Bluehone Holdings Plc

December 21, 2012 02:00 ET

Half Yearly Report

Half year report
                                         BLUEHONE HOLDINGS PLC
                                            (the "Company")
                                         CHAIRMAN'S STATEMENT

I  am  pleased  to present the results for the six months to 30 September 2012. Over the  period,  the
Company's principal operating subsidiary, Bluehone Investors LLP ("Investors") generated a small  loss
of  GBP  2,400 (2011: profit of GBP 22,000). The Company incurred costs of GBP 400 (2011: GBP  35,000)
during  the period resulting in a consolidated operating loss of GBP 2,800 (2011: GBP 14,100) and  net
deficit  of  GBP  27,000 after amortisation of goodwill (2011: GBP 38,000). We have  made  significant
savings in the Company's costs during the period.

Investors'  principal  client,  Active Capital Trust plc ("Active Capital")  is  now  focused  on  the
realisation of its strategic investments and to reduce the operating costs Active Capital has  entered
into  a  members' liquidation. Investors is retained to manage out the remaining portfolio  comprising
large strategic stakes in both AIM listed and unquoted companies following a strategy agreed with  the
Active  Capital  shareholders to seek to maximise the value potential from these  holdings.  Investors
anticipates that there is capital appreciation potential from these holdings and under the terms of an
incentive  arrangement,  Investors will share in this upside. After  the  half  year,  this  incentive
agreement  paid  out  its  first fee and we estimate that if the portfolio  was  realised  at  current
valuations,  the  incentive would exceed GBP 250,000 and would increase by 5 percent  of  any  further
growth in the value of the portfolio.

The  Investors team continues to pursue opportunities to raise additional funds with the objective  of
generating an attractive yield for investors and obtaining security on the underlying investments. The
market  conditions for investment funds has remained very difficult and progress has been much  slower
than  we  would have wished. This opportunity is believed to remain an attractive development for  the
Company and we hope to be able to report more positive developments in the future.

John Wheatley

21 December 2012

BLUEHONE HOLDINGS PLC                                                                           
CONSOLIDATED BALANCE SHEET (Unaudited)                                                          
As at 30 September 2012                                                                         
                                                                        2012                                2011
                                                                         GBP              Notes              GBP
Fixed Assets                                                                                         
Intangible Assets                                                      843,709                               893,009
Tangible Assets                                                                  -                                -
Investments                                                             200,292                                645,433
                                                                      1,044,001                            1,538,442
Current Assets                                                                                                          
Debtors                                                                 361,088                                 50,146
Cash at Bank and in hand                                               156,381                               485,268
                                                                       524,465                               535,414
Creditors: Amounts falling due in one year                            (24,581)                                   (68,201)
Net current assets                                                     499,884                               467,213
Total Assets less current liabilities                                1,543,885                             2,005,655
Creditors : Amounts falling due after one year                             (-)                                   (-)
Net Assets                                                            1,543,885                                2,005,655
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                                              (901,025)                             (439,254)
Shareholders Funds                                                  1,543,884)                             2,005,655
BLUEHONE HOLDINGS PLC                                                                                               
CONSOLIDATED PROFIT AND LOSS ACCOUNT                                                                                
For six months to 30 September 2012                                                                                 
                                                                        2012                                2011
                                                                         GBP              Notes              GBP
Turnover                                                                  88,417                           194,512
Administrative expenses                                               (91,220)                             (208,613)
Operating profit/(loss)                                                (2,804)                              (14,101)
Interest receivable and similar income                                       -                                   986
Interest payable and similar charges                                         -                                     -
Goodwill amortisation                                                 (24,650)                              (24,650)
Profit/(loss) on ordinary activities before taxation                  (27,454)                              (37,776)
Taxation on profit on ordinary activities                                    -                                     -
Profit/(loss) for the period                                          (27,454)                              (37,776)
Basic and diluted earnings/(loss) per share (pence)                   (0.023)p        2                      (0.03)p

1 The Company's interim accounts for the six months ended 30 September 2012 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 2012 are based on the 118,920,441 shares in issue                                                                      
throughout the period. (2011- 118,920,441 shares in issue).


Bluehone Holdings Plc
John Wheatley                    07836 601938
Bill Brown                       07730 718296

finnCap                         020 7220 0500
Ed Frisby
Chris Raggett

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