Equity Resources plc
LSE : EQRP

February 02, 2011 02:00 ET

Half-year report ? six months ended 30 November 2010

                                                 
                                              

                                                                                     02/02/2011

                                                                      GB00B0GQJ825/GBP/PLUS-exn

                                       Equity Resources plc
                                          (the "Company")
                                                 
                       Half-year report - six months ended 30 November 2010

Chairman's statement

The improvement in the Company's fortunes demonstrated in the annual report for the year ended  31
May  2010,  has  been maintained into the first half of the current year.  The key events  of  the
period were:

    *   another  small  sale  of  the  investment in Regency Mines plc realised £8,240, yielding a
        gross profit of £6,199;

    *   the short term loans were reduced by £50,000, leaving £55,000 outstanding;

    *   after expenses, the net loss for the period amounted to £17,317;

    *   as  previously  announced, the investment values moved ahead strongly during the period so
        that  at  30  November  2010,  the net asset value was £2m or 3 pence per share on a fully 
        diluted basis, a 572% increase from £297,450 at 31 May 2010.

The  investment  values  have  slipped a little since 30 November 2010,  but  your  Board  remains
confident  that the underlying businesses of the portfolio companies are strong and will  generate
further growth, if not in the current year, certainly in the years to come.

The investment portfolio consists of holdings in:

    *   Regency  Mines  plc, a  mineral  exploration company with direct and indirect interests in
        Australia, Pakistan  and  Papua New Guinea as well as a 24% interest in Red Rock Resources 
        plc www.regency-mines.com), and

    *   Red Rock Resources plc, a mineral  exploration company with direct and indirect interests
        in Australia, Columbia, Costa Rica, Kenya, Paraguay and Zambia as well as an interest in 
        Regency Mines plc (www.rrrplc.com).

Further information

Given  the  continued  high  world demand for commodities such as iron  ore,  manganese,  uranium,
nickel, coal and gold, your Board continues to look 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 2011 and plan to  issue  an
update as soon as possible following the year end.

John Watkins

Chairman

1 February 2011


PROFIT & LOSS ACCOUNT

                                                        6 months to    6 months to  Year to 31 May
                                                        30 November    30 November            2010
                                                               2010           2009
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Operating income                                              8,240        102,605         158,971
Direct costs                                                  2,041         24,000          49,830
Gross profit                                                  6,199         78,605         109,141
Administrative expenses                                    (23,516)       (14,738)        (42,099)
                                                                   
Operating (loss)/profit on ordinary activities             (17,317)         63,867          67,042

Interest receivable                                               -              -               -
Interest payable                                                  -        (3.637)           (392)
(Loss)/profit on ordinary activities before taxation       (17,317)         60,230          66,650

Tax on profit on ordinary activities                              -              -               -

(Loss)/profit on ordinary activities after taxation        (17,317)         60,230          66,650

Retained (loss)/profit for the period                      (17,317)         60,230          66,650

                                                                                                  
(Loss)/profit per share                                                                           
Basic                                                  (0.04 pence)     0.13 pence      0.14 pence
Fully diluted                                          (0.02 pence)     0.08 pence      0.09 pence
                                                                                    



BALANCE SHEET

                                                           As at 30       As at 30           As at
                                                           November       November     31 May 2010
                                                               2010           2009
                                                          Unaudited      Unaudited         Audited
                                                                  £              £               £
Fixed assets                                                      -              -               -

Current assets                                                                                    
Debtors                                                       1,479          1,199          45,621
Investments                                                  99,000        126,000         101,000
Cash at bank                                                    341         12,540          22,214

                                                            100,820        139,739         168,835
Creditors - amounts due within one year                    (71,827)      (103,414)       (122,709)
Net current assets                                           28,993         36,325          46,126

Total assets less current liabilities                        28,993         36,325          46,126

                                                                                    
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                                     (925,388)      (914,675)       (908,255)
Share based payment reserve                                   3,381              -           3,381
                                                                                                  
Equity shareholders' funds                                   28,993         36,325          46,126
                                                                                                  

Half-year report notes

1.  Interim report
    The information relating to the six month periods to 30 November 2010 and 30 November 2009  is
    unaudited.

    The information relating to the year ended 31 May 2010 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  2010,  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 2011.
    
The Directors of Equity Resources plc accept responsibility for this announcement.

ENQUIRIES:
Equity Resources plc                   Tel: 01483 771992
John Watkins, Chairman                 Email:  john@equityresources.co.uk

St Helens Capital Partners LLP         Tel:  020 7368 6959
Corporate Adviser                      Email: duncanvasey@sthcp.com
Duncan Vasey                           

END

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