Powerhouse Ener Regulatory News (PHE)

27 Nov 2007 07:00

BIDTIMES PLC ("Bidtimes" or "the Company") Interim Results for six months ended 31 August 2007

Chairman's statement

I am pleased to present the interim results for the Group for the six months ended 31 August 2007.

The Company has made a loss for the period of ‚£44,135, before taxation and amounts written off investments, compared with a loss of ‚£60,245 in the corresponding six month period in 2006.

Over the interim period the Company has successfully completed on the sale of its final freehold property investment, which realised gross proceeds before costs and deductions, of ‚£157,500. The resultant disposal proceeds after costs were partially deposited against the remaining balance on the mortgage of ‚£ 13,707, which had originally been used to finance the purchase of the properties from Barratts in 2003. I am pleased to report that following this sale the remaining amount on the mortgage was settled in full.

The Board has again been disappointed with the performance during the period of the investment portfolio, having seen the carrying value of the AIM listed investments in Trochus Plc (formerly SRS Technology Plc) and Innobox Plc diminish in value. A provision has been made against these investments in order to value these at the market value as at 31 August 2007. As I announced in the Chairman's statement included in the 2007 annual accounts, the investment in Blue Chip Casinos Plc had an impairment provision against it equal to its original cost. This was due to the latest accounts filed with Companies House showing an insolvent consolidated position. As always, the Board continues to monitor very closely the Group's investment portfolio.

As shareholders are aware an EGM was held on 8 December 2006 in which the Company reverted to an investing company under Rule 15 of the AIM Rules whilst it actively searched for a reverse takeover opportunity. The Board has reviewed a number of potential opportunities during its active search for businesses which will relaunch the Company. However, the Board has not been able to agree terms with any of these parties. In accordance with the AIM Rules, trading in the Company's shares on AIM will be suspended on 8 December 2007 and in the event that no reverse takeover is completed by 8 June 2008, trading in the Company's shares will be cancelled. The Board will continue to seek an appropriate reverse takeover as soon as possible and will keep shareholders informed.

Russell StevensChairman and Chief Executive27 November 2007

Consolidated Profit and Loss Account

for the six months ended 31 August 2007

Note Six months Six months Year ended ended ended 31 August 31 August 28 February 2007 2006 2007 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Other income - 600 600 Administration expenses (48,415) (43,892) (103,367) Net rental income 1,600 11,320 21,162 Loss on disposal of fixed (683) (3,136) (4,125)assets Interest receivable 4,512 1,610 5,445 Interest payable (1,149) (26,747) (44,204)

Loss before exceptional items (44,135) (60,245) (124,489)

Exceptional items Amounts written off (9,342) (20,582) (103,785)investments Loss on ordinary activities (53,477) (80,827) (228,274) Loss on ordinary activities (53,477) (80,827) (228,274)before and after taxation

Basic loss per share (pence) 5 (0.31) (0.47) (1.31)

The Company has no recognised gains or losses other than the losses for theperiods.Consolidated Balance Sheetas at 31 August 2007 Note As at As at As at 31 August 31 August 28 February 2007 2007 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£ Fixed Assets Tangible assets 6 - 794,200 158,700 Investments 6 13,118 90,709 22,460 13,118 884,909 181,160 Current assets Debtors 77,303 63,177 66,856 Cash at bank and in hand 35,775 17,734 306 113,078 80,911 67,172 Current liabilities Creditors (25,201) (663,855) (93,850) Net current assets/(liabilities) 87,877 (582,944) (26,688) Total assets less current 100,995 301,965 154,472liabilities and net assets Capital and reserves Called up share capital 868,676 868,676 868,676 Share premium 714,948 714,948 714,948 Revaluation reserve - 22,944 - Profit and loss account (1,482,629) (1,304,603) (1,429,152) Equity shareholders' funds 7 100,995 301,965 154,472Cash Flow Statement

for the six months ended 31 August 2007

Note Six months Six months Year ended ended ended 31 August 31 August 28 February 2007 2007 2006 (audited) (unaudited) (unaudited) ‚£ ‚£ ‚£

Net cash outflow from operating 8 (113,804) (82,165) (165,501) activities

Return on investments and servicing of finance Net rental income 1,600 11,320 21,162 Interest received 4,512 1,610 5,445 Interest payable (1,149) (26,747) (44,204) Capital expenditure and financial investment Proceeds from disposal of freehold 158,017 141,863 761,374investments Net cash inflow before financing 49,176 45,881 578,276 Financing Term loan reduction from disposal (13,707) (141,863) (691,686)proceeds on disposal of freehold investment Increase/(Decrease) in cash 9 35,469 (95,982) (113,410)

Other primary statements the six months ended 31 August 2007

Statement of total recognised gains and losses

Note Six months Six months Year ended ended ended 31 August 31 August 28 February 2007 2006 2007 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Loss for the financial year (53,477) (80,827) (228,274) Unrealised loss on revaluation of - - (22,898)tangible fixed assets Total losses recognised for the (53,477) (80,827) (251,172)period

Notes to the interim results

for the six months ended 31 August 2007

1. Accounting policies

The interim financial statements have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of Bidtimes have remained unchanged from those set out in Bidtimes' 2007 annual report and financial statements.

