RNS Number : 5771F

Triple Point Income VCT PLC

12 November 2015



Triple Point Income VCT plc

Interim Results

The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2015.

For further information please contact Claire Ainsworth at Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk

Unaudited Interim Financial Report - Financial Summary

Unaudited

Audited

Unaudited

6 months ended 30 September 2015

Year ended 31 March 2015

6 months ended  30 September 2014

Ord. Shares

A Shares

C Shares

D Shares

Total

Ord. Shares

A Shares

C Shares

D Shares

Total

Ord. Shares

A Shares

C Shares

Total

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Net assets

16,242

2,115

13,597

13,681

45,635

16,649

4,465

13,409

5,198

39,721

15,574

3,910

13,232

32,716

Net asset value per share

83.40p

41.22p

101.16p

99.85p

n/a

85.49p

87.01p

99.76p

98.15p

n/a

79.97p

76.19p

98.45p

n/a

Net profit/(loss) before tax

568

(43)

235

135

895

1,327

576

127

(9)

2,021

215

17

(95)

137

Dividend paid

(5.00p)

(45.00p)

-

-

n/a

-

(6.20p)

-

-

n/a

-

(6.20p)

-

n/a

Earnings/(loss) per share

2.91p

(0.79p)

1.40p

0.75p

n/a

6.34p

11.06p

0.78p

(0.72p)

n/a

0.84p

0.24p

(0.60p)

n/a

Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM").

·      Ordinary Shares: these are held by the shareholders that were in the Company prior to the merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013.

·      A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012.

·      C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of £14.0 million was raised and 13,441,438 C Shares were issued.

·      D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of £14.3 million was raised and 13,701,636 D Shares were issued.

Unaudited Interim Financial Report - Chairman's Statement

I am writing to present the Unaudited Interim Financial Report for the Company for the period ended 30 September 2015.

Qualifying investments account for 79% of the Company's overall portfolio.  The VCT maintains its VCT qualifying status through satisfying the test of being at least 70% invested in VCT qualifying investments.

Ordinary Share Class and A Share Class

The solar PV companies in which the Ordinary Share Class and A Share Class invested disposed of a significant proportion of their portfolios of roof-mounted solar systems during the year ended 31 March 2015 which resulted in an uplift to the valuation of the Company's investments of an aggregate £1.4 million, equivalent to 10.15p per A Share and 4.36p per Ordinary Share. Subsequently all but one of these investments has been sold.  More information is given in the Investment Manager's Report.

In June the Company completed the sale of its investments in three Anaerobic Digestion companies for £4.8 million resulting in an uplift in the valuation of £0.6 million equivalent to 2.75p per Ordinary Share and 1.76p per A Share.

Ordinary Share Class

During the period the Ordinary Share Class invested £1.6 million into companies in the hydro electric power sector and £3.8 million into companies in energy generation and infrastructure from the proceeds of the disposals of solar PV companies.

During the period a dividend of 5p per share, equivalent to £973,744, was paid to the Ordinary Class Shareholders.

As at 30 September 2015 the net asset value stood at 83.40p per share. Adding back the total dividends of 9.11p paid to Ordinary Class Shareholders takes the total return including net asset value to 92.51p per share, which compares to a weighted average share price at acquisition or conversion of 83.6p. This compares favourably with the total targeted return to investors in 2018 of 90.4p per share.

A  Share Class

Two dividends were paid to the A Class Shareholders during the period. On 24 July 2015 £256,568 was paid, equivalent to 5p per share and on 21 August 2015 £2,052,541 was paid, equivalent to 40p per share.  The second dividend was as a result of the disposals detailed above.

As at 30 September 2015 the net asset value stood at 41.22p per share. Adding back the dividends paid to A Class Shareholders of 56.2p per share takes the total return including net asset value to 97.42p per share, which compares to a weighted average share price at conversion of 86.4p.  This compares favourably with the total targeted return to investors in 2017 of 97.6p per share.

C  Share Class

The C Share Class has invested £13.5 million into companies investing in small scale hydro electric power projects in Scotland. The investment programme for the C Share Fund portfolio is complete.

At 30 September 2015 the net asset value stood at 101.16p per share.

D  Share Class

Last year shareholders approved the proposal for a new share class. The Offer closed on 30 April 2015 with a total of 13,701,636 D Shares being issued and £14.3 million of funds raised.

The D Share Class has invested £13.7 million into companies in the hydro electric power sector of which £7.5 million is invested in companies that have commenced construction.

At 30 September 2015 the net asset value stood at 99.85p per share.

Risks

The Board believes that the principal risks facing the Company are:

·      risk of failure to maintain approval as a VCT

·      investment risk associated with making and holding VCT qualifying investments

The Board and the Investment Manager continue to work to minimise the likelihood and potential impact of these risks.

Outlook

Following the successful disposal of the solar PV and anaerobic digestion companies we will be focused on managing our seasoned investment portfolio as well as on the development of our new investments in the hydro and wider generation sectors.

If you have any questions or comments, please do not hesitate to telephone Triple Point on 020 7201 8989.

David Frank

Chairman

12 November 2015

Unaudited Interim Financial Report - Investment Manager's Review

During the period 7 investee companies which generated renewable electricity from residential solar PV panels were sold and as a result of this sale, a total of £7.7m was realised from this portfolio. This was the first large scale sale of its kind in the UK VCT sector. We are pleased to report that the disposal contributed significantly to an uplift of 4.36p per Ordinary Share, equivalent to £850,000 on the net asset value of the Ordinary Share Class investments and 10.15p per A Share, equivalent to £520,000 on the net asset value of the A Share Class investments. Three companies generating electricity through anaerobic digestion were also sold in June realising £4.8m which contributed to an uplift of 2.75p per Ordinary Share equivalent to £535,000 on the net asset value and 1.76p per A Share equivalent to £90,000 on the net asset value.

