Half-yearly report

M.P. EVANS GROUP PLC



M.P.  Evans  Group  PLC, a producer of Indonesian palm oil and  Australian  beef
cattle, announces its interim results for the six months ended 30 June 2007. The
results  are,  for  the  first  time,  reported  under  International  Financial
Reporting  Standards  ("IFRS")  and in US Dollars,  with  comparatives  restated
accordingly.


*    New strategy progressing well following recent sale of two further
     Malaysian estates (for a total of US$39.6 million) and expected
     planting of 4,000 hectares of oil palms in Kalimantan by year end

*    Board confident of securing a further 15,000 hectares suitable for
     oil-palm cultivation in Indonesia, bringing total new land bank to
     originally-targeted 50,000 hectares

*    Profit after tax US$11.6 million (2006 US$14.6 million)

*    Period marked by sharply higher palm-oil prices, partly offset by
     lower oil-palm f.f.b. crops, resulting in gross profit (before
     biological-asset adjustment) of US$5.0 million (2006 US$2.7 million)

*    Foreign-exchange gains US$1.2 million (2006 US$5.7 million) -
     reflects weakening US Dollar

*    Associated companies' results improved strongly - robust palm-oil
     prices in Indonesia and cattle prices in Australia. Successful
     property disposals in Malaysia and Australia

*    First half of 2006 included profit of US$5.8 million arising
     from gain on sale of Malaysian estates and related operating
     profits - referred to as "discontinued operations"

*    Palm-oil prices remain robust as a result of continuing strong
     global vegetable-oil demand, partly from biofuels sector


Commenting on the results, chairman, Richard Robinow, said:-

"2007  has so far proved another successful period, both strategically, in terms
of  the progress made in divesting the Malaysian estates and planting oil  palms
on  the new Indonesian projects, and operationally, where we have benefited from
the  strong price of palm oil. The fundamental outlook for Indonesian  palm  oil
and  Australian  beef cattle, for the short and longer term, continues  to  look
healthy."



Enquires:

M.P. Evans Group PLC     020 7796 4133 on 27 September only
                         Thereafter telephone [phone]
Philip Fletcher
Peter Hadsley-Chaplin
Tristan Price


Hudson Sandler            020 7796 4133
Andrew Hayes
James White

An  analysts' meeting will be held today at 9:00 a.m. at the offices  of  Hudson
Sandler, 29 Cloth Fair, London EC1A 7NN

INTERIM REVIEW

The board has pleasure in presenting the interim report for the six months ended
30  June 2007. As explained in more detail in the following section, the  format
has changed this year to accommodate International Financial Reporting Standards
which, as an AIM-listed company, we are now required to adopt.  Also, the  Group
will now be reporting in US Dollars.

The  period  was characterised by a welcome, sharp improvement in  the  palm-oil
price, offset by lower crops of oil-palm fresh fruit bunches, and a reduction in
exchange  gains. Gains on disposal of two of the Malaysian estates in the  first
half  of  2006  and  related  operating profits, together  amounting  to  US$5.8
million,   are   included  in  the  income  statement  for  that  period   under
"discontinued operations". The results of the associated companies were markedly
higher. Strategically, good progress has been made in the first half of 2007  in
the divestment programme from Malaysia and the development of new oil-palm areas
in  Indonesia, as well as the continued expansion in the beef-cattle  sector  of
Australia.

Profit after tax amounted to US$11.6 million, compared with US$14.6 million  for
the  same  period  last year. The balance sheet remains strong.  Notwithstanding
that the accounts are now prepared in US Dollars, the dividend will continue  to
be paid in Sterling. As last year, the board proposes to pay an interim dividend
of 2p per share.


International Financial Reporting Standards ("IFRS") and US-Dollar reporting

Presentation  of the Group's results has been brought fully into line  with  the
requirements of IFRS. These changes take effect from 1 January 2006: the Group's
"transition  date".  Hence  both the results of  the  period  under  review  and
comparative  figures  are  stated in accordance with IFRS.  These  changes  have
affected  the  way in which the results and balance sheet are set  out  and  the
substance  of  both the results and financial position of the  Group.  The  most
immediately  noticeable  change is that the Group  has  chosen  to  present  its
results  in US Dollars. The introduction of a new category of asset ("Biological
assets")  is  the  single largest change flowing from the application  of  IFRS,
adding  some US$50 million to net assets at 1 January 2006, after providing  for
tax.


REVIEW OF THE PERIOD

Strategic developments, including new projects

The key features of the Group's strategy are as follows:-

* to secure a minimum of 50,000 hectares of new, environmentally-
  suitable land in Indonesia for the cultivation of oil palms - 36,000
  hectares have now been secured; 12,000 hectares on Bangka Island and
  24,000 hectares in East Kalimantan. This is in addition to the
  Group's existing 10,000 hectares of mature oil-palm estates in
  Sumatra and its 32% holding in a further 25,000 hectares, also in
  Sumatra

* to clear and plant the new land bank as rapidly as possible, with a
  target for 2007 and 2008 of 6,000 hectares per annum

* to expand the Group's existing Australian beef-cattle interests,
  whereby these ultimately represent some 30% of the Group's total
  assets

* to dispose of all of the Group's Malaysian plantation and real-estate
  investments, the proceeds from which, together with loan finance,
  will fund its expansion in Indonesia and Australia


Significant  further  progress has been achieved  in  implementing  the  Group's
strategy since the publication of the 2006 annual report.

On  the  Group's Kalimantan project, over 4,000 hectares have now been  prepared
for  planting  and planting itself has recently commenced. There are  sufficient
seedlings  in  the  nursery  to  plant an area of some  11,000  hectares.  These
seedlings  are at various stages of maturity and the Group aims to have  planted
at   least  4,000  hectares  by  the  year  end.  Considerable  development   of
infrastructure has also been carried out, including the construction of housing,
fertiliser stores, roads and drains.

Clearing  and  planting progress on the Group's Bangka project has  been  slower
than  originally anticipated, principally as a result of protracted negotiations
regarding  smallholders' compensation but partly also  as  a  result  of  wetter
weather.  It is expected that the total planted hectarage at Bangka will  amount
to between 2,000 and 2,500 hectares by the year end.

The  board is confident that an additional area of some 15,000 hectares  of  new
land in Kalimantan will be secured. The targeted new land-bank area of a minimum
of 50,000 hectares of oil palms in Indonesia will therefore then be achieved.

