Companies: AGV    CPV    MRV    MYV    PDA    SFA    SFV    SGF   

Many venture capital trusts (VCTs) with poor recent performance records took advantage of yesterday's pre-Budget speech to release fresh figures, whilst investors were focused on the Chancellor's pronouncements. No less than five VCTs reported interim results, reports Christopher Spink.

Two actually did so while Gordon Brown was on his feet. These were Pennine Downing AIM and the AIM Distribution Trust. Both admitted that this year's turbulent stock markets, and AIM in particular, had severely depressed the value of their respective investments.

In addition, all three AIM VCTs run by Singer & Friedlander updated investors with new net asset valuations during the pre-Budget. These still show an average decline of 25 per cent since they were launched. The original Singer AIM VCT has now halved in value since it started activities three years ago.

Aberdeen Growth VCT 1 had more bad news to report. Five minutes into yesterday afternoon's speech, the group said that Dr Michael Peagram, a former British Venture Capital Association 'Venturer of the Year', had resigned from the board.

Earlier in the day, Aberdeen, which now runs the four Murray VCTs, released interim results for the second and third VCTs in this series. Both are struggling to produce a positive return for investors despite operating for three and four years respectively.

Finally, Close Brothers chose to produce half-time figures for its Protected VCT, which has also been going for four years. The company again had disappointing news for investors and is still barely making a positive return given the current unfavourable conditions.

Growth Company Investor is launching a monthly newsletter called Tax-Effective Investor. This will cover in detail all VCTs and other tax-effective investments. To claim your copy call 020-7430 9777 or e-mail Jo.Roberts@growthcompany.co.uk .