. 
 
   Outlook 
   UK growth is expected to remain modest due to 
   subdued real consumer spending growth. The environment 
   is characterised by uncertainty which in turn 
   will lead to continuing economic volatility. 
   The invested portfolio is well positioned against 
   this backdrop as it is robustly funded using 
   conservative levels of third party bank debt 
   alongside the Company's funds. UK interest rates 
   are forecast to remain at low levels, albeit 
   some small rises are predicted for the balance 
   of the year. We believe that there is unlikely 
   to be a step change in economic outlook until 
   there is greater clarity on the UK's post-Brexit 
   relationship with the EU. 
 
   Your Board remains of the opinion that your 
   Company is well positioned to take advantage 
   of the strong demand for growth capital investment, 
   despite the uncertainties faced within the UK 
   economy. The portfolio has a solid foundation 
   of investments made under the previous MBO strategy, 
   and the Investment Adviser continues to source 
   interesting growth capital investment opportunities 
   to complement the portfolio. Mobeus has continued 
   to recruit additional experienced growth capital 
   investors into its team. 
 
   Once again, I would like to take this opportunity 
   to thank all Shareholders for their continued 
   support. 
 
   Colin Hook 
   Chairman 
   15 May 2018 
 Investment Policy 
  The Company's policy is to invest primarily 
  in a diverse portfolio of UK unquoted companies. 
  Investments are generally structured as part 
  loan and part equity in order to receive regular 
  income and to generate capital gain upon sale. 
 
  Investments are made selectively across a number 
  of sectors, principally in established companies. 
 
  The Company's cash and liquid resources are 
  held in a range of instruments of varying maturities, 
  subject to the overriding criterion that the 
  risk of loss of capital be minimised. 
 
  VCT regulation 
  The Investment Policy is designed to ensure 
  that the Company continues to qualify and is 
  approved as a VCT by HMRC. 
 
  Amongst other conditions, the Company may not 
  invest more than 15% of its investments (by 
  VCT value at the time of investment) in a single 
  company or group and must have at least 70% 
  by VCT value of its investments throughout the 
  period in shares or securities comprised in 
  VCT qualifying holdings of which a minimum overall 
  of 30% by VCT value (70% for funds raised after 
  6 April 2011) must be in ordinary shares which 
  carry no preferential rights (save as may be 
  permitted under VCT rules). In addition, although 
  the VCT can invest less than 30% (70% for funds 
  raised after 6 April 2011) of an investment 
  in a specific company in ordinary shares it 
  must have at least 10% by VCT value of its total 
  investments in each VCT qualifying company in 
  ordinary shares which carry no preferential 
  rights (save as may be permitted under VCT rules). 
 
  The companies in which investments are made 
  must have no more than GBP15 million of gross 
  assets at the time of investment and GBP16 million 
  immediately following the investment to be classed 
  as a VCT qualifying holding. 
 
  Asset Mix 
  The Company initially holds its funds in a portfolio 
  of interest bearing investments and deposits. 
  The investment portfolio of qualifying investments 
  is built up over a three year period with the 
  aim of investing and maintaining at least 70% 
  of net funds raised in qualifying investments. 
 
  Risk diversification and maximum exposures 
  Risk is spread by investing in a number of different 
  businesses across different industry sectors. 
  To reduce the risk of high exposure to equities, 
  each qualifying investment is structured to 
  achieve the optimum balance between loan stock 
  and equity to provide protection against downside 
  risk alongside the best potential overall returns. 
 
  Co-investment 
  The Company is entitled to invest alongside 
  other VCTs advised by Mobeus Equity Partners 
  LLP that have a similar investment policy, normally 
  on a pro rata to net assets basis. 
 
  Borrowing 
  The Company's articles of association permit 
  borrowing of up to 10% of the adjusted capital 
  and reserves (as defined therein). However, 
  it has never borrowed and the Board has currently 
  no plans to undertake any borrowing. 
 Investment Review 
 
  New investments in the half-year 
  A total of GBP1.77 million was invested into 
  three new investments during the period under 
  review as detailed below. 
  Company             Business       Date of Investment          Amount of 
                                                             new investment 
                                                                     (GBPm) 
  --------------  -----------------  --------------------  ---------------- 
   Proactive           Investor 
    Investors       media services       January 2018                  0.45 
  --------------  -----------------  --------------------  ---------------- 
   Proactive Investors specialises in up-to-the-minute 
    multi-media news provision, events organisation, 
    digital services and investor research. Proactive 
    provides breaking news, commentary and analysis 
    on hundreds of small-cap listed companies and 
    pre-IPO businesses across the globe, 24/7. 
    The investment will enable Proactive to expand 
    its services into the US market, which is the 
    largest global market in the world. The company's 
    audited accounts for the year ended 30 June 
    2017 show turnover of GBP3.99 million and a 
    profit before interest, tax and amortisation 
    of goodwill of GBP0.53 million. 
  ------------------------------------------------------------------------- 
                     Online care 
   Super Carers        provision          March 2018                   0.65 
  --------------  -----------------  --------------------  ---------------- 
   Super Carers provides an online platform connecting 
    people, typically family members seeking home 
    care for their elderly parents, with independent 
    carers. Carers and care-seekers manage care 
    directly thus reducing the administrative burden 
    and the need for care managers, enabling care 
    to be delivered with greater flexibility and 
    more cost effectively. The company's audited 
    accounts for the year ended 31 March 2017 show 
    revenues of GBP0.18 million and a loss before 
    interest, tax and amortisation of GBP0.72 million. 
  ------------------------------------------------------------------------- 
                     Classic car 
   Hemmels            restoration         March 2018                   0.67 
  --------------  -----------------  --------------------  ---------------- 
   Hemmels specialises in the sourcing, restoration, 
    selling and servicing of high value classic 
    cars. Hemmels currently focusses on classic 
    Mercedes Benz, and plans to expand into the 
    Porsche marque under a separate brand. The 
    investment will enable Hemmels to proceed with 
    its expansion plans and secure sufficient development 
    stock. Hemmels generated GBP1.21 million of 
    revenues and a GBP0.28 million loss before 
    interest, tax and amortisation in the year 
    ended 31 December 2017. 
  ------------------------------------------------------------------------- 
 
