St Helens Private Equity Plc
LSE : SHPE

June 30, 2009 03:00 ET

Unaudited Interim Results for the period to 31 March 2009

30 June 2009
                                                 
                                                 
                                   ST HELEN'S PRIVATE EQUITY PLC
                                     ("SHPE" or "the Company")
                                           (PLUS: SHPE)
                                                 

                 UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009
                                                 
St Helen's Private Equity plc, the 'Small-cap', Pre-IPO and Special Situations Investment Company,
announces unaudited interim results for the six months ended 31 March 2009.

FINANCIAL HIGHLIGHTS

*       Total recognised loss: GBP87,239 (2008: loss of GBP236,988)
*       Shareholder Funds: GBP721,074 (2008: GBP1,309,074)
*       Recognised loss per share: 5.2p (2008: loss of 14.0p)
*       Net Asset Value per share: 42.7p (2008; 77.5p)
*       Cash: GBP130,369 (2008:GBP394,430)
*       Number of Investments: 32 (2008: 36)

CHAIRMAN'S STATEMENT

I am disappointed to report the Company's unaudited results for the half year ended 31 March 2009,
during its fourth full year of operation.

The Company made a total recognised loss before tax of GBP87,239 (2008: loss of GBP236,988) for
the half year.

The net assets per share decreased by 5.1p to 42.7p per share, which was -10.66% for the six month
period.

Shareholder funds decreased by 10.79% during the six months to GBP721,074

Following the Half Year end date of 31 March 2009, we completed a Rights Issue in April which
raised GBP197,125 before expenses of which GBP138,762  was invested by the Directors, through the
issue of 563,217  new ordinary shares at 35p per share.

Market Review

For most of the period the economic outlook worsened as concerns over the global banking system
increased, the newsflow of economic data deteriorated, and the pace of rising unemployment
quickened.

As a result of this continued downward trend in confidence, and despite the rally in the indices
in the last few weeks of March, there were further significant falls in the indices we track the
performance of our Net Asset Value against during the six month period. The performance of these
tracked indices were as follows

FTSE 100 Index       - 19.91%
AIM UK 50 Index      -  39.87%
AIM All-share Index  -  33.63%

Despite the backdrop of these significant falls in the FTSE and AIM market indices, a substantial
amount of market fundraising was completed during the period especially in the opening quarter of
2009. The bulk of this fundraising, however, comprised Rights Issues for larger and more
established businesses on the main market such as the banks. The market preference for larger
lower risk companies is reflected in the significantly better performance of the FTSE index.

In addition to the further dramatic falls in valuation for small companies, the weak market
sentiment continued to have two major impacts for small companies. Firstly, fundraising was
extremely challenging. This meant many companies could only raise additional funding through
deeply discounted Placings or Rights Issues, which were highly dilutive to existing shareholders,
or carry out a forced 'fire sale' of assets, or fail. Secondly, IPO and trade sales continued to
be difficult which meant that exit routes for investments were almost non-existent.


Investment Performance Review

We benchmark the performance of the portfolio versus the FTSE 100, FTSE Small-cap, AIM UK 50 and
AIM All-share indices.

During the period the total portfolio declined in value by 16.95% which was in line with our
benchmark indices which declined in value by between 19.91% and 39.87%.

In the light of the difficult market conditions, and the uncertain economic outlook, we felt it
important to review the cost based valuations of all our unquoted holdings at the half year date
and we have written down those where we believed it was prudent to do so. On this basis we have
written down our unquoted holdings by GBP84,534 representing  17.76% of their former value.

In summary although the Company's NAV per share fell for the period its investment performance was
in line with its benchmark indices.

INVESTMENT ACTIVITY REVIEW

During the period one follow on investment was made, we received the retention monies on the
previous sale of our MEM capital holding, and we lost four investments as a result of companies
going into administration.

At the end of the period the Company held thirty two investments, one was listed on the main
market, six were listed on AIM, nine were listed on PLUS, and the balancing sixteen were unlisted.
In addition the Company had in excess of GBP130,000 of cash resources.

