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IGV Income & Growth Vct (the) Plc

70.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Income & Growth Vct (the) Plc 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
  0.00 0.00% 70.00 68.50 71.50 70.00 70.00 70.00 74 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 8.63M 5.49M 0.0348 20.11 110.27M

Income & Growth VCT (The) PLC Half-year Report (6558A)

30/05/2019 3:38pm

UK Regulatory


TIDMIGV

RNS Number : 6558A

Income & Growth VCT (The) PLC

30 May 2019

 
 THE INCOME & GROWTH VCT PLC 
 
 HALF YEAR REPORT FOR THE SIX MONTHSED 31 MARCH 2019 
 The Income & Growth VCT plc ("the Company") today announces 
  the half-year results for the six months ended 31 March 2019. 
                                                                                                              As at 31 March 2019: 
                                                                                                      Net assets: GBP81.44 million 
                                                                                    Net asset value ("NAV") per share: 78.03 pence 
 Financial Highlights 
 Results for the Half Year ended 31 March 2019 
 
        *    Net asset value total return per share was 4.1% 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 1.50 pence per share to be 
            paid to shareholders on 12 July 2019. 
 
             *    The Company made one new investment and three 
                  follow-on investments totalling GBP2.00 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 total   Dividends 
    date        assets      per    price(1)    dividends        return per share        paid 
                          share                 paid per      to shareholders(2)         and 
                                                   share                            proposed 
                                                                                          in 
                                                                                     respect 
                                                                                     of each 
    As at                                                                               year 
  -----------                                             ---------------------- 
                                                           (NAV basis)    (Share 
                                                                           price 
                                                                          basis) 
  ----------- 
                  (GBP 
                    m)      (p)         (p)          (p)           (p)       (p)         (p) 
  -----------  -------  -------  ----------  -----------  ------------  --------  ---------- 
   31 March 
    2019         81.44    78.03       67.00       111.50        189.53    178.50     1.50(4) 
   30 
    September 
    2018         82.58    78.32       69.50       108.00        186.32    177.50        6.00 
   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 
 (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 1.50 pence per share, referred 
  to in the Financial Highlights above, is payable to shareholders 
  on 12 July 2019. 
 Chairman's Statement 
  I am pleased to present the Company's Half Year Report for 
  the six months ended 31 March 2019. 
 
  Overview 
  The half-year has again seen good progress and a positive 
  return for the period. This is detailed in the Performance 
  and the Investment Portfolio sections of my statement below. 
 
  Sixteen growth capital investments have now been completed 
  since the 2015 VCT Rule change. During the period under review, 
  one new investment was made and three existing portfolio companies 
  received follow-on funding. After the period end, the Company 
  made a further two new investments. Further details of this 
  investment activity are contained in the Investment Review. 
 
  The Investment Adviser continues to report an interesting 
  pipeline of growth capital opportunities. Meanwhile, the existing, 
  more mature portfolio constructed under the previous rules 
  continues to provide a healthy income yield. 
 
  Performance 
  The Company's NAV total return per share was 4.1% for the 
  six months to 31 March 2019 (2018: 1.3%) while the total share 
  price return was 1.4% (2018: 1.4%). 
 
  The Company's cumulative NAV total return per share (being 
  the closing net asset value plus total dividends paid to date) 
  has increased from 186.32 pence per share at the start of 
  the period to 189.53 pence per share at the period end. This 
  represents an increase of 1.7% over the period. 
 
  Investment portfolio 
  The portfolio has performed well during the period, increasing 
  in value by 5.2% (2018: 1.2%) on a like-for-like basis. The 
  portfolio achieved a net increase of GBP2.20 million in unrealised 
  gains and GBP0.37 million in realised gains over the six-month 
  period. The portfolio was valued at GBP51.68 million at the 
  period end (30 September 2018: GBP49.40 million). 
 
  During the six months under review, the Company invested a 
  total of GBP2.00 million (2018: GBP3.10 million) into four 
  (2018: six) investments. One of these investments was into 
  a new business; Grow Kudos, an online platform which provides 
  and promotes research dissemination; and three follow-on investments 
  were made into existing portfolio companies, namely Biosite, 
  Proactive and MPB. 
 
  After the period end, GBP1.53 million was invested into Arkk 
  Consulting, a regulatory and reporting requirement service 
  and product provider, and GBP0.93 million was invested into 
  Parsley Box, a supplier of home delivered ambient ready meals 
  for the elderly. Also, the realisation of Plastic Surgeon 
  occurred, realising proceeds of GBP1.22 million and generating 
  a multiple on cost of 5.6x. 
 
  Details of this investment activity 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 
  1.08 pence per share (2018: 0.92 pence per share). The revenue 
  return for the period of GBP1.13 million has increased from 
  last year's comparable figure of GBP0.86 million. This is 
  mainly due to an increase in income receivable from loans 
  made to new investee companies and some investee companies 
  resuming interest payments, as well as higher dividend receipts. 
 
  Dividends 
  The Board continues to be committed to provide an attractive 
  dividend stream to shareholders and is pleased to declare 
  an interim dividend of 1.50 pence per share for the year ending 
  30 September 2019, comprising 1.00 penny from income and 0.50 
  pence from capital. This dividend will be paid on 12 July 
  2019 to shareholders on the Register on 14 June 2019 and will 
  bring cumulative dividends paid per share to 113.00 pence. 
 
  The Company's target of paying a dividend of at least 6.00 
  pence per share in respect of each financial year has been 
  met or exceeded in each of the last seven years. I have previously 
  noted that the gradual move of the portfolio to younger growth 
  capital investments may make dividends harder to achieve from 
  income and capital returns alone in any given year. Accordingly, 
  the Board continues to monitor the sustainability of this 
  target. 
 
  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 2019 amounted to GBP29.53 million. This figure 
  included GBP24.72 million held in money market funds with 
  AAA credit ratings and GBP4.81 million held in deposit accounts 
  with a number of well-known financial institutions across 
  a range of maturities. 
 
  Fundraising 
  The Board regularly review the Company's cash flow projections 
  and is presently consideration whether it may be desirable 
  to raise funds within the 2019/20 tax year. The Board will 
  notify shareholders of any intention to launch an offer for 
  subscription at the earliest opportunity. 
 
