Blueheath Share Discussion Threads

[m.t.glass] 22/2/2005 23:25

See? It was only me holding it back ;-o

[artful dodger] 22/2/2005 22:31

over the top we go!

[artful dodger] 20/2/2005 22:03

chart looks nice, pushing to break and hold over 150p

[m.t.glass] 31/1/2005 15:21

I'm out for now. Just tidying up my overcrowded portfolio (40-50 position) and didn't like the look of today's trades on this one. Couldn't think of a convincing reason to stay with it. Good luck to those with greater patience than me ;o)

[diogenesj] 24/1/2005 13:08

Blue sea below if it doesn't, of course. :-)

[artful dodger] 23/1/2005 22:55

break over 152p would be nice - great thing about recent issues - it's all bluesky ahead if the compnay gets going!

[diogenesj] 21/1/2005 14:13

By golly, it is. Up 3.3% at 150.5. A few more moves like this, and I'll have covered the spread.

[diogenesj] 21/1/2005 11:45

This thing seems to be moving at last....

[m.t.glass] 08/12/2004 09:18

Still nothing added to website news page. Oh well, here's what yesterday's rns announcement said:


Blueheath Holdings plc

#10 million of New Account Wins

Leading delivered wholesaler Blueheath has continued its flow of contract
successes with new annual contracts to the value of #10million being awarded in
one month.

An extension to its deal with forecourt operator Malthurst accounts for almost
#4m of the latest business wins. The balance accrues from new customers among
the smaller and medium sized retail chains in both the convenience and petrol
forecourt sector.

Blueheath has broadened its customer penetration since its highly successful
flotation on the AIM market in July this year. The company now has several new
customers in the petrol forecourt and cinema outlet sectors and is making
progress in the food service sector.

Commenting, Blueheath CEO Douglas Gurr said;

"We are particularly delighted with these wins as they demonstrate enthusiasm
from new customers who are excited about our offer and also existing customers
who have experienced the benefits of the Blueheath proposition.

We are also very encouraged by the interest we are experiencing from these new
medium sized chains."

[m.t.glass] 07/12/2004 08:02

Perking up on contract wins. Shame they ain't updated website news yet.

[artful dodger] 15/11/2004 21:18

decent volume and positive reaction
This crew still has everythting to prove but early signs are encouraging
pushing to test highs

I will add on positive momentum


sorry MT I prefer the resume!


LONDON (AFX) - Blueheath Holdings PLC posted a slightly wider loss at the
interim stage but said it is confident that its pipeline of business will see it
through to breakeven.
For the six months to Aug 28, the grocery wholesaler posted a pretax loss of
3.76 mln stg against a loss of 3.59 mln a year earlier.
Sales increased 12 pct to 34.2 mln stg.
"Operationally the company has performed well over the period, continuing to
meet or exceed its key operational targets on order fulfilment, on-time delivery
and stock holding," it said.
"The company's strategy of focusing on multiple accounts led to a 27 pct
increase in non-tobacco turnover with multiple accounts comprising 52 pct of
total turnover."
Looking forward, the company said it has has been "successful in securing a
number of new multiple accounts since the end of the half year and continues to
pursue a healthy pipeline of new business.
"At the same time as developing business in areas where it is already well
established, the company is beginning to explore a number of new areas of
business in closely parallel markets."

[nurdin] 15/11/2004 09:59

Hiya kit :o)
Profits too far away here for my liking but excellent model

[nurdin] 15/11/2004 09:40

scsw have their dates all wrong ..yet again!

[kitkat] 15/11/2004 09:19

just noticed the big delayed buys starting to come in

[kitkat] 15/11/2004 08:52

looking excellent

[m.t.glass] 15/11/2004 08:23

Moving. About to make new high?

[m.t.glass] 27/10/2004 17:48

10:00 Wed 27 Oct 2004
Blueheath heading for the black
Losses have been trimmed and important new contracts picked up at newly floated wholesale distribution group Blueheath.


The company offers a no frills distribution service supplying everything from cigarettes and booze to confectionery to the country’s network of convenience stores and petrol forecourts.

Listed on AIM at 121p through an institutional placing which raised £18 million in July, the shares are now trading at 145.5p having touched 152.5p.

Maiden interim results for the period to end August show sales 12% up at £34 million and operating losses trimmed 33% to £2.2 million. Chief executive Douglas Gurr told Citywire he was ‘encouraged217; by the performance especially with the strong pipeline of new business.