In  Australia,  the  acquisition, financed by debt, of the  7,581-hectare  beef-
cattle  and  arable property, Springmount, for a total of A$9.3 million  (US$7.9
million), was completed in March 2007. Springmount adjoins the Group's  existing
beef-cattle  and arable properties, Woodlands, Flinton and Baquabah.   With  the
addition  of  Springmount, the aggregation now comprises 31,010  hectares  which
will enable important economies of scale to be achieved in both the fattening of
cattle  and  the  cultivation  of  arable crops.  The  latter  is  presently  an
attractive  option in the light of the current high world price  of  grains.  No
further  acquisitions  have  been  made but new  opportunities  continue  to  be
reviewed.

In  Malaysia, two significant estate sales have been achieved - both  since  the
end  of the period under review. In July 2007, agreement was reached in relation
to  the  sale of the balance of 745 hectares of Perhentian Tinggi Estate  for  a
total  consideration  of  RM66.3  million (US$18.9  million).  In  August  2007,
agreement  was reached in relation to the sale of the 829-hectare  Sungei  Kruit
Estate  for  a  total  of  RM72.3  million (US$20.7  million).  Both  sales  are
conditional  upon the approval of the Foreign Investment Committee  ("FIC")  and
Estate Land Board of Malaysia and completion on both transactions is expected to
occur in the first half of 2008.  In addition, during the period, agreement  was
reached to sell the 78%-held tourist-project-development company, Straits  Beach
Properties  Sdn.  Bhd.,  for  RM5.9 million (US$1.7  million),  subject  to  the
approval  of the FIC. This approval has recently been granted and completion  is
expected  to  occur  in  December  2007.  As  a  consequence  of  these   sales,
significantly more than half of the Group's Malaysian portfolio, in value terms,
has  been  sold  which  leaves the Group well placed to  fund  its  expansionary
activities in Indonesia and Australia.


The palm-oil market
The  palm-oil price rose sharply during the period, from some US$600  to  US$850
per  tonne, and has continued to trade at the upper end of this range since  the
period  end.  The key factor influencing this strength has been  the  continuing
strong  global demand for vegetable oils, particularly from two of  the  world's
fastest-growing economies, China and India. The growing demand for palm oil as a
biofuel  has further underpinned its strength in the market. This strength  has,
however, caused some concern in Indonesia because of its resultant upward impact
on  the  price  of  cooking  oil  in  the domestic  market.  This  prompted  the
government, towards the end of the period, to increase the rate of duty on crude
palm oil exports from 1.5% to 6.5%. The proceeds from this levy will be used  to
subsidise the domestic cooking-oil price.

The beef-cattle market
Australian  prices for grass-fed, lighter-weight cattle (such as those  produced
by  Woodlands)  commenced  the period under review  at  relatively  weak  levels
following  the continuation of the drought that had beset much of  Australia  in
the  latter part of 2006. Prices proceeded to fluctuate sharply over the ensuing
three  to  four months following brief periods of rainfall which were, in  turn,
succeeded  by  further dry weather. By May 2007, however, more widespread  rains
led  to  prices returning to the higher end of the range and they have continued
to  fluctuate  around these levels ever since. Prices for the  heavier,  "grain-
finished"  cattle, such as those produced by the associated company,  The  North
Australian  Pastoral  Company  Pty Limited ("NAPCo"),  have,  broadly,  remained
buoyant  following  generally strong demand for Australian beef  in  the  export
market, especially from Japan and Korea.


Results for the period

Gross profit
Indonesia
As  referred  to  above, palm-oil prices have been at robust levels  during  the
first  half  of  the year. Production, crop and selling-price  details  for  the
majority-owned estates are set out below.

Crops  of  oil-palm fresh fruit bunches ("f.f.b.") in Indonesia  were  some  15%
lower than for the same period last year.  This downturn arose partly because of
the  effects of the unusually severe flooding on Simpang Kiri Estate at the turn
of  the  year and partly because of the ongoing strike on Pangkatan,  Bilah  and
Sennah  Estates. Although harvesting continues on these estates  at  near-normal
levels,  carried out by contractors, it has not been possible fully to  maintain
the Group's normal high standards and yields have, to some degree, suffered as a
result.  The  Group has successfully established in the Indonesian Labour  Court
that  it  had  a  legal right to dismiss the striking workers. Their  union  has
appealed  against this decision, although the Group is contesting  that  appeal,
and the outcome is awaited

Notwithstanding  the  lower  oil-palm  f.f.b.  crops  referred  to  above,   the
favourable palm-oil prices described above under "The palm-oil market" more than
offset  the  reduction  in the crop. The phasing out  of  the  rubber  areas  on
Pangkatan and Sennah Estates in the middle of 2006 meant that there was no gross
profit contribution from that crop in the first half of 2007.

As a result, the gross profit before the biological-asset adjustment amounted to
US$4.0 million compared with US$2.3 million for the same period last year, a 74%
increase. This increase is accentuated by the biological-asset adjustments.  The
value  of biological assets benefited from an increase in the price of palm  oil
described  above, although this was partially offset by increases  in  the  cost
base of the Indonesian operations.


Australia
Dry  conditions in 2006 on the Woodlands aggregation prevented the purchase  and
fattening  of  the  maximum number of cattle during  the  first  half  of  2007.
Accordingly, only 687 head were able to be sold compared with 1,593 for the same
period  last  year. However, those sales were at better prices  from  lower-cost
stock  and purchases. Although the volume of overhead costs on the property  was
higher  in the first half of 2007, a considerable proportion related to cropping
and  these costs have been carried forward to be set against either the proceeds
from  the sale of the produce or against the forage crops when they are consumed
by the cattle. Both of these will occur in the second half of the year.

As  a  result of the above, the gross loss on the cattle operations  reduced  to
US$46,000 compared with US$149,000 in the same period in 2006. At 30 June  2007,
the herd consisted of some 2,475 head, compared with 2,725 at 30 June 2006.

Malaysia
The strength of the palm-oil price, offset by lower f.f.b. crops, resulted in  a
gross  profit of US$1.0 million, compared with US$0.6 million in the same period
last  year.  This gross profit relates only to the continuing estate operations;
the  profit relating to the two estates sold in the first half of 2006,  Beradin
and  Sungei  Reyla,  are  included in the consolidated  income  statement  under
"discontinued operations".

A  full biological-asset revaluation is not carried out at the half year.  Under
the  review  process, there was no net increase in the valuation  of  biological
assets.  In accordance with local standards, Malaysian estates do not capitalise
planting, removing another source of adjustment in respect of biological assets.