  Share buy-backs 
  During the six months ended 31 March 2019, the Company bought 
  back and cancelled 1,074,519 of its own shares, representing 
  1.0% (2018: 1.5%) of the shares in issue at the beginning 
  of the period, at a total cost of GBP0.73 million (2018: GBP0.85 
  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 no more than 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 most recent annual Shareholder 
  Event in February 2019 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 the first quarter of 2020 and shareholders will be 
  sent further details and an invitation nearer the time. 
 
  Succession 
  As stated in last year's annual report, the Board is continuing 
  with its succession planning and will provide further details 
  in its Annual Report for the year ending 30 September 2019. 
 
  Outlook 
  Your Board considers that your Company is well positioned, 
  with the portfolio being comprised of a strong foundation 
  of more mature investments providing an income return, and 
  a younger, growth capital portfolio seeking to achieve scale, 
  so as to reach higher levels of profitability and hence value. 
 
  The demand for growth capital investments is strong and the 
  amount of capital available for investment in the sector is 
  substantial, which is giving rise to increased competition 
  and higher entry valuations for the most attractive investment 
  opportunities. 
 
  While the new growth capital element of the portfolio is still 
  young, both your Board and the Investment Adviser continue 
  to seek to assess, balance and diversify the risks within 
  the growing proportion of the overall portfolio that these 
  investments will represent. Your Board cautions that investing 
  in such earlier stage companies involves increased risk, as 
  those that succeed often take longer to build scale, while 
  those less successful investments may be the first to show. 
  Returns may therefore take longer to achieve, and the performance 
  of these businesses may be more volatile. Hopefully these 
  factors will be more than offset by longer-term gains. 
 
  The Board and Investment Adviser have carried out an analysis 
  of the possible impact of Brexit on the investment portfolio. 
  This will be kept under review. 
 
  Finally, I would like to take this opportunity once again 
  to thank all shareholders for their continued support. 
 
  Colin Hook 
  Chairman 
  30 May 2019 
 Investment Policy 
  The Company's policy is to invest primarily in a diverse portfolio 
  of UK unquoted companies. 
 
  Asset Mix and Diversification 
  The Company will seek to make investments in UK unquoted companies 
  in accordance with the prevailing requirements of VCT legislation. 
 
  Investments are made selectively across a wide variety of 
  sectors, principally in established companies. 
 
  Investments are generally structured as part loan and part 
  equity in order to receive regular income and to generate 
  capital gain from realisations. 
 
  There are a number of conditions within the VCT legislation 
  which need to be met by I&G and which may change from time 
  to time. 
 
  No single investment may represent more than 15% (by VCT tax 
  value) of the Company's total investments at the date of investment. 
 
  Save as set out above, the Company's other investments are 
  held in cash and liquid funds. 
 
  Liquidity 
  The Company's cash and liquid funds are held in a portfolio 
  of readily realisable interest bearing investments, deposit 
  and current accounts, of varying maturities, subject to the 
  overriding criterion that the risk of loss of capital be minimised. 
 
  Borrowing 
  The Company's articles of association permit borrowing of 
  up to 10% of the adjusted capital and reserves (as defined 
  therein). However, the Company has never borrowed and the 
  Board would only consider doing to in exceptional circumstances. 
 Investment Review 
  Demand for growth capital investment remains strong and there 
  is a significant pipeline of investment opportunities. It 
  is expected that the current pace and quantum of new and follow-on 
  investments will continue in the short to medium-term. 
 
  Portfolio review 
  The portfolio's activity in the six months to 31 March 2019 
  is summarised as follows: 
                                      2019     2018 
                                      GBPm     GBPm 
  ------------------------------- 
   Opening portfolio value           49.40    48.09 
                                   -------  ------- 
   New and follow-on investments      2.00     3.10 
                                   -------  ------- 
   Disposal proceeds                (2.29)   (4.63) 
                                   -------  ------- 
   Net realised gains                 0.37     1.81 
                                   -------  ------- 
   Valuation movements                2.20   (1.25) 
                                   -------  ------- 
   Portfolio value at 31 March       51.68    47.12 
                                   -------  ------- 
 
 
  The six months to 31 March 2019 has seen further solid progress. 
  New investment comprised one new growth capital investment 
  of GBP0.47 million into Grow Kudos, an online platform which 
  provides and promotes research dissemination, and three existing 
  growth portfolio companies receiving follow-on funding totalling 
  GBP1.53 million (Biosite, Proactive and MPB). Net cash proceeds 
  of GBP2.29 million were received, primarily from loan repayments. 
 
  The investment and divestment activity during the period has 
  increased the proportion of the portfolio comprised of all 
  growth capital investments by value to 47.9% at the period 
  end. 
 
  After the period end, the Company invested GBP1.53 million 
  into Arkk Consulting, a regulatory and reporting requirement 
  service and product provider, and GBP0.93 million was invested 
  into Parsley Box, a supplier of home delivered ambient ready 
  meals for the elderly. This brings the total invested in those 
  growth capital investments made since the introduction of 
  the VCT Rules in 2015 to GBP20.53 million. Also, disposal 
  proceeds of GBP1.22 million have been received following the 
  realisation of Plastic Surgeon. These proceeds contributed 
  to a multiple on cost of 5.6x over the life of this investment. 
 
  Details of the valuation movements for each investee company 
  are provided in the Investment Portfolio Summary. 
 
  The portfolio's contribution to the overall results of the 
  VCT is summarised as follows: 
   Investment Portfolio Capital Movement      2019     2018 
                                              GBPm     GBPm 
   Increase in the value of unrealised 
    investments                               4.68     4.80 
                                           -------  ------- 
   Decrease in the value of unrealised 
    investments                             (2.48)   (6.05) 
                                           -------  ------- 
   Net increase/(decrease) in the 
    value of unrealised investments           2.20   (1.25) 
                                           -------  ------- 
   Realised gains                             0.37     1.81 
                                           -------  ------- 
   Realised losses                               -        - 
                                           -------  ------- 
   Net realised gains in the period           0.37     1.81 
                                           -------  ------- 
   Net investment portfolio movement 
    in the period                             2.57     0.56 
                                           -------  ------- 
 
 
  Valuation changes of portfolio investments still held 
  The principal contributors to the valuation increases of GBP4.68 
  million were ASL GBP1.25 million, EOTH (Rab and Lowe Alpine) 
  GBP0.53 million and Rotageek GBP0.43 million. 
 