These include contracts to supply Europe’s largest cinema operator UGC, 170 Gala Bingo sites, forecourts controlled by BP and Total, and convenience store operator News Centre.

Blueheath (BLH) uses sophisticated technology to mastermind next-day delivery services at close to cash and carry prices. There are two major competitors in the £16 billion grocery wholesale market but brokers believe there is considerable scope for growth.

House broker Evolution Beeson Gregory is forecasting reduced losses of around £4.4 million for the current year giving way to profits of £2.5 million on sales of nearly £160 million in 2006.

(Citywire)

[m.t.glass] 27/10/2004 07:48

Apologies for format misalignments in number tabulation. Click News item in header box for clearer view.

[m.t.glass] 27/10/2004 07:40

Results out. No nasties.


"..the company is optimistic that the business will continue its steady progress through to breakeven with continued revenue growth leading to attendant improvements in gross margins and reductions in total overhead costs..."






Blueheath Holdings PLC
27 October 2004


Immediate Release 27 October 2004

Blueheath Holdings plc
('Blueheath' or the 'Company')

Interim Results

Blueheath is a national delivered wholesaler using sophisticated, proprietary
technology to offer a substantial cost advantage over established players in the
£16.4bn grocery wholesale sector. The Company today announces maiden Interim
results for the six months ended 28th August 2004.

The Company completed a successful flotation on AIM in July. At the issue price
of 121 pence per share, the Company raised £18.5 million (before expenses)
through an institutional placing.

Interim Results - Key Points

• Turnover increased 12% to £34.2m (2003 - £30.5m)

• Operating loss before exceptionals reduced by 33% to £2.27m (2003 -
£3.37m). Operating loss after exceptionals1 reduced by 19% to £2.72m (2003 -
£3.37m)

• Cash deposits and facilities of £14.3m comprising £10.4m of cash deposits
and £3.9m of un-drawn invoice discounting facilities with all substantial
debt repaid

• Met or exceeded all operational targets on order fulfilment, on-time
delivery and stock holding

• Strong pipeline of new business since flotation including UGC Cinemas and
Gala Bingo.

• Appointment of Lynne Watts as Chief Operating Officer adding further
industry experience to the management team

Contract Wins - Key Points

Blueheath is today also delighted to announce four further contract wins:

Account wins:
• HKS - forecourt operator (mainly BP)
• Hockmead - forecourt operator (Total)
• News Centre - convenience store operator

Contract Extension:
• Oddbins



Commenting on the results and prospects, Douglas Gurr, Chief Executive, said:

'The Group has made good progress over the last six months, strengthening
relationships with existing customers and securing a number of important new
contracts. The Company is optimistic that the business will continue its steady
progress through to breakeven.'

For further details:

Blueheath Holdings plc
Douglas Gurr, Chief Executive Tel: [phone]
Simon Mindham, Finance Director Tel: [phone]

Buchanan Communications Tel: [phone]
Mark Edwards / Tom Carroll


(1) Exceptional items of £0.45m (2003 - nil) comprising expenses associated
with flotation and financial restructuring


CHAIRMAN'S STATEMENT
- Interim Results

Blueheath is pleased to announce its maiden interim results for the six months
ended 28 August 2004 following its flotation on AIM on 20 July 2004.

The company has continued to make steady progress towards breakeven, despite the
distraction of the listing process.

Turnover for the 6 months ending 28th August 2004 increased by 12% to £34.2m
(2003 - £30.5m).

Operating losses before exceptionals reduced by 33% to £2.27m (2003 - £3.37m).
Gross margins improved to 6.0% (2003 - 5.2%) and total overhead costs before
exceptional costs as a percentage of sales reduced from 16.2% to 12.6%.
Exceptional costs in the six months were £0.45m (2003 - £nil) and the operating
loss was £2.7m (2003 - £3.4m).

As of 28th August the company had repaid all substantial debt and held a total
of £14.3m in cash deposits and facilities, comprising £10.4m of cash and £3.9m
of un-drawn invoice discounting facilities.

Operational Performance

Operationally the company has performed well over the period, continuing to meet
or exceed its key operational targets on order fulfilment, on-time delivery and
stock holding. The Company's strategy of focusing on multiple accounts led to a
27% increase in non-tobacco turnover with multiple accounts comprising 52% of
total turnover (2003 - 35%).