The Company has maintained a portfolio of qualifying investments of net assets, ensuring that the Company continues to satisfy the regulatory requirement to be 70% invested in qualifying investments.

The VCT was established to fund small and medium sized enterprises and at the period end the overall portfolio comprised investments in 21 small, unquoted companies in four sectors: cinema digitisation; crematorium management; renewable electricity generation from hydro electric power and landfill gas; SME lending.

VCT Sector Portfolio

Cinema Digitisation

Over the six month period, TP Income's portfolio of cinema digitisation businesses continued to perform as intended, with the companies benefitting from regular and reliable revenues from their operations in the UK, Germany, Italy and Ireland.  

Crematorium Management

Through the Ordinary Share Class portfolio, the Company has one investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough.

Landfill Gas

Craigahulliar Energy Ltd (CEL) and Aeris Power Ltd (APL) each generates renewable electricity from landfill gas at sites operated respectively by local councils and a large waste management company in Northern Ireland. Both businesses continue to generate electricity for export to the Grid, earning long term cash flows through the sale of electricity to a utility company and potentially to the site owners, and through the sale of the Renewables Obligation Certificates. CEL is generating in line with expectations while APL's generation is running slightly lower than expected due to lower than expected gas extraction. Management have taken actions to address this and while the company continues to be comfortably able to meet the VCT's interest payments, we have deemed it prudent to reflect slightly lower cash flow projections in the recent valuation.

Hydro Electric Power

£27.6 million has been invested into companies in the hydro electric power sector of which £19.8 million is invested in companies that have commenced construction. Since the period end a further £0.8 million has been advanced to a company that has a hydro electric scheme in construction.

SME Lending

The C Share Fund has invested in Broadpoint 2 Ltd, a Company that is engaged in lending to small businesses in the Hydro Sector.

Energy Generation and Infrastructure

The Ordinary Share Class has invested £3.8 million into two companies pursuing opportunities in energy generation and infrastructure.

Sector Analysis

The unquoted investment portfolio can be analysed as follows:

			Electricity Generation
Industry Sector	Cinema Digitisation	Crematorium Management	Solar	Anaerobic Digestion		Energy Generation and Infrastructure		Landfill Gas		Hydro Electric Power		SME Lending	Total Unquoted Investments
	£'000	£'000	£'000	£'000				£'000		£'000		£'000	£'000
Investments at 31 March 2015
Ordinary Shares	3,319	988	6,135	3,550		-		-		2,452		-	16,444
A Ordinary Shares	-	-	2,698	600		-		890		-		-	4,188
C Ordinary Shares	-	-	-	-		-		-		9,706		3,420	13,126
D Ordinary Shares	-	-	-	-		-		-		7,432		-	7,432
Total	3,319	988	8,833	4,150		-		890		19,590		3,420	41,190
Investments made during the period
Ordinary Shares	-	-	-	-		3,803		-		1,625		-	5,428
A Ordinary Shares	-	-	-	-		-		-		-		-	-
C Ordinary Shares	-	-	-	-		-		-		210		149	359
D Ordinary Shares	-	-	-	-		-		-		6,283		-	6,283
	-	-	-	-		3,803		-		8,118		149	12,070
Investments realised during the period
Ordinary Shares	-	(100)	(4,429)	(4,102)		-		-		(48)		-	(8,679)
A Ordinary Shares	-	-	(2,677)	(693)		-		-		-		-	(3,370)
C Ordinary Shares	-	-	-	-		-		-		-		-	-
D Ordinary Shares	-	-	-	-		-		-		-		-	-
	-	(100)	(7,106)	(4,795)		-		-		(48)		-	(12,049)
Investments re-valued during the period
Ordinary Shares	-	-	20		552		-		-		-	-	572
A Ordinary Shares	-	-	(21)		93		-		(101)		-	-	(29)
C Ordinary Shares	-	-	-		-		-		-		-	-	-
D Ordinary Shares	-	-	-		-		-		-			-	-
	-	-	(1)		645		-		(101)		-	-	543
Investments at 30 September 2015
Ordinary Shares	3,319	888	1,726		-		3,803		-		4,029	-	13,765
A Ordinary Shares	-	-	-		-		-		789		-	-	789
C Ordinary Shares	-	-	-		-		-		-		9,916	3,569	13,485
D Ordinary Shares	-	-	-		-		-		-		13,715	-	13,715
Total	3,319	888	1,726		-		3,803		789		27,660	3,569	41,754
Total investments %	7.95%	2.13%	4.13%		0.00%		9.10%		1.89%		66.25%	8.55%	100.00%

`

Outlook

The Company has a diversified portfolio of VCT qualifying investments in place, with each share class holding a distinct portfolio. Across the VCT, we continue to work closely with the management teams of the portfolio businesses to ensure that they meet the investment strategy and the Company's objectives.

If you have any questions, please do not hesitate to call us on 020 7201 8989.