  ASL's core business is trading well and, following two recent 
  corporate acquisitions, is beginning to benefit from associated 
  synergies. EOTH achieved a record year of profitability, underpinned 
  by continued growth in its Rab brand. Rotageek has made a 
  strong start since investment, having won a number of new 
  contracts for its software. 
 
  A small number of new growth investments have shown initial 
  uplifts from cost, due in large part to the structure of the 
  Company's investment, but, in some cases, also due to the 
  underlying investee company performance. 
 
  The main reductions within total valuation decreases of GBP(2.48) 
  million, were Redline GBP(0.39) million, Aquasium GBP(0.35) 
  million, and Bourne Bioscience GBP(0.34) million. Redline's 
  revenues have been unpredictable and sales in recent months 
  have been lower than planned which has impacted the valuation. 
  Bourne has experienced softer trading in recent months due 
  to a strong competitive landscape, but a recently opened clinic 
  is expected to generate a positive contribution soon. Finally, 
  Aquasium, a legacy investment, is behind budget due to a low 
  order book and customer delays, although the longer-term prospects 
  appear more promising. 
 
  Realised gains and deferred consideration receipts 
  There have been no realisations during the period under review. 
  However, the Company realised a gain in the half-year from 
  deferred consideration receipts of GBP0.37 million arising 
  from past realisations. 
 
  After the period end, the Company realised its investment 
  in Plastic Surgeon, receiving GBP1.22 million in cash proceeds. 
  This contributed to a multiple on cost of 5.6x and an IRR 
  of 20.5% over the 11 years the investment was held. 
 
  Investment portfolio yield and capital repayments 
  In the period under review, the Company received the following 
  amounts in loan interest and dividend income: 
   Investment Portfolio Yield       2019    2018 
                                    GBPm    GBPm 
   Loan interest received 
    in the period                   1.41    1.29 
                                  ------  ------ 
   Dividends received in the 
    period                          0.24    0.12 
                                  ------  ------ 
   Total portfolio income 
    in the period(1)                1.65    1.41 
                                  ------  ------ 
   Portfolio Value at 31 March     51.68   47.12 
                                  ------  ------ 
   Portfolio Income Yield 
    (Income as a % of Portfolio 
    value at 31 March)              3.2%    3.0% 
                                  ------  ------ 
 
  (1) Total portfolio income in the period is generated solely 
  from investee companies within the portfolio. 
 
  In addition to deferred consideration receipts of GBP0.37 
  million, the Company also received loan stock repayments of 
  GBP1.82 million (as the investments in the five companies 
  preparing to trade repaid the final loan stock sums still 
  payable) and preference share repurchases of GBP0.10 million, 
  both at cost. 
 
  New investment in the half year 
  The Company made one new investment of GBP0.47 million during 
  the period, as detailed below: 
  Company            Business         Date of Investment         Amount of new 
                                                              investment (GBPm) 
                    Platform for 
                  the dissemination 
   Grow Kudos        of research          November 2018                    0.47 
                --------------------  --------------------  ------------------- 
   Grow Kudos is an online platform which provides and promotes 
    research dissemination. The Kudos product was developed to 
    allow researchers to increase the impact and readership of 
    their work and to track and analyse distribution both within 
    academia and across broader audiences. The investment will 
    be used principally to increase its head count to support 
    sales growth. The company's unaudited accounts for the year 
    ended 31 December 2017 show revenues of GBP0.53 million and 
    a loss before interest, tax and amortisation of goodwill 
    of GBP(0.59) million. 
 
   Further investments in existing portfolio companies in the 
   half-year 
   The Company made further investments totalling GBP1.53 million 
   into three existing portfolio companies during the period 
   under review, as detailed below: 
  Company                      Business          Date of Investment         Amount of new 
                                                                         investment (GBPm) 
                          Workforce management 
                              and security 
   Biosite                      services             October 2018                     0.93 
                         ---------------------  ---------------------  ------------------- 
   Based in the Midlands, Biosite is a provider of biometric 
    access control and software-based workforce management solutions 
    for the construction sector. The business is growing significantly, 
    and this investment will support the further development 
    of software and hardware products. The company's audited 
    accounts for the year ended 31 July 2018 show turnover of 
    GBP9.76 million and a loss before interest, tax and amortisation 
    of goodwill of GBP(0.64) million. 
                             Investor media 
   Proactive Investors          services             October 2018                     0.45 
                         ---------------------  ---------------------  ------------------- 
   Proactive Investors specialises in timely 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. The investment will enable Proactive 
    to expand its services into the US market, which is the largest 
    global market for investor media services. The company's 
    unaudited accounts for the year ended 30 June 2018 show turnover 
    of GBP4.75 million and a loss before interest, tax and amortisation 
    of goodwill of GBP(0.31) million. 
                           Online marketplace 
                             for used camera     October and December 
   MPB Group               and video equipment           2018                         0.15 
                         ---------------------  ---------------------  ------------------- 
   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 prior year, 
    this investment will give the company sufficient capital 
    to achieve its next phase of expansion. The company's audited 
    accounts for the year ended 31 March 2018 show turnover of 
    GBP21.71 million and a loss before interest, tax and amortisation 
    of goodwill of GBP(2.00) million. 
 
   New investments made after the period end 
   The Company made two new investments, totalling GBP2.46 million 
   after the period end, as detailed below: 
    Company                   Business           Date of Investment         Amount of new 
                                                                        investment (GBPm) 
                           Regulatory and 
                        reporting requirement 
    Arkk Consulting        service provider           May 2019                       1.53 
                      ------------------------  --------------------  ------------------- 
    Arkk Consulting (trading as Arkk Solutions) provides services 
     and software to enable organisations to remain compliant 
     with regulatory reporting requirements. Arkk was established 
     in 2009 and currently has over 800 clients across 20 countries. 
     These include more than 80 of the FTSE 350, and half of the 
     largest 20 accountancy firms in the UK. The investment will 
     build on Arkk's reputation and customer base, to target the 
     cloud based period end reporting market by building the sales 
     and marketing team. The company's audited accounts for the 
     year ended 31 December 2017 show turnover of GBP3.18 million 
     and a profit before interest, tax and amortisation of goodwill 
     of GBP0.52 million. 
                           Home delivered 
                            ambient ready 
                            meals for the 
    Parsley Box                elderly                May 2019                       0.93 
                      ------------------------  --------------------  ------------------- 
    Parsley Box is a UK direct to consumer supplier of home delivered 
     ambient ready meals for the elderly. Founded in 2017, Parsley 
     Box has grown rapidly and has developed a unique meal delivery 
     solution for its customers. The company supplies a diverse 
     range of ambient meals via next day delivery which are easy 
     to store and aim to contribute to a more independent and 
     healthier lifestyle. The investment will scale the company's 
     marketing strategy, enable it to process larger order volumes 
     and continue to build out its team. The company's unaudited 
     accounts for the period ended 31 March 2018 show revenues 
     of GBP0.25 million and a loss before interest, tax and amortisation 
     of goodwill of GBP(0.21) million. 
 