The top twenty investments in the portfolio by value are set out in the table below.
                                                 
       Company           Date of        Market                        Activity
                       investment                                         
 Kromek                August 2006     Unquoted     Technology company developing Cadmium
 (Durham Scientific     and July                    Telluride, a valuable specialist industrial
 Crystals)                2007                      material, for the Security, Inspection and
                                                    Defence markets
                                                    
 Site Intelligence     August 2005     Unquoted     Web Analytics software
                                                    
 M2M Imaging            July 2006      Unquoted     Developer of technology for high performance
                                                    MRI
                                                    
 DataSMS               March 2007        PLUS       Text messaging communication services
                                                    
 Axon                   June 2008      Unquoted     Provider of Telehealthcare solutions which
 telehealthcare                                     enable individuals with chronic diseases
                                                    such as diabetes to monitor and manage their
                                                    health from home
                                                    
 Karus Therapeutics     June 2007      Unquoted     Developer of pharmaceuticals for treatment
                                                    of chronic diseases such as cancer and
                                                    inflammation
                                                    
 Myconostica           April 2008      Unquoted     Developer and distributor of molecular
                                                    diagnostic products to aid the rapid and
                                                    accurate diagnosis of life threatening
                                                    fungal infections
                                                    
 Indago Petroleum      April 2007         AIM       Oil and Gas explorer focused on the Middle
                      and May 2008                  East

 Quercus               August 2006       PLUS       Publisher, winner of small publisher of the
                                                    year award
                                                    
 TMORenewables         March 2007      Unquoted     'Disruptive' technology provider to the
                                                    Biofuel sector
                                                    
 Angus & Ross           June 2008         AIM       Zinc and Lead mining explorer with
                                                    exploration properties in Greenland
                                                    
 Hartfield             March 2007        PLUS       Investment vehicle seeking a reverse
 Securities                                         takeover opportunity
                                                    
 Neutrahealth          April 2007         AIM       Manufacturer and distributor of
                                                    nutraceutical products with a 'buy and
                                                    build' consolidation strategy
                                                    
 Jongo                 March 2007      Unquoted     Web Portal and Search Engine for global
                                                    Internet users that seek information and
                                                    content on the subject of China.
                                                    
 Petro-Kamchatka       April 2008      Unquoted     Oil and Gas explorer in Eastern Russia
 International                                      
 
 Running River         April 2007        PLUS       Investor in renewable energy with strategy
                                                    focused on UK run of the river projects
                                                    
 Relay Station          November       Unquoted     Mass broadcaster of voice and text messages
                          2006
 Cap Energy            April 2005        PLUS       Explorer and producer of oil and gas in
                                                    Lousiana
 Twenty                 June 2005         AIM       Marketing services business with a buy and
                           and                      build strategy
                       March 2007
                   
 Synapse               March 2006      Unquoted     Developer of micro-current tendon repair and
                                                    woundcare solutions
                                                    


Share Price Performance

During the period the Company's share price declined by 46% from 65p to 35p. At the end of the
period the share price of 35p stood at a discount of 18.03% to the Net Asset Value per share of
42.7p.


Outlook

In summary the value of the portfolio has continued to be adversely affected by the uncertain
economic outlook and difficult market conditions of the past six months.

We believe we have a number of investments in the portfolio which have the potential to deliver
above average returns. The critical success factors for our future performance are twofold.
Firstly, we do not lose too many of these potential stars during the downturn. Secondly, that
market sentiment and valuations for small companies strengthens significantly, resulting in re-
vitalised IPO and trade sale markets.

In the short term we expect that market conditions will continue to make it difficult to generate
cash from exits in the second half. Our cash resources, however, provide us with opportunity to
invest at a time when we anticipate the market will present the Company with an increasing number
of good value investment opportunities.

On the basis of the current share price and Net Asset Value per share, and subject to no further
material deterioration in the economic outlook, we believe the Company is reasonably positioned
for the future and continue to actively seek good investment proposals.

