There's nothing wrong with bleeding on HRT, as long as you schedule it. The objective of being bleed-free post-menopausally and also having enough estrogen for the full health benefits isn't realistic. If you take enough estrogen for its growth-promoting effects (cell turnover and effects on mitochondria) then your uterine lining will also grow. The only way to avoid that is to take a dose which is too small and drown yourself in progesterone to downregulate the estrogen receptors. For more info on that, look up Dr Felice Gersh on YouTube and her presentation on estrogen dosing.
Booroo, have you tried being on sequential with utrogestan? Or only continuous? If you are in peri and trying continuous it's not going to work because your own body is still producing estrogen. If you are post-meno and on continuous expecting to be bleed-free, this often doesn't work either and it's better to schedule the bleeds....