   Further investments in existing portfolio companies 
   in the half-year 
   A total of GBP1.33 million was invested into 
   three existing portfolio companies during the 
   period under review as detailed below. 
  Company                  Business         Date of Investment          Amount of 
                                                                    new investment 
                                                                            (GBPm) 
  ------------------  --------------------  --------------------  ---------------- 
                           A provider 
                            of direct 
                         booking systems 
                             to major             November 
   BookingTek              hotel groups              2017                     0.09 
  ------------------  --------------------  --------------------  ---------------- 
   London-based BookingTek provides software 
    that enables hotels to reduce their reliance 
    on third-party booking systems through an 
    enterprise-grade, real-time booking platform 
    for meeting rooms and restaurant reservations. 
    BookingTek's existing clients include two 
    of the world's top 10 hotel groups and the 
    UK's largest hotel chain. The company's latest 
    audited accounts for the year ended 31 July 
    2016 show turnover of GBP2.03 million and 
    a loss before interest, tax and amortisation 
    of goodwill of GBP0.29 million. 
  -------------------------------------------------------------------------------- 
                       Online marketplace         December 
                             for used              2017 and 
                            camera and             February 
   MPB                   video equipment             2018                     0.62 
  ------------------  --------------------  --------------------  ---------------- 
   Mpb is Europe's leading online marketplace 
    for used camera and video equipment. Based 
    in Brighton, its custom-designed pricing technology 
    enables Mpb to offer both buy and sell services 
    through the same platform and offers a one-stop 
    shop for all its customers. Having expanded 
    into the US (opening a New York office) and 
    German markets as part of the initial VCT 
    investment round, this follow-on investment, 
    alongside funds provided by the Proven VCTs, 
    is to support its continued growth plan. Having 
    doubled its sales over the last year, this 
    investment will give the company sufficient 
    capital to achieve its next planned expansion. 
    The company's latest audited accounts for 
    the year ended 31 March 2017 show turnover 
    of GBP13.20 million and a loss before interest, 
    tax and amortisation of goodwill of GBP0.45 
    million. 
  -------------------------------------------------------------------------------- 
                           Restaurant 
   Tapas Revolution           chain              March 2018                   0.62 
  ------------------  --------------------  --------------------  ---------------- 
   Based in London, Tapas Revolution is a leading 
    Spanish restaurant chain in the casual dining 
    sector focussing on shopping centre sites 
    with high footfall. Having opened its first 
    restaurant in Shepherd's Bush Westfield, with 
    the support of the initial VCT investment 
    in 2017, the business now operates six established 
    restaurants. This follow on investment is 
    to finance the opening of several new locations 
    around the UK. The company's latest audited 
    accounts for the year ended 25 October 2016 
    show a turnover of GBP4.25 million and a loss 
    before interest, tax and amortisation of goodwill 
    of GBP0.25 million. 
  -------------------------------------------------------------------------------- 
 
   Realisation in the half-year 
   The Company realised its investment in Gro-Group 
   Holdings during the period under review, generating 
   cash proceeds totalling GBP4.33 million as detailed 
   below. 
  Company         Business        Period of          Total cash 
                                   investment           proceeds 
                                                        over the 
                                                     life of the 
                                                      investment 
                                                      / Multiple 
                                                       over cost 
  ----------  -----------------  -------------  ---------------- 
   Gro-Group     Manufacturer      March 2013    GBP5.43 million 
                and distributor    to December         2.3 times 
                 of baby sleep        2017                  cost 
                   products 
  ----------  -----------------  -------------  ---------------- 
   The Company sold its investment in Gro-Group 
    for GBP4.19 million in December 2017. Since 
    this date, deferred consideration of GBP0.14 
    million has also been received. Including 
    this deferred consideration, the Company has 
    realised a gain over the life of the investment 
    of GBP3.03 million. This equates to a multiple 
    of 2.3 times the investment cost of GBP2.40 
    million and an IRR of 21%. 
  -------------------------------------------------------------- 
 
