RNS Number:3581V
Arc Growth Company VCT plc
08 December 2005


Interim Statement to 31 August 2005

ARC Growth Company VCT plc (the "Company")


Chairman's Statement

I am pleased to present the first interim report to shareholders and to formally
welcome all shareholders.  Although the Company was incorporated in January
2005, it was only admitted to the Official List of the UKLA on 30 June 2005.
Consequently, at the half year date of 31 August 2005, there is a limited amount
to report.

Fund launch

The Company was launched in February 2005 which was, with hindsight, late in the
seasonal cycle of Venture Capital Trust marketing, especially in a year which
was flooded with VCT offerings from both established players and new entrants
like ourselves.  As a result, a number of VCT offerings were pulled but we did
manage to raise sufficient to close above the minimum amount stated in the
prospectus  which we issued in February 2005.

Net Asset Value ('NAV')

At 31 August 2005, the Company had only been in existence a few weeks and no
investments had been made.  The NAV per share of 94.58p reflects the fundraising
costs of 5.5% and a small net return in the period of 0.08p per share.

Dividends

The Company's policy is to maximise dividends to its shareholders.  One of the
benefits of the Company's structure is that these dividends are paid tax-free
whether they arise from income or capital gains.  We are not declaring a
dividend for the initial period to 31 August 2005.

The Company's qualifying status

As you may be aware, the Company must be 70% invested in qualifying companies by
the end of its third accounting period to comply with VCT regulations.  The
board of the Company is conscious of this absolute rule and will monitor
progress towards this rule regularly.

Outlook

At this very early stage the Company's Investment Manager, Arc Fund Management
Limited, has reviewed a number of investment opportunities but none of the
investment opportunities have been considered to be of sufficient merit to make
an investment until very recently when a #50,000 investment was made in Talisker
Pharma Limited.  The board has requested that the Investment Manager be very
conservative in its proposed investment approach.


Richard Hargreaves
Chairman




STATEMENT OF TOTAL RETURN  (incorporating the Revenue Account)
For the period 31 August 2005

                                                                        Period to 31 August 2004
                                                           Revenue        Capital          Total
                                                              #000           #000           #000

Investment management fee (clawback)                            21              -             21
Bank interest                                                    7              -              7
Other expenses                                                (27)              -           (27)

Return on ordinary activities before and after                   1              -              1
taxation

Transfer to reserves                                             1              -              1

Return per ordinary share                                    0.08p              -          0.08p



All revenue and capital items in the above statement derive from continuing
operations.  The company has only one class of business and derives its income
from investments made in shares and securities and from bank and money market
funds.




BALANCE SHEET as at 31 August 2005
                                                                              31 August 2005
                                                                        #000                  #000
Fixed asset investments
Current Assets                                                                                   -
   Investments                                                             -
   Debtors                                                                35
  Cash at bank                                                         1,061
                                                                       1,096
Creditors: amounts falling due within one year                          (24)

Net current assets                                                                           1,072

Net assets                                                                                   1,072

Called up equity share capital                                                                 113
Share premium                                                                                  958
Revenue reserve                                                                                  1

Total equity shareholders' funds                                                             1,072

Net asset value per share                                                                   94.58p






CASH FLOW STATEMENT For the period ended                                           31 August  2005
                                                                                    #000      #000

Net cash outflow from operating activities                                                    (10)

Net cash outflow from financial investment                                                       -

Financing:
Issue of own shares                                                               1,133
Share issue expenses                                                               (62)

Net cash inflow from financing                                                               1,071
                                                                                             _____

Increase in cash resources                                                                   1,061

                                                                                             _____



Notes
     
1    This interim financial information and the audited interim accounts for the 
     period ended 31 August 2005 from which it has been extracted, which are the
     responsibility of the directors and were approved by them on 1 December 
     2005, do not constitute statutory accounts within the meaning of Section 
     240 of the Companies Act 1985 and have not been delivered to the Registrar 
     of Companies. The audit report on these financial statements was 
     unqualified.

2    The Company is an investment company as defined in Section 266 of the
     Companies Act 1985.  The financial statements have been prepared under the
     historical cost convention, modified to include the revaluation of fixed 
     asset investments, and in accordance with applicable accounting standards 
     in the UK and with the Statement of Recommended Practice "Financial 
     statements and investment trust companies" issued in January 2003.

3    Copies of the Interim Report to Shareholders have been sent to shareholders 
     and are available at the Company's Registered Office: 22 Lovat Lane, London 
     EC3R 8EB or from Woodside Corporate Services, 21-22 Grosvenor Street, 
     London W1K 4QJ.

4    The revenue return per share is based on profit from ordinary activities
     after tax of #905 and on 1,133,497 ordinary shares of 10p, being the 
     weighted average number of shares in issue during the period.  The net 
     assets per share is based on total net assets of #1,072,059 and the same 
     number of shares.


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            The company news service from the London Stock Exchange
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