APO1 Apollo Vct 1

    APOLLO VCT 1 PLC

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 5 OCTOBER 2006

Summary

Apollo VCT  1 plc  ('Company')  is a  venture  capital trust  and  is
managed by Octopus  Investments Limited  ('Investment Manager').  The
Company was incorporated on  5 April 2006  and these interim  results
cover the initial  six months  for the  Company's existence  up to  5
October 2006.

The Company  was incorporated  together with  Apollo VCT  2 plc.  The
companies have  an identical  constitution,  board of  directors  and
investment policy, and together launched an offer for subscription on
30 May  2006 comprising  25,000,000 ordinary  shares with  a  nominal
value of 10p each in the capital of each company in a single offer of
50,000,000 such shares to the public at an offer price of �1.00  each
('Offer'). The first allotment of shares under the Offer was made  on
16 October  2006  and is  not  therefore included  in  these  interim
results. However, subscription  monies received by  the Company by  5
October 2006  are stated  in  the Balance  Sheet. The  Offer  remains
open.

The issued share  capital on incorporation  of the Company  comprised
two ordinary subscriber shares. On 3 May 2006, the Company  increased
the authorised share  capital by  �50,000 by the  creation of  50,000
redeemable shares of  �1.00 each.  These were issued  as one  quarter
paid-up to the Investment Manager on  that date. There were no  other
changes in equity during the relevant period.

Income Statement for the six months to 5 October 2006


                                         Revenue Capital   Total
                                               �       �       �
Income                                     1,622       -   1,622

Return on ordinary activities before tax   1,622       -   1,622



Balance Sheet as at 5 October 2006


                                                                    �
Cash at bank                                                1,085,724

Creditors: subscriptions received for shares not yet      (1,071,600)
allotted

Net assets                                                     14,124

Called up share capital                                             2
Redeemable shares*                                             12,500
Revenue reserve                                                 1,622
Total equity shareholders' funds                               14,124


*50,000 redeemable shares of �1 each, quarter paid up

Cash flow statement for the six months to 5 October 2006


                                                    �
Net cash inflow from operating activities       1,622
Financing:
Issue of ordinary shares                            2
Issue of redeemable shares                     12,500
Shares awaiting issue                       1,071,600
Increase in cash resources                  1,085,724




Notes to the interim results

1.                  The unaudited interim results for the six  months
to 5 October  2006 do  not constitute statutory  accounts within  the
meaning of Section 240  of the Companies Act  1985 and have not  been
delivered to the Register of Companies.
2.                    Copies of the interim report are being sent  to
all shareholders. Further  copies are available  free of charge  from
Octopus Investments Ltd at 8 Angel Court, London EC2R 7HP.

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