   Loan stock repayments and other receipts 
   Loan stock repayments totalled GBP0.16 million 
   for the period, all from TPSFF Holdings Limited 
   (formerly Plastic Surgeon). Other receipts of 
   GBP0.14 million were also received; primarily 
   from Alaric Systems, a company realised in a 
   prior period. 
 Investment Portfolio Summary 
  as at 31 March 2018 
                                     Total      Valuation    Additional      Valuation 
                                    cost at             at                           at 
                                   31 March   30 September   investments       31 March 
                                       2018           2017                         2018 
                                (unaudited)                       in the 
                                                                  period 
                                                                            (unaudited) 
                                                 (audited) 
                                        GBP            GBP           GBP            GBP 
  --------------------------  -------------  -------------  ------------  ------------- 
   Tovey Management 
    Limited (trading 
    as Access 
    IS)                           3,313,932      3,880,197             -      3,812,894 
   Provider 
    of data 
    capture 
    and scanning 
    hardware 
  -------------------------  --------------  -------------  ------------  ------------- 
   Manufacturing 
    Services Investment 
    Limited (trading 
    as Wetsuit 
    Outlet)                       3,205,182      3,205,182             -      3,205,182 
   Online retailer 
    in the water 
    sports market 
  --------------------------  -------------  -------------  ------------  ------------- 
   Virgin Wines 
    Holding Company 
    Limited                       2,745,503      3,483,880             -      2,954,610 
   Online wine 
    retailer 
  --------------------------  -------------  -------------  ------------  ------------- 
   ASL Technology 
    Holdings Limited              2,722,106      2,845,619             -      2,766,762 
   Printer and 
    photocopier 
    services 
  --------------------------  -------------  -------------  ------------  ------------- 
   EOTH Limited 
    (trading as 
    Equip Outdoor 
    Technologies)                 1,383,313      1,809,879             -      2,576,214 
   Distributor 
    of branded 
    outdoor equipment 
    and clothing 
    including 
    the Rab and 
    Lowe Alpine 
    brands 
  --------------------------  -------------  -------------  ------------  ------------- 
   Media Business 
    Insight Holdings 
    Limited                       3,666,556      2,443,888             -      2,226,136 
   A publishing 
    and events 
    business focussed 
    on the creative 
    production 
    industries 
  --------------------------  -------------  -------------  ------------  ------------- 
   MPB Group 
    Limited                       1,423,974      1,023,613       619,119      2,178,431 
   Online marketplace 
    for used photographic 
    equipment 
  --------------------------  -------------  -------------  ------------  ------------- 
   CGI Creative 
    Graphics International 
    Limited                       1,943,948      1,301,638             -      2,004,548 
   Vinyl graphics 
    to global 
    automotive, 
    recreation 
    vehicle and 
    aerospace 
    markets 
  --------------------------  -------------  -------------  ------------  ------------- 
   Preservica 
    Limited                         935,000        935,000             -      1,666,214 
   Seller of 
    proprietary 
    digital archiving 
    software 
  --------------------------  -------------  -------------  ------------  ------------- 
   Vian Marketing 
    Limited (trading 
    as Red Paddle 
    Co)                           1,207,437      1,906,790             -      1,662,334 
   Design, manufacture 
    and sale of 
    stand-up paddleboards 
    and windsurfing 
    sails 
  --------------------------  -------------  -------------  ------------  ------------- 
   Tharstern 
    Group Limited                 1,454,278      1,770,484             -      1,634,822 
   Software based 
    management 
    Information 
    systems for 
    the printing 
    industry 
  --------------------------  -------------  -------------  ------------  ------------- 
   Master Removers 
    Group Limited 
    (trading as 
    Anthony Ward 
    Thomas, Bishopsgate 
    and Aussie 
    Man & Van)                      682,183      1,379,326             -      1,613,649 
   A specialist 
    logistics, 
    storage and 
    removals business 
  --------------------------  -------------  -------------  ------------  ------------- 
   Ibericos Etc. 
    Limited (trading 
    as Tapas Revolution)          1,397,386        776,386       621,000      1,469,615 
   Spanish restaurant 
    chain 
  --------------------------  -------------  -------------  ------------  ------------- 
   Pattern Analytics 
    Limited (trading 
    as Biosite)                     857,014        857,014             -      1,285,521 
   Workforce 
    management 
    and security 
    services for 
    the construction 
    industry 
  --------------------------  -------------  -------------  ------------  ------------- 
   BookingTek 
    Limited                         872,646        779,095        93,551      1,235,289 
   Software for 
    hotel groups 
  --------------------------  -------------  -------------  ------------  ------------- 
   I-Dox plc                        453,881      2,687,629             -      1,229,226 
   Developer 
    and supplier 
    of knowledge 
    management 
    products 
  --------------------------  -------------  -------------  ------------  ------------- 
   Bourn Bioscience 
    Limited                       1,610,379        925,420             -      1,188,206 
   Management 
    of In-vitro 
    fertilisation 
    clinics 
  --------------------------  -------------  -------------  ------------  ------------- 
   Redline Worldwide 
    Limited                       1,129,121      1,145,887             -      1,140,424 
   Provider of 
    security services 
    to the aviation 
    industry and 
    other sectors 
  --------------------------  -------------  -------------  ------------  ------------- 
   Buster and 
    Punch Holdings 
    Limited (formerly 
    Chatfield 
    Services Limited)               725,226        725,226             -        920,492 
   Industrial 
    inspired lighting 
    and interiors 
    retailer 
  --------------------------  -------------  -------------  ------------  ------------- 
   Turner Topco 
    Limited (trading 
    as ATG Media)                 1,529,075      1,209,162             -        900,160 
   Publisher 
    and online 
    auction platform 
    operator 
  --------------------------  -------------  -------------  ------------  ------------- 
   Aquasium Technology 
    Limited                         166,667        706,592             -        850,225 
   Manufacturing 
    and marketing 
    of bespoke 
    electron beam 
    welding and 
    vacuum furnace 
    equipment 
  --------------------------  -------------  -------------  ------------  ------------- 
   TPSFF Holdings 
    Limited (formerly 
    The Plastic 
    Surgeon Holdings 
    Limited)                        105,533        765,694             -        757,276 
   Supplier of 
    snagging and 
    finishing 
    services to 
    the property 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   RDL Corporation 
    Limited                       1,441,667      1,072,527             -        743,145 
   Recruitment 
    consultants 
    within the 
    pharmaceutical, 
    business intelligence 
    and IT industries 
  --------------------------  -------------  -------------  ------------  ------------- 
   Hemmels Limited                  671,203              -       671,203        671,203 
   Sourcing and 
    restoration 
    of classic 
    cars 
  --------------------------  -------------  -------------  ------------  ------------- 
   Vectair Holdings 
    Limited                          53,400        601,006             -        655,985 
   Designer and 
    distributor 
    of washroom 
    products 
  --------------------------  -------------  -------------  ------------  ------------- 
   Super Carers 
    Limited                         649,528              -       649,528        649,528 
   Online introductory 
    platform connecting 
    local individuals 
    with carers 
  --------------------------  -------------  -------------  ------------  ------------- 
   Fullfield 
    Limited (trading 
    as Motorclean)                1,517,734      1,606,346             -        642,445 
   Vehicle cleaning 
    and valet 
    services 
  --------------------------  -------------  -------------  ------------  ------------- 
   My TutorWeb 
    Limited                         636,477        636,477             -        636,477 
   Digital marketplace 
    connecting 
    school pupils 
    seeking one-to-one 
    online tutoring 
  --------------------------  -------------  -------------  ------------  ------------- 
   Hollydale 
    Management 
    Limited                         994,560        621,600             -        621,600 
   Company seeking 
    to carry on 
    a business 
    in the food 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   Blaze Signs 
    Holdings Limited                418,281        438,320             -        596,272 
   Manufacturer 
    and installer 
    of signs 
  --------------------------  -------------  -------------  ------------  ------------- 
   Proactive 
    Group Holdings 
    Inc                             449,514              -       449,514        449,514 
   Media Services 
    and investor 
    conferences 
  --------------------------  -------------  -------------  ------------  ------------- 
   Omega Diagnostics 
    Group plc                       280,026        501,682             -        338,344 
   In-vitro diagnostics 
    for food intolerance, 
    autoimmune 
    diseases and 
    infectious 
    diseases 
  --------------------------  -------------  -------------  ------------  ------------- 
   Jablite Holdings 
    Limited                         498,790        304,755             -        304,755 
   Manufacturer 
    of expanded 
    polystyrene 
    products 
  --------------------------  -------------  -------------  ------------  ------------- 
   Backhouse 
    Management 
    Limited                         782,080        300,800             -        300,800 
   Company seeking 
    to carry on 
    a business 
    in the motor 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   Barham Consulting 
    Limited                         782,080        300,800             -        300,800 
   Company seeking 
    to carry on 
    a business 
    in the catering 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   Creasy Marketing 
    Services Limited                782,080        300,800             -        300,800 
   Company seeking 
    to carry on 
    a business 
    in the textile 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   McGrigor Management 
    Limited                         782,080        300,800             -        300,800 
   Company seeking 
    to carry on 
    a business 
    in the pharmaceutical 
    sector 
  --------------------------  -------------  -------------  ------------  ------------- 
   Veritek Global 
    Holdings Limited              2,289,859      1,752,129             -        243,641 
   Maintenance 
    of imaging 
    equipment 
  --------------------------  -------------  -------------  ------------  ------------- 
   LightWorks 
    Software Limited                 20,471         87,596             -         48,669 
   Provider of 
    software for 
    CAD and CAM 
    vendors 
  --------------------------  -------------  -------------  ------------  ------------- 
   BG Training 
    Limited                          53,125         26,563             -         26,563 
   Technical 
    training business 
  --------------------------  -------------  -------------  ------------  ------------- 
   Corero Network 
    Security plc                    600,000          7,866             -          5,408 
   Provider of 
    e-business 
    technologies 
  --------------------------  -------------  -------------  ------------  ------------- 
   Oxonica Limited                2,524,527              -             -              - 
   International 
    nanomaterials 
    group 
  --------------------------  -------------  -------------  ------------  ------------- 
   Racoon International             655,851              -             -              - 
    Group Limited 
    (formerly 
    Racoon International 
    Holdings) 
   Supplier of 
    hair extensions, 
    hair care 
    products and 
    training 
  --------------------------  -------------  -------------  ------------  ------------- 
   NexxtDrive                       487,014              -             -              - 
    Limited/Nexxt 
    E-drive Limited 
   Developer 
    and exploiter 
    of mechanical 
    transmission 
    technologies 
  --------------------------  -------------  -------------  ------------  ------------- 
   CB Imports                       175,000              -             -              - 
    Group Limited 
    (trading as 
    Country Baskets) 
   Importer and 
    distributor 
    of artificial 
    flowers, floral 
    sundries and 
    home decor 
    products 
  --------------------------  -------------  -------------  ------------  ------------- 
   Biomer Technology                137,170              -             -              - 
    Limited 
   Developer 
    of biomaterials 
    for medical 
    devices 
  --------------------------  -------------  -------------  ------------  ------------- 
   Newquay Helicopters               15,234              -             -              - 
    (2013) Limited 
    (in liquidation) 
   Helicopter 
    service operator 
  --------------------------  -------------  -------------  ------------  ------------- 
   Watchgate                          1,000              -             -              - 
    Limited 
   Holding company 
  --------------------------  -------------  -------------  ------------  ------------- 
 
