Interim Management Statement
17/11/2010 7:00am
UK Regulatory
TIDMILV1
RNS Number : 3020W
Ingenious Live VCT 1 plc
17 November 2010
17 November 2010
Ingenious Live VCT 1 plc ("the Company")
Interim Management Statement
For the period from 1 July to 16 November 2010
INVESTMENT ACTIVITIES & PERFORMANCE
We are once again delighted to report an extremely successful summer of activity
for the Company with our outdoor music events reporting good profitability. The
net profit of the four summer events totalled GBP1,249,000. The Company's and
Ingenious Live VCT 2 plc's share of this net profit is GBP181,000 in total.
This success has resulted in a further net write-up of GBP623,000 across the
Company's investments in the period. The writing-up of the events and their
profit contributed to the increase in the net asset value of the Company by
3.6p, giving a closing net asset value total return per share of 99.2p.
The Company is now fully invested for VCT qualifying purposes and will ensure
that it remains fully qualifying until such time as it can realise its
investments and return capital to shareholders.
FESTIVALS
Creamfields
2010 has proved to be the most successful Creamfields weekend event in its 12
year history, both in terms of record profitability and the event being a
complete sell out for the second year in a row. There were 40,000 fans in
attendance for each of the two days this year, an increase of 10,000 compared to
the previous year's attendance of 30,000. The Company's investment is in the
Sunday of the two day event.
As a result of this strong performance the Company's investment in Creamfields
has increased by 2.8p per share. We remain confident that Creamfields will
continue to perform strongly in the future.
80s Rewind
This year's 80s Rewind event held in August experienced an impressive increase
in attendance figures, with a total audience of just over 35,000 across both
days. The event saw record profitability and as a result of its success, a
Christmas Tour will be taking place in December 2010 in addition to a second 80s
Rewind festival in Scotland for 2011. There is also international interest in
licensing the brand for events outside the UK.
As a result of this strong performance the Company's investment in 80s Rewind
has increased by 1.5p per share and we remain confident that 80s Rewind will
continue to perform strongly in the future.
Underage and Field Day
The fourth year of Underage and Field Day saw the two day event report a profit
for a second year in a row. The combination of strong attendance across both
Field Day (18,000 people) and Underage (8,000 teenagers), as well as renting the
site for a third independent event (a concert by world famous DJ Tiesto) led to
the event for a second year achieving profitability. Although 2010 profit levels
were not as high as those achieved in 2009, which has resulted in a small write
down of 0.1p per share.
LIVE VENUES
Scarborough Open Air Arena
Her Majesty the Queen visited the Scarborough Open Air Arena in May 2010 to open
the venue and the Grand Gala show which included performances from José Carreras
and Dame Kiri Te Kanawa. This summer's schedule has also included other major
shows such as the 80s Rewind Tour, The Doves/Newton Faulkner/The Futureheads and
performances by Justin Fletcher, the Bafta award winning children's presenter
and star of Cbeebies' Something Special, in Justin Live.
Although a small loss was incurred by the co-promoters, they fully believe that
the venue will move into profitability in 2011. As this is the first year of the
Company's investment in Scarborough the investment is being held at cost.
+--------------+--------------+--------------+--------------+
| Period ended | | 30 September | 30 June 2010 |
| | | 2010 | |
+--------------+--------------+--------------+--------------+
| | | | |
+--------------+--------------+--------------+--------------+
| Net asset | | 8,520 | 8,189 |
| value | | | |
| GBP'000 | | | |
+--------------+--------------+--------------+--------------+
| Net asset value total | 9,167 | 8,836 |
| return per share GBP'000 | | |
+-----------------------------+--------------+--------------+
| Shares in issues (number) | 9,242,845 | 9,242,845 |
+--------------+--------------+--------------+--------------+
A copy of this interim management statement can be obtained from the following
websites:
www.londonstockexchange.com
www.ingeniousvcts.co.uk
Enquiries to
Sarah Cruickshank
Company Secretary
Ingenious Live VCT 1 plc
15 Golden Square
London
W1F 9JG
0207 319 4000
MHP Communications
Reg Hoare / Barnaby Fry / Simon Hockridge / Giles Robinson
Tel: 020 3128 8100
ingenious@mhpc.com
This information is provided by RNS
The company news service from the London Stock Exchange
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