Claire Ainsworth

Managing Partner

for Triple Point Investment Management LLP

12 November 2015

Unaudited Interim Financial Report - Investment Portfolio

	Unaudited					Audited
`	30 September 2015					31 March 2015
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted Holdings
Unquoted qualifying holdings	35,398	78.86	35,595	78.99		34,244	84.89	36,109	85.58
Unquoted non-qualifying holdings	6,191	13.77	6,159	13.64		5,113	12.66	5,081	12.04
Financial assets at fair value through profit or loss	41,589	92.63	41,754	92.63		39,357	97.55	41,190	97.62
Cash and cash equivalents	3,306	7.37	3,306	7.37		993	2.45	993	2.38
	44,895	100.00	45,060	100.00		40,350	100.00	42,183	100.00
Unquoted Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Cinema digitisation
Digima Ltd	1,262	2.81	1,291	2.87		1,262	3.13	1,291	3.06
Digital Screen Solutions Ltd	2,020	4.50	2,028	4.50		2,020	5.01	2,028	4.81
Electricity Generation
Solar
Arraze Ltd	-	-	-	-		600	1.49	800	1.90
Bandspace Ltd	-	-	-	-		1,200	2.97	1,650	3.91
Bridge Power Ltd	-	-	-	-		725	1.80	968	2.29
Campus Link Ltd	-	-	-	-		690	1.71	892	2.11
Convertibox Services Ltd	-	-	-	-		1,000	2.48	1,170	2.77
Core Generation Ltd	-	-	-	-		600	1.49	823	1.95
C More Energy Ltd	1,000	2.23	1,123	2.49		1,000	2.48	1,123	2.66
Green Energy for Education Ltd	475	1.06	598	1.33		1,000	2.48	1,128	2.67
PJC Renewable Energy Ltd	5	0.01	5	0.01		5	0.01	5	0.01
Trym Power Ltd	-	-	-	-		200	0.50	274	0.65
Anaerobic Digestion
Biomass Future Generation Ltd	-	-	-	-		2,150	5.33	2,150	5.10
GreenTec Energy Ltd	-	-	-	-		1,000	2.48	1,000	2.37
Katharos Organic Ltd	-	-	-	-		1,000	2.48	1,000	2.37
Landfill Gas
Aeris Power Ltd	525	1.17	424	0.94		525	1.30	525	1.24
Craigahulliar Energy Ltd	350	0.78	365	0.81		350	0.87	365	0.87
Hydro Electric Power
Elementary Energy Ltd	2,060	4.59	2,060	4.57		2,060	5.11	2,060	4.88
Green Highland Allt Choire A Bhalachain (225) Ltd	3,130	6.97	3,130	6.95		3,130	7.76	3,130	7.42
Green Highland Allt Garbh Ltd	2,710	6.04	2,710	6.01		-	-	-	-
Green Highland Allt GNF (385) Ltd	2,710	6.04	2,710	6.01		-	-	-	-
Green Highland Allt Ladaidh (1148) Ltd	3,500	7.80	3,500	7.77		3,500	8.67	3,500	8.30
Green Highland Allt Luaidhe (228) Ltd	1,995	4.44	1,995	4.43		1,995	4.94	1,995	4.73
Green Highland Allt Phocachain (1015) Ltd	3,932	8.76	3,932	8.73		3,932	9.74	3,932	9.32
Green Highland Shenval Ltd	1,624	3.62	1,624	3.60		-	-	-	-
Green Highland Renewables (Achnacarry) Ltd	4,300	9.58	4,300	9.54		4,300	10.66	4,300	10.19
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd	2,200	4.90	2,200	4.88		-	-	-	-
Green Highland Hydro Power Ltd	1,600	3.56	1,600	3.55		-	-	-	-
	35,398	78.86	35,595	78.99		34,244	84.89	36,109	85.58

	Unaudited					Audited
	30 September 2015					31 March 2015
Unquoted Non-Qualifying Holdings	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Broadpoint 2 Ltd	3,569	7.95	3,569	7.92		3,420	8.48	3,420	8.11
Crematorium Management
Furnace Managed Services Ltd	920	2.05	888	1.97		1,020	2.53	988	2.34
Hydro Electric Power							-
Elementary Energy Ltd	344	0.77	344	0.76		392	0.97	392	0.93
Green Highland Allt Choire A Bhalachain (225) Ltd	294	0.65	294	0.65		162	0.40	162	0.38
Green Highland Allt Garbh Ltd ST Loan	33	0.07	33	0.07		30	0.07	30	0.07
Green Highland Allt GNF (385) ST Loan	33	0.07	33	0.07		30	0.07	30	0.07
Green Highland Allt Luaidhe (228) Ltd	101	0.22	101	0.22		5	0.01	5	0.01
Green Highland Allt Phocachain (1015) Ltd	132	0.29	132	0.29		54	0.13	54	0.13
Green Highland Shenval Ltd	1	-	1	-		-	-	-	-
Kinlochteacius Hydro Limited	761	1.70	761	1.69		-	-	-	-
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd	2	-	2	-		-	-	-	-
Green Highland Hydro Power Ltd	1	-	1	-		-	-	-	-
	6,191	13.77	6,159	13.64		5,113	12.66	5,081	12.04

Unaudited Interim Financial Report - Directors' Responsibility Statement

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

In preparing the Interim Financial Report for the 6 month period to 30 September 2015, the Directors confirm that to the best of their knowledge:

a)  the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;

b)  the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;

c)  the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; 

d)  the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions in the period; and

e)  the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

     The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.

This Interim Financial Report has not been audited or reviewed by the auditors.