   Realised investments 
 
   Gro-Group                              -      2,606,640             -              - 
    Holdings Limited 
   Baby sleep 
    products 
 
 
   Total                         51,229,091     48,030,308     3,103,915     47,114,979 
  --------------------------  -------------  -------------  ------------  ------------- 
 
   Statement of the Directors' Responsibilities 
 
   Responsibility statement 
   In accordance with Disclosure and Transparency 
   Rule (DTR) 4.2.10, Colin Hook (Chairman), Jonathan 
   Cartwright (Chairman of the Audit and Nomination 
   & Remuneration Committees) and Helen Sinclair 
   (Chairman of the Investment Committee), being 
   the Directors of the Company, confirm that to 
   the best of their knowledge: 
    (a)   The condensed set of financial statements, 
           which has been prepared in accordance with 
           Financial Reporting Standard 104 "Interim 
           Financial Reporting" gives a true and fair 
           view of the assets, liabilities, financial 
           position and profit of the Company as required 
           by DTR 4.2.10; 
 
    (b)   the Half-Year Management Report, which 
           comprises the Chairman's Statement, Investment 
           Policy, Investment Review and Investment 
           Portfolio Summary, includes a fair review 
           of the information required by DTR 4.2.7, 
           being an indication of important events 
           that have occurred during the first six 
           months of the financial year and their 
           impact on the condensed set of financial 
           statements; 
 
    (c)   a description of the principal risks and 
           uncertainties facing the Company for the 
           remaining six months is set out below, 
           in accordance with DTR 4.2.7; and 
 
    (d)   there were no related party transactions 
           in the first six months of the current 
           financial year that are required to be 
           disclosed, in accordance with DTR 4.2.8. 
 
   Principal risks and uncertainties 
   In accordance with DTR 4.2.7, the Board confirms 
   that the principal risks and uncertainties facing 
   the Company have not materially changed from 
   those identified in the Annual Report and Financial 
   Statements for the year ended 30 September 2017 
   ("the Annual Report"). 
 
   The principal risks faced by the Company are: 
 
   -- Investment and strategic 
   -- Loss of approval as a Venture Capital Trust; 
   -- Regulatory; 
   -- Counterparty; 
   -- Economic; 
   -- Financial and operating; 
   -- Market; 
   -- Asset liquidity; and 
   -- Market liquidity; 
 
   A detailed explanation of the principal risks 
   facing the Company can be found in the Annual 
   Report on pages 25 and 26, and in Note 16 on 
   Financial Instruments on pages 60 to 67. Copies 
   can be viewed or downloaded from the Company's 
   website: www.incomeandgrowthvct .co.uk. 
 
   Going Concern 
   The Board has assessed the Company's operation 
   as a going concern. The Company's business activities, 
   together with the factors likely to affect its 
   future development, performance and position 
   are set out in the Half-Year Management Report. 
   The Directors have satisfied themselves that 
   the Company continues to maintain a significant 
   cash position. The majority of companies in 
   the portfolio continue to trade profitably and 
   the portfolio taken as a whole remains resilient 
   and well-diversified. The major cash outflows 
   of the Company (namely investments, share buybacks 
   and dividends) are within the Company's control. 
 
   The Board's assessment of liquidity risk and 
   details of the Company's policies for managing 
   its capital and financial risks are shown in 
   Note 16 on pages 60 to 67 of the Annual Report. 
   Accordingly, the Directors continue to adopt 
   the going concern basis of accounting in preparing 
   the half-year report and financial statements. 
 
   Cautionary Statement 
   This report may contain forward looking statements 
   with regards to the financial condition and 
   results of the Company, which are made in the 
   light of current economic and business circumstances. 
   Nothing in this report should be construed as 
   a profit forecast. 
 
   For and on behalf of the Board: 
 
   Colin Hook 
   Chairman 
 
   15 May 2018 
 Unaudited Condensed Income Statement 
  for the six months ended 31 March 2018 
                                                 Six months ended                    Six months ended 
                                                     31 March 2018                       31 March 2017 
                                                       (unaudited)                         (unaudited) 
                     Notes     Revenue       Capital         Total     Revenue     Capital       Total 
                                   GBP           GBP           GBP         GBP         GBP         GBP 
   ---------------  ------  ----------  ------------  ------------  ----------  ----------  ---------- 
    Unrealised 
     (losses) 
     / gains 
     on 
     investments 
     held at 
     fair value        9             -   (1,251,618)   (1,251,618)           -     725,815     725,815 
    Realised 
     gains on 
     investments 
     held at 
     fair value        9             -     1,810,102     1,810,102           -      69,100      69,100 
    Income             4     1,476,579             -     1,476,579   1,640,297           -   1,640,297 
    Investment 
     Adviser's 
     fees              5     (205,694)     (617,082)     (822,776)   (197,406)   (592,219)   (789,625) 
    Other expenses           (234,496)             -     (234,496)   (206,829)           -   (206,829) 
   ---------------  ------  ----------  ------------  ------------  ----------  ----------  ---------- 
    Profit / 
     (loss) on 
     ordinary 
     activities 
     before 
     taxation                1,036,389      (58,598)       977,791   1,236,062     202,696   1,438,758 
    Tax on 
     profit/(loss) 
     on ordinary 
     activities        6     (173,800)       173,800             -   (211,109)     211,109           - 
   ---------------  ------  ----------  ------------  ------------  ----------  ----------  ---------- 
    Profit for 
     the period 
     and total 
     comprehensive 
     income                    862,589       115,202       977,791   1,024,953     413,805   1,438,758 
   ---------------  ------  ----------  ------------  ------------  ----------  ----------  ---------- 
    Basic and 
     diluted 
     earnings 
     per ordinary 
     share             7         0.92p         0.12p         1.04p       1.42p       0.57p       1.99p 
 