Contract Wins

The company has been successful in securing a number of new multiple accounts
since the end of the half year. In July the Company completed the roll out of
its service to 170 Gala Bingo sites and, shortly after flotation, expanded its
leisure sector business by winning a contract to supply UGC, Europe's largest
cinema operator. The Company is today pleased to announce four further account
wins with forecourt operators HKS and Hockmead, convenience store operator News
Centre, and a significant extension to the company's business with off-licence
chain Oddbins.

Board Appointment

Blueheath is also delighted to welcome Lynne Watts to the Executive team who
joined the Board in the role of Chief Operating Officer at the end of September.
Lynne brings a wealth of operational experience and direct industry knowledge
and is already proving a strong addition to the management team.

Company Background

In three and a half years since commencing its national rollout, Blueheath has
created a unique national distribution network offering a next-day delivery
service on a full range of goods to the UK's independent and multiple
convenience market. Blueheath's operations were founded on the simple principle
of stripping-out unnecessary supply chain costs in order to offer a full
delivery service at close to cash & carry prices.

The company has invested heavily in building the technology and infrastructure
necessary to support this unique national distribution network and is pursuing a
strategy of business growth through the addition of new customer accounts to
build the scale necessary to cover the fixed distribution and administrative
expenses.

On 20th July, the Company successfully completed a listing on the AIM market of
the London Stock Exchange raising £18.5m. The primary purpose of the listing was
to repay £1.8m of short-term debt and provide working capital to fund the
further expansion of the business.

Outlook

Looking forward, the company has been successful in securing a number of new
multiple accounts since the end of the half year and continues to pursue a
healthy pipeline of new business. At the same time as developing business in
areas where it is already well established, the Company is beginning to explore
a number of new areas of business in closely parallel markets. The precise
timing of new account wins has always been hard to predict, but the company is
optimistic that the business will continue its steady progress through to
breakeven with continued revenue growth leading to attendant improvements in
gross margins and reductions in total overhead costs as a percentage of sales.

Colin Smith

Chairman

27 October 2004


CONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)
- Results for the six months ended 28 August 2004

Six months ended 28 August 2004
Before Operating Six months Year
operating excepti- ended 30 ended 28
Note excepti- onals August February
onals (note 5) Total 2003 2004
£'000 £'000 £'000 £'000 £'000

Turnover 34,178 - 34,178 30,560 62,676

Cost of sales (32,128) - (32,128) (28,975) (59,507)

Gross profit 2,050 - 2,050 1,585 3,169


Distribution costs (2,444) - (2,444) (2,669) (5,325)
Administrative expenses (1,877) (452) (2,329) (2,282) (4,494)

(4,321) (452) (4,773) (4,951) (9,819)

Operating loss (2,271) (452) (2,723) (3,366) (6,650)

Interest receivable and similar income 46 - 46 - -
Interest payable and similar charges (1,083) - (1,083) (226) (826)

Loss on ordinary activities before taxation (3,308) (452) (3,760) (3,592) (7,476)

Tax on loss on ordinary activities - - - - -

Retained loss for the financial period (3,308) (452) (3,760) (3,592) (7,476)


Loss per share - basic and diluted (pence) 3 (14.1) (16.0) (19.7) (41.0)


There were no operating exceptional costs during the six months ended 30 August
2003 nor during the year ended 28 February 2004.

There are no recognised gains or losses for the current financial period and
preceding financial period other than as stated in the profit and loss account.

All activities derive from continuing operations.


CONSOLIDATED BALANCE SHEET (UNAUDITED)

At 28 August 2004
As at 28 As at 30 As at 28
August August February
2004 2003 2004
£'000 £'000 £'000
Note
FIXED ASSETS
Tangible assets 245 318 220

CURRENT ASSETS
Stocks 1,606 829 788
Debtors 5,780 3,800 3,971
Current investments 10,540 - -
Cash at bank and in hand - 1 -

17,926 4,630 4,759

CREDITORS: amounts falling due within one
year (4,403) (4,549) (5,232)


NET CURRENT ASSETS (LIABILITIES) 13,523 81 (473)

TOTAL ASSETS LESS CURRENT LIABILITIES 13,768 399 (253)

CREDITORS: amounts falling due
after more than one year

Convertible debt - (3,493) (6,725)

NET ASSETS (LIABILITIES) 13,768 (3,094) (6,978)