David Frank

Chairman

12 November 2015

Non-Statutory Analysis - The Ordinary Share Fund

Statement of Comprehensive Income
		Unaudited				Audited
		6 months ended				Year ended
	Note	30 September 2015				31 March 2015
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	4	482	-	482		702	-	702
Realised gain on investments		-	341	341		-	-	-
Unrealised (loss)/gain on investments		-	(5)	(5)		-	926	926
Investment return		482	336	818		702	926	1,628
Investment management fees	5	(98)	(33)	(131)		(175)	(58)	(233)
Other expenses		(101)	(18)	(119)		(68)	-	(68)
Profit before taxation		283	285	568		459	868	1,327
Taxation	7	(10)	6	(4)		(99)	13	(86)
Profit after taxation		273	291	564		360	881	1,241
Total comprehensive income for the period		273	291	564		360	881	1,241
Basic and diluted earnings per share	8	1.40p	1.51p	2.91p		1.84p	4.50p	6.34p
Balance Sheet	Note	30 September 2015				31 March 2015
				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				13,167				7,887
Current assets
Assets held for sale				598				8,557
Receivables				321				33
Cash and cash equivalents	9			2,328				334
				3,247				8,924
Current liabilities
Payables				(172)				(162)
Net assets				16,242				16,649
Equity attributable to equity holders				16,242				16,649
Net asset value per share	11			83.40p				85.49p
Statement of Changes in Shareholders' Equity
		30 September 2015					31 March 2015
				£'000				£'000
Opening shareholders' funds				16,649				15,587
Purchase of own shares				-				(179)
Issue of new shares				3				-
Profit for the period				564				1,241
Dividend paid				(974)				-
Closing shareholders' funds				16,242				16,649

Non-Statutory Analysis - The Ordinary Share Fund

Investment Portfolio	Unaudited					Audited
	30 September 2015					31 March 2015
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	12,246	77.30	12,529	77.85		13,912	88.87	15,064	89.78
Unquoted non-qualifying holdings	1,268	8.01	1,236	7.69		1,412	9.01	1,380	8.23
Financial assets at fair value through profit or loss	13,514	85.31	13,765	85.54		15,324	97.88	16,444	98.01
Cash and cash equivalents	2,328	14.69	2,328	14.46		334	2.12	334	1.99
	15,842	100.00	16,093	100.00		15,658	100.00	16,778	100.00
Unquoted Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Cinema digitisation
Digima Ltd	1,262	7.97	1,291	8.02		1,262	8.06	1,291	7.69
Digital Screen Solutions Ltd	2,020	12.75	2,028	12.60		2,020	12.90	2,028	12.09
Solar
Bandspace Ltd	-	-	-	-		1,200	7.66	1,650	9.83
Bridge Power Ltd	-	-	-	-		125	0.80	167	1.00
Campus Link Ltd	-	-	-	-		690	4.41	892	5.32
Convertibox Services Ltd	-	-	-	-		1,000	6.39	1,170	6.97
C More Energy Ltd	1,000	6.31	1,123	6.98		1,000	6.39	1,123	6.69
Green Energy for Education Ltd	475	3.00	598	3.72		1,000	6.39	1,128	6.72
PJC Renewable Energy Ltd	5	0.03	5	0.03		5	0.03	5	0.03
Anaerobic Digestion
Biomass Future Generation Ltd	-	-	-	-		1,550	9.90	1,550	9.24
GreenTec Energy Ltd	-	-	-	-		1,000	6.39	1,000	5.96
Katharos Organic Ltd	-	-	-	-		1,000	6.39	1,000	5.96
Hydro Electric Power
Elementary Energy Ltd	2,060	13.00	2,060	12.80		2,060	13.16	2,060	12.28
Green Highland Shenval Ltd	1,624	10.25	1,624	10.09		-	-	-	-
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd	2,200	13.89	2,200	13.67		-	-	-	-
Green Highland Hydro Power Ltd	1,600	10.10	1,600	9.94		-	-	-	-
	12,246	77.30	12,529	77.85		13,912	88.87	15,064	89.78
Unquoted Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Crematorium Management
Furnace Managed Services Ltd	920	5.81	888	5.52		1,020	6.51	988	5.89
Hydro Electric Power
Elementary Energy Ltd	344	2.17	344	2.14		392	2.50	392	2.34
Green Highland Shenval Ltd	1	0.01	1	0.01		-	-	-	-
Energy Generation and Infrastructure
Green Highland Hydro Generation Ltd	2	0.01	2	0.01		-	-	-	-
Green Highland Hydro Power Ltd	1	0.01	1	0.01		-	-	-	-
	1,268	8.01	1,236	7.69		1,412	9.01	1,380	8.23

Non-Statutory Analysis - The A Share Fund

Statement of Comprehensive Income
		Unaudited				Audited
		6 months ended				Year ended
	Note	30 September 2015				31 March 2015
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	4	463	-	463		124	-	124
Realised loss on investments		-	(362)	(362)		-	(1)	(1)
Unrealised (loss)/gain on investments		-	(101)	(101)		-	541	541
Investment return		463	(463)	-		124	540	664
Investment management fees	5	(25)	(8)	(33)		(53)	(17)	(70)
Other expenses		(7)	(3)	(10)		(18)	-	(18)
Profit/(loss) before taxation		431	(474)	(43)		53	523	576
Taxation	7	1	1	2		(12)	4	(8)
Profit/(loss) after taxation		432	(473)	(41)		41	527	568
Total comprehensive income for the period		432	(473)	(41)		41	527	568
Basic and diluted earnings per share	8	8.43p	(9.22p)	(0.79p)		0.82p	10.24p	11.06p
Balance Sheet	Note	30 September 2015				31 March 2015
				£'000				£'000
Non-current assets
Financial assets at fair value through profit or loss				789				890
Current assets
Assets held for sale				-				3,298
Receivables				301				5
Cash and cash equivalents	9			1,047				301
				1,348				3,604
Current liabilities
Payables				(22)				(29)
Net assets				2,115				4,465
Equity attributable to equity holders				2,115				4,465
Net asset value per share	11			41.22p				87.01p
Statement of Changes in Shareholders' Equity		30 September 2015					31 March 2015
				£'000				£'000
Opening shareholders' funds				4,465				4,215
Issue of new shares				-				-
(Loss)/profit for the period				(41)				568
Dividend paid				(2,309)				(318)
Closing shareholders' funds				2,115				4,465