                                                            Year ended 30 
                                                           September 2017 
                                                                (audited) 
                            Notes     Revenue       Capital         Total 
                                          GBP           GBP           GBP 
   ----------------------  ------  ----------  ------------  ------------ 
    Unrealised 
     (losses) 
     / gains on 
     investments 
     held at fair 
     value                                  -     (794,007)     (794,007) 
    Realised 
     gains on 
     investments 
     held at fair 
     value                                  -     3,883,829     3,883,829 
    Income                    4     3,266,634             -     3,266,634 
    Investment 
     Adviser's 
     fees                     5     (394,012)   (1,182,037)   (1,576,049) 
    Investment 
     Adviser's 
     performance 
     fees                     5             -     (571,879)     (571,879) 
    Other expenses                  (423,354)             -     (423,354) 
   ----------------------  ------  ----------  ------------  ------------ 
    Profit / 
     (loss) on 
     ordinary 
     activities 
     before taxation                2,449,268     1,335,906     3,785,174 
    Tax on profit/(loss) 
     on ordinary 
     activities               6     (421,283)       421,283             - 
   ----------------------  ------  ----------  ------------  ------------ 
    Profit for 
     the period 
     and total 
     comprehensive 
     income                         2,027,985     1,757,189     3,785,174 
   ----------------------  ------  ----------  ------------  ------------ 
    Basic and 
     diluted earnings 
     per ordinary 
     share                    7         2.79p         2.42p         5.21p 
 The revenue column of the Income Statement includes 
  all income and expenses. The capital column 
  accounts for the unrealised (losses)/gains and 
  realised gains on investments and the proportion 
  of the Investment Adviser's fee and performance 
  fee charged to capital. 
 
  The total column is the Statement of Total Comprehensive 
  Income of the Company prepared in accordance 
  with Financial Reporting Standards ("FRS"). 
  In order to better reflect the activities of 
  a VCT and in accordance with the 2014 Statement 
  of Recommended Practice ("SORP") issued by the 
  Association of Investment Companies ("AIC") 
  and updated in January 2017, supplementary information 
  which analyses the Income Statement between 
  items of a revenue and capital nature has been 
  presented alongside the Income Statement. The 
  revenue column of profit attributable to equity 
  shareholders is the measure the Directors believe 
  appropriate in assessing the Company's compliance 
  with certain requirements set out in Section 
  274 Income Tax Act 2007. 
 
  All the items in the above statement derive 
  from continuing operations of the Company. No 
  operations were acquired or discontinued in 
  the period. 
 Unaudited Condensed Balance Sheet 
  as at 31 March 2018 
                                         31 March           31 March       30 September 
                                              2018               2017               2017 
                                       (unaudited)        (unaudited) 
                                                                               (audited) 
                              Notes            GBP                GBP                GBP 
  -------------------------  ------  -------------      -------------      ------------- 
   Fixed assets 
   Investments at 
    fair value                    9     47,114,979         51,896,586         48,030,308 
   Current assets 
   Debtors and prepayments                 718,466            455,875          3,372,032 
   Current asset 
    investments                  10     34,467,981          9,891,458         12,412,671 
   Cash at bank                  10      1,483,126          7,805,131          1,375,065 
  -------------------------  ------  -------------      -------------      ------------- 
                                        36,669,573         18,152,464         17,159,768 
   Creditors: amounts 
    falling due within 
    one year                             (199,647)          (167,622)          (841,325) 
   Net current assets                   36,469,926         17,984,842         16,318,443 
  -------------------------  ------  -------------      -------------      ------------- 
   Net assets                           83,584,905         69,881,428         64,348,751 
  -------------------------  ------  -------------      -------------      ------------- 
   Capital and reserves 
   Called up share 
    capital                              1,054,360            724,688            792,047 
   Capital redemption 
    reserve                                 25,754             12,313             14,014 
   Share premium 
    reserve                             45,949,915         18,809,469         24,099,311 
   Revaluation reserve                   2,484,528          5,645,322          4,020,689 
   Special distributable 
    reserve                             21,727,185         24,404,104         23,215,643 
   Realised capital 
    reserve                              9,878,415         18,129,188         10,134,703 
   Revenue reserve                       2,464,748          2,156,344          2,072,344 
  -------------------------  ------  -------------      -------------      ------------- 
   Equity Shareholders' 
    funds                               83,584,905         69,881,428         64,348,751 
  -------------------------  ------  -------------      -------------      ------------- 
   Basic and diluted 
    net asset value: 
   Basic and diluted 
    net asset value 
    per share                    11         79.28p             96.43p             81.24p 
 Unaudited Condensed Statement of Changes in 
  Equity 
  for the six months ended 31 March 2018 
                                   Non-distributable                                Distributable                      Total 
                                        reserves                                       reserves 
                      Called      Capital        Share   Revaluation         Special      Realised     Revenue 
                          up   redemption      premium       reserve   distributable       capital     reserve 
                       share      reserve      reserve                       reserve       reserve 
                     capital                                                   (note         (note       (note 
                                                                                  a)            b)          b) 
                         GBP          GBP          GBP           GBP             GBP           GBP         GBP           GBP 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  At 1 
   October 
   2017              792,047       14,014   24,099,311     4,020,689      23,215,643    10,134,703   2,072,344    64,348,751 
  Comprehensive 
   income 
   for the 
   period 
  (Loss)/profit 
   for the 
   period                  -            -            -   (1,251,618)               -     1,366,820     862,589       977,791 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  Total 
   comprehensive 
   income 
   for the 
   period                  -            -            -   (1,251,618)               -     1,366,820     862,589       977,791 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  Contributions 
   by and 
   distributions 
   to owners 
  Share 
   offered 
   via Offer 
   for 
   Subscription 
   (Note 
   c)                266,076            -   21,293,047             -       (199,395)             -           -    21,359,728 
  Dividends 
   reinvested 
   into 
   new shares          7,977            -      557,557             -               -             -           -       565,534 
  Shares 
   bought 
   back 
   (Note 
   d)               (11,740)       11,740            -             -       (845,781)             -           -     (845,781) 
  Dividends 
   paid                    -            -            -             -               -   (2,350,933)   (470,185)   (2,821,118) 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  Total 
   contributions 
   by and 
   distributions 
   to owners         262,313       11,740   21,850,604             -     (1,045,176)   (2,350,933)   (470,185)    18,258,363 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  Other 
   movements 
  Realised 
   losses 
   transferred 
   to special 
   reserve 
   (Note 
   a)                      -            -            -             -       (443,282)       443,282           -             - 
  Realisation 
   of previously 
   unrealised 
   appreciation            -            -            -     (284,543)               -       284,543           -             - 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  Total 
   other 
   movements               -            -            -     (284,543)       (443,282)       727,825           -             - 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
  At 31 
   March 
   2018            1,054,360       25,754   45,949,915     2,484,528      21,727,185     9,878,415   2,464,748    83,584,905 
 ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
 Note a): The Special distributable reserve also 
  provides the Company with a reserve to absorb 
  any existing and future realised losses and, 
  when considered by the Board to be in the interests 
  of shareholders, to fund share buybacks and 
  for other corporate purposes. All of this reserve 
  originates from funds raised prior to 6 April 
  2014. The transfer of GBP443,282 to the special 
  reserve from the realised capital reserve above 
  is the total of realised losses incurred by 
  the Company in the period. 
 
