Highlights

• Share price total return 38.1% including dividends paid in year
  
• Net asset value per share increased by 18.8% to 408.5p per share
  
• Total net assets now £124.1 million
  
• Total return per ordinary share increased to 72.9p (2004: 42.8p)
  
• Final dividend of 7.1p; a full year dividend of 9.0p, an increase of 5%
  
• Realisations totalling £36.5 million, generating a profit of £8.9 million over valuation at the start of the year, an uplift of 44%.
  
• Investments during the year of £22.1 million, including:
  - £5.9 million investment in management buyout of New Horizons
  - £3.5 million investment in management buyout of Total Fitness