As  a  result of all of the above, the gross profit (before the biological asset
adjustments) for the first half of 2007 amounted to US$5.0 million compared with
US$2.7  million  in  the  same period in 2006. The biological-asset  adjustments
amounted to US$1.8 million for the first half of 2007 and US$0.3 million for the
first half of 2006. The following table sets out an analysis between the various
areas of activity:-


Six months ended 30 June 2007
                                                            Biological-
                                      Cost of        Gross        asset
                        Turnover        sales profit/(loss)  adjustment
                         US$'000      US$'000      US$'000      US$'000

Plantations
Indonesia                  7,610       (3,568)       4,042        1,560
Malaysia                   2,064       (1,045)       1,019           (2)
                          ------       ------       ------       ------
Total plantations          9,674       (4,613)       5,061        1,558

Cattle - Australia           511         (814)        (303)         257

Rubber manufacturing
 - Thailand                1,663       (1,442)         221            -

Other - UK                    10           (1)           9            -
                          ------       ------       ------       ------
Group total               11,858       (6,870)       4,988        1,815
                          ------       ------       ------       ------

Six months ended 30 June 2006
                                                            Biological-
                                      Cost of        Gross        asset
                        Turnover        sales profit/(loss)  adjustment
                         US$'000      US$'000      US$'000      US$'000

Plantations
Indonesia                  5,557       (3,286)       2,271          126
Malaysia                   1,417         (865)         552           (5)
                          ------       ------       ------       ------
Total plantations          6,974       (4,151)       2,823          121

Cattle - Australia         1,016       (1,319)        (303)         154

Rubber manufacturing
 - Thailand                2,750       (2,581)         169            -

Other - UK                    18          (26)          (8)           -
                          ------       ------       ------       ------
Group total               10,758       (8,077)       2,681          275
                          ------       ------       ------       ------

Year ended 31 December 2006
                                                            Biological-
                                      Cost of        Gross        asset
                        Turnover        sales profit/(loss)  adjustment
                         US$'000      US$'000      US$'000      US$'000

Plantations
Indonesia                 14,141       (7,102)       7,039       (2,111)
Malaysia                   3,201       (1,604)       1,597         (491)
                          ------       ------       ------       ------
Total plantations         17,342       (8,706)       8,636       (2,602)

Cattle - Australia         1,838       (2,569)        (731)        (127)

Rubber manufacturing
 - Thailand                4,052       (3,851)         201            -

Other - UK                    38          (11)          27            -
                          ------       ------       ------       ------
Group total               23,270      (15,137)       8,133       (2,729)
                          ------       ------       ------       ------


Production,  crop and selling-price details for the majority-owned estates  were
as follows:-

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                     Tonnes        Tonnes        Tonnes

1) Crops - oil-palm f.f.b.

   Indonesia                         57,400        67,500       155,000
                                    -------       -------       -------
   Malaysia
      - continuing operations        15,000        20,600        37,200
      - discontinued operations           -        15,100        21,100
                                    -------       -------       -------
      Total                          15,000        35,700        58,300
                                    -------       -------       -------

   Total                             72,400       103,200       213,300
                                    -------       -------       -------

2) Production - Indonesia (Pangkatan mill)

   Crude palm oil                     8,300        10,300        24,000
   Palm kernels                       2,250         2,600         6,200
                                    -------       -------       -------

3) Selling prices

   Rotterdam cif
    - average per tonne              US$684        US$432        US$475
                                    -------       -------       -------


ADMINISTRATIVE EXPENSES
Administrative  expenses increased during the first half of 2007  compared  with
the  same  period  in  2006.   This  arose  primarily  from  the  inclusion   of
administrative costs (which are not able to be added to the cost of development)
of  the  new  Indonesian projects and legal costs associated with the successful
Sennah  Estate  court  case  - see further details below  under  "Sennah  Estate
lawsuit".


EXCEPTIONAL ITEMS
There were two significant exceptional items during the period. First, a gain of
US$2.1 million arose from the sale, for RM10.0 million (US$2.9 million), of  100
hectares  of  Perhentian Tinggi Estate in Malaysia. The sale, for RM8.0  million
(approximately  US$2.3  million at the current rate of exchange),  of  a  second
small  piece  of  the  estate amounting to 81 hectares is  due  for  payment  in
February  2008  and the remainder of the estate, 745 hectares,  as  referred  to
under "Strategic developments, including new projects" above, is the subject  of
a signed conditional sale and purchase agreement.

Second, as referred to below under "Associated companies", the board has decided
not  to  continue  to  treat  Kennedy, Burkill  &  Co.  Berhad  and  Asia  Green
Environmental  Sdn. Berhad as associated companies and will therefore  cease  to
equity  account  them.  This change of accounting treatment  gives  rise  to  an
exceptional charge of US$1.0 million.

ASSOCIATED COMPANIES
Indonesia
The  Group's  share  of  its Indonesian associated companies'  profits  for  the
period, compared with the first half, and the whole, of 2006, were as follows:-

Six months ended 30 June 2007
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

PT Agro Muko             (31.53%)     4,873        (1,435)        3,438
PT Kerasaan Indonesia    (38.00%)       973          (290)          683
                                     ------        ------        ------
                                      5,846        (1,725)        4,121
                                     ------        ------        ------

Six months ended 30 June 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

PT Agro Muko             (31.53%)       975          (433)          542
PT Kerasaan Indonesia    (38.00%)       625          (138)          487
                                     ------        ------        ------
                                      1,600          (571)        1,029
                                     ------        ------        ------

Year ended 31 December 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

PT Agro Muko             (31.53%)     2,657        (1,128)        1,529
PT Kerasaan Indonesia    (38.00%)     1,218          (397)          821
                                     ------        ------        ------
                                      3,875        (1,525)        2,350
                                     ------        ------        ------


Crops and production were as follows:-

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                     Tonnes        Tonnes        Tonnes
Crops - oil-palm f.f.b. -
PT Agro Muko - own                  142,400       140,100       294,600
             - outgrowers             2,000        31,000        33,800
PT Kerasaan Indonesia                25,300        26,000        56,200

                                   --------      --------      --------
                                    169,700       197,100       384,600
                                   --------      --------      --------

Production -
 (PT Agro Muko) - crude palm oil     32,200        35,900        72,500
                - palm kernels        7,200         8,200        16,400
                                   --------      --------      --------

Rubber crops -
 (PT Agro Muko) - own                 1,123         1,066         1,852
                - outgrowers            291           912         1,172
                                   --------      --------      --------
                                      1,414         1,978         3,024
                                   --------      --------      --------

PT  Agro Muko benefited from the robust palm-oil price during the first half  of
2007  and  reported sharply higher profits. The company's own  f.f.b.  crop  was
similar  to  last  year's but behind expectations, whilst the company  continued
with its policy of not processing unprofitable outgrowers' f.f.b.  Rubber prices
continued at favourable levels and the company's own crop increased although, as
with  oil palm above, unprofitable outgrowers' produce was not pursued  and  the
offtake from this source fell.