  Note b): The realised capital reserve and the 
  revenue reserve together comprise the Profit 
  and Loss Account of the Company. 
 
  Note c): Under the 2017/18 Offer, 26,607,590 
  shares were allotted during the period, raising 
  net funds of GBP21,359,728 for the Company. 
  This figure differs from that shown in the Statement 
  of Cash Flows by GBP2,946,209, which are the 
  net funds raised under the first allotment that 
  took place on 28 September 2017. These funds 
  were held in debtors at the previous year end 
  and received in the current period. 
 
  Note d): During the period, the Company repurchased 
  1,173,968 of its own shares at the prevailing 
  market price for a total cost (including stamp 
  duty) of GBP845,781, which were subsequently 
  cancelled. This differs to the figure shown 
  in the Statement of Cash Flows by GBP82,638. 
  This amount was included in creditors at the 
  previous year end. 
 Unaudited Condensed Statement of Changes in 
  Equity 
  for the six months ended 31 March 2017 
                                  Non-distributable                               Distributable 
                                        reserves                                      reserves 
                     Called      Capital        Share   Revaluation         Special      Realised     Revenue         Total 
                         up   redemption      premium       reserve   distributable       capital     reserve 
                      share      reserve      reserve                       reserve       reserve 
                    capital 
                        GBP          GBP          GBP           GBP             GBP           GBP         GBP           GBP 
  ---------------  --------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
   At 1 
    October 
    2016            719,140       11,985   18,308,887     4,744,396      24,980,045    20,225,980   1,850,205    70,840,638 
   Comprehensive 
    income 
    for 
    the 
    period 
   Profit/(loss) 
    for 
    the 
    period                -            -            -       725,815               -     (312,010)   1,024,953     1,438,758 
   Total 
    comprehensive 
    income 
    for 
    the 
    period                -            -            -       725,815               -     (312,010)   1,024,953     1,438,758 
  ---------------  --------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
   Contributions 
    by and 
    distributions 
    to owners 
   Dividends 
    re-invested 
    into 
    new 
    shares            5,876            -      500,582             -               -             -           -       506,458 
   Shares 
    bought 
    back              (328)          328            -             -        (29,170)             -           -      (29,170) 
   Dividends 
    paid                  -            -            -             -               -   (2,156,442)   (718,814)   (2,875,256) 
   Total 
    contributions 
    by and 
    distributions 
    to owners         5,548          328      500,582             -        (29,170)   (2,156,442)   (718,814)   (2,397,968) 
  ---------------  --------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
   Other 
    movements 
   Realised 
    losses 
    transferred 
    to special 
    reserve               -            -            -             -       (546,771)       546,771           -             - 
   Realisation 
    of previously 
    unrealised 
    depreciation          -            -            -       175,111               -     (175,111)           -             - 
   Total 
    other 
    movements             -            -            -       175,111       (546,771)       371,660           -             - 
  ---------------  --------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
   At 31 
    March 
    2017            724,688   12,313       18,809,469   5,645,322     24,404,104      18,129,188    2,156,344   69,881,428 
  ---------------  --------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
 
 Unaudited Condensed Statement of Cash Flows 
  for the six months ended 31 March 2018 
                                         Six months     Six months 
                                               ended          ended 
                                            31 March       31 March        Year ended 
                                                2018           2017      30 September 
                                Notes    (unaudited)    (unaudited)    2017 (audited) 
                                                 GBP            GBP               GBP 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Cash flows from 
    operating activities 
   Profit for the 
    financial period                         977,791      1,438,758         3,785,174 
   Adjustments for: 
   Net unrealised 
    losses/(gains) 
    on investments                         1,251,618      (725,815)           794,007 
   Realised gains 
    on realisations 
    on investments                       (1,810,102)       (69,100)       (3,883,829) 
   Increase in debtors                     (228,772)      (150,940)         (120,887) 
   Decrease in creditors 
    and accruals                           (559,039)    (1,152,217)         (561,152) 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Net cash (outflow)/inflow 
    from operating 
    activities                             (368,504)      (659,314)            13,313 
  ---------------------------  ------  -------------  -------------  ---------------- 
 
   Cash flows from 
    investing activities 
   Purchase of investments        9      (3,103,915)    (3,347,495)       (5,304,234) 
   Disposal of investments        9        4,513,856      6,610,782        14,728,706 
   No change/decrease 
    in bank deposits 
    with a maturity 
    over three months                              -      2,028,243         2,028,243 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Net cash inflow 
    from investing 
    activities                             1,409,941      5,291,530        11,452,715 
 
   Cash flows from 
    financing activities 
   Shares issued as 
    part of Offer for 
    Subscription                          24,305,937              -                 - 
   Equity dividends 
    paid                          8      (2,255,584)    (2,368,798)      (13,062,948) 
   Purchase of own 
    shares                                 (928,419)       (66,509)         (115,024) 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Net cash inflow/(outflow) 
    from financing 
    activities                            21,121,934    (2,435,307)      (13,177,972) 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Net increase/(decrease) 
    in cash and cash 
    equivalents                           22,163,371      2,196,909       (1,711,944) 
   Cash and cash equivalents 
    at start of period                    10,635,967     12,347,911        12,347,911 
 
   Cash and cash equivalents 
    at end of period                      32,799,338     14,544,820        10,635,967 
  ---------------------------  ------  -------------  -------------  ---------------- 
   Cash and equivalents 
    comprise: 
   Cash at bank and 
    in hand                      10        1,483,126      7,805,131         1,375,065 
   Cash equivalents              10       31,316,212      6,739,689         9,260,902 
 
 The notes below form part of these Half-Year 
  Financial Statements 
 Notes to the Unaudited Condensed Financial Statements 
  for the six months ended 31 March 2018 
 
 1.        Company Information 
           The Income & Growth VCT plc is a public limited 
            company incorporated in England and Wales, 
            registration number 4069483. The registered 
            office is 30 Haymarket, London SW1Y 4EX. 
 2.        Basis of preparation of the Financial Statements 
           These Financial Statements prepared in accordance 
            with accounting policies consistent with 
            Financial Reporting Standard 102 ("FRS102"), 
            Financial Reporting Standard 104 ("FRS104") 
            - Interim Financial Reporting, with the Companies 
            Act 2006 and the 2014 Statement of Recommended 
            Practice, 'Financial Statements of Investment 
            Trust Companies and Venture Capital Trusts' 
            ('the SORP') (updated in January 2017) issued 
            by the Association of Investment Companies. 
            The Financial Statements have been prepared 
            on the historical cost basis except for the 
            modification to a fair value basis for certain 
            financial instruments as specified in note 
            9. 
 