   Realisation after the period end 
   The Company realised its investment in Plastic Surgeon after 
   the period end, as detailed below: 
    Company                 Business         Period of investment   Total cash proceeds 
                                                                          over the life 
                                                                      of the investment 
                                                                        / Multiple over 
                                                                                   cost 
    Plastic Surgeon   Supplier of snagging      April 2008 to           GBP2.27 million 
                          and finishing            May 2019              5.6 times cost 
                         services to the 
                         property sector 
                     ---------------------  ---------------------  -------------------- 
    The Company sold its remaining investment in Plastic Surgeon 
     to Polygon Group for GBP1.22 million. Over the eleven years 
     this investment was held, it generated proceeds of GBP2.27 
     million compared to an original investment cost of GBP0.40 
     million which is a multiple on cost of 5.6x and an IRR of 
     20.5%. 
 
 
   Mobeus Equity Partners LLP 
   Investment Adviser 
   30 May 2019 
 
   Investment Portfolio Summary 
   As at 31 March 2019 
 
                                 Total cost    Valuation at       Additional      Valuation 
                                         at                                              at 
                                   31 March    30 September      investments       31 March 
                                       2019            2018                            2019 
                                                  (audited)    in the period 
                                (unaudited)             GBP                     (unaudited) 
                                        GBP                              GBP            GBP 
 
 
    Tovey Management 
     Limited (trading 
     as Access IS) 
     Provider of data 
     capture and scanning 
     hardware                     3,313,932       4,110,232                -      4,300,074 
    ASL Technology 
     Holdings Limited 
     Printer and photocopier 
     services                     2,722,106       2,904,306                -      4,151,254 
    EOTH Limited 
     (trading as Equip 
     Outdoor Technologies) 
     Distributor of 
     branded outdoor 
     equipment and 
     clothing including 
     the Rab and Lowe 
     Alpine brands                1,383,313       2,809,199                -      3,336,475 
    Virgin Wines 
     Holding Company 
     Limited 
     Online wine retailer         2,745,503       3,227,371                -      3,327,794 
    Preservica Limited 
     Seller of proprietary 
     digital archiving 
     software                     2,181,666       2,977,489                -      3,119,565 
    Pattern Analytics 
     Limited (trading 
     as Biosite) 
     Workforce management 
     and security 
     services for 
     the construction 
     industry                     1,791,938       1,384,696          934,924      2,648,952 
    Media Business 
     Insight Holdings 
     Limited 
     A publishing 
     and events business 
     focussed on the 
     creative production 
     industries                   3,666,556       2,469,625                -      2,633,975 
    Manufacturing 
     Services Investment 
     Limited (trading 
     as Wetsuit Outlet) 
     Online retailer 
     in the water 
     sports market                3,205,182       2,326,781                -      2,236,330 
    Master Removers 
     Group Limited 
     (trading as Anthony 
     Ward Thomas, 
     Bishopsgate and 
     Aussie Man & 
     Van) 
     A specialist 
     logistics, storage 
     and removals 
     business                       682,183       1,926,851                -      2,054,472 
    MPB Group Limited 
     Online marketplace 
     for used photographic 
     equipment                    1,423,974       1,885,665          154,780      2,050,973 
    Vian Marketing 
     Limited (trading 
     as Red Paddle 
     Co) 
     Design, manufacture 
     and sale of stand-up 
     paddleboards 
     and windsurfing 
     sails                        1,207,437       1,870,551                -      1,988,059 
    CGI Creative 
     Graphics International 
     Limited 
     Vinyl graphics 
     to global automotive, 
     recreation vehicle 
     and aerospace 
     markets                      1,943,948       1,962,334                -      1,875,034 
    My TutorWeb Limited 
     Digital marketplace 
     connecting school 
     pupils seeking 
     one-to-one online 
     tutoring                     1,783,566       1,963,647                -      1,783,566 
    Tharstern Group 
     Limited 
     Software based 
     management Information 
     systems for the 
     printing industry            1,454,278       1,569,303                -      1,551,295 
    Idox plc 
     Developer and 
     supplier of knowledge 
     management products            453,881       1,462,570                -      1,500,072 
    Ibericos Etc. 
     Limited (trading 
     as Tapas Revolution) 
     Spanish restaurant 
     chain                        1,397,386       1,630,329                -      1,395,285 
    Turner Topco 
     Limited (trading 
     as Auction Technology 
     Group) 
     SaaS based online 
     auction market 
     place platform               1,529,075       1,177,894                -      1,386,934 
    Proactive Group 
     Holdings Inc 
     Media Services 
     and investor 
     conferences                    988,390         539,214          449,176      1,373,818 
    Rota Geek Limited 
     Workforce management 
     software                       625,400         625,400                -      1,056,153 
    Buster and Punch 
     Holdings Limited 
     Industrial inspired 
     lighting and 
     interiors retailer             725,226         855,330                -      1,011,250 
    The Plastic Surgeon 
     Holdings Limited 
     Supplier of snagging 
     and finishing 
     services to the 
     property sector                 40,833         829,934                -        906,333 
    Vectair Holdings 
     Limited 
     Designer and 
     distributor of 
     washroom products               53,400         684,085                -        860,948 
    Bourn Bioscience 
     Limited 
     Management of 
     in-vitro fertilisation 
     clinics                      1,610,379       1,153,951                -        815,059 
    Blaze Signs Holdings 
     Limited 
     Manufacturer 
     and installer 
     of signs                       418,281         598,605                -        753,404 
    RDL Corporation 
     Limited 
     Recruitment consultants 
     within the 
     pharmaceutical, 
     business intelligence 
     and IT industries            1,441,667         903,731                -        713,522 
    Aquasium Technology 
     Limited 
     Manufacturing 
     and marketing 
     of bespoke electron 
     beam welding 
     and vacuum furnace 
     equipment                      166,667       1,002,689                -        654,321 
    Redline Worldwide 
     Limited 
     Provider of security 
     services to the 
     aviation industry 
     and other sectors            1,129,121         956,894                -        564,561 
    Kudos Innovations 
     Limited (trading 
     as Grow Kudos) 
     Online platform 
     that provides 
     and promotes 
     research dissemination         472,500               -          472,500        472,500 
    Super Carers 
     Limited 
     Online introductory 
     platform connecting 
     local individuals 
     with carers                    649,528         649,528                -        324,764 
    Omega Diagnostics 
     Group plc 
     In-vitro diagnostics 
     for food intolerance, 
     autoimmune diseases 
     and infectious 
     diseases                       280,026         350,010                -        303,342 
    BookingTek Limited 
     Direct booking 
     software for 
     hotel groups                   872,646         436,323                -        218,161 
    Jablite Holdings 
     Limited 
     Manufacturer 
     of expanded polystyrene 
     products                       498,790         162,366                -        162,366 
    Veritek Global 
     Holdings Limited 
     Maintenance of 
     imaging equipment            2,289,859         129,132                -        116,961 
    BG Training Limited 
     Technical training 
     business                        53,125          26,563                -         26,563 
    Corero Network 
     Security plc 
     Provider of e-business 
     technologies                   600,000           9,832                -          7,866 
    Hollydale Management 
     Limited 
     Company seeking 
     to carry on a 
     business in the 
     food sector                    621,600         621,600                -              - 
    Backhouse Management 
     Limited 
     Company seeking 
     to carry on a 
     business in the 
     motor sector                   601,600         300,800                -              - 
    Barham Consulting 
     Limited 
     Company seeking 
     to carry on a 
     business in the 
     catering sector                601,600         300,800                -              - 
    Creasy Marketing 
     Services Limited 
     Company seeking 
     to carry on a 
     business in the 
     textile sector                 601,600         300,800                -              - 
    McGrigor Management 
     Limited 
     Company seeking 
     to carry on a 
     business in the 
     pharmaceutical 
     sector                         601,600         300,800                -              - 
    Oxonica Limited               2,524,527               -                -              - 
     International 
     nanomaterials 
     group 
    Racoon International            655,851               -                -              - 
     Group Limited 
     Supplier of hair 
     extensions, hair 
     care products 
     and training 
    NexxtDrive Limited/Nexxt        487,014               -                -              - 
     E-drive Limited 
     Developer and 
     exploiter of 
     mechanical transmission 
     technologies 
    CB Imports Group                175,000               -                -              - 
     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 
    Hemmels Limited                  30,180               -                -              - 
     Sourcing and 
     restoration of 
     classic cars 
    Total                        52,839,504      49,397,230        2,011,380     51,682,001 
 
