Bluehone Holdings Plc

December 20, 2011 02:00 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 2011.
Over the period, the Company's principal operating subsidiary, Bluehone Investors LLP generated a
profit of GBP 22,000 (2010: GBP 167,000). The holding company incurred costs of GBP 35,000 (2010: GBP
34,000) during the period resulting in consolidated operating loss of GBP 13,000 (2010: profit of GBP
133,000) and net deficit of GBP 38,000 after amortisation of goodwill (2010: profit of GBP109,000).

Bluehone Investors principal client, Active Capital Trust is now focused on the realization of its
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 two 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 portfolio.

The Bluehone team has been investigating the opportunities to raise additional funds with the
objective of generating an attractive yield for investors and obtaining security on the underlying
investments. Given the difficult market climate, progress has been slow, however it is pleasing that
we have been selected to manage a fund which will shortly be launched by another financial company and
we are currently about to launch a prospectus for our own fund which will be open for investment in
the new year.

We hope that with these two initiatives currently being pursued  this will be the a major step in
building and expanding the business of Bluehone.

John Wheatley

20 December 2011

BLUEHONE HOLDINGS PLC                                                                                         
CONSOLIDATED BALANCE SHEET (Unaudited)                                                                        
As at 30 September 2011                                                                                       
                                                                                         2011                    2010
                                                                                          GBP        Notes        GBP
Fixed Assets                                                                                                  
Intangible Assets                                                                                                        
                                                                                           893,009                942,308
Tangible Assets                                                                                  -                      -
                                                                                           645,433                645,433
                                                                                         1,538,442              1,587,741
Current Assets                                                                                                           
                                                                                            50,146                248,188
Cash at Bank and in hand                                                                                                 
                                                                                           485,268                605,409
                                                                                           535,414                853,598
Creditors: Amounts falling due in one year                                                (68,201)                       
Net current assets                                                                                                       
                                                                                           467,213                709,572
Total Assets less current liabilities                                                                                    
                                                                                         2,005,655              2,297,313
Creditors : Amounts falling due after one year                                                  (-                       
                                                                                                 )                (3,538)
Net Assets                                                                                                               
                                                                                         2,005,655              2,293,775
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                                                                                         (151,134)
Shareholders Funds                                                                                                       
                                                                                         2,005,655              2,293,775
BLUEHONE HOLDINGS PLC                                                                                                    
CONSOLIDATED PROFIT AND LOSS ACCOUNT                                                                                     
For six months to 30 September 2011                                                                                      
                                                                                              2011                   2010
                                                                                               GBP   Notes            GBP
                                                                                           194,512                481,337
Administrative expenses                                                                                                  
                                                                                         (208,613)              (346,866)
Operating profit/(loss)                                                                                                  
                                                                                          (14,101)                134,471
Interest receivable and similar income                                                                                   
                                                                                               986                    677
Interest payable and similar charges                                                             -                       
Goodwill amortisation                                                                                                    
                                                                                          (24,650)               (24,650)
Profit/(loss) on ordinary activities before taxation                                                                     
                                                                                          (37,776)                108,565
Taxation on profit on ordinary activities                                                        -                       
Profit/(loss) for the period                                                                                             
                                                                                          (37,776)                 90,565
Basic and diluted earnings/(loss) per share (pence)                                        (0.03)p     2            0.08p

1 The Company's interim accounts for the six months ended 30 September 2011 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 2011 are based on the 118,920,441 shares in issue throughout                                                                 
the period. (2010 - 118,920,441 shares in issue).
Bluehone Holdings Plc                                                                                         
John Wheatley                    07836  601938                                                                
Bill Brown                            020 7400                                                                
Charles Cunningham       020 7220 0500                                                                        


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