            The Half-Year Report has not been audited, 
            nor has it been reviewed by the auditor pursuant 
            to the Financial Reporting Council's (FRC) 
            guidance on Review of Interim Financial Information. 
 3.        Principal accounting policies 
           The accounting policies have been applied 
            consistently throughout the period. Full 
            details of principal accounting policies 
            will be disclosed in the Annual Report, while 
            the policy in respect of investments is included 
            within an outlined box at the top of note 
            9 on investments. 
 4.        Income 
                                Six months     Six months        Year ended 
                                   ended 31       ended 31      30 September 
                                 March 2018     March 2017    2017 (audited) 
                                (unaudited)    (unaudited) 
                                        GBP            GBP               GBP 
            ----------------  -------------  -------------  ---------------- 
             Income 
             - Dividends            121,857        180,519           288,843 
             - Money market 
              funds                  33,569         10,951            21,960 
             - Loan stock 
              interest            1,290,981      1,412,723         2,899,869 
             - Bank deposit 
              interest               22,433         36,036            55,893 
             - Other income           7,739             68                69 
            ----------------  -------------  -------------  ---------------- 
             Total Income         1,476,579      1,640,297         3,266,634 
            ----------------  -------------  -------------  ---------------- 
 5.        Investment Adviser's fees and performance 
            fees 
                                     Six months     Six months        Year ended 
                                        ended 31       ended 31      30 September 
                                      March 2018     March 2017    2017 (audited) 
                                     (unaudited)    (unaudited) 
                                             GBP            GBP               GBP 
            ---------------------  -------------  -------------  ---------------- 
             Allocated 
              to revenue 
              return: Investment 
              Adviser's 
              fees                       205,694        197,406           394,012 
             Allocated 
              to capital 
              return: Investment 
              Adviser's 
              fees                       617,082        592,219         1,182,037 
             Investment 
              Adviser's 
              performance 
              fees                             -              -           571,879 
             Total                       822,776        789,625         2,147,928 
            ---------------------  -------------  -------------  ---------------- 
 
             Investment 
              Adviser's 
              fee                        822,776        789,625         1,576,049 
             Investment 
              Adviser's 
              performance 
              fees                             -              -           571,879 
             Total                       822,776        789,625         2,147,928 
            ---------------------  -------------  -------------  ---------------- 
 
 6.        Taxation 
           There is no tax charge for the period as 
            the Company has tax losses brought forward 
            from previous periods, which can be offset 
            against taxable income. 
 7.        Basic and diluted earnings and return per 
            share 
                                                   Six months     Six months      Year ended 
                                                      ended 31       ended 31    30 September 
                                                    March 2018     March 2017            2017 
                                                   (unaudited)    (unaudited)       (audited) 
                                                           GBP            GBP             GBP 
                      -------------------------  -------------  -------------  -------------- 
                       Total earnings 
               i)       after taxation:                977,791      1,438,758       3,785,174 
                Basic earnings 
                 per share                              1.04 p         1.99 p          5.21 p 
               --------------------------------  -------------  -------------  -------------- 
               ii)     Revenue earnings 
                        from ordinary 
                        activities 
                after taxation                         862,589      1,024,953       2,027,985 
                Basic revenue 
                 earnings per 
                 share                                  0.92 p         1.42 p          2.79 p 
               --------------------------------  -------------  -------------  -------------- 
                Net unrealised 
                 capital (losses)/gains 
                 on investments                    (1,251,618)        725,815       (794,007) 
                Net realised 
                 capital gains 
                 on investments                      1,810,102         69,100       3,883,829 
                Capitalised 
                 Investment 
                 Adviser fees 
                 and performance 
                 fees less 
                 taxation                            (443,282)      (381,110)     (1,332,633) 
               --------------------------------  -------------  -------------  -------------- 
                       Total capital 
               iii)     return                         115,202        413,805       1,757,189 
                Basic capital 
                 earnings per 
                 share                                  0.12 p         0.57 p          2.42 p 
               --------------------------------  -------------  -------------  -------------- 
               iv)     Weighted average 
                        number of 
                        shares 
                in issue in 
                 the period                         93,616,928     72,037,688      72,621,839 
               --------------------------------  -------------  -------------  -------------- 
 
              Notes: 
              a) Basic earnings per share is total earnings 
              after taxation divided by the weighted average 
              number of shares in issue. 
 
              b) Basic revenue earnings per share is the 
              revenue return after taxation divided by 
              the weighted average number of shares in 
              issue. 
 
              c) Basic capital earnings per share is the 
              total capital return after taxation divided 
              by the weighted average number of shares 
              in issue. 
 8.        Dividends paid 
             Dividend    Type              For    Pence   Date paid           Six              Six           Year 
                                            the      per                    months           months          ended 
                                           year    share                     ended            ended   30 September 
                                          ended                           31 March         31 March           2017 
                                      September                               2018             2017 
                                                                       (unaudited)   (unaudited)GBP 
                                                                               GBP                       (audited) 
                                                                                                               GBP 
             ----------  ---------  -----------  -------  ----------  ------------  ---------------  ------------- 
 
                                                                  15 
                                                            February 
              Final       Income           2016    1.00p        2017             -          718,814        718,814 
                                                                  15 
                                                            February 
              Final       Capital          2016    3.00p        2017             -        2,156,442      2,156,442 
                                                             20 June 
              Interim     Income           2017    1.50p        2017             -                -      1,087,032 
                                                             20 June 
              Interim     Capital          2017    1.50p        2017             -                -      1,087,032 
                                                           31 August 
              Special     Capital          2017   15.00p        2017             -                -     10,931,992 
                                                                  15 
                                                            February 
              Final       Income           2017    0.50p        2018       470,185                -              - 
                                                                  15 
                                                            February 
              Final       Capital          2017    2.50p        2018     2,350,933                -              - 
             ----------  ---------  -----------  -------  ----------  ------------  ---------------  ------------- 
              Total*                                                     2,821,118        2,875,256     15,981,312 
             ----------------------------------  -------  ----------  ------------  ---------------  ------------- 
 
