Equity Resources plc
LSE : EQRP

February 03, 2010 02:00 ET

Half-year report ? six months ended 30 November 2009

                                                 
                                             
                                                                                                  
                                                                                        03/02/2010
                                                                         GB00B0GQJ825/GBP/PLUS-exn
                                                 
                                       Equity Resources plc
                                          (the "Company")
                                                 
                       Half-year report - six months ended 30 November 2009

Chairman's statement
The  improvement in the Company's fortunes forecast in the annual report for the year ended 31 May
2009,  has been maintained into the first half of the current year.  The key events of the  period
were:

    *   part of the investment in Regency Mines plc was sold for £102,605, yielding a gross profit
        of £78,605;
    *   the short term loan of £50,000 to Red Rock Resources plc was repaid in full;
    *   these two events enabled the Company to make repayments of the short term loan totalling
        £150,000, leaving £100,000 outstanding;
    *   after expenses, the net profit for the period amounted to £60,230.

The investment portfolio consists of holdings in:

    *   Regency Mines plc, a mineral exploration company with interests in Australia and Papua New
        Guinea (www.regency-mines.com), and
    *   Red Rock Resources plc, a mineral exploration company with direct and indirect interests
        in Australia, Kenya, Paraguay and Zambia (www.rrrplc.com)

Other relevant facts are:

    *   Net asset value at 30 November 2009:      0.62 pence per share
    *   Net asset value at 29 January 2010:       0.43 pence per share.

Further information
Those  Shareholders who wish to receive electronic copies of regulatory announcements are  invited
to send their email address to:  mail@equityresources.co.uk.

Your  Board  looks  to  the future with optimism; we expect further improvement  in  the  investee
company activities with consequential increase in the share prices and net asset value during  the
remainder  of  this  financial year to 31 May and plan to issue an  update  as  soon  as  possible
following the year end.

John Watkins
Chairman
3 February 2010

Profit & loss account

                                                   6 months to 30   6 months to 30  Year to 31 May
                                                    November 2009    November 2008            2009
                                                        Unaudited        Unaudited         Audited
                                                                £                £               £
Turnover                                                  102,605                -               -

Cost of sales                                            (24,000)                -               -
Administrative expenses                                  (14,738)         (10,802)        (31,763)

Operating profit/loss on ordinary activities               63,867         (10,802)        (31,763)

Interest receivable                                            -              122           1,983
Interest payable                                          (3,637)                -         (8,388)
Profit/(loss)  on  ordinary  activities   before           60,230         (10,680)        (38,168)
taxation

Tax on profit on ordinary activities                            -                -               -

Profit/(loss)   on  ordinary  activities   after           60,230         (10,680)        (38,168)
taxation

Retained profit/(loss) for the period                      60,230         (10,680)        (38,168)

                                                                                                  
Profit/loss per share                                                                             
Basic and diluted                                      0.13 pence     (0.02) pence    (0.08) pence
                                                                                    

Balance sheet

                                                           As at 30       As at 30           As at
                                                           November       November     31 May 2009
                                                               2009           2008
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Fixed assets                                                      -              -               -

Current assets                                                                                    
Debtors                                                       1,199          3,110           4,689
Cash at bank                                                 12,540        463,475          33,828
Investments                                                 126,000         50,000         200,000

                                                            139,739        516,585         238,517
Creditors - amounts due within one year                    (103,414)      (513,002)       (262,422)
                                                                                  
Net current assets                                           36,325          3,583         (23,905)
                                                                                  
Total assets less current liabilities                        36,325          3,583         (23,905)

                                                                                    
Share capital and reserves                                                                        
Called up share capital                                     479,750        479,750         479,750
Share premium account                                       471,250        471,250         471,250
Profit & loss account                                      (914,675)      (947,417)       (974,905)
                                                                                                  
Equity shareholders' funds                                   36,325          3,583         (23,905)
                                                                                                  

Half-year report notes

1.  Interim report
    The information relating to the six month periods to 30 November 2008 and 30 November 2009  is
    unaudited.
    The information relating to the year ended 31 May 2009 is extracted from the audited financial
    statements  of the Company which have been filed at Companies House and on which the  auditors
    issued an unqualified audit report.
    
2.  Basis of accounting
    The  report has been prepared using accounting policies that are consistent with those adopted
    by  the  Company  in  the  statutory accounts for the year ended 31  May  2009,  although  the
    information does not constitute statutory accounts within the meaning of section  434  of  the
    Companies Act 2006.
    The Company will report again for the full year to 31 May 2010.
    
The Directors of Equity Resources plc are responsible for the contents of this announcement.

ENQUIRIES:
Equity Resources plc                   
John Watkins, Chairman                 Tel: 01483 771992
                                       Email:  john@equityresources.co.uk
                                       
St Helens Capital Partners LLP         Tel:  020 7368 6959
Corporate Adviser                      
Duncan Vasey and Mark Anwyl            


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