Bluehone Holdings Plc

December 22, 2010 05:44 ET

Half year report

Half year report
                                      BLUEHONE HOLDINGS PLC
                                          (the "Company")


                                       CHAIRMANS STATEMENT

I am pleased to present the results for the six months to 30 September 2010.
Over the period, the Company's principal operating subsidiary, Bluehone Investors LLP generated a
profit of GBP 168,000. The holding company incurred costs of GBP 34,000 during the period resulting in
consolidated operating profit of GBP 134,000 and pre-tax profits of GBP 109,000 after amortisation of

The Company balance sheet is strong with group cash of over GBP600,000 and we expect this will
increase further as working capital positions flow to cash. During the period, a further investment
was made in Evolve Capital of GBP 53,000 as part of a rights issue by that company. Your Board elected
to support the fund raising in order to maintain our equity interest. Over the past six months, Evolve
has had a number of issues to address with its holding in Astaire Group however its other investments
which are mainly PLUS Markets traded companies have been making good progress. We continue to hold the
investment in Evolve at cost as it is supported by the value of the underlying holdings.

Bluehone Investors has made good progress with the realisation of assets for its client Active Capital
Trust and that client will shortly make a further distribution to its own shareholders which will
represent the last of the sale proceeds from the non strategic investments. The remaining portfolio
comprises large strategic stakes in both AIM listed and unquoted companies and a strategy has been
agreed with the Active Capital shareholders to seek to maximize the value potential from these
holdings over the next few years. Bluehone anticipates that there is considerable capital appreciation
potential from these holdings and under the terms of an incentive arrangement, Bluehone will share in
this upside. We estimate that if the portfolio were realised at current valuations, the incentive
would exceed GBP 350,000 and would increase by 5 percent of any further growth in the value of the

The principal objective for Bluehone Investors remains to seek to increase funds under management and
progress is being made on moving towards the launch of a further pool of assets to provide investors
with an attractive annual cash return from the provision of capital to small growth companies.

On a corporate level, Bluehone Holdings continues to investigate acquisition and other growth
opportunities within the financial services sector with the objective of using the benefits of our
PLUS Markets quote and strong balance sheet to increase the scale and focus of our business.

John Wheatley

22 December 2010

BLUEHONE HOLDINGS PLC                                                                                         
CONSOLIDATED BALANCE SHEET (Unaudited)                                                                        
As at 30 September 2010                                                                                       
                                                                                         2010                    2009
                                                                                          GBP        Notes       GBP
Fixed Assets                                                                                                  
Intangible Assets                                                                                                      -
Tangible Assets                                                                                  -                     -
Investments                                                                                                            -
Current Assets                                                                                                          
                                                                                           248,188                 1,711
Cash at Bank and in hand                                                                                                
                                                                                           605,409               226,161
                                                                                           853,598               227,872
Creditors: Amounts falling due in one year                                               (144,026)                      
Net current assets                                                                                                      
                                                                                           709,572                61,447
Total Assets less current liabilities                                                                                   
                                                                                         2,297,313                61,447
Creditors : Amounts falling due after one year                                                                         -
Net Assets                                                                                                              
                                                                                         2,293,775                61,447
Capital and Reserves                                                                                                    
Called up equity share capital                                                                                          
                                                                                         2,378,408               251,100
Share premium account                                                                                                   
                                                                                            66,501                65,251
Profit and loss Account                                                                                        (254,904)
Shareholders Funds                                                                                                      
                                                                                         2,293,775                61,447
BLUEHONE HOLDINGS PLC                                                                                                   
CONSOLIDATED PROFIT AND LOSS ACCOUNT                                                                                    
For six months to 30 September 2010                                                                                     
                                                                                              2010                  2009
                                                                                               GBP   Notes           GBP
Turnover                                                                                                               -
Administrative expenses                                                                                                 
                                                                                         (346,866)               (7,891)
Operating profit/(loss)                                                                                                 
                                                                                           134,471               (7,891)
Interest receivable and similar income                                                                                  
                                                                                               677                   117
Interest payable and similar charges                                                                                   -
Goodwill amortisation                                                                                                  -
Profit/(loss) on ordinary activities before taxation                                                                    
                                                                                           108,565               (7,774)
Taxation on profit on ordinary activities                                                                              -
                                                                                         (18,000 )
Exceptional item                                                                                 -     3                
Profit/(loss) for the period                                                                                            
                                                                                            90,565             (172,719)
Basic and diluted earnings/(loss) per share (pence)                                          0.08p     2         (1.38p)

1 The Company's interim accounts for the six months ended 30 September 2010 are un-audited and have not been   reviewed by
the Company's auditors Sawin and Edwards.
2. Earnings per share for the six months ended 30 September 2010 are based on the 118,920,441 shares in issue                                                                           
throughout the period. (2009 - 12,555,000 shares in issue).
3. The exceptional costs are the professional fees incurred last year in relation to the acquisition of Bluehone                                                                        
Limited and the relisting of the Company.
Bluehone Holdings Plc                                                                                         
John Wheatley                    07836  601938                                                                
Bill Brown                            020 7496                                                                
Charles Cunningham or        020 7600 1658                                                                    
Ed Frisby                                                                                                     

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