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4 Foresight 4 VCT plc 06 Descriptions of Top Ten Investments by Value SkillsMarket Limited the company’s online information exchange provides a central store for CVs, converted into a dynamic professional profile or “iProfile”. The iProfile is easy to set up and update, and enables individuals to control the job-seeking process and obtain feedback from recruiters and hiring managers. The iProfile has been adopted by many of the UK’s biggest recruiters, including Hays IT, Reed, Spring and Alexander Mann and is seen as the industry standard format for online CVs. In April 2008 the company announced the acquisition of PurplePassport, whose online ‘Skills Passport’ has been adopted by five Government appointed Sector Skills Councils covering more than 10 million people. O-Gen (UK) Limited develops, builds, owns and operates biomass to energy and combined heat and power (‘CHP’) plants. The market is driven by government regulation and incentives. Specifically, landfill tax, which is driving waste operators towards cheaper and more efficient methods of waste disposal such that gate fees will be received by O-Gen from the biomass suppliers. The electricity generated will be sold to the National Grid and attracts Renewable Obligation Certificates (‘ROCs’) which generate further revenue. The first plant has been completed and is being commissioned. Planning approval has been achieved for three other plants. Advanced Visual Technology Limited develops and markets retail space management software and interactive hand-held mobile store planners and now has 50 customers worldwide including Tesco, Waterstones, WH Smith, Barclays and HMV in the UK and Office Depot, Staples and KMart in the USA, its products deliver impressive financial improvements for customers. The company is reliant on winning a small number of large contracts in any one year and, although considerable interest is being shown in the new hand held planner, sales have been adversely impacted by the slowdown in consumer demand in the US and Europe. Notwithstanding the considerable cost savings and profit improvements from using the software, contracts with major Tier 1 retailers are accordingly taking longer to reach final signature or are being deferred. On 8 October 2008, the company was sold to Oracle Corporation for an undisclosed amount. Trilogy Communications Limited is a world class supplier of audio communications and broadcast solutions to the defence, emergency management, industrial and broadcast sectors. Trilogy counts some of the world’s best known names in broadcast and defence among its customer base including the BBC, Sony, Radio France, Raytheon, Northrop Grumman and BAE. The company continues on a strong growth track, with Trilogy’s new Mercury IP system making particularly good progress in the US defence market. Iskra Wind Turbines Limited is a manufacturer of high efficiency tree-sized wind turbines, suitable for volume manufacture, that have the best price/performance combination of any tree-sized turbine currently commercially available. The company has an installed base of around 250 units and is forecast to grow strongly based on the BWEA projections of a doubling in the size of the UK market and also the new overseas distribution networks.
Half-yearly Financial Report for the six months ended 31 August 2008 07 Unaudited Half-Yearly Results and Responsibility Statements I Principal Risks and Uncertainties The principal risks faced by the Company can be divided into various areas as follows: ● Performance; ● Regulatory; ● Operational; and ● Financial. The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Accounts for the year ended 29 February 2008. A detailed explanation can be found on pages 10 to 13 of the Annual Report and Accounts which is available on www.foresightgroup.eu or by writing to Foresight Group at ECA Court, South Park, Sevenoaks, Kent, TN13 1DU. In the view of the Board, there have not been any changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review. I Directors’ Responsibility Statement: The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Report and financial statements. The Directors confirm to the best of their knowledge that: (a) the summarised set of financial statements has been prepared in accordance with the pronouncement on interim reporting issued by Accounting Standards Board; (b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); (c) the summarised set of financial statements give a true and fair view in accordance with UK GAAP of the state of affairs of the Company and of the profit and loss of the Company for that period and comply with UK GAAP and Companies Act 1985; and (d) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein). The half-yearly Financial Report has not been audited or reviewed by the auditors. By order of the Board Peter Dicks Chairman 29 October 2008
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