CAPITAL AND RESERVES
Called up share capital 411 182 182
Share premium account 16,798 - -
Other reserve 17,874 10,437 10,395
Profit and loss account (21,315) (13,713) (17,555)

SHAREHOLDERS' FUNDS (DEFICIT) 8 13,768 (3,094) (6,978)


Attributable to equity shareholders 13,768 (3,094) (6,978)


CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Results for the six months ended 28 August 2004
Six months Six months Year
ended 28 ended 30 ended 28
August August February
Note 2004 2003 2004
£'000 £'000 £'000

Net cash outflow from operations 6 (4,435) (3,837) (6,899)

Returns on investments and servicing of finance
Interest paid (351) (50) (129)
Interest received 46 - -
Finance costs incurred in issued of other loans - - (55)

Net cash outflow from returns on investment and servicing
of finance (305) (50) (184)


Taxation - - -


Capital expenditure and financial investment
Purchase of intangible fixed assets -
Purchase of tangible fixed assets (168) (54) (139)
Sale of tangible fixed assets 5 - 22

Net cash outflow from capital expenditure and financial
investments (163) (54) (117)


Net cash outflow before management of liquid resources
and financing (4,903) (3,941) (7,200)



Management of liquid resources
Increase in short term deposits (10,540) - -


Financing
Issue of ordinary share capital (net of issue costs paid
before 28 August 2004) 17,142 - -
Issue of other loan 1,500 - -
Repayment of other loan (1,500) - -
Repayment of short term debt facility (2,058) - -
Increase in short term debt facility 33 330 1,264
Issue of convertible loan - 3,328 6,095

15,117 3,658 7,359


(Decrease) increase in cash 7 (326) (283) 159



NOTES TO THE FINANCIAL INFORMATION

1. Basis of preparation

The financial information has been prepared in accordance with the policies set
out in the statutory financial statements of Blue Heath Direct Limited for the
year ended 28 February 2004, except for the corporate restructuring below.

These interim financial statements do not constitute statutory financial
statements within the meaning of section 240 of the Companies Act 1985. Results
for the six months periods ended 28 August 2004 and 30 August 2003 have not been
audited. The results for the year ended 28 February 2004 have been extracted
from the statutory financial statements of Blue Heath Direct Limited, which have
been filed with the Registrar of Companies and upon which the auditors reported
without qualification and only adjusted for the corporate restructuring below.

2. Corporate restructuring

During the period the Group carried out a corporate restructuring consisting of
the introduction of a new holding Company incoporated on 4 June 2004 under the
name Blueheath Holdings Limited. On 13 July 2004 its name was changed to
Blueheath Holdings plc when it re-registered as a public limited company.

On 12 July 2004 Blueheath Holdings Limited acquired the entire share capital of
Blue Heath Direct Limited in exchange for the issue of shares to shareholders on
a one for one basis.

The restructuring represented a change in the identity of the holding company
rather than on acquisition of the business. Consequently, the restructuring has
been accounted for using merger accounting principles.

Therefore, although Blueheath Holdings plc did not become the parent company of
the Group until 12 July 2004, the Group financial information is presented as if
the companies had always been part of the same group.

In accordance with Sections 131 and 133 of the Companies Act 1985, Blueheath
Holdings plc has taken no account of any premium on the shares issued to acquire
Blue Heath Direct Limited and has recorded the cost of the investment at the
nominal value of the shares issued. The resulting difference on consolidation
has been credited to a merger reserve.

3. Loss per share

Basic and diluted loss per ordinary share has been calculated by dividing the
loss after taxation before accrued preference dividends for the periods as shown
in the table below.
Six months Six months Year
ended 28 ended 30 ended 28
August August February
2004 2003 2004

Losses (£'000) (3,760) (3,592) (7,476)
Weighted average number of shares 23,514,430 18,213,601 18,213,601


The Company had ordinary shares in issue of 41,057,656 as of 28 August 2004.

FRS14 requires presentation of diluted EPS when a company could be called upon
to issue shares that would decrease net profit or increase net loss per share.
For a loss making company with outstanding share options, net loss per share
would only be increased by the exercise of out of the money options. Since it
seems inappropriate to assume that option holders would act irrationally and
there are no other diluting future share issues, diluted EPS equals basic EPS.