Investment Portfolio	Unaudited					Audited
	30 September 2015					31 March 2015
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	875	45.53	789	42.97		3,475	92.03	4,188	93.29
Unquoted non-qualifying holdings	-	-	-	-		-	-	-	-
Financial assets at fair value through profit or loss	875	45.53	789	42.97		3,475	92.03	4,188	93.29
Cash and cash equivalents	1,047	54.47	1,047	57.03		301	7.97	301	6.71
	1,922	100.00	1,836	100.00		3,776	100.00	4,489	100.00
Unquoted Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Electricity Generation
Solar
Arraze Ltd	-	-	-	-		600	15.89	800	17.82
Bridge Power Ltd	-	-	-	-		600	15.89	801	17.84
Core Generation Ltd	-	-	-	-		600	15.89	823	18.33
Trym Power Ltd	-	-	-	-		200	5.30	274	6.10
Anaerobic Digestion						-
BioMass Future Generation Ltd	-	-	-	-		600	15.89	600	13.37
Landfill Gas						-
Aeris Power Ltd	525	27.32	424	23.09		525	13.90	525	11.70
Craigahulliar Energy Ltd	350	18.21	365	19.88		350	9.27	365	8.13
	875	45.53	789	42.97		3,475	92.03	4,188	93.29

Non-Statutory Analysis - The C Share Fund

Statement of Comprehensive Income		Unaudited				Audited
		6 months ended				Year ended
	Note	30 September 2015				31 March 2015
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	4	407	-	407		467	-	467
Investment management fees	5	(114)	(38)	(152)		(217)	(72)	(289)
Other expenses		(20)	-	(20)		(51)	-	(51)
Profit/(loss) before taxation		273	(38)	235		199	(72)	127
Taxation	7	(55)	8	(47)		(40)	14	(26)
Profit/(loss) after taxation		218	(30)	188		159	(58)	101
Total comprehensive income for the period		218	(30)	188		159	(58)	101
Basic and diluted earnings/(loss) per share	8	1.63p	(0.23p)	1.40p		1.22p	(0.44p)	0.78p
Balance Sheet	Note	30 September 2015				31 March 2015
				£'000				£'000
Non current assets
Financial assets at fair value through profit or loss				13,485				13,126
Current assets
Receivables				117				65
Cash and cash equivalents	9			157				331
				274				396
Current liabilities
Payables				(162)				(113)
Net assets				13,597				13,409
Equity attributable to equity holders				13,597				13,409
Net asset value per share	11			101.16p				99.76p
Statement of Changes in Shareholders' Equity		30 September 2015					31 March 2015
				£'000				£'000
Opening shareholders' funds				13,409				6,873
Issue of new shares				-				6,435
Profit for the period				188				101
Closing shareholders' funds				13,597				13,409

Investment Portfolio	Unaudited					Audited
	30 September 2015					31 March 2015
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	9,430	69.12	9,430	69.12		9,430	70.07	9,430	70.07
Unquoted non-qualifying holdings	4,055	29.73	4,055	29.73		3,696	27.45	3,696	27.45
Financial assets at fair value through profit or loss	13,485	98.85	13,485	98.85		13,126	97.52	13,126	97.52
Cash and cash equivalents	157	1.15	157	1.15		331	2.48	331	2.48
	13,642	100.00	13,642	100.00		13,457	100.00	13,457	100.00
Unquoted Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd	3,130	22.94	3,130	22.94		3,130	23.26	3,130	23.26
Green Highland Allt Phocachain (1015) Ltd	2,000	14.66	2,000	14.66		2,000	14.86	2,000	14.86
Green Highland Renewables (Achnacarry) Ltd	4,300	31.52	4,300	31.52		4,300	31.95	4,300	31.95
	9,430	69.12	9,430	69.12		9,430	70.07	9,430	70.07
Unquoted Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Broadpoint 2 Ltd	3,569	26.16	3,569	26.16		3,420	25.41	3,420	25.41
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd	294	2.16	294	2.16		162	1.20	162	1.20
Green Highland Allt Garbh Ltd ST Loan	30	0.22	30	0.22		30	0.22	30	0.22
Green Highland Allt GNF (385) ST Loan	30	0.22	30	0.22		30	0.22	30	0.22
Green Highland Allt Phocachain (1015) Ltd	132	0.97	132	0.97		54	0.40	54	0.40
	4,055	29.73	4,055	29.73		3,696	27.45	3,696	27.45

Non-Statutory Analysis - The D Share Fund

Statement of Comprehensive Income		Unaudited				Audited
		6 months ended				Year ended
	Note	30 September 2015				31 March 2015
		Revenue	Capital	Total		Revenue	Capital	Total
		£'000	£'000	£'000		£'000	£'000	£'000
Investment income	4	317	-	317		20	-	20
Investment management fees	5	(63)	(21)	(84)		(15)	(5)	(20)
Other expenses		(50)	(48)	(98)		(9)	-	(9)
Profit/(loss) before taxation		204	(69)	135		(4)	(5)	(9)
Taxation	7	(41)	4	(37)		1	1	2
Profit/(loss) after taxation		163	(65)	98		(3)	(4)	(7)
Total comprehensive income/(loss) for the period		163	(65)	98		(3)	(4)	(7)
Basic and diluted loss per share	8	1.26p	(0.50p)	0.75p		(0.28p)	(0.44p)	(0.72p)
Balance Sheet	Note	30 September 2015				31 March 2015
				£'000				£'000
Non current assets
Financial assets at fair value through profit or loss				13,715				7,432
Current assets
Receivables				277				62
Cash and cash equivalents	9			(226)				27
				51				89
Current liabilities
Payables				(85)				(2,323)
Net assets				13,681				5,198
Equity attributable to equity holders				13,681				5,198
Net asset value per share	11			99.85p				98.15p
Statement of Changes in Shareholders' Equity		30 September 2015					31 March 2015
				£'000				£'000
Opening shareholders' funds				5,198				-
Issue of new shares				8,385				5,205
Profit/(loss) for the period				98				(7)
Closing shareholders' funds				13,681				5,198

