Belmore Resources (Holdings) plc

May 31, 2011 06:16 ET

Interim Results

                                                                                                31 May 2011
                                     Belmore Resources (Holdings) Plc
                                              ("the Company")
                                              Interim Results
The Board of Belmore Resources, a minerals exploration company with a focus on projects in the Republic  of
Ireland, is pleased to announce its interim results for the six months ended 28th February 2011.


Work  is  continuing  on  the  Clare  block, with Lundin carrying out an extensive  drilling  programme  at
Kilbricken and also drilling on several of the other licences in the Joint Venture.

In  order  to  advance the Kilbricken prospect two new drill rigs have been brought on site and  these  are
capable  of  drilling  24  hours a day. More than one hundred drillholes have now  been  completed  on  the
Kilbricken  prospecting licence. A number of geophysical surveys have also been carried out and  a  Seismic
Survey is planned for this summer.


The  Company  reported a profit for the period of €184,646 (2010: €85,809), which, on  a  weighted  average
basis,  equates to a profit of €0.0048 per share. The Company had Net Current Assets of €540,834  and  Cash
balances of €348,872 at 28th February 2011.

Subsequent  to the period end, Starvest Plc exercised their Warrants over 2,333,333 Ordinary  Shares  at  a
price of £0.0375 per share, bringing their shareholding in the Company to 20.32%.


The Company looks forward to an exciting period over the coming months.

I  would like to take this opportunity to thank our shareholders for their continued support throughout the
period and look forward to updating you on further developments.

W. Ian L. Forrest

                  The directors of the issuer accept responsibility for this announcement

Belmore Resources (Holdings) Plc                                Tel: 0035 387 681 2883
Patrick Mahony

Bishopsgate Communications Ltd                                  Tel: 020 7562 3350
Nick Rome/Michael Kinirons

Rivington Street Corporate Finance                              Tel: 020 7562 3389
Eran Zucker

                                     Belmore Resources (Holdings) Plc

        Unaudited Consolidated Profit and Loss account for the six months ended 28th February 2011

                                                            2011                               2010
                                                              €                                  €
Administrative Expenses                                   (55,964)                          (44,855)

Operating loss - continuing operations                    (55,964)                          (44,855)

Other Income                                               275,000                           150,000

Interest payable and similar charges                          (15)                             (586)

                                                           _______                            ______

Profit on Ordinary activities
before taxation                                            219,021                            104,599

Tax on profit on ordinary activities                      (34,375)                           (18,750)

                                                           ________                           _______

Profit for the period                                       184,646                           85,809

Profit per Ordinary Share                                  € 0.0048                          €0.0023

There were no recognised gains or losses other than those recognised in the profit and loss account.

                                     Belmore Resources (Holdings) Plc

                       Unaudited Consolidated Balance Sheet as at 28th February 2011

                                               2011                                          2010
                                   €                        €                       €                   €

Fixed Assets
Intangible assets                                         574,325                                    584,836

Current Asset

Debtors                         283,319                                           7,944

Cash at bank and in hand        348,872                                           452,588

                                ________                                          _______
                                632,191                                           460,502

Creditors:(amounts falling
due within one year)            (91,357)                                          (53,116)
                                ________                                          _______

Net Current Assets                                        540,834                                    407,386

                                                         _________                                   _______

Net Assets                                               1,115,159                                   992,222

Capital and Reserves

Called up share capital                                   381,102                                    381,102

Share premium account                                    1,129,789                                 1,125,496

Profit and loss account                                   (395,732)                                 (514,376)

Shareholders' Funds                                      1,115,159                                   992,222


                                     Belmore Resources (Holdings) Plc

               Consolidated Cash Flow Statement for the six months ended 28th February 2011

                                                                    2011                              2010
                                                                      €                                 €

Reconciliation of operating profit to                                                                                net cash inflow / (outflow) from operating

Profit                                                              184,661                           86,395
Goodwill Amortised                                                    7,935                            7,935
Decrease /(Increase) in Debtors                                    (278,026)                          (5,496)
Increase/(Decrease) in Creditors                                     42,123                          (18,175)
                                                                    ________                          _______       Net cash inflow / (outflow) from operating activities               (43,307)                          70,657

Cash flow statement

Net cash inflow / (outflow) from operating activities               (43,307)                          70,657
Returns on investments and servicing of finance                         (15)                            (586)
Capital expenditure                                                  (8,976)                          (6,594)
Issue of shares for cash                                              4,294                          330,401
                                                                    _______                          ________
Increase / (Decrease) in cash for period                            (48,004)                         393,878


Reconciliation of Movement in Shareholders' Funds

                                                                          2011                     2010
                                                                            €                        €

Opening shareholders funds                                              926,219                   576,012
Surplus for the period                                                  184,646                    85,809
Proceesd of Issue of Ordinary Shares                                      4,294                   330,401
                                                                         ______                    ______
Closing Shareholders Funds                                            1,115,158                    992,222

Belmore Resources(Holdings) PLC

Notes to the Interim Report

    1.      Accounting Policies
        These Accounts have been prepared on the historical cost basis, using generally recognised
        accounting principles. They have been prepared on a going concern basis. The Interim Report for
        the six months ended 28th February 2011 was approved by the Board on 30th May 2011.

    2.      Profit per Share
        The profit per share is based on the Company's profit for the period of €184,646 and a weighted
        average number of shares in issue of 38,110,201.

    3.      Share Capital
        Authorised:  500,000,000 Ordinary Shares of €0.01 each           €5,000,000
        Issued:       38,110,201 Ordinary Shares of €0.01 each             €381,102

    4.      Financial Information
        The financial information in this statement is unaudited and has not been reviewed by the
        Company's auditors. This does not constitute statutory accounts within the meaning of Section 148
        of the Companies Act 1963

    5.      Accounts
        Copies of the Interim Report are available for collection at the registered office of the Company,
        103 Rathfarnham Wood Dublin 14, during normal period of one month from the date hereof.

Contact Information

  • Belmore Resources (Holdings) plc