   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 
   2018 ("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 27 and 28, and 
   in Note 16 on Financial Instruments on pages 65 to 72. 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 an adequate cash position. 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 65 to 72 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 
 
   30 May 2019 
 Unaudited Condensed Income Statement 
  for the six months ended 31 March 2019 
                                          Six months ended 31                     Six months ended 31 
                                                    March 2019                              March 2018 
                                                   (unaudited)                             (unaudited) 
                     Notes     Revenue     Capital       Total     Revenue       Capital         Total 
                                   GBP         GBP         GBP         GBP           GBP           GBP 
   ---------------  ------  ----------  ----------  ----------  ----------  ------------  ------------ 
    Unrealised 
     gains / 
     (losses) 
     on 
     investments 
     held at fair 
     value             9             -   2,199,709   2,199,709           -   (1,251,618)   (1,251,618) 
    Realised gains 
     on 
     investments 
     held at fair 
     value             9             -     367,651     367,651           -     1,810,102     1,810,102 
    Income             4     1,783,886           -   1,783,886   1,476,579             -     1,476,579 
    Investment 
     Adviser's 
     fees              5     (215,882)   (647,647)   (863,529)   (205,694)     (617,082)     (822,776) 
    Other expenses           (224,094)           -   (224,094)   (234,496)             -     (234,496) 
   ---------------  ------  ----------  ----------  ----------  ----------  ------------  ------------ 
    Profit / 
     (loss) 
     on ordinary 
     activities 
     before 
     taxation                1,343,910   1,919,713   3,263,623   1,036,389      (58,598)       977,791 
    Tax on profit 
     / (loss) on 
     ordinary 
     activities        6     (209,618)     209,618           -   (173,800)       173,800             - 
   ---------------  ------  ----------  ----------  ----------  ----------  ------------  ------------ 
    Profit for 
     the period 
     and total 
     comprehensive 
     income                  1,134,292   2,129,331   3,263,623     862,589       115,202       977,791 
   ---------------  ------  ----------  ----------  ----------  ----------  ------------  ------------ 
    Basic and 
     diluted 
     earnings per 
     share             7         1.08p       2.02p       3.10p       0.92p         0.12p         1.04p 
 