Investment Portfolio	Unaudited					Audited
	30 September 2015					31 March 2015
	Cost		Valuation			Cost		Valuation
	£'000	%	£'000	%		£'000	%	£'000	%
Unquoted qualifying holdings	12,847	95.24	12,847	95.24		7,427	55.06	7,427	55.06
Unquoted non-qualifying holdings	868	6.43	868	6.43		5	0.04	5	0.04
Financial assets at fair value through profit or loss	13,715	101.67	13,715	101.67		7,432	55.10	7,432	55.10
Cash and cash equivalents	(226)	(1.67)	(226)	(1.67)		27	44.90	27	44.90
	13,489	100.00	13,489	100.00		7,459	100.00	7,459	100.00
Unquoted Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Hydro Electric Power
Green Highland Allt Garbh Ltd	2,710	20.09	2,710	20.09		-	-	-	-
Green Highland Allt GNF (385) Ltd	2,710	20.09	2,710	20.09		-	-	-	-
Green Highland Allt Ladaidh (1148) Ltd	3,500	25.95	3,500	25.95		3,500	25.95	3,500	25.95
Green Highland Allt Luaidhe (228) Ltd	1,995	14.79	1,995	14.79		1,995	14.79	1,995	14.79
Green Highland Allt Phocachain (1015) Ltd	1,932	14.32	1,932	14.32		1,932	14.32	1,932	14.32
	12,847	95.24	12,847	95.24		7,427	55.06	7,427	55.06
Unquoted Non-Qualifying Holdings	£'000	%	£'000	%		£'000	%	£'000	%
Hydro Electric Power						-	-	-	-
Green Highland Allt Garbh Ltd	3	0.02	3	0.02		-	-	-	-
Green Highland Allt GNF (385) Ltd	3	0.02	3	0.02		-	-	-	-
Green Highland Allt Luaidhe (228) Ltd	101	0.75	101	0.75		5	0.04	5	0.04
Kinlochteacius Hydro Limited	761	5.64	761	5.64		-	-	-	-
	868	6.43	868	6.43		5	0.04	5	0.04

Unaudited Statement of Comprehensive Income

		Unaudited				Audited				Unaudited
		6 months ended				Year ended				6 months ended
		30 September 2015				31 March 2015				30 September 2014
	Note	Rev.	Cap.	Total		Rev.	Cap.	Total		Rev.	Cap.	Total
		£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000	£'000
Income
Investment income	4	1,669	-	1,669		1,313	-	1,313		492	-	492
(Loss) arising on the disposal of investments during the period		-	(21)	(21)		-	(1)	(1)		-	(1)	(1)
(Loss)/gain arising on the revaluation of investments at the period end		-	(106)	(106)		-	1,467	1,467		-	-	-
Investment return		1,669	(127)	1,542		1,313	1,466	2,779		492	(1)	491
Expenses
Investment management fees	5	300	100	400		460	152	612		215	71	286
Financial and regulatory costs		14	-	14		23	-	23		11	-	11
General administration		6	-	6		15	-	15		6	-	6
Legal and professional fees		21	69	90		54	-	54		27	-	27
Directors' remuneration	6	24	-	24		48	-	48		24	-	24
Interest payable		113	-	113		6	-	6		-	-	-
Operating expenses		478	169	647		606	152	758		283	71	354
Profit/(loss) before taxation		1,191	(296)	895		707	1,314	2,021		209	(72)	137
Taxation	7	(105)	19	(86)		(150)	32	(118)		(50)	16	(34)
Profit/(loss) after taxation		1,086	(277)	809		557	1,346	1,903		159	(56)	103
Profit/(loss) and total comprehensive income for the period		1,086	(277)	809		557	1,346	1,903		159	(56)	103
Basic and diluted earnings per share	8	n/a	n/a	n/a		n/a	n/a	n/a		n/a	n/a	n/a

The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS).  The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

This Statement of Comprehensive Income includes all recognised gains and losses.

The accompanying notes are an integral part of this statement.

Unaudited Balance Sheet

Balance sheet

Unaudited

Audited

Unaudited

30 September 2015

31 March 2015

30 September 2014

Note

£'000

£'000

£'000

Non-current assets

Financial assets at fair value through profit or loss

41,156

29,335

26,682

Current assets

Assets held for sale

598

11,855

-  

Receivables

1,016

165

3,337

Cash and cash equivalents

9

3,306

993

3,003

4,920

13,013

6,340

Total Assets

46,076

42,348

33,022

Current liabilities

Payables and accrued expenses

245

2,511

174

Current taxation payable

196

116

132

441

2,627

306

Net Assets

45,635

39,721

32,716

Equity attributable to equity holders of the parent

Share capital

10

518

434

381

Share redemption reserve

451

451

451

Share premium

41,093

32,405

27,253

Special distributable reserve

4,338

6,997

6,997

Capital reserve

(1,850)

(1,573)

(2,975)

Revenue reserve

1,085

1,007

609

Total equity

45,635

39,721

32,716

Net asset value per share

n/a

n/a

n/a

The statements were approved by the Directors and authorised for issue on 12 November 2015 and are signed on their behalf by:

David Frank

Chairman

12 November 2015

The accompanying notes are an integral part of this statement.