PT  Kerasaan Indonesia achieved f.f.b. crops in line with both expectations  and
the  level for the first half of 2006.  Combined with the strength of the  palm-
oil price, the company reported higher profits.

Australia
The  Group's share of its Australian associated company's profit for the period,
compared with the first half, and the whole, of 2006, is set out below-

Six months ended 30 June 2007
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

NAPCo (29.29%)                        3,397          (863)        2,534
                                     ------        ------        ------

Six months ended 30 June 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

NAPCo (29.29%)                        1,193          (165)        1,028
                                     ------        ------        ------

Year ended 31 December 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

NAPCo (29.29%)                         (491)           74          (417)
                                     ------        ------        ------

NAPCo
Despite  upward  pressure on costs, particularly relating  to  grain,  fuel  and
wages, the company reported results for the first half of 2007 similar to  those
in  the  same  period in 2006. Sales revenues were virtually identical  and  the
market  value  of  the livestock improved. In addition, the company  recorded  a
profit  on  the  disposal of one of its Channel Country growing-out  properties,
Connemara, of approximately A$6.9 million. Welcome rainfall at the end  of  2006
and in the first part of 2007 has benefited the company's properties.

Malaysia
The  Group's  share of its Malaysian associated companies' profits/(losses)  for
the  period,  compared with the first half, and the whole, of 2006 are  set  out
below:-

Six months ended 30 June 2007
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

Bertam Properties Sdn. Bhd.
 (40.00%)                             1,106         (178)           928
Kennedy, Burkill & Co. Bhd.
 (20.01%)                                 -            -              -
Asia Green Environmental Sdn. Bhd
 (30.00%)                                 -            -              -
                                     ------        ------        ------
                                      1,106         (178)           928
                                     ------        ------        ------

Six months ended 30 June 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

Bertam Properties Sdn. Bhd.
 (40.00%)                               750          (234)          516
Kennedy, Burkill & Co. Bhd.
 (20.01%)                                86            (4)           82
Asia Green Environmental Sdn. Bhd
 (30.00%)                               (34)            -           (34)
                                     ------        ------        ------
                                        802          (238)          564
                                     ------        ------        ------

Year ended 31 December 2006
                                    Pre-tax           Tax      Post-tax
                                    US$'000       US$'000       US$'000

Bertam Properties Sdn. Bhd.
 (40.00%)                             9,051        (1,095)        7,956
Kennedy, Burkill & Co. Bhd.
 (20.01%)                               233           (31)          202
Asia Green Environmental Sdn. Bhd
 (30.00%)                              (138)            -          (138)
                                     ------        ------        ------
                                      9,146        (1,126)        8,020
                                     ------        ------        ------


Bertam  Properties Sdn. Bhd. ("Bertam Properties") reported higher  profits  for
the  first half of 2007 compared with the same period last year.  This primarily
arose  from the release during the period of part of the profit relating to  the
sale of some 46 hectares of land to the Malaysian Government for the purposes of
an  advanced  medical  and  dental  college. Property-development  profits  were
similar   as  were  the  oil-palm  results  from  Bertam  Properties'  remaining
undeveloped  areas  (higher f.f.b. selling prices, offset by  lower  crops  (see
table below) from a lower area cultivated).


                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                     Tonnes        Tonnes        Tonnes

Bertam Estate                         4,800         8,500        13,800
                                     ------        ------        ------

During  the  period,  the board reviewed the status of the Malaysian  companies,
Kennedy Burkill & Co. Bhd. and Asia Green Environmental Sdn. Bhd., as associated
companies. Although the Group retains representation on each of the boards,  the
directors  have  taken the view that, following the relocation  from  Penang  to
Jakarta  of one of the executive directors, David Wilkinson, the Group exercises
diminished  influence  and  should therefore  no  longer  account  for  them  as
associated  companies.   Accordingly,  they  will  now  be  regarded  purely  as
investments  and  credit  will  be taken for dividends  as  and  when  they  are
received.  An  adjustment arising from the change in the  status  of  these  two
companies  is  referred to above under "Exceptional items". It  is  the  board's
intention to dispose of these two investments when an opportune occasion arises.


SENNAH ESTATE LAWSUIT
As  announced on 14 August 2007, DR H Rahmat Shah's appeal to the Supreme  Court
in  Jakarta  to  overturn the ruling, in the Group's favour, of the  Medan  High
Court has been unsuccessful. Accordingly, the sale and purchase agreement signed
in  March  2002  stands.  Under  this agreement,  the  Group,  through  its  80%
subsidiary, PT Pangkatan Indonesia, acquired 80% of PT Sembada Sennah Maju,  the
owner  of  Sennah Estate. It is possible that DR Rahmat Shah may file a  request
for a judicial review to the Supreme Court but only if he is able to produce new
evidence.  The Group's Indonesian legal advisers do not consider this  a  likely
prospect.

PROSPECTS
As in previous years, f.f.b. crops in Indonesia are expected to be higher in the
second  half  of the year than in the first. However, for the reasons  described
earlier, both Indonesian and Malaysian crops for the full year will be below the
levels achieved last year. The palm-oil price continues to trade at historically
robust levels and the outlook would appear to remain favourable in the light  of
continuing  strong  demand for vegetable oils and the  competition  for  farming
acreage  from  alternative crops, such as maize and wheat. Wheat, for  instance,
has recently traded at a 25-year high.  Following the increased strength of palm-
oil  prices,  the  Indonesian export tax, referred to earlier,  has,  since  the
period  end, been raised further. Under the recently-adopted formula,  the  rate
has increased from 6.5% to 7.5% if the price is between US$750 and US$849 and to
10% if the price exceeds US$850 per tonne.

Cattle  prices have continued to trade around the higher levels achieved towards
the period end, although demand for export beef to Asia has slightly eased as  a
result of increased competition from US beef and the stronger Australian Dollar.