2. Basis of preparation

The financial information set out in this report does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The figures for the year ended 28 February 2007, have been extracted from the statutory financial statements, which have been filed with the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985.

3. Dividends

No dividend is proposed for the six months ended 31 August 2007.

4. Taxation

On the grounds that year to date losses have been made there is no taxation charged to the profit and loss account in this period.

5. Loss per share

The calculation of the basic loss per share is based on the loss on ordinaryactivities after tax and on the weighted average number of shares in issueduring the period. The impact of the share options is anti-dilutive. The lossand weighted average number of shares used in the calculations are set outbelow Loss Weighted average Loss per share ‚£ number of (pence) shares Basic Loss per share

6 months ended 31 August 2007 (53,477) 17,373,523 (0.31)

6 months ended 31 August 2006 (80,827) 17,373,523 (0.47)

12 months ended 28 February (228,274) 17,373,523 (1.31)2007 6. Fixed assets Six months Six months Year ended ended ended 31 August 31 August 28 February 2006 2006 2005 (unaudited) (audited) (unaudited) ‚£ ‚£ ‚£ Freehold property (see note a - 789,950 157,500below) Fixtures and fittings - 4,250 1,200 Equity investments - Trochus Plc (see note b 3,718 8,451 5,916below) - Innobox Plc (see note c 9,400 32,900 16,544below) - Blue Chip Casinos Plc (see - 49,358 -note d below) Total 13,118 884,909 181,160

a. The carrying value of the freehold properties were revalued in the year

ended 28 February 2007 to the current market value. During the current

period the final freehold property was disposed off along with the fixtures

and fittings located at the property.

b. The value of the investment in Trochus Plc (formerly SRS Technology plc)

based on the mid-price of an ordinary share on 31 August 2007 was ‚£3,718.

The value of the investment at the close of business on 23 November 2007

was ‚£2,535.

c. The market value of the investment in Innobox Plc based on the mid-price of

an ordinary share at 31 August 2007 was ‚£9,400. The value of the investment

at the close of business on 23 November 2007 was ‚£4,700.

d. The current carrying value of this investment was written down to ‚£Nil in

the year ended 28 February 2007 due to latest published accounts for Blue

Chip Casinos Plc, being those at 30 April 2007, showing an insolvent

consolidated position. In the previous interim period the investment had

been valued on the Directors' opinion that the value of this investment was

equal to the cost value of ‚£49,358.

7. Reconciliation of movements in shareholders' funds

Six months Six months Year ended ended ended 31 August 31 August 28 February 2007 2006 2007 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Loss on ordinary activities (53,477) (80,827) (228,274) Transfer of revaluation of - - (46)tangible fixed assets from revaluation reserve Net decrease in shareholders' (53,477) (80,827) (228,320)funds Shareholders' funds brought 154,472 382,792 382,792forward

Shareholders' funds at the end 100,995 301,965 154,472 of the period

8. Reconciliation of operating loss with net cash flow from operatingactivities Six months Six months Year ended ended ended 31 August 31 August 28 February 2007 2006 2007 (unaudited) (unaudited) (audited) ‚£ ‚£ ‚£ Operating loss (48,415) (43,292) (102,767) Increase in debtors (10,447) (49,909) (53,588) (Decrease)/Increase in (54,942) 11,036 (9,146)creditors Net cash outflow from (113,804) (82,165) (165,501)operating activities

9. Analysis of charges in net funds

As at Cash Non-Cash As at 1 March Flow Movement 31 August 2007 ‚£ ‚£ 2007 (audited) (unaudited) ‚£ ‚£ Cash at bank and in hand 306 35,469 - 35,775 Bank loan (13,707) 13,707 - - (13,401) 49,176 - 35,775

10. Copies of the Interim Results are available for download from the Company's website at www.bidtimes.com or by request from the Company's registered office, Meriden House, 6 Great Cornbow, Halesowen, West Midlands B63 3AB.

Enquiries:Russell W Stevens 07860 562621 Chief Executive russell@bidtimes.com David Worlidge 020 7628 2200 John East & Partners Limited info@johneastpartners.com