Unaudited Statement of Changes in Shareholders' Equity

	Issued Capital	Share Redemption Reserve	Share Premium	Special Distributable Reserve	Capital Reserve	Revenue Reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
6 months ended 30 September 2015
Opening balance	434	451	32,405	6,997	(1,573)	1,007	39,721
Issue of new shares	84	-	8,688	(384)	-	-	8,388
Dividends paid	-	-	-	(2,275)	-	(1,008)	(3,283)
Transactions with owners	84	-	8,688	(2,659)	-	(1,008)	5,105
(Loss)/profit for the year	-	-	-	-	(277)	1,086	809
(Loss)/profit and total comprehensive income for the period	-	-	-	-	(277)	1,086	809
Balance at 30 September 2015	518	451	41,093	4,338	(1,850)	1,085	45,635
Capital reserve consists of:
Investment holding gains					165
Other realised losses					(2,015)
					(1,850)
Year ended 31 March 2015
Opening balance	318	449	20,875	7,502	(2,919)	450	26,675
Issue of new shares	118	-	11,530	(8)	-	-	11,640
Purchase of own shares	(2)	2	-	(179)	-	-	(179)
Dividend paid	-	-	-	(318)	-	-	(318)
Transactions with owners	116	2	11,530	(505)	-	-	11,143
Profit for the year	-		-	-	1,346	557	1,903
Profit and total comprehensive income for the year	-		-	-	1,346	557	1,903
Balance at 31 March 2015	434	451	32,405	6,997	(1,573)	1,007	39,721
Capital reserve consists of:
Investment holding gains					1,833
Other realised losses					(3,406)
					(1,573)
6 months ended 30 September 2014
Opening balance	318	449	20,875	7,502	(2,919)	450	26,675
Issue of new shares	65	-	6,378	(8)	-	-	6,435
Purchase of own shares	(2)	2	-	(179)	-	-	(179)
Dividend paid	-	-	-	(318)	-	-	(318)
Transactions with owners	63	2	6,378	(505)	-	-	5,938
(Loss)/profit for the period	-	-	-	-	(56)	159	103
(Loss)/profit and total comprehensive income for the period	-	-	-	-	(56)	159	103
Balance at  30 September 2014	381	451	27,253	6,997	(2,975)	609	32,716
Capital reserve consists of:
Investment holding gains					366
Other realised losses					(3,341)
					(2,975)

The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The special distributable reserve was created on court cancellation of the share premium account. The net of the revenue reserve and special distributable reserve are distributable by way of dividend.

Unaudited Statement of Cash Flows

	Unaudited		Audited		Unaudited
6 months ended		Year ended			6 months ended
	30 September 2015		31 March 2015		30 September 2014
	£'000		£'000		£'000
Cash flows from operating activities
Profit before taxation	895		2,021		137
Loss arising on the disposal of investments during the period	21		1		1
Loss/(gain) arising on the revaluation of investments at the period end	106		(1,467)		-
Cashflow generated by operations	1,022		555		138
(Increase)/decrease in receivables	(851)		5		(3,167)
(Decrease)/Increase in payables	(2,266)		2,353		16
Taxation	(6)		(102)		(2)
Net cash flows from operating activities	(2,101)		2,811		(3,015)
Cash flow from investing activities
Purchase of financial assets at fair value through profit or loss	(12,069)		(20,907)		(7,666)
Proceeds of sale of financial assets at fair value through profit or loss	11,378		520		320
Net cash flows from investing activities	(691)		(20,387)		(7,346)
Cash flows from financing activities
Issue of new shares	8,388		11,640		6,435
Purchase of own shares	-		(179)		(179)
Dividends paid	(3,283)		(318)		(318)
Net cash flows from financing activities	5,105		11,143		5,938
Net increase/(decrease) in cash and cash equivalents	2,313		(6,433)		(4,423)
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents	993		7,426		7,426
Net increase/(decrease) in cash and cash equivalents	2,313		(6,433)		(4,423)
Closing cash and cash equivalents	3,306		993		3,003

The accompanying notes are an integral part of this statement.

Notes to the Unaudited Interim Financial Report

1.      Corporate information             

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2015 was authorised for issue in accordance with a resolution of the Directors on 12 November 2015.

The Company is listed on the London Stock Exchange.

Triple Point Income VCT plc is incorporated and domiciled in Great Britain.  The address of Triple Point Income VCT plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London EC4N 8AD.

Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (£) which is also the functional currency of the Company, rounded to the nearest thousand.

The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.

The principal activity of the Company is investment. The Company's investment strategy is that at least 70% of the Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT qualifying Investment Policy.

2.      Basis of preparation and accounting policies                                      

Basis of preparation

The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2015 has been prepared in accordance with IAS 34: "Interim Financial Reporting". It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2015.

Estimates

The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.

3.      Segmental reporting

The Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK.

