St Helens Capital plc
LSE : SHCP

December 19, 2008 02:00 ET

Interim Results

            St.  Helen's Capital Plc / Epic: SHCP / Market: AIM / Sector: Financial services

19 December 2008

                     St Helen's Capital Plc ('St Helen's Capital' or 'the Company')
                                             Interim Results

St  Helen's  Capital, the AIM-listed independent institutional stockbroker and corporate finance  adviser
focussed on companies in the small cap and high growth arena, announces its unaudited results for the six
months ended 30 September 2008.

Chairman's Statement

During  the  period  under  review we have continued to make progress in many aspects  of  our  business,
despite  the current market conditions, and have remained focussed on building our position as an advisor
and  broker  of  choice in the small cap and growth company arena.  Our flexible approach enables  us  to
offer  our  clients innovative and appropriate solutions to their funding requirements both  on  and  off
market and through equity and debt instruments.

As  investors will know, the market for equity financing in particular has been, and remains,  difficult,
which  has  undoubtedly  affected our performance.  However, we have remained  active  in  expanding  our
retained  business and building our reputation amongst AIM and PLUS listed companies and  investors.   To
this end we now act as Broker to 13 AIM clients and Corporate Adviser to 31 PLUS companies.

In  the  first half of the current year the market for small cap stocks has been particularly  difficult,
but  in spite of this St Helen's Capital continued to attract new investment opportunities.  During  this
period investors have been particularly cautious and the most significant potential transactions on which
we  have  been  working have understandably been postponed.  Since the summer, however, we are  seeing  a
renewed  interest  in  high  quality,  competitively priced off market  transactions,  from  a  range  of
institutions,  as  valuation expectations have become more realistic.  We have  completed  several  small
fundraisings  and are currently engaged and actively working on a number of interesting transactions  and
have  further prospects particularly in renewables and other businesses with an environmental angle.   We
remain  committed to the small cap and growth company sector and our ongoing broking efforts have enabled
us  to  identify  those  parties  who are starting to become active  again.   As  well  as  strengthening
relationships with the traditional players, we have developed a broad active investor contact base  which
encompasses specialists in the UK, mainland Europe, the US and the Middle East.

Our  PLUS  Markets advisory business continues to perform and remains a solid cornerstone of the Company.
We  represent  31  clients quoted on PLUS which continues to see us as the leading PLUS Markets  advisory
firm.   The  PLUS market remains active and is gaining further recognition during this time  of  economic
uncertainty,  with  many companies considering moving their listing to PLUS in order  to  reduce  running
costs.   An  increasing proportion of active institutions are now looking at PLUS and this  institutional
support will be key to its future success.

Our  research team is rapidly increasing the number of companies under coverage and our broking  team  is
actively  marketing  the research ideas.  We believe that as and when markets improve,  it  will  be  the
companies  that are best positioned with and understood by investors, which will benefit first and  most.
Valuations have been driven to very low levels among small cap companies, and will represent some of  the
best value investment opportunities once confidence returns.

Our main source of revenue in the period has been from our Corporate Finance activities and fees paid  by
our retained clients.  Our equity fund raising business is by nature irregular and market conditions have
impacted  a  number  of  proposed transactions.  Although we expect increased fund raising  activity  and
retained  income  going  forward, we have taken steps to reduce our already low  cost  base.   As  at  30
November 2008, the Company had cash at bank of over GBP 1.1m.

The  Directors are confident that St Helen's Capital is well placed to weather the economic turmoil.   We
have  launched a number of initiatives to generate value for our clients and investors by playing to  our
strengths,  including our joint broking service, which offers at sensible pricing levels,  an  attractive
alternative to sponsored research.  I believe we have a defined business strategy and an experienced  and
dedicated  team that can both carry the business through the current financial turbulence  and  grow  our
position in our stated area of operation.

Finally,  I  would  like  to  thank  our  Shareholders for their patience  during  this  frustrating  and
challenging period.  The majority of St Helen's Capital's employees are also Shareholders and  we  remain
determined to build the business into a leading small-cap focussed institutional stockbroker and to repay
shareholder loyalty with increasing shareholder value.

Mark Warde-Norbury
Chairman
19 December 2008
                                              ** E N D S**

Mark Warde-Norbury                    Chairman, St Helen's Capital Plc                 Tel: +44 (0)20 7628 5582

Ruari McGirr                          Chief Executive, St Helen's Capital Plc          Tel: +44 (0)20 7628 5582

James Harris / David Altberg          Strand Partners Limited                          Tel: +44 (0)20 7409 3494

Susie Callear                         St Brides Media & Finance Ltd                    Tel: +44 (0)20 7236 1177


Income Statement
For the six months ended 30 September 2008

                                                                                   
Continuing operations                                                     30 Sept        30 Sept
                                                                             2008           2007
                                                                                   
Revenue                                                                   543,498      2,322,388
Cost of sales                                                            (48,298)      (196,998)

                                                                     ----------------------------
Gross profit                                                              495,200      2,125,390
                                                                                   