                                                     Year ended 30 September 
                                                                        2018 
                                                                   (audited) 
                               Notes     Revenue       Capital         Total 
                                             GBP           GBP           GBP 
   -------------------------  ------  ----------  ------------  ------------ 
    Unrealised gains 
     / (losses) on 
     investments held 
     at fair value                             -       570,022       570,022 
    Realised gains 
     on investments 
     held at fair 
     value                                     -     1,113,464     1,113,464 
    Income                       4     3,093,838             -     3,093,838 
    Investment Adviser's 
     fees                        5     (428,311)   (1,284,934)   (1,713,245) 
    Investment Adviser's 
     performance fees            5             -       (1,119)       (1,119) 
    Other expenses                     (455,836)             -     (455,836) 
   -------------------------  ------  ----------  ------------  ------------ 
    Profit on ordinary 
     activities before 
     taxation                          2,209,691       397,433     2,607,124 
    Tax on profit 
     on ordinary activities      6     (339,227)       339,227             - 
   -------------------------  ------  ----------  ------------  ------------ 
    Profit for the 
     period and total 
     comprehensive 
     income                            1,870,464       736,660     2,607,124 
   -------------------------  ------  ----------  ------------  ------------ 
    Basic and diluted 
     earnings per 
     share                       7         1.88p         0.74p         2.62p 
 The revenue column of the Income Statement includes all income 
  and expenses. The capital column accounts for the unrealised 
  gains/(losses) 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 2019 
                                          31 March           31 March         30 September 
                                               2019               2018                 2018 
                                        (unaudited)        (unaudited) 
                                                                                  (audited) 
                               Notes            GBP                GBP                  GBP 
   -------------------------  ------  -------------      -------------  ------  ----------- 
    Fixed assets 
    Investments at fair 
     value                         9     51,682,001         47,114,979           49,397,230 
    Current assets 
    Debtors and prepayments                 447,599            718,466              458,043 
    Current asset 
     investments                  10     27,873,883         34,467,981           31,627,351 
    Cash at bank                  10      1,659,682          1,483,126            1,284,816 
   -------------------------  ------  -------------      -------------  ------  ----------- 
                                         29,981,164         36,669,573           33,370,210 
    Creditors: amounts 
     falling due within 
     one year                             (225,127)          (199,647)            (183,726) 
    Net current assets                   29,756,037         36,469,926           33,186,484 
   -------------------------  ------  -------------      -------------  ------  ----------- 
    Net assets                           81,438,038         83,584,905           82,583,714 
   -------------------------  ------  -------------      -------------  ------  ----------- 
    Capital and reserves 
    Called up share capital               1,043,639          1,054,360            1,054,384 
    Capital redemption 
     reserve                                 44,235             25,754               33,490 
    Share premium reserve                46,473,760         45,949,915           46,473,760 
    Revaluation reserve                   6,200,237          2,484,528            4,102,002 
    Special distributable 
     reserve                             18,486,621         21,727,185           19,655,855 
    Realised capital reserve              6,469,707          9,878,415            8,627,792 
    Revenue reserve                       2,719,839          2,464,748            2,636,431 
   -------------------------  ------  -------------      -------------  ------  ----------- 
    Equity Shareholders' 
     funds                               81,438,038         83,584,905           82,583,714 
   -------------------------  ------  -------------      -------------  ------  ----------- 
    Basic and diluted 
     net asset value: 
    Basic and diluted 
     net asset value per 
     share                        11         78.03p             79.28p               78.32p 
 Unaudited Condensed Statement of Changes in Equity 
  for the six months ended 31 March 2019 
                               Non-distributable reserves                        Distributable reserves                   Total 
                       Called      Capital        Share   Revaluation         Special      Realised       Revenue 
                     up share   redemption      premium       reserve   distributable       capital       reserve 
                      capital      reserve      reserve                       reserve       reserve 
                                                                                (Note         (Note         (Note 
                                                                                   a)            b)            b) 
                          GBP          GBP          GBP           GBP             GBP           GBP           GBP           GBP 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   At 1 October 
    2018            1,054,384       33,490   46,473,760     4,102,002      19,655,855     8,627,792     2,636,431    82,583,714 
   Comprehensive 
    income 
    for the 
    period 
   Profit/(loss) 
    for the 
    period                  -            -            -     2,199,709               -      (70,378)     1,134,292     3,263,623 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   Total 
    comprehensive 
    income 
    for the 
    period                  -            -            -     2,199,709               -      (70,378)     1,134,292     3,263,623 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   Contributions 
    by and 
    distributions 
    to owners 
   Shares 
    bought 
    back (Note 
    c)               (10,745)       10,745            -             -       (731,205)             -             -     (731,205) 
   Dividends 
    paid                    -            -            -             -               -   (2,627,210)   (1,050,884)   (3,678,094) 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   Total 
    contributions 
    by and 
    distributions 
    to owners        (10,745)       10,745            -             -       (731,205)   (2,627,210)   (1,050,884)   (4,409,299) 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   Other 
    movements 
   Realised 
    losses 
    transferred 
    to special 
    reserve 
    (Note 
    a)                      -            -            -             -       (438,029)       438,029             -             - 
   Realisation 
    of previously 
    unrealised 
    appreciation            -            -            -     (101,474)               -       101,474             -             - 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   Total 
    other 
    movements               -            -            -     (101,474)       (438,029)       539,503             -             - 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
   At 31 
    March 
    2019            1,043,639       44,235   46,473,760     6,200,237      18,486,621     6,469,707     2,719,839    81,438,038 
  ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ------------  ------------ 
 Notes: 
  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 GBP438,029 to the special 
  reserve from the realised capital reserve above is the total 
  of realised losses incurred by the Company in the period. 
 
  b): The realised capital reserve and the revenue reserve together 
  comprise the Profit and Loss Account of the Company. 
 
  c): During the period, the Company repurchased 1,074,519 of 
  its own shares at the prevailing market price for a total 
  cost (including stamp duty) of GBP731,205, which were subsequently 
  cancelled. 
 Unaudited Condensed Statement of Changes in Equity 
  for the six months ended 31 March 2018 
                               Non-distributable reserves                       Distributable 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 
     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 
    Shares 
     issued 
     via Offer 
     for 
     Subscription      266,076            -   21,293,047             -       (199,395)             -           -    21,359,728 
    Dividends 
     re-invested 
     into new 
     shares              7,977            -      557,557             -               -             -           -       565,534 
    Shares 
     bought 
     back             (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                 -            -            -             -       (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 
   ---------------  ----------  -----------  -----------  ------------  --------------  ------------  ----------  ------------ 
 
 Unaudited Condensed Statement of Cash Flows 
  for the six months ended 31 March 2019                                             Six months     Six months 
                                                 ended 31       ended 31        Year ended 
                                               March 2019     March 2018      30 September 
                                     Notes    (unaudited)    (unaudited)    2018 (audited) 
                                                      GBP            GBP               GBP 
  --------------------------------  ------  -------------  -------------  ---------------- 
   Cash flows from operating 
    activities 
   Profit for the financial 
    period                                      3,263,623        977,791         2,607,124 
   Adjustments for: 
   Net unrealised (gains)/losses 
    on investments                            (2,199,709)      1,251,618         (570,022) 
   Realised gains on realisations 
    on investments                              (367,651)    (1,810,102)       (1,113,464) 
   Increase in debtors                           (66,947)      (228,772)           (4,832) 
   Increase/(decrease) in 
    creditors and accruals                         41,402      (559,040)         (574,960) 
  --------------------------------  ------  -------------  -------------  ---------------- 
   Net cash inflow/(outflow) 
    from operating activities                     670,718      (368,505)           343,846 
  --------------------------------  ------  -------------  -------------  ---------------- 
   Cash flows from investing 
    activities 
   Purchase of investments             9      (1,933,990)    (3,103,915)       (6,290,160) 
   Disposal of investments             9        2,293,969      4,513,856         6,579,334 
                                                           -------------  ---------------- 
   Net cash inflow from 
    investing activities                          359,979      1,409,941           289,174 
                                                           -------------  ---------------- 
 