The board continues to remain optimistic about the prospects for Indonesian palm
oil and Australian beef cattle in both the short and longer term.


27 September 2007




CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2007
                              Result before                    6 months
                                biological-   Biological-         ended
                                      asset         asset       30 June
                                 adjustment    adjustment          2007
                                    US$'000       US$'000       US$'000


Revenue                              11,858             -        11,858

Cost of sales                        (6,870)       (1,864)       (8,734)
                                     ------        ------        ------
Gross profit                          4,988        (1,864)        3,124

Gain on biological assets                 -         3,679         3,679
Foreign-exchange gains                1,178             -         1,178
Other administrative expenses        (2,643)            -        (2,643)
                                     ------        ------        ------
Group operating profit                3,523         1,815         5,338

Exceptional credit  (note 3)            828             -           828
                                     ------        ------        ------
Profit on ordinary activities
 before interest                      4,351         1,815         6,166

Interest receivable                     374             -           374
Interest payable                       (715)            -          (715)
Income from other fixed-asset
 investments                              3             -             3
                                     ------        ------        ------
Group-controlled profit before
 taxation                             4,013         1,815         5,828

Tax charge on profit on ordinary
 activities                          (1,861)           15        (1,846)
                                     ------        ------        ------
Group-controlled profit after
 taxation                             2,152         1,830         3,982

Discontinued operations  (note 4)         -             -             -
Share of associated companies'
 profit after tax                     6,449         1,134         7,583
                                     ------        ------        ------
Profit after tax                      8,601         2,964        11,565
                                     ------        ------        ------

Attributable to:
Equity holders of
 M.P. Evans Group PLC                 8,065         2,861        10,926
Minority interests                      536           103           639
                                     ------        ------        ------
                                      8,601         2,964        11,565
                                     ------        ------        ------

                                                               US Cents
Basic earnings per 10p share
 Continuing operations                                            21.42
 Continuing and discontinued operations                           21.42
                                                                 ------
Diluted earnings per 10p share
 Continuing operations                                            20.39
 Continuing and discontinued operations                           20.39
                                                                 ------


CONSOLIDATED INCOME STATEMENT
For the six months ended 30 June 2006
                              Result before                    6 months
                                biological-   Biological-         ended
                                      asset         asset       30 June
                                 adjustment    adjustment          2006
                                    US$'000       US$'000       US$'000


Revenue                              10,758             -        10,758

Cost of sales                        (8,077)         (751)       (8,828)
                                     ------        ------        ------
Gross profit                          2,681          (751)        1,930

Gain on biological assets                 -         1,026         1,026
Foreign-exchange gains                5,665             -         5,665
Other administrative expenses        (1,823)            -        (1,823)
                                     ------        ------        ------
Group operating profit                6,523           275         6,798

Exceptional credit  (note 3)             82             -            82
                                     ------        ------        ------
Profit on ordinary activities
 before interest                      6,605           275         6,880

Interest receivable                     248             -           248
Interest payable                       (393)            -          (393)
Income from other fixed-asset
 investments                              -             -             -
                                     ------        ------        ------
Group-controlled profit before
 taxation                             6,460           275         6,735

Tax charge on profit on ordinary
 activities                            (727)          143          (584)
                                     ------        ------        ------
Group-controlled profit after
 taxation                             5,733           418         6,151

Discontinued operations  (note 4)     8,776        (2,960)        5,816
Share of associated companies'
 profit after tax                     1,668           953         2,621
                                     ------        ------        ------
Profit after tax                     16,177        (1,589)       14,588
                                     ------        ------        ------

Attributable to:
Equity holders of
 M.P. Evans Group PLC                15,867        (1,477)       14,390
Minority interests                      310          (112)          198
                                     ------        ------        ------
                                     16,177        (1,589)       14,588
                                     ------        ------        ------

                                                               US Cents
Basic earnings per 10p share
 Continuing operations                                            11.02
 Continuing and discontinued operations                           28.34
                                                                 ------
Diluted earnings per 10p share
 Continuing operations                                            10.65
 Continuing and discontinued operations                           27.40
                                                                 ------


CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2006
                              Result before                        Year
                                biological-   Biological-         ended
                                      asset         asset   31 December
                                 adjustment    adjustment          2006
                                    US$'000       US$'000       US$'000


Revenue                              23,270             -        23,270

Cost of sales                       (15,137)       (5,537)      (20,674)
                                     ------        ------        ------
Gross profit                          8,133        (5,537)        2,596

Gain on biological assets                 -         2,808         2,808
Foreign-exchange gains                8,038             -         8,038
Other administrative expenses        (4,488)            -        (4,488)
                                     ------        ------        ------
Group operating profit               11,683        (2,729)        8,954

Exceptional credit  (note 3)          2,392             -         2,392
                                     ------        ------        ------
Profit on ordinary activities
 before interest                     14,075        (2,729)       11,346

Interest receivable                     558             -           558
Interest payable                       (764)            -          (764)
Income from other fixed-asset
 investments                            339             -           339
                                     ------        ------        ------
Group-controlled profit before
 taxation                            14,208        (2,729)       11,479

Tax charge on profit on ordinary
 activities                          (1,887)          819        (1,068)
                                     ------        ------        ------
Group-controlled profit after
 taxation                            12,321        (1,910)       10,411

Discontinued operations  (note 4)    13,420        (7,682)        5,738
Share of associated companies'
 profit after tax                     9,584           369         9,953
                                     ------        ------        ------
Profit after tax                     35,325        (9,223)       26,102
                                     ------        ------        ------

Attributable to:
Equity holders of
 M.P. Evans Group PLC                34,326        (9,025)       25,301
Minority interests                      999          (198)          801
                                     ------        ------        ------
                                     35,325        (9,223)       26,102
                                     ------        ------        ------

                                                               US Cents
Basic earnings per 10p share
 Continuing operations                                            38.47
 Continuing and discontinued operations                           49.75
                                                                 ------
Diluted earnings per 10p share
 Continuing operations                                            36.96
 Continuing and discontinued operations                           47.80
                                                                 ------


CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2007
                              Result before
                                biological-   Biological-
                                      asset         asset       30 June
                                 adjustment    adjustment          2007
                                    US$'000       US$'000       US$'000
Non-current assets
Intangible assets - goodwill            902             -           902
                                    -------       -------       -------

