Bluehone Holdings Plc

August 31, 2011 10:25 ET

Final Results


Final Results

31 August 2011

Bluehone Holdings plc- Ticker BLUP

Bluehone Holdings plc ("Bluehone Holdings" or "the Company" or "the Group")

Bluehone Holdings is pleased to announce its results for the year to 31 March 2011. The financial information
set out is derived from the statutory financial statements of Bluehone Holdings plc for the year to 31 March
2011. The statutory financial statements for the year to 31 March 2011, upon which an unqualified audit report
has been given, have not yet been filed with the Registrar of Companies. The statutory financial statements
will be posted to shareholders in due course and will be available in electronic format from


William Brown, Bluehone Holdings plc - 020 7400 0494

Charlie Cunningham, finnCap - 020 7220 0500

                                             BLUEHONE HOLDINGS PLC
                                             CHAIRMAN'S STATEMENT
                                           YEAR ENDED 31 MARCH 2011
I  present  my report to shareholders for the year ended 31 March 2011. The Company is the holding  company  of
Bluehone Investors LLP "(Bluehone Investors") and also has two other investments which are a 7.08% interest  in
Evolve Capital Plc ("Evolve"), an AIM traded investment company and a 19.9% interest in Elderstreet Investments
Limited  ("Elderstreet") a private equity investor. The Company consolidates the results for Bluehone Investors
LLP and holds the other two assets as investments.

During  the  year,  the group generated Revenue of GBP846,213 and reported a loss of GBP123,790  however  as  I
explain  in  more detail below, this is after incurring a number of one off costs during the year.  Your  Board
does  not  recommend the payment of a dividend for the year. The group cash balances at year  end  amounted  to

Bluehone Investors  LLP
All  the  group revenues were generated by Bluehone Investors LLP which reported a profit of GBP39,820 for  the
year.  Bluehone  Investors  relocated offices shortly after the year end on the expiry  of  its  lease  on  the
Moorgate premises and moved into the offices of Elderstreet. The results for the year to March are stated after
making  provision  at the year end for costs associated with this reorganisation of GBP57,000,  the  move  will
create cost savings over the next year.

As  was  announced in February 2011, the Board of our former client Bluehone AIM VCT ("VCT") elected to  change
the  company's  investment strategy to focus on later stage private equity investments rather than  AIM  listed
investments  which  had been its original strategy. As a consequence of this change, the VCT  appointed  a  new
manager to undertake this new strategy and Bluehone Investors LLP ceased to manage that fund in February.

Progress  with the realisation strategy for Active Capital Fund ("Active") is progressing well and  significant
added  value  has  been  created for the Active shareholders since that process began.  Active  has  accrued  a
provision for performance fees of GBP365,000 to date, this has not yet recognised as income in our results.

The  executive team at Bluehone are actively exploring and pursuing new fund raising and business opportunities
with the intention of replacing the revenues from the VCT and further expanding the scope of the business.


Evolve has had a difficult time over the past year, primarily as a result of problems and litigation within its
subsidiary, Astaire Group Plc. It is pleasing to note that the litigation has now been resolved and  Evolve  is
currently pursuing a scheme of arrangement to consolidate the Astaire business into Evolve. This will hopefully
draw a line under a difficult period and allow Evolve to focus on its core investment business.


It  is  the  strategy  of  the Company to seek further investment opportunities and as  a  result  we  spent  a
considerable  amount  of  time during the year considering a major acquisition of  another  financial  services
business. We had progressed this potential transaction to a relatively late stage, however as a result  of  the
loss  of  the VCT client, we were no longer able to conclude the transaction on terms that would have  been  in
shareholders  interests  and consequently the deal was abandoned. Unfortunately,  we  incurred  costs  on  this
aborted transaction of some £58,000 inclusive of irrecoverable VAT.


After  the year end, Dr Stuart Rollason, a director of the Company and a Member of Bluehone Investors  resigned
his  position  with  all  group  companies. I would like to take this  opportunity  to  thank  Stuart  for  his
contribution to Bluehone. The Board now comprises three non executive and two executive directors.


The  last financial year was disappointing with a combination of the loss of a client and the aborted takeover.
The  priority for the current year is the pursuance of new business opportunities to grow the current scale  of
the Company.

