Interim Results

Blue Star Capital plc
29 June 2006


29 June 2006



                             BLUE STAR CAPITAL PLC

                         ('Blue Star' or 'the Company')

              Interim results for the period ended 31st March 2006

Blue Star Capital plc (AIM: BLU), the Company created to provide seed capital
for early stage companies, is pleased to announce its interim results, for the
period ended 31st March 2006.

Highlights:
     
•    Blue Star currently holds a diverse investment portfolio of seven companies 
     which offer significant potential capital growth. It is pursuing its 
     strategy aggressively and is actively reviewing opportunities as they 
     arise.

•    The Balance Sheet remains strong with net cash of GBP2.627 million at 31st 
     March 2006.

•    Substantial additional investments (GBP0.815 million), in line with the 
     corporate strategy, have been made in the period.
     
•    Teather & Greenwood has been appointed as the Company's sole nominated 
     adviser and broker.

•    A pre and post-tax loss of GBP0.238 million has been made in the period.

Nigel Robertson, Blue Star's Chairman, said: 'We continue to pursue our strategy
of building investments in an exciting and diverse portfolio of investments
which promise substantial capital growth and would point to our recent
investment in Trithor Holdings Limited and Venteco plc as a demonstration of
this. As the year unfolds, we look forward to reporting our progress to you.'


For further information:

Blue Star Capital plc
Nigel Robertson, Chairman               Tel: [phone]

Teather & Greenwood
Mark Dickenson                          Tel: [phone]

Holborn Public Relations Limited
David Bick                              Tel: [phone]



Chairman's Statement

Since flotation the Company has actively pursued its corporate strategy of
identifying growth opportunities across a variety of sectors. The sectors
include property, oil and gas, outsourcing, telecoms and e-marketing. To this
end, the Company has invested in five AIM-traded investing companies (or 'cash
shells') and two privately held companies.

During the period under review, the London Stock Exchange introduced new
regulations concerning investing companies, particularly in relation to the
amount of money a cash shell is required to raise for admission to AIM and to
the timescale during which a cash shell should complete an appropriate
transaction or substantially implement its investment strategy. As a result of
the regulation changes a number of AIM companies were suspended on April 3rd
2006. One of these companies was Gasol plc. Gasol plc will seek re-admission to
AIM once it has completed an appropriate transaction.

The period under review, and since the period end, reveals a significant level
of activity, as the following brief review of the Company's portfolio of key
investments demonstrates.

INDIA OUTSOURCING SERVICES PLC

India Outsourcing Services plc (AIM: IOS) is a company formed to capitalise on
acquisition and investment opportunities primarily in the Indian business
process outsourcing market. As reported, IOS raised an additional GPB3 million
before expenses in February 2006 from new and existing investors. IOS was also
pleased to announce on 21st March 2006 that Wheddon Limited an investment
vehicle associated with Consensus, Vincent Tchenguiz' venture capital arm, had
subscribed for an additional 1 million shares - a strong endorsement of the
strategy of the company. Wheddon now has 13.85% of IOS' issued share capital.

BLACK RAVEN PROPERTIES PLC

Black Raven Properties plc (AIM: BRP) has since flotation in February 2005
pursued its strategy of identifying opportunities in the property sector. It has
acquired a prestigious residential development near Lisbon, Portugal. BRP has,
given its experience in the Portuguese property market, decided to focus on it
for development. They are currently evaluating a number of opportunities. In May
2006, BRP appointed Michael Friend as a Director of the company. Michael has
substantial relevant experience and will assist the company in reaching its
goals.

GASOL PLC

Gasol plc (AIM: GAS) joined AIM in March 2005 with the strategy of seeking
acquisition and investment opportunities in the Oil and Gas sector. It has
concentrated its strategic focus on the exploitation of liquefied natural gas
opportunities in the Gulf of Guinea region of West Africa. GAS successfully
raised an additional GBP3 million before expenses in a placing in February 2006.
As a result of the London Stock Exchange rule changes with regards to the AIM
market, trading in the shares of GAS, along with a number of other cash shells,
was suspended on 3rd April 2006.  In the meantime, GAS continues to seek to
complete an appropriate transaction.

ALL NEW VIDEO PLC

ALL NEW VIDEO PLC (AIM: ANV) joined AIM as a result of the reverse takeover of
Gordian Investments plc in August 2005. Blue Star had invested in Gordian
Investments plc when it joined AIM in March 2005.  ANV is a managed services
company offering live multi-party 3G video calling, PC to videophone calling and
video mail, allowing mobile content providers and network operators to promote
and develop their content over 3G mobile, IP and ISDN connections. ANV has
signed a number of contracts with network operators and content providers
including Orange and GMTV.

MEDCENTER HOLDINGS INC

Blue Star has a minority shareholding in this private company which is leader in
the provision of e-marketing and relationship marketing solutions to the
pharmaceutical industry. Medcenter's clients include a number of the top-five
pharmaceutical companies.

VENTECO PLC

VENTECO (AIM: VTO) is a shell company that was listed in March 2006 to invest
in, or acquire assets in companies involved in environmentally friendly pest
control technologies and applications. VTO raised GBP3.1 million and is
currently evaluating opportunities. Blue Star has acquired 8.99% of the issued
shares of the company.