   Cash flows from financing 
    activities 
   Shares issued as part 
    of Offer for Subscription                           -     24,305,938        24,305,938 
   Equity dividends paid               8      (3,678,094)    (2,255,584)       (4,352,591) 
   Purchase of own shares                       (731,205)      (928,419)       (1,461,936) 
  --------------------------------  ------  -------------  -------------  ---------------- 
   Net cash (outflow)/inflow 
    from financing activities                 (4,409,299)     21,121,935        18,491,411 
  --------------------------------  ------  -------------  -------------  ---------------- 
   Net (decrease)/increase 
    in cash and cash equivalents              (3,378,602)     22,163,371        19,124,431 
   Cash and cash equivalents 
    at start of period                         29,760,398     10,635,967        10,635,967 
   Cash and cash equivalents 
    at end of period                           26,381,796     32,799,338        29,760,398 
  --------------------------------                         -------------  ---------------- 
   Cash and equivalents 
    comprise: 
   Cash at bank and in hand           10        1,659,682      1,483,126         1,284,816 
   Cash equivalents                   10       24,722,114     31,316,212        28,475,582 
 
 The notes below form part of the Half-Year Financial Statements 
 Notes to the Unaudited Condensed Financial Statements 
  for the six months ended 31 March 2019 
 
 1.         Company Information 
            The Income & Growth VCT plc is a public limited company 
             incorporated in England and Wales, registration number 
             04069483. 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 March      ended 31 March      30 September 
                                            2019 (unaudited)    2018 (unaudited)    2018 (audited) 
                                                         GBP                 GBP               GBP 
              --------------------------  ------------------  ------------------  ---------------- 
               Income 
               - Dividends                           240,656             121,857           424,491 
               - Money market 
                funds                                 91,855              33,569           108,807 
               - Loan stock interest               1,408,515           1,290,981         2,497,742 
               - Bank deposit 
                interest                              23,074              22,433            43,178 
               - Interest on preference 
                share dividend arrears                17,423                   -            11,881 
               - Other income                          2,363               7,739             7,739 
              --------------------------  ------------------  ------------------  ---------------- 
               Total Income                        1,783,886           1,476,579         3,093,838 
              --------------------------  ------------------  ------------------  ---------------- 
 5.         Investment Adviser's fees and performance fees 
                                        Six months     Six months      Year ended 
                                           ended 31       ended 31    30 September 
                                         March 2019     March 2018            2018 
                                        (unaudited)    (unaudited) 
                                                                         (audited) 
                                                GBP            GBP             GBP 
              ----------------------  -------------  -------------  -------------- 
               Allocated to revenue 
                return: Investment 
                Adviser's fees              215,882        205,694         428,311 
               Allocated to capital 
                return: Investment 
                Adviser's fees              647,647        617,082       1,284,934 
               Investment Adviser's 
                performance fees                  -              -           1,119 
               Total                        863,529        822,776       1,714,364 
              ----------------------  -------------  -------------  -------------- 
 
               Investment Adviser's 
                fee                         863,529        822,776       1,713,245 
               Investment Adviser's 
                performance fees                  -              -           1,119 
               Total                        863,529        822,776       1,714,364 
              ----------------------  -------------  -------------  -------------- 
 
 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 ended     Six months       Year ended 
                                                      31 March 2019       ended 31 
                                                                        March 2018 
                                                        (unaudited)    (unaudited)     30 September 
                                                                                               2018 
                                                                                          (audited) 
                                                                GBP            GBP              GBP 
                       -------------------------  -----------------  -------------  --------------- 
                        Total earnings 
                i)       after taxation:                  3,263,623        977,791        2,607,124 
                 Basic earnings 
                  per share (Note 
                  a)                                         3.10 p         1.04 p           2.62 p 
                --------------------------------  -----------------  -------------  --------------- 
                ii)     Revenue earnings 
                         from ordinary 
                         activities 
                 after taxation                           1,134,292        862,589        1,870,464 
                 Basic revenue 
                  earnings per share 
                  (Note b)                                   1.08 p         0.92 p           1.88 p 
                --------------------------------  -----------------  -------------  --------------- 
                 Net unrealised 
                  capital gains/(losses) 
                  on investments                          2,199,709    (1,251,618)          570,022 
                 Net realised capital 
                  gains on investments                      367,651      1,810,102        1,113,464 
                 Capitalised Investment 
                  Adviser fees and 
                  performance fees 
                  less taxation                           (438,029)      (443,282)        (946,826) 
                --------------------------------  -----------------  -------------  --------------- 
                        Total capital 
                iii)     return                           2,129,331        115,202          736,660 
                 Basic capital 
                  earnings per share 
                  (Note c)                                   2.02 p         0.12 p           0.74 p 
                --------------------------------  -----------------  -------------  --------------- 
                iv) 
                                                  -----------------  -------------  --------------- 
                 Weighted average 
                  number of shares 
                  in issue in the 
                  period                                105,141,805     93,616,928       99,602,770 
                --------------------------------  -----------------  -------------  --------------- 
 
               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 
              Dividend    Type             For the   Pence   Date paid    Six months       Six months       Year ended 
                                               year     per                     ended            ended 
                                              ended   share                  31 March         31 March 
                                       30 September                              2019             2018 
                                                                          (unaudited)   (unaudited)GBP 
                                                                                  GBP                      30 September 
                                                                                                                   2018 
                                                                                                              (audited) 
                                                                                                                    GBP 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
 