4.           Investment income

	Audited						Unaudited
	6 months ended						Year ended
	30 September 2015						31 March 2015
	Ord.	A	C	D			Ord.	A	C	D
	Shares	Shares	Shares	Shares	Total		Shares	Shares	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000		£'000	£'000	£'000	£'000	£'000
Loan stock interest	249	27	405	315	996		690	121	458	20	1,289
Dividends receivable	231	435	-	-	666		-	-	-	-	-
Interest receivable on bank balances	2	1	2	2	7		12	3	9	-	24
	482	463	407	317	1,669		702	124	467	20	1,313

5.      Investment management fees

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and two deeds of variation to that agreement effective 21 November 2012 and 28 October 2014. The agreement provides for an administration and investment management fee of 1.75% per annum of net assets payable quarterly in arrear for both Ordinary Shares and A Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee proportion of 1.5% has not been charged. For all other Ordinary Shares the appointment shall continue until at least 30 April 2018. For A Shares the appointment shall continue until at least 30 April 2017. The agreement provides for an administration and investment management fee of 2.25% per annum of net assets payable quarterly in arrear for C Shares and D Shares. For C Shares and D Shares the appointment shall continue for a period of at least 6 years from the admission of those shares

6.      Directors' remuneration

	Audited						Unaudited
	6 months ended						Year ended
	30 September 2015						31 March 2015
	Ord.	A	C	D			Ord.	A	C	D
	Shares	Shares	Shares	Shares	Total		Shares	Shares	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000		£'000	£'000	£'000	£'000	£'000
David Frank	3	1	3	2	9		9	2	7	-	18
Simon Acland	3	1	2	1	7		7	2	6	-	15
Michael Stanes	3	1	2	2	8		7	2	5	1	15
Total	9	3	7	5	24		23	6	18	1	48

Directors' remuneration is allocated proportionately against each share class.

7.      Taxation

	Unaudited						Audited
	6 months ended						Year ended
	30 September 2015						31 March 2015
	Ord.	A	C	D			Ord.	A	C	D
	Shares	Shares	Shares	Shares	Total		Shares	Shares	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000		£'000	£'000	£'000	£'000	£'000
Profit/(loss) on ordinary activities before tax	568	(42)	235	135	896		1,327	576	127	(9)	2,021
Corporation tax @ 20%	113	(9)	47	27	178		265	115	26	(2)	404
Effect of:
Capital gains not taxable	(67)	93	-	-	26		(185)	(108)	-	-	(293)
Capital losses not taxable	(46)	(87)	-	10	(123)		-	-	-	-	-
Disallowed expenditure	4	1			5		-	-	-	-	-
Prior year adjustment	-	-	-	-	-		6	1	-	-	7
Tax charge/credit for the period	4	(2)	47	37	86		86	8	26	(2)	118

Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.

8.      Earnings/(loss) per share

The earnings per share for Ordinary Shares is based on the profit after tax of £568,000, and on the weighted average number of shares in issue during the period of 19,474,883.

The loss per share for A Shares is based on the loss after tax of £43,000, and on the weighted average number of shares in issue during the period of 5,131,353

The earnings per share for C Shares is based on the profit after tax of £235,000, and on the weighted average number of shares in issue during the period of 13,441,438

The earnings per share for D Shares is based on the profit after tax of £135,000, and on the weighted average number of shares in issue during the period of 12,948,452.

The table below shows how the weighted number of shares has been calculated.

	Ordinary Shares				A Shares
	Shares	No. Of	Weighted		Shares	No. Of	Weighted
	Issued	Days	Average		Issued	Days	Average
Current Year
01-Apr-15	19,474,883	183	19,474,883		5,131,353	365	5,131,353
30-Sep-15	19,474,883	183	19,474,883		5,131,353	365	5,131,353
	C Shares				D Shares
	Shares	No. Of	Weighted		Shares	No. Of	Weighted
	Issued	Days	Average		Issued	Days	Average
Current Year
01-Apr-15	13,441,438	183	13,441,438		8,467,598	183	8,467,598
02-Apr-15	-		-		382,400	182	380,310
14-Apr-15	-		-		579,246	170	538,097
01-May-15	-		-		4,097,567	153	3,425,835
11-May-15	-		-		174,825	143	136,612
30-Sep-15	13,441,438	183	13,441,438		13,701,636	183	12,948,452

9.      Cash and cash equivalents

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

10.    Share capital

Issued & Fully Paid	Ordinary Shares	A Shares	C Shares	D Shares	Total
Number of shares in issue at 1 April 2015	19,474,883	5,131,353	13,441,438	5,296,574	43,344,248
Movements during the period:
Shares issued under the D Share Offer	-	-	-	8,405,062	8,405,062
Number of Shares in issue at 30 September 2015	19,474,883	5,131,353	13,441,438	13,701,636	51,749,310
Par Value £'000 at 30 September 2015	195	51	135	137	518

11.    Net asset value per share

The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of £16,242,000 divided by the 19,474,883 Ordinary Shares in issue.

The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable to the A Shares of £2,115,000 divided by the 5,131,353 A Shares in issue.

The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of £13,597,000 divided by the 13,441,438 C Shares in issue.

The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of £13,681,000 divided by the 13,701,636 D Shares in issue.

12.    Commitments and contingencies                                                                                     

The Company had no commitments or contingent liabilities at 30 September 2015.

13.    Relationship with Investment Manager                          

During the period TPIM provided investment management and administration services to the Company for a fee amounting to £400,249.  At 30 September 2015 £197,236 was due to TPIM.

14.    Related party transactions                         

There are no related party transactions.

15.    Post balance sheet events

 There were no post balance sheet events, other than as described in the Investment Manager's Review.

16.    Dividends

A dividend of 5p per share, equivalent to £973,744 was paid to the Ordinary Class Shareholders.

Two dividends were paid to the A Class Shareholders during the period. On 24 July 2015 £256,568 was paid, equivalent to 5p per share, and on 21 August 2015 £2,052,541 was paid, equivalent to 40p per share.

This information is provided by RNS

The company news service from the London Stock Exchange

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