TRITHOR HOLDINGS LIMITED

Blue Star recently participated by investing EUR350 thousand in a EUR3.5 million
fundraise by Trithor Holdings Limited and now owns a minority shareholding in
this private company. Trithor, based in Germany, is involved in the development
of  high temperature superconductors ('HTS'). HTS are made up of ceramic and
other materials and could replace copper wire and strip windings generally used
in electric motors, generators and transformers. HTS wires have a price
advantage of between 25% and 50% over the price of copper wires.

Outlook

As is outlined above, your Company has built an exciting business model based on
delivering capital value growth to its shareholders. The companies that Blue
Star has invested in have substantial potential to deliver on the Company's
corporate strategy and I look forward to reporting on future progress.


Nigel Robertson
Chairman
29/06/2006





Blue Star Capital Plc

Profit and loss account for the period ended 31 March 2006

                                                               6 months ended  6 months ended      Period ended
                                                                31 March 2006   31 March 2005 30 September 2005
                                                                  (unaudited)     (unaudited)         (audited)
                                                                            £               £                 £

Turnover                                                                    -          50,000            75,000
Gains on Investments                                                    1,156               -                 -

Administrative expenses                                             (310,333)       (209,789)         (434,112)

Operating Loss                                                      (309,177)       (159,789)         (359,112)

Net Interest receivable                                                70,409          84,521           166,316

Loss on ordinary activities before taxation                         (238,768)        (75,268)         (192,796)

Tax on loss on ordinary activities                                          -               -                 -

Loss on ordinary activities after taxation                          (238,768)        (75,268)         (192,796)

Loss per share- basic and diluted                                     (0.23)p         (0.07)p           (0.19)p



All amounts relate to continuing activities.

All recognised gains and losses for the period have been included in the profit
and loss account.




Blue Star Capital Plc

Balance sheet at 31 March 2006
                                                                6 months ended  6 months ended      Period ended
                                                                 31 March 2006   31 March 2005 30 September 2005
                                                                   (unaudited)     (unaudited)         (audited)
                                                                             £               £                 £

Fixed assets
   Tangible assets                                                       9,315          10,384            10,811
   Investments                                                       2,203,978       1,161,010         1,416,157

                                                                     2,213,293       1,171,394         1,426,968

Current assets
   Debtors                                                              25,429          65,181            21,752
   Cash at bank and in hand                                          2,627,701       3,939,544         3,650,065

                                                                     2,653,130       4,004,725         3,671,817

Creditors falling due within one year                                (159,962)       (128,605)         (153,556)

Net current assets                                                   2,493,168       3,876,120         3,518,261

Total assets less current liabilities                                4,706,461       5,047,514         4,945,229

Capital and reserves
   Called up share capital                                             105,500         105,500           105,500
   Share premium account                                             5,032,525       5,017,282         5,032,525
   Profit and loss account                                           (431,564)        (75,268)         (192,796)

Shareholders funds - equity                                          4,706,461       5,047,514         4,945,229





Blue Star Capital Plc

Cash flow statement for the period ended 31 March 2006

                                                                6 months ended  6 months ended      Period ended
                                                                 31 March 2006   31 March 2005 30 September 2005
                                                                   (unaudited)     (unaudited)         (audited)
                                                                             £               £                 £

Net cash outflow from operating activities                           (303,732)        (95,914)         (223,428)

Returns on investments and servicing  of finance
   Interest received                                                    70,460          84,521           167,132
   Interest paid                                                          (51)               -             (816)

Net cash inflow from returns on investments

and servicing of finance                                                70,409          84,521           166,316

Financial investments and capital expenditure
   Payments to acquire tangible fixed assets                           (2,375)        (10,835)          (14,691)
   Payments to acquire investments                                   (815,081)     (1,161,010)       (1,416,157)
   Proceeds from sale of investments                                    28,416               -                 -

Net cash outflow from financial investments

and capital expenditure                                              (789,040)     (1,171,845)       (1,430,848)

Net cash outflow before financing                                  (1,022,363)        (54,877)       (1,487,960)

Financing
   Issue of ordinary shares                                                  -       5,600,000         5,600,000
   Expenses paid in connection with share issues                             -       (477,218)         (461,975)

Cash inflow from financing                                                   -       5,122,782         5,138,025

(Decrease) increase in net cash in the period                      (1,022,363)       3,939,544         3,650,065






Blue Star Capital Plc

Notes to the Interim Report


1. Basis of preparation

The interim accounts for the six months ended 31 March 2006 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.

The financial statements have been prepared in accordance with currently
applicable Accounting Standards in the United Kingdom, which have been applied
consistently, and under the historical cost convention.

Accounting policies consistent with those applied in the financial statements
for the period ended 30 September 2005 have been used in preparing the unaudited
interim financial statements for the 6 months ended March 2006.

2. Taxation

There is no tax charge for the period due to the loss arising.

3. Dividends

The Directors are not declaring a dividend for the six months ended 31 March
2006.

4. Loss per ordinary share

The calculation of basic and diluted loss per share of 0.23 pence is based on
the loss for the period of £238,768 and on 105,500,000 ordinary shares, being
the weighted average number of ordinary shares in issue during the period ended
31 March 2006.

5. Copies of interim results

Copies of the interim results are available from the Company's office, 22 Soho
Square, London W1D 4NS.


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