Biological assets  (note 6)               -        46,715        46,715
Property, plant and equipment        77,578       (11,177)       66,401
Investments                          87,801        13,505       101,306
                                    -------       -------       -------
                                    165,379        49,043       214,422
                                    -------       -------       -------
Current assets
Inventories                           5,034             -         5,034
Trade and other receivables           9,868             -         9,868
Cash and cash equivalents            24,687             -        24,687
                                    -------       -------       -------
                                     39,589             -        39,589
                                    -------       -------       -------

Total assets                        205,870        49,043       254,913
                                    -------       -------       -------

Current liabilities
Bank loans and overdrafts            24,064             -        24,064
Trade payables                        1,175             -         1,175
Amounts owed to associated
 undertakings                           193             -           193
Other creditors including taxation
 and social security                  6,358             -         6,358
                                    -------       -------       -------
                                     31,790             -        31,790
                                    -------       -------       -------

Non-current liabilities
Other creditors and deferred income      38             -            38
Other long-term provisions              325        10,141        10,466
                                    -------       -------       -------
Net assets                          173,717        38,902       212,619
                                    -------       -------       -------

Equity
Called-up share capital               8,724             -         8,724
Share premium account                18,378             -        18,378
Revaluation reserve                  19,411             -        19,411
Capital redemption reserve            3,896             -         3,896
Merger reserve                       (7,280)            -        (7,280)
Other reserve                           492             -           492
Share of associated companies'
 reserves                            36,366        12,695        49,061
Foreign exchange reserve                794           (30)          764
Profit and loss account              87,727        22,043       109,770
                                    -------       -------       -------
Equity attributable to members of
 M.P. Evans Group PLC  (note 7)     168,508        34,708       203,216
Minority interest                     5,209         4,194         9,403
                                    -------       -------       -------
Total equity                        173,717        38,902       212,619
                                    -------       -------       -------


CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2006
                              Result before
                                biological-   Biological-
                                      asset         asset       30 June
                                 adjustment    adjustment          2006
                                    US$'000       US$'000       US$'000
Non-current assets
Intangible assets - goodwill            527             -           527
                                    -------       -------       -------

Biological assets  (note 6)               -        47,974        47,974
Property, plant and equipment        54,914        (4,526)       50,388
Investments                          64,755        15,590        80,345
                                    -------       -------       -------
                                    119,669        59,038       178,707
                                    -------       -------       -------
Current assets
Inventories                           3,040             -         3,040
Trade and other receivables          17,121             -        17,121
Cash and cash equivalents            13,928             -        13,928
                                    -------       -------       -------
                                     34,089             -        34,089
                                    -------       -------       -------

Total assets                        154,285        59,038       213,323
                                    -------       -------       -------

Current liabilities
Bank loans and overdrafts            11,007             -        11,007
Trade payables                        1,528             -         1,528
Amounts owed to associated
 undertakings                           202             -           202
Other creditors including taxation
 and social security                  5,180             -         5,180
                                    -------       -------       -------
                                     17,917             -        17,917
                                    -------       -------       -------

Non-current liabilities
Other creditors and deferred income     979             -           979
Other long-term provisions            1,246        12,809        14,055
                                    -------       -------       -------
Net assets                          134,143        46,229       180,372
                                    -------       -------       -------

Equity
Called-up share capital               8,548             -         8,548
Share premium account                17,160             -        17,160
Revaluation reserve                  21,543             -        21,543
Capital redemption reserve            3,896             -         3,896
Merger reserve                       (7,646)            -        (7,646)
Other reserve                           483             -           483
Share of associated companies'
 reserves                            17,433        15,925        33,358
Foreign exchange reserve             (2,898)            -        (2,898)
Profit and loss account              71,572        26,128        97,700
                                    -------       -------       -------
Equity attributable to members of
 M.P. Evans Group PLC  (note 7)     130,091        42,053       172,144
Minority interest                     4,052         4,176         8,228
                                    -------       -------       -------
Total equity                        134,143        46,229       180,372
                                    -------       -------       -------


CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2006
                              Result before
                                biological-   Biological-
                                      asset         asset   31 December
                                 adjustment    adjustment          2006
                                    US$'000       US$'000       US$'000
Non-current assets
Intangible assets - goodwill            902             -           902
                                    -------       -------       -------

Biological assets  (note 6)               -        43,017        43,017
Property, plant and equipment        64,527        (9,312)       55,215
Investments                          70,347        14,050        84,397
                                    -------       -------       -------
                                    134,874        47,755       182,629
                                    -------       -------       -------
Current assets
Inventories                           4,101             -         4,101
Trade and other receivables           9,089             -         9,089
Cash and cash equivalents            33,114             -        33,114
                                    -------       -------       -------
                                     46,304             -        46,304
                                    -------       -------       -------

Total assets                        182,080        47,755       229,835
                                    -------       -------       -------

Current liabilities
Bank loans and overdrafts            15,605             -        15,605
Trade payables                        1,187             -         1,187
Amounts owed to associated
 undertakings                           138             -           138
Other creditors including taxation
 and social security                  5,897             -         5,897
                                    -------       -------       -------
                                     22,827             -        22,827
                                    -------       -------       -------

Non-current liabilities
Other creditors and deferred income       -             -             -
Other long-term provisions            1,371        10,113        11,484
                                    -------       -------       -------
Net assets                          157,882        37,642       195,524
                                    -------       -------       -------

Equity
Called-up share capital               8,582             -         8,582
Share premium account                17,403             -        17,403
Revaluation reserve                  19,404             -        19,404
Capital redemption reserve            3,896             -         3,896
Merger reserve                       (7,620)            -        (7,620)
Other reserve                           492             -           492
Share of associated companies'
 reserves                            21,480        15,136        36,616
Foreign exchange reserve               (220)           (6)         (226)
Profit and loss account              88,572        18,421       106,993
                                    -------       -------       -------
Equity attributable to members of
 M.P. Evans Group PLC  (note 7)     151,989        33,551       185,540
Minority interest                     5,893         4,091         9,984
                                    -------       -------       -------
Total equity                        157,882        37,642       195,524
                                    -------       -------       -------