Administrative expenses                                               (1,171,513)    (1,225,297)
                                                                                   
Operating profit                                                        (676,313)        900,093
                                                                                   
Investment revenues                                                        38,397         37,950
Other gains and losses                                                   (41,360)        195,679
Finance costs                                                                   0          (178)

                                                                     ----------------------------
                                                                                   
- Loss/ Profit before tax                                               (679,276)      1,133,544
                                                                                   
Corporation tax charge                                                          0              0

                                                                     ----------------------------
- Loss/ Profit/ (loss) for the period                                   (679,276)      1,133,544
                                                                     ----------------------------
                                                                                   
Earnings per share                                                                 
                                                                                   
Basic                        42,443,860 shares
                            (2007:40,059,195)                              (1.6p)          2.85p
                                                                                                
Diluted*                     42,443,860 shares
                            (2007:42,978,152)                              (1.6p)          2.65p

*  Due  to  the 2008 loss, the 2008 diluted EPS calculation will show a lower loss per/share, making  the
options 'anti-dilutive'.  Accordingly the basis EPS and the diluted EPS are the same.

Balance Sheet
As at 30 September 2008
                                                                          30 Sept       30 Sept
                                                                             2008          2007
Non current assets                                                                 
Property, plant and equipment                                              60,203        26,518
                                                                       -------------------------
                                                                                   
Current assets                                                                     
Available for sale investments                                            218,493       296,842
Trading investments                                                        33,504       196,406
Trade and other receivables                                               315,551       241,887
Cash and cash equivalents                                               1,280,412     2,824,580

                                                                       -------------------------
                                                                        1,847,959     3,559,715
                                                                       -------------------------
Total assets                                                            1,908,163     3,586,233
                                                                       -------------------------
            
Current liabilities                                                                
Trade and other payables                                                (199,688)      (401,875)
Corporation tax                                                          (19,283)             0

                                                                       -------------------------
                                                                                  
Total current liabilities                                               (218,971)      (401,875)
                                                                       -------------------------
                                                                                   
Net assets                                                              1,689,192     3,184,358
                                                                       -------------------------
                                                                                   
                                                                                   
Equity                                                                             
Capital and reserves attributable to equity
shareholders                           
                                                                                   
Share capital                                                           2,142,800     2,120,679
Share premium account                                                   1,171,707     1,163,829
Revaluation reserves                                                        4,697        95,020
Other reserves                                                            487,316       231,316
Retained earnings                                                     (2,117,328)     (426,486)
                                                                      --------------------------
                                                                        1,689,192     3,184,358
                                                                      --------------------------

Cash Flow Statement
For the six months ended 30 September 2008
                                                                          30 Sept       30 Sept
                                                                             2008          2007
Net Cash from operating activities                                                 
Operating -loss/ profit                                                  (676,313)      900,093
Depreciation                                                               21,000             0
Profit on disposal of fixed assets                                                            0
Tax paid                                                                                      0
Share based payments                                                      124,000       125,500
                                                                       -------------------------
                                                                                   
Operating cash flows before movements in working capital                 (531,313)    1,025,593
                                                                       -------------------------
                                                                                   
Movement in working capital                                                        
Decrease/(increase) in receivables                                        (33,241)     (89,275)
Increase/(decrease) in payables                                           (19,433)      153,929

                                                                       -------------------------
                                                                          (52,673)       64,654
                                                                       -------------------------
Operating cash flow                                                      (583,986)    1,090,247
                                                                       -------------------------
                                                                                   
Investment activities                                                              
Interest receivable                                                        38,397        37,950
Proceeds on disposal of trading investments                                 2,964             0
Proceeds on disposal of available for sale investments                          0       307,232
Expenditure on tangible fixed assets                                      (3,359)      (26,518)
Expenditure on available for sale investments                                          (79,375)

                                                                        ------------------------
Cash flow from investing activities                                        38,002       239,289
                                                                        ------------------------
                                                                                   
Financing                                                                          
Issue of share capital                                                     10,000     1,509,991
Interest payable                                                                0         (178)

                                                                        ------------------------
Cash flow from financing activities                                        10,000     1,509,813
                                                                        ------------------------
                                                                                   
Net increase/(decrease) in cash and cash equivalents                    (535,984)     2,839,349
                                                                        ------------------------
                                                                                   
Cash and cash equivalents at start of period                            1,816,396      (14,769)
Cash and cash equivalents at end of period                              1,280,412     2,824,580

                                                                        ------------------------
Increase/(decrease) in cash and cash equivalents                        (535,984)     2,839,349
                                                                        ------------------------

Basis of accounting

This  financial  information has been prepared for use in the European Union.   The  Company's  financial
statements   have   been  prepared  in  accordance  with  IFRS  and  International  Financial   Reporting
Interpretations Committee ('IFRIC') interpretations adopted by the European Union, and with  those  parts
of  the  Companies  Act 1985 applicable to companies reporting under IFRS, with the prior  periods  being
reported on the same basis.

A copy of this report is available on the Company's website at www.sthelenscapital.com

Contact Information

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