John Wheatley


                                             BLUEHONE HOLDINGS PLC
                                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                                                YEAR ENDED 31 MARCH 2011
                                                                   Year ended                                     Year ended
                                                                     31 March                                  31 March 2010
                                              GBP                                   GBP                    GBP     GBP
Continuing operations                        846,213                                                -                       
Acquisitions                                       -                                          382,677                       
                                                                      846,213                                        382,677
Administrative expenses                                                                                                     
Continuing operations                      (968,787)                                         (69,804)                       
Acquisitions                                       -                                        (311,216)                       
                                                                    (968,787)                                      (381,020)
Re-listing expenses                                                                                                         
Continuing operations                              -                                        (155,127)                       
Acquisitions                                       -                                                -                       
                                                                            -                                      (155,127)
Operating profit /                                                                                                          
Continuing operations                      (122,574)                                        (224,931)                       
Acquisitions                                       -                                           71,461                       
                                                                    (122,574)                                      (153,470)
Interest receivable and                                                                                                     
similar income
Continuing operations                            975                                              183                       
Acquisitions                                       -                                              490                       
                                                                          975                                            673
Interest payable  and                                                                                                       
similar charges
Continuing operations                        (2,191)                                                -                       
Acquisitions                                       -                                          (1,573)                       
                                                                      (2,191)                                        (1,573)
Profit / (loss) on                                                                                                          
ordinary activities
Continuing operations                      (123,790)                                        (224,748)                       
Acquisitions                                       -                                           70,378                       
                                                                    (123,790)                                      (154,370)
Tax on profit on                                                                                                            
ordinary activities                                                         -                                        (5,144)
Loss for the financial                                              (123,790)                                      (159,514)
Basic and diluted loss                                                                                                      
per share                                                                0.10                                           0.30



                                                                                              2011             2010
                                                                                               GBP              GBP
Fixed Assets                                                                                                       
Intangible fixed assets                                                                    917,659          966,959
Tangible assets                                                                                  -                -
Investments                                                                                645,443          592,308
                                                                                         1,563,102        1,559,267
Current Assets                                                                                                     
Debtors                                                                                     39,821          214,610
Cash at bank and in hand                                                                   862,383          726,253
                                                                                           902,204          940,863
Creditors: Amounts falling due within one year                                           (385,886)        (294,792)
Net current assets                                                                         516,318          646,071
Total assets less current liabilities                                                    2,079,420        2,205,338
Creditors: Amounts falling after more than one year                                              -          (2,128)
                                                                                         _________         ________
Net assets                                                                               2,079,420        2,203,210
Capital and reserves                                                                                               
Called up equity share capital                                                           2,378,408        2,378,408
Share premium account                                                                       66,501           66,501
Profit and Loss Account                                                                  (365,489)        (241,699)
Shareholders' funds                                                                      2,079,420        2,203,210

                                                                                              2011             2010
                                                                                               GBP              GBP
Fixed Assets                                                                                                       
Investments                                                                              2,152,948        2,099,813
Current Assets                                                                                                     
Debtors                                                                                      4,017            4,874
Cash at bank and in hand                                                                    92,727           93,445
                                                                                            96,744           98,319
Creditors: Amounts falling due within one year                                           (226,000)         (60,156)
Net current assets                                                                       (129,256)           38,163
Total assets less current liabilities                                                    2,023,692        2,137,976
                                                                                          ________         ________
Net assets                                                                               2,023,692        2,137,976
Capital and reserves                                                                                               
Called up equity share capital                                                           2,378,408        2,378,408
Share premium account                                                                       66,501           66,501
Profit and Loss Account                                                                  (421,217)        (306,933)
Shareholders' funds                                                                      2,023,692        2,137,976


                                                                                              2011             2010
                                                                                               GBP              GBP
Net cash inflow / (outflow) from operating activities                                      254,914         (92,410)
Returns on investments and servicing of finance                                                                    
Interest received                                                                              975              673
Interest element of finance lease rental payments                                          (2,191)          (1,573)
Net cash outflow from returns on investments and                                            ______           ______
servicing of finance                                                                       (1,216)            (900)
Capital expenditure and financial investment                                                                       
Acquisition of investments (non cash consideration)                                              -        (592,308)
Acquisition of goodwill      (non cash consideration)                                            -        (986,004)
Acquisition of investments                                                                (53,135)                -
Net cash outflow for capital expenditure and                                               _______        _________
financial investment                                                                      (53,135)      (1,578,312)
                                                                                           _______           ______
Taxation paid                                                                             (34,976)                -
                                                                                          ________        _________
Cash outflow  before financing                                                             165,587      (1,671,622)
Issue of equity share capital (non cash consideration)                                           -        2,122,308
Issue of equity share capital                                                                    -            5,000
Share premium on issue of equity share capital                                                   -            1,250
Acquisition of leases                                                                            -           36,788
Capital repayment of finances leases                                                      (29,457)          (5,203)
                                                                                           _______         ________
Net cash (outflow) / inflow from financing                                                (29,457)        2,160,143
                                                                                            ______          _______
Increase  in cash                                                                          136,130          488,521

Bluehone Holdings Plc

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