Jon Pither
CHAIRMAN

PROFIT & LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 31 MARCH 2009
                                                              Unaudited             Unaudited            Audited
                                                                    SIX                   SIX                   
                                                                 MONTHS                MONTHS               YEAR
                                                                     TO                    TO                 TO
                                                            31-MARCH-09           31-MARCH-08         30-SEPT-08
                                                                                             
                                                                    GBP                   GBP                GBP
                                                                                                                
Turnover                                                              -                 4,440              7,217

Administrative expenses                                        (29,852)               (38,472)           (84,546)
Operating loss                                                 (29,852)               (34,032)           (77,329)
Other income                                                    67,682                 40,346             39,466
Amounts written off investments                               (172,549)              (171,540)          (587,237)
Loss on ordinary activities before taxation                   (134,719)              (165,226)          (625,100)
Taxation                                                             -                    145                  -
Loss on ordinary activities after taxation                    (134,719)              (165,081)          (625,100)
                                                                                                                
                                                                                             
Retained (loss)/profit brought forward                        (343,488)               274,456            440,211
Prior year adjustment                                                -                     -            (165,755)
As restated                                                   (343,488)               274,456            274,456
Net deficit for the year                                      (134,719)              (165,081)          (625,100)
Transfers from revaluation reserve                                   -                     -               7,156
Retained loss carried forward                                 (478,207)              (109,375)          (343,488)
Loss per share (pence)                                            (8.0)p                 (9.8)p           (36.99)p
  

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE SIX MONTHS ENDED 31 MARCH 2009
                                                              Unaudited             Unaudited            Audited
                                                                    SIX                   SIX                   
                                                                 MONTHS                MONTHS               YEAR
                                                                     TO                    TO                 TO
                                                            31-MARCH-09           31-MARCH-08         30-SEPT-08
                                                                                             
                                                                    GBP                   GBP                GBP
                                                                                                                
Loss for the financial period                                 (134,719)             (165,081)          (625,100)
Unrealised surplus/(deficit)on revaluation of                   47,480               (71,907)          (112,649)
listed investments
Total recognised losses relating to the period                 (87,239)             (236,988)          (737,749)
                                                                                                                
                                                                                                                
Loss per share (pence)                                           (8.0)p                (9.8)p           (36.99)p
                                                                                                                
Total recognised loss per share (pence)                          (5.2)p               (14.0)p           (43.66)p
                                                                                                                




BALANCE SHEET
AS AT 31 MARCH 2009
                                                              Unaudited             Unaudited            Audited
                                                                  AS AT                 AS AT              AS AT
                                                            31-MARCH-09           31-MARCH-08         30-SEPT-08
                                                                    GBP                   GBP                GBP
                                                                                                                
FIXED ASSETS                                                                                                    
Investments                                                     590,899             1,070,349            711,514
                                                                                                                
CURRENT ASSETS                                                                                                  
Debtors                                                          10,502                10,614              7,117
Cash at bank and in hand                                        130,369               394,430            116,962
                                                                140,871               405,044            124,079
                                                                                                                
CURRENT LIABILITIES                                             (10,696)             (166,319)           (27,280)
                                                                                                                
NET CURRENT ASSETS/(LIABILITIES)                                130,175               238,725             96,799
                                                                                                                
TOTAL ASSETS LESS CURRENT LIABILITIES                           721,074             1,309,074            808,313
                                                                                                                
CAPITAL AND RESERVES                                                                                            
Called up share capital                                         101,378               101,378            101,378
Share Premium Account                                         1,032,923             1,032,923          1,032,923
Revaluation Reserve                                              64,980                65,398             17,500
Profit & Loss Account                                          (478,207)              109,375           (343,488)
                                                                                                                
SHAREHOLDERS' FUNDS                                             721,074             1,309,074            808,313



Notes to the unaudited interim results

    1.      The figures have not been reviewed but by the Company's auditors
    2.      No dividend is being paid
    3.      The profit on sale of an investment is included in the profit and loss account at the
        amount by which the net sales proceeds exceed the carrying amount. The loss on sale of an
        investment is included in the profit and loss account at the amount by which the net carrying
        amount exceeds the net sales proceeds. Any revaluation surplus or deficit previously recognized in
        respect of the investment is transferred from reserves to the profit and loss account reserve.
        Each year reflects the change in presentation.



                                             --ENDS--

             The Directors of the issuer accept responsibility for this announcement.

ENQUIRIES:

ST HELEN'S PRIVATE EQUITY PLC                            TEL: 020 7628 5582
Hamish Williams - Director

FISHER CORPORATE PLC                                     TEL: 020 7388 7000
Gary Miller

Contact Information

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