CONSOLIDATED CASH-FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2007

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000
Net cash from operating
 activities  (note 8)                    89           960        (9,234)
                                    -------       -------       -------
Investing activities
Interest received                       374           283           632
Dividends from associated
 undertakings                         2,909           403         7,638
Dividends from trading investments        3             -           144
Proceeds from disposal of property,
 plant and equipment                  2,914         9,556        31,544
Purchase of property, plant and
 equipment                          (18,031)       (8,415)      (13,781)
Re-organisation expenses               (240)            -           (50)
Investment in associated
 undertaking                              -        (1,271)       (1,651)
Proceeds from disposal of
 fixed-asset investments                  -            13         3,771
                                    -------       -------       -------
Net cash used in investing
 activities                         (12,071)          569        28,247
                                    -------       -------       -------

Financing activities
Dividends paid                       (4,520)       (3,863)       (5,845)
Repayment of borrowings                (503)          (56)         (997)
Proceeds from issue of shares         1,117             2           279
New bank loans raised                 7,853         6,352        10,687
Dividend paid to minorities            (403)          (10)          (10)
                                    -------       -------       -------
Net cash from financing activities    3,544         2,425         4,114
                                    -------       -------       -------

Net (decrease)/increase in cash
 and cash equivalents                (8,438)        3,954        23,127
Cash and cash equivalents at
 beginning of the year               33,114         9,972         9,972
Effect of foreign exchange rates         11             2            15
                                    -------       -------       -------
Cash and cash equivalents at
 end of the period                   24,687        13,928        33,114
                                    -------       -------       -------


NOTES TO THE INTERIM STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2007


1.   STATUTORY INFORMATION
The  financial information for the six-month periods ended 30 June 2007 and 2006
has  been  neither  audited nor reviewed by the Group's auditors  and  does  not
constitute accounts within the meaning of section 240 of the Companies Act 1985.
The  financial information for the year ended 31 December 2006 is abridged  from
the  statutory accounts and restated in accordance with IFRS, as set out  below.
The  31  December 2006 statutory accounts have been reported on by  the  Group's
auditors,  Deloitte  &  Touche LLP, and have been filed with  the  Registrar  of
Companies.  The  report  of the auditors thereon was  unqualified  and  did  not
contain a statement under section 237(2) or (3) of the Companies Act 1985.


2.   ACCOUNTING POLICIES
The  consolidated  financial  results have  been  prepared  in  accordance  with
International  Financial  Reported Standards (IFRS  and  IFRIC  interpretations)
issued by the International Accounting Standards Board (IASB) as adopted by  the
EU,  and  with  those  parts of the Companies Act 1985 applicable  to  companies
preparing  accounts under IFRS. The disclosures required by  IFRS  1  concerning
transition  from  UK-GAAP  to  IFRS  are  given  in  note  10.  All  comparative
information has been restated.

The  accounting  policies of the company follow those  set  out  in  the  annual
financial statements at 31 December 2006 other than as noted below:

Functional currency
The functional currency of M.P. Evans Group PLC, determined under IAS 21, is the
US  Dollar. Likewise, the functional currency of subsidiaries operating  in  the
palm-oil  sector  is the US Dollar. The functional currency of  Group  companies
operating  in  the  beef-cattle and property-development sectors  is  the  local
currency.

Biological assets
Biological gain or loss is measured in accordance with IAS 41 on two  groups  of
bearer  assets  (oil-palm and rubber plantations), and two  consumer  biological
assets  (beef  cattle and grain crops). The Group's only interest in  rubber  is
through its associate company, PT Agro-Muko.

(i) Plantation
The  Group  has  valued  its biological assets on the basis  of  discounted  net
present  value of the cash flows arising in producing fresh fruit  bunches  from
oil  palms, or latex from rubber trees. The valuation covers the assets expected
25  year  economic  life.  Areas are included in the  valuation  once  they  are
planted. The valuation assumes that the concessions granted to exploit the  land
in  which the biological assets are planted will be renewed when they expire. No
account is taken in the valuation of future re-planting. The Group estimates the
future sales value of its crop production using a long-term average price.

(ii) Beef cattle
Cattle  are recorded as assets at the year end at fair value less selling costs,
taking into account the location of the cattle. The herd comprises breeding  and
non-breeding  cattle. The breeding cattle comprises cows  and  bulls.  The  non-
breeding cattle comprise steers and heifers mainly between the age of 9  and  36
months  that  will  be grown and sold on as either grainfed or grassfed  cattle.
Bulls  are  included in the balance sheet at a directors' valuation.  All  other
cattle are valued at average weight multiplied by market price per kilogram.

(iii) Crops
The  Group  recognises  revenue on grain crops at fair value  at  the  point  of
harvest.  The cost of forage crops is released to the income statement over  the
period during which they are consumed.

Deferred tax
Deferred tax is recognised at the relevant local rate on the difference  between
the cost of biological assets and their carrying value determined under IAS 41.

Perpetual leasehold land
The  Group  has  taken  advantage of the exemption under IFRS  1  to  bring  its
Indonesian plantation leasehold land onto its 1 January 2006 IFRS balance  sheet
at fair value and to treat this valuation as its deemed cost. The Group does not
depreciate Indonesian plantation land held under renewable long-term leases.



3.   EXCEPTIONAL ITEMS
                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000

Continuing operations
Sale of tangible fixed assets         2,080           (18)          (77)
Sale of fixed-asset investments           -            (2)            5
Re-classification of associated
 companies                           (1,012)            -             -
Previously unrealised profit on
 sale of land to associated
 undertaking released to the
 profit and loss account on sale
 of land by associated undertaking
 to third party                           -           102         2,514
Restructuring                          (240)            -           (50)
                                     ------        ------        ------
                                        828            82         2,392
                                     ------        ------        ------


4   DISCONTINUED OPERATIONS
                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000

Malaysian estates sold
Profit after tax                          -           333           439
Profit after tax on sale of estates       -         5,483         5,299
                                     ------        ------        ------
                                          -         5,816         5,738
                                     ------        ------        ------


5.   DIVIDENDS
                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000

2005 final dividend
 - 4.25p per 10p share                    -         3,863         3,863
2006 interim dividend
 - 2.00p per 10p share                    -             -         1,982
2006 final dividend
 - 4.50p per 10p share                4,520             -             -
                                     ------        ------        ------
                                      4,520         3,863         5,845
                                     ------        ------        ------

Subsequent to 30 June 2007, the board has declared an interim dividend of  2.00p
per  10p  share. The dividend will be paid on or after 2 November 2007 to  those
shareholders on the register at the close of business on 5 October 2007.


