Powerhouse Ener Regulatory News (PHE)

21 June 2010

Bidtimes Plc

("the Company")

Final results for the ten month period ended 31 December 2009

Chairman's statement

I am pleased to present the final results of the Company for the ten month period ended 31 December 2009. The Company decided to change its accounting year end from 28 February to 31 December, as announced on 16 February 2010, to bring it in line with the calendar year.

During the period the Company continued to pursue the investment strategy as set out in the annual report to 28 February 2009, albeit with a limited budget in order to build value for its shareholders.

During the ten month period the Company made a loss of £101,358 after taxation, compared with a loss of £153,696 in the twelve months ended 28 February 2009.

Very limited exploration work has been carried out on the exploration licence over the Kyber Pass project, the Company's joint venture interest in South Australia.

Additionally, during the period under review the Company has continued to identify and assess other investment opportunities in the energy sector, particularly the alternative energy sector, in line with its investment strategy. The Company is also assessing an opportunity in the clean energy sector.

Despite the general lack of strategic direction from the Copenhagen Climate Conference in late 2009, the Directors believe that considerable opportunities exist within this industry with the potential to create shareholder value and these opportunities will be actively pursued.

A.T. Brennan

Executive Chairman

ENQUIRIES:

Income Statement for the ten month period ended 31 December 2009

All activities relate to continuing operations.

Balance Sheet for the ten month period ended 31 December 2009

Cash flow statement for the ten month period ended 31 December 2009

Statement of recognised income and expense for the ten month period ended 31 December 2009

Notes to the financial statements for the ten month period ended 31 December 2009

1. Basis of preparation

The financial statements have continued to be prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

Bidtimes plc's financial statements were previously prepared in accordance with United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice) until 28 February 2007. The date of transition to IFRS was 1 March 2007.

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts in the financial statements. The areas involving a higher degree of judgements or complexity, or areas where assumptions or estimates are significant to the financial statements are disclosed with the notes.

Going concern

Following the Company raising £440,000 by way of a placing in the prior financial year, a large portion of these funds remain on deposit within the Company, and are available to provide support for the financial operations of the Company. Therefore, after making enquiries, the board have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Directors believe that it is appropriate to prepare the financial statements on the going concern basis.

Revenue

Revenue is the total amount receivable by the company for services provided, including VAT.

Investments

Investments which are traded on an open market are included in the balance sheet at their open market values, other investments are included at cost. Impairment losses on investments are recognised in the profit and loss account, unless they arise on a previously revalued fixed asset. Impairment losses on revalued fixed assets are recognised in the statement of total recognised gains and losses until the carrying value of the asset falls below historical cost. Impairments below historical cost are recognised in the income statement.

Financial instruments

In accordance with IFRS 7 financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated on a straight line basis.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Cash and cash equivalents

Cash and cash equivalent include cash at bank and in hand as well as short term highly liquid investments such as bank deposits.

Equity

Share capital is determined using the nominal value of shares that have been issued. Premiums received on the initial issuing of share capital have been credited to the share premium account and any costs incurred or associated with the issuing of shares have been deducted from share premium, net of any related income tax benefits.

Retained earnings include all current and prior period results as disclosed within the income statement.

2. Turnover and loss on ordinary activities before taxation

The turnover and loss on ordinary activities is stated after charging:

3. Taxation on loss on ordinary activities

No taxation charge arises on the loss for the period (Year ended 28 February 2009: £Nil).

The tax assessed for the year is different to the standard rate of corporation tax in the UK of 28 per cent. (Year ended 28 February 2009: 28.2 per cent.). The differences are explained as follows:

Effect of:

Unrelieved trading tax losses of £827,301 (Year ended 28 February 2009: £725,943) are available to offset against future taxable trading profits.

4. Loss per share

The calculation of the basic loss per share is based on the loss on ordinary activities after tax and on the weighted average number of ordinary shares in issue during the period. The impact of the share options is anti dilutive.

5. Cash and cash equivalents

Cash and cash equivalents comprise of the following components:

6. Reconciliation of net cash flow to movement in net funds

7. Reconciliation of cash outflow from operating activities

8. Analysis of changes in cash and cash equivalents and net funds

9. Post balance sheet events

Since the balance sheet date the Company has continued to identify and assess other investment opportunities in the energy sector, particularly the alternative energy sector in line with its investment strategy and is also currently assessing an opportunity in the clean energy sector.

10. Dividend

The Directors do not recommend the payment of a dividend.

11. Availability of report and accounts

Copies of the report and accounts will be posted to shareholders shortly, will be available from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB and from the Company's website www.bidtimes.com.