                                                                     15 
                                                               February 
               Final       Income              2017   0.50p        2018             -          470,185          470,185 
                                                                     15 
                                                               February 
               Final       Capital             2017   2.50p        2018             -        2,350,933        2,350,933 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
                                                                21 June 
               Interim     Income              2018   0.80p        2018             -                -          843,492 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
                                                                21 June 
               Interim     Capital             2018   1.70p        2018             -                -        1,792,420 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
                                                                     15 
                                                               February 
               Final       Income              2018   1.00p        2019     1,050,884                -                - 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
                                                                     15 
                                                               February 
               Final       Capital             2018   2.50p        2019     2,627,210                -                - 
              ----------  ---------  --------------  ------  ----------  ------------  ---------------  --------------- 
               Previous dividends not claimed within 
                the statutory period                                                -                -          (7,300) 
              ---------------------------------------------------------  ------------  ---------------  --------------- 
               Total*                                                       3,678,094        2,821,118        5,449,730 
              -------------------------------------  ------  ----------  ------------  ---------------  --------------- 
 
              * - For the period ended 31 March 2018, GBP2,821,118 (30 
              September 2018: GBP5,449,730) disclosed above differs to 
              that shown in the Statement of Cashflows of GBP2,255,584 
              (30 September 2018: GBP4,352,591) due to GBP565,534 (30 
              September 2018: GBP1,097,139) of new shares issued as part 
              of the Company's Dividend Investment Scheme. No new shares 
              were issued as part of the Scheme in the current period 
              following the suspension of the Scheme in December 2018. 
 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 
                2018                 1,822,412    20,758,488       368,541    26,447,789    49,397,230 
 
               Purchases at cost             -       926,956             -     1,084,424     2,011,380 
               Sales - proceeds 
                (Note a)                     -     (367,651)     (101,518)   (1,824,800)   (2,293,969) 
               - realised 
                (losses)/gains               -     (362,269)             -       729,920       367,651 
               Unrealised 
                (losses)/gains 
                on investments in 
                the period            (11,132)     2,826,057       (7,672)     (607,544)     2,199,709 
              --------------------  ----------  ------------  ------------  ------------  ------------ 
               Valuation at 31 
                March 2019           1,811,280    23,781,581       259,351    25,829,789    51,682,001 
              --------------------  ----------  ------------  ------------  ------------  ------------ 
 
               Book cost at 31 
                March 2019           1,333,907    25,855,013        24,674    25,625,910    52,839,504 
               Unrealised gains 
                at 31 March 2019       977,373     4,666,941       234,677       321,246     6,200,237 
               Permanent 
                impairment 
                of valuation of 
                investments          (500,000)   (6,740,373)             -     (117,367)   (7,357,740) 
              --------------------  ----------  ------------  ------------  ------------  ------------ 
               Valuation at 31 
                March 2019           1,811,280    23,781,581       259,351    25,829,789    51,682,001 
              --------------------  ----------  ------------  ------------  ------------  ------------ 
 
               (Losses)/gains on 
                investments 
               Realised gains 
                based 
                on historical cost           -       367,651       101,474             -       469,125 
               Less amounts 
                recognised 
                as unrealised 
                gains 
                in previous years            -             -     (101,474)             -     (101,474) 
              --------------------  ----------  ------------  ------------  ------------  ------------ 
 
               Realised gains 
                based 
                on carrying value 
                at 30 September 
                2018                         -       367,651             -             -       367,651 
               Net movement in 
                unrealised 
                (losses)/gains 
                in the period         (11,132)     2,826,057       (7,672)     (607,544)    2,199,709 
               (Losses)/gains on 
                investments for 
                the period ended 
                31 March 2019         (11,132)     3,193,708       (7,672)     (607,544)     2,567,360 
              ====================  ==========  ============  ============  ============  ============ 
 
              Note a) Purchases shown above of GBP2,011,380 differs from 
              those shown in the Statement of Cash flows of GBP1,933,990 
              by GBP77,390. This difference arises due to funds held 
              in a solicitor's client account in advance of an investment 
              that completed in October 2018. 
 
              There has been no significant change in the risk analysis 
              as disclosed in Note 16 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 
                                                                                       2018 
                                               as at 31       as at 31            (audited) 
                                             March 2019     March 2018 
                                            (unaudited)    (unaudited) 
                                                    GBP            GBP                  GBP 
             ---------------------------  -------------  -------------  ------------------- 
              OEIC Money market 
               funds                         24,722,114     31,316,212           28,475,582 
             ---------------------------  -------------  -------------  ------------------- 
              Cash equivalents 
               per Statement of 
               Cash Flows                    24,722,114     31,316,212           28,475,582 
              Bank deposits that 
               mature after three 
               months                         3,151,769      3,151,769            3,151,769 
             ---------------------------  -------------  -------------  ------------------- 
              Current asset investments      27,873,883     34,467,981           31,627,351 
             ---------------------------  -------------  -------------  ------------------- 
              Cash at bank                    1,659,682      1,483,126            1,284,816 
             ---------------------------  -------------  -------------  ------------------- 
 
 11.        Net asset value per share 
                                    as at 31 March   as at 31 March   as at 30 September 
                                               2019             2018                 2018 
                                        (unaudited)      (unaudited)            (audited) 
              --------------------  ---------------  ---------------  ------------------- 
               Net assets             GBP81,438,038    GBP83,584,905        GBP82,583,714 
               Number of shares 
                in issue                104,363,865      105,435,973          105,438,384 
 
               Net asset value 
                per share - basic 
                and diluted                  78.03p           79.28p               78.32p 
              --------------------  ---------------  ---------------  ------------------- 
 12.        Post balance sheet events 
            On 10 May 2019, the Company realised its investment in 
             The Plastic Surgeon Holdings Limited, generating proceeds 
             of GBP1.22 million. 
 
             On 13 May 2019, the Company invested GBP1.53 million into 
             Arkk Consulting Limited, a service and product provider 
             that enables companies to remain compliant with regulatory 
             reporting requirements. 
 
             On 22 May 2019, the Company invested GBP0.93 million into 
             Parsley Box Limited, a supplier of home delivered ambient 
             ready meals for the elderly. 
 13.        Statutory information 
            The financial information for the six months ended 31 March 
             2019 and the six months ended 31 March 2018 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 2018 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 will be sent to all shareholders. 
             Further copies are available on request by writing to 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@mobeus.co.uk. 
 
  Mobeus Equity Partners LLP (the Investment Adviser) on 020 
  7024 7600 or by e-mail to info@mobeus.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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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