             * - GBP2,821,118 (31 March 2017: GBP2,875,256; 
             30 September 2017: GBP15,981,312) disclosed 
             above differs to that shown in the Statement 
             of Cash Flows of GBP2,255,584 (31 March 2017: 
             GBP2,368,798; 30 September 2017: GBP13,062,948) 
             due to GBP565,534 (31 March 2017: GBP506,458; 
             30 September 2017: GBP2,918,364) of new shares 
             issued as part of the Company's Dividend 
             Investment Scheme. 
 9.        Summary of movement on investments during 
            the period 
                                                 Unquoted      Unquoted      Unquoted 
                                      Traded      ordinary    preference          loan 
                                      on AIM        shares        shares         stock 
                                       Level         Level         Level         Level 
                                           1             3             3             3         Total 
                                         GBP           GBP           GBP           GBP           GBP 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
             Valuation at 
              1 October 2017       3,197,177    14,353,491       414,186    30,065,454    48,030,308 
 
             Purchases at 
              cost                         -     1,739,323             -     1,364,592     3,103,915 
             Sales - proceeds 
              (Note a)                     -   (2,293,975)       (1,017)   (2,332,736)   (4,627,728) 
             - realised 
              gains (Note 
              b)                           -     1,860,102             -             -     1,860,102 
             Unrealised 
              (losses)/gains 
              on investments 
              in the period      (1,624,199)     2,209,217         6,131   (1,842,767)   (1,251,618) 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
             Valuation at 
              31 March 2018        1,572,978    17,868,158       419,300    27,254,543    47,114,979 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
 
             Book cost at 
              31 March 2018        1,333,907    23,271,311        24,740    26,599,133    51,229,091 
             Unrealised gains 
              at 31 March 
              2018                   739,071       608,300       394,560       742,597     2,484,528 
             Permanent 
              impairment 
              of valuation 
              of investments       (500,000)   (6,011,453)             -      (87,187)   (6,598,640) 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
             Valuation at 
              31 March 2018        1,572,978    17,868,158       419,300    27,254,543    47,114,979 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
 
             (Losses)/gains 
              on investments 
             Realised gains 
              based on 
              historical 
              cost                         -     2,067,814             -        26,831     2,094,645 
             Less amounts 
              recognised as 
              unrealised gains 
              in previous 
              years                        -     (257,712)             -      (26,831)     (284,543) 
            ------------------  ------------  ------------  ------------  ------------  ------------ 
 
             Realised gains 
              based on 
              carrying 
              value at 30 
              September 2017               -     1,810,102             -             -     1,810,102 
             Net movement 
              in unrealised 
              (losses)/gains 
              in the period      (1,624,199)     2,209,217         6,131   (1,842,767)   (1,251,618) 
             (Losses)/gains 
              on investments 
              for the period 
              ended 31 March 
              2018               (1,624,199)     4,019,319         6,131   (1,842,767)       558,484 
            ==================  ============  ============  ============  ============  ============ 
 
            Note a) Investment proceeds shown above of 
            GBP4,627,728 differs from the sale proceeds 
            shown in the Statement of Cash flows of GBP4,513,856 
            by GBP113,872. This difference arises because 
            of deferred consideration due from the disposal 
            of Gro-Group held in debtors at the period 
            end. 
 
            Note b) Realised gains above of GBP1,860,102 
            differ from that shown in the Income Statement 
            of GBP1,810,102. The difference of GBP50,000 
            is a reduction for the period in the estimated 
            fair value of contingent consideration held 
            at the Balance Sheet date, to nil. This reduction 
            is because such consideration of GBP134,241 
            was received in the period in respect of 
            Alaric Systems, an investment realised in 
            a prior period, of which GBP50,000 was recognised 
            in a previous year. 
 
            There has been no significant change in the 
            risk analysis as disclosed in Note 18 of 
            the Financial Statements in the Company's 
            Annual Report. The decrease in unrealised 
            valuations of the loan stock investments 
            above reflect the changes in the entitlement 
            to loan premiums, and/or in the underlying 
            enterprise value of the investee company. 
            The decrease does not arise from assessments 
            of credit or market risk upon these instruments. 
 10.       Current asset investments and Cash at bank 
                                                                      as at 30 
                                                                      September 
                                                                           2017 
                                             as at       as at 31     (audited) 
                                          31 March     March 2017 
                                  2018 (unaudited)    (unaudited) 
                                               GBP            GBP           GBP 
            ------------------  ------------------  -------------  ------------ 
             OEIC Money 
              market funds              31,316,212      6,739,689     9,260,902 
            ------------------  ------------------  -------------  ------------ 
             Cash equivalents 
              per Statement 
              of Cash Flows             31,316,212      6,739,689     9,260,902 
             Bank deposits 
              that mature 
              after three 
              months                     3,151,769      3,151,769     3,151,769 
            ------------------  ------------------  -------------  ------------ 
             Current asset 
              investments               34,467,981      9,891,458    12,412,671 
            ------------------  ------------------  -------------  ------------ 
             Cash at bank                1,483,126      7,805,131     1,375,065 
            ------------------  ------------------  -------------  ------------ 
 11.       Net asset value per share 
                                    as at 31        as at 31   as at 30 September 
                                   March 2018      March 2017                 2017 
                                  (unaudited)     (unaudited)            (audited) 
             ----------------  --------------  --------------  ------------------- 
 
              Net assets        GBP83,584,905   GBP69,881,428        GBP64,348,751 
 
              Number of 
               shares in 
               issue              105,435,973      72,468,771           79,204,702 
 
              Net asset 
               value per 
               share - basic 
               and diluted             79.28p          96.43p               81.24p 
             ----------------  --------------  --------------  ------------------- 
 12.       Post balance sheet events 
           On 30 April 2018, TPSFF Holdings Limited 
            (formerly Plastic Surgeon) repaid loan stock 
            of GBP77,560. 
 13.       Statutory information 
           The financial information for the six months 
            ended 31 March 2018 and the six months ended 
            31 March 2017 has not been audited. 
 
            The financial information contained in this 
            Half-Year results announcement does not constitute 
            statutory accounts as defined in Section 
            434 of the Companies Act 2006. The Financial 
            Statements for the year ended 30 September 
            2017 have been filed with the Registrar of 
            Companies. The auditor has reported on these 
            Financial Statements and that report was 
            unqualified and did not contain a statement 
            under either Section 498(2) or 498(3) of 
            the Companies Act 2006. 
 14.       Half-Year Report 
           Copies of the Half-Year Report are being 
            sent to all shareholders. Further copies 
            are available free of charge from the Company's 
            registered office, 30 Haymarket, London, 
            SW1Y 4EX, or can be downloaded via the Company's 
            website at www.incomeandgrowthvct.co.uk 
 Contact details for further enquiries: 
 Rob Brittain or Robert King at Mobeus Equity 
  Partners LLP (the Company Secretary) on 020 
  7024 7600 or by e-mail to vcts@mobeusequity.co.uk 
 
  Mobeus Equity Partners LLP (the Investment Adviser) 
  on 020 7024 7600 or by e-mail to info@mobeusequity.co.uk 
 DISCLAIMER 
 Neither the contents of the Company's website 
  nor the contents of any website accessible from 
  hyperlinks on the Company's website (or any 
  other website) is incorporated into, or forms 
  part of, this announcement. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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