4. Share capital and share premium

Blueheath Holdings plc ('the Company') incorporated on 4 June 2004 with 1
ordinary share of £0.01. Subsequently it effected a group reconstruction in
order to acquire, on a share for share basis, Blue Heath Direct Limited. As
part of this re-organisation the Company issued 25,768,399 ordinary shares.

On 19 July 2004 the Company placed 15,289,256 new ordinary shares and obtained
admission for the entire share capital of the Company to the Alternative
Investment Market ('AIM') of the London Stock Exchange. The placing raised
£16,950,582 being £152,893 of share capital and £16,797,689 of share premium
after deduction of £1,549,418 in respect of costs associated with the raising of
equity.

5. Operating exceptional costs
Six months Six months Year
ended 28 ended 30 ended 28
August August February
2004 2003 2004
£'000 £'000 £'000

Restructuring of finance 314 - -
Expenses associated with flotation 138 - -

452 - -


6. Reconciliation of operating loss to operating cash outflow

Six months Six months Year
ended 28 ended 30 ended 28
August August February
2004 2003 2004
£'000 £'000 £'000

Operating loss (2,723) (3,366) (6,650)
Depreciation charge 142 129 287
(Profit) loss on disposal of fixed assets (4) - 2
Increase in stocks (818) (251) (210)
Increase in debtors (1,542) (1,244) (1,414)
Increase in creditors 510 895 1,086

(4,435) (3,837) (6,899)

7. Analysis and reconciliation of net debt
28 February
2004 Cash Non cash 28 August
£'000 flow movement 2004
£'000 £'000 £'000

Overdrafts (218) (326) - (544)
Liquid resources - 10,540 - 10,540
Debt due after one year (6,725) - 6,725 -
Debt due within one year (2,058) 2,025 - (33)

Net debt (9,001) 12,239 6,725 9,963


The £6,725,000 non cash movement represents the conversion of loan notes into
ordinary shares.


8. Reconciliation of movements in group shareholders' funds (deficit)
Six months Year
ended 28 ended 28
August February
2004 2004
£'000 £'000

Loss for the financial period (3,760) (7,476)
New shares issued (net of expenses) 24,506 -
New warrants issued - 12

Net decrease (increase) in shareholders' deficit 20,746 (7,464)
Opening shareholders' (deficit) funds (6,978) 486

Closing shareholders' funds (deficit) 13,768 (6,978)


This information is provided by RNS
The company news service from the London Stock Exchange

[m.t.glass] 13/10/2004 16:20

Bloomberg US:

"..Blueheath Holdings Plc (BLH LN), a U.K. Internet grocery wholesaler, dropped 2 pence, or 1.3 percent, to 147.5 pence. The company has applied to issue an additional 14,175 shares at 1 pence each as ``certain employees'' exercise stock options..."

[artful dodger] 06/10/2004 22:33

done and dusted

results will be when the interest is kindled/snuffed I expect

due 27/10

[m.t.glass] 05/10/2004 14:26

The Guardian, Oct 2:
"...Also heading north were shares in Blueheath Holdings on talk that the groceries wholesaler is close to a deal with a major supermarket chain. The stock closed up 1.5p at 149p..."

And a couple of weeks before which (Tgraf):
"...Blueheath Holdings has announced the appointment of Lynne Watts as chief operating officer with effect from September 28. Ms Watts was previously managing director of CERT Distributors, part of CERT Group, the logistics company..."

(Never heard of CERT meself - except for an office equipt co in Herts)

[m.t.glass] 05/10/2004 09:09

And now there's two of us.. ;o)

Looks interesting. Taken a small position for now till I look more closely at it. Need to know a bit more about how it plans to handle subsequent stages in its growth. especially if/when the scale of its deliveries exceeds its current use of borrowed capacity. It's the transitional processes that sometimes cause headaches, when there's too much for existing facilities and not quite enough to fully justify vans of their own (which I presume they will lease). (Perhaps they will, in turn, farm out their own spare van-space initially?)

Here in Wales (and north Scotland?) they only offer twice-weekly service (I think?) at present. Maybe best if they don't try to stretch themselves trying to achieve UK-wide same-day service and focus on (more easily and rapidly) building trade in the areas they can fully service. Then catch up in fringe areas as part of some later phase? Maybe their website already outlines strategy and I've not found it yet.

mtg

PS: a/d - could you paste website address into header please?

(so it stays in view once the crowds arrive)

[artful dodger] 04/10/2004 22:53

new closing high today

all on me tod here, I see