6.   BIOLOGICAL ASSETS
The  Group  values its plantation assets using a discounted cash flow  over  the
expected  25-year  economic life of the asset. The discount rate  used  in  this
valuation is 14%. The price of the crop (fresh fruit bunches) is taken to  be  a
long-term  average based on actual selling prices or, where the  plantation  has
its  own mill, an inference based on the widely-quoted commodity price for crude
palm oil delivered c.i.f. Rotterdam.
The  long-term  average  price  and  exchange  rates  used  in  determining  the
valuations based on cash flows, as well as the price used to value stock on  its
beef-cattle operation were as follows:-

                                    30 June       30 June   31 December
                                       2007          2006          2006

Price of crude palm oil (US$/t,
 cif Rotterdam)                         442           427           433
Price of bullocks (A$/head)             680             -             -
Price of steers (A$/head)               892           800           684

Exchange rate (Rupiah per US$)        9,054         9,263         8,994
                                     ------        ------        ------

For  palm  oil,  changes  in the price assumption have a more-than-proportionate
impact on the valuation of oil-palm plantings.


7.   RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000

Profit attributable to members
 of the Company                      10,926        14,390        25,301
Dividend  (note 5)                   (4,520)       (3,863)       (5,845)
                                    -------       -------       -------
                                      6,406        10,527        19,456

Issue of shares                       1,117             -           279
Share-based payments                      -            61            70
Other recognised gains and losses
 relating to the period               9,853        (2,439)        1,740
                                    -------       -------       -------
Net addition to shareholders'
 funds                               17,376         8,149        21,545

Opening shareholders' funds         185,840       163,995       163,995
                                    -------       -------       -------
Closing shareholders' funds         203,216       172,144       185,540
                                    -------       -------       -------


8.   ANALYSIS OF MOVEMENTS IN CASH FLOW

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006
                                    US$'000       US$'000       US$'000

Profit for the period                11,565        14,588        26,102
Biological gain                      (3,679)       (1,026)       (2,808)
Depreciation of property, plant
 and equipment                          925           642         1,458
Finance costs                           338           145           133
Income tax expense                    1,846           584         1,068
Share of profit of associates        (7,583)       (2,621)       (9,953)
Gain on disposal of discontinued
 operations                               -        (5,816)       (5,738)
Gain on disposal of property,
 plant and equipment                   (828)          (82)       (2,392)
Share-based payments                      -            61            71
Exchange differences                  1,837        (5,935)       (9,204)
                                    -------       -------       -------
Operating cash flows before
 movements in working capital         4,421           540        (1,263)
Increase in inventories                (866)         (241)       (1,227)
(Increase)/decrease in receivables   (1,849)        3,261        (2,213)
Increase in payables                    220         1,062         1,313
                                    -------       -------       -------
Cash generated from operating
 activities                           1,926         4,622        (3,390)
Income tax paid                      (1,122)       (3,269)       (5,080)
Interest paid                          (715)         (393)         (764)
                                    -------       -------       -------
Net cash from operating activities       89           960        (9,234)
                                    -------       -------       -------


9.   EXCHANGE RATES

                                   6 months      6 months          Year
                                      ended         ended         ended
                                    30 June       30 June   31 December
                                       2007          2006          2006

US$1 = Indonesian Rupiah
 - average                            9,037         9,205         9,167
 - period end                         9,035         9,263         8,994
                                     ------        ------        ------
US$1 = Australian Dollar
 - average                             1.24          1.35          1.33
 - period end                          1.18          1.35          1.27
                                     ------        ------        ------
US$1 = Malaysian Ringgit
 - average                             3.46          3.69          3.67
 - period end                          3.45          3.67          3.53
                                     ------        ------        ------
£1 = US Dollar
 - average                             1.97          1.79          1.84
 - period end                          2.01          1.85          1.96
                                     ------        ------        ------


10   TRANSITION FROM UK-GAAP TO IFRS

(a)  Functional currency
In  recognising the US Dollar as the functional currency for a number  of  Group
companies,  the  individual  companies  had  to  reconstruct  their  fixed-asset
registers bringing assets into their books using the exchange rate ruling at the
date the asset was acquired. This affects subsequent depreciation charged to the
income statement, and hence the net book values included in the balance sheet.

Similarly,  the US Dollar values of share capital and reserves have  had  to  be
restated in US Dollar terms using the exchange rates ruling at the date  of  the
relevant transactions.

(b)  Biological gain/loss
Increased  palm-oil commodity prices and the planting of new land, as  described
in  the  review of operations, have led to an increase in the valuation  of  oil
palms.  The reduction in the total biological asset in the balance sheet results
from  the  sale, in line with the Group's strategy, of three Malaysian  oil-palm
estates during the course of 2006.

The Group's share of biological asset valuations and changes is reflected in its
share of associated companies' profits and the carrying amount in respect of its
associated undertakings.

(c)  Exceptional profits
The profit made on disposal of the Group's three Malaysian oil-palm estates sold
during  2006  has been reduced. Under IFRS the carrying value, set against  sale
proceeds  to  establish  profit on disposal, includes biological  assets  valued
under IAS41.

(d)  Share of associated companies' profits
The Group's share of associated companies' profits now appears after tax. It was
previously shown before tax with an amount included in the Group tax  charge  to
reflect its share of the tax borne by associated companies.

(e)  Deferred tax
Deferred  tax is charged at 30% on the difference between biological  assets  at
depreciated  historical  cost  and  the carrying  value  in  the  balance  sheet
determined under IAS 41.

(f)  Surplus of fair value of identifiable assets,
     liabilities and provisions over cost of acquisition
When the Group acquired its investment in NAPCo, there was a surplus in the fair
value  of  the  assets  acquired  over acquisition  cost.  Under  IFRS  this  is
immediately  recognised  in  profit and loss rather than  being  amortised  over
20 years.

(g)  Valuation of leasehold land
Under  IFRS  1, long-term leasehold land has been brought into the opening  IFRS
balance  sheet  at a valuation that is its deemed cost. The valuation  is  lower
than  the carrying amount under UK-GAAP, that reflected a value for the planting
found on the land as well as historical exchange differences.

(h)  Post-retirement employee benefits
The Group's Indonesian workforce is entitled to a terminal payment when a worker
retires or leaves the Group. This post-employment benefit has been provided  for
under IAS 19.



The  reconciliations between previously reported results prepared under  UK-GAAP
and as re-stated under IFRS follow below.

CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2006

                         30 June
                         2006 as      30 June                   30 June
                      previously      2006 as   Change due         2006
                        reported   translated      to IFRS   under IFRS
                           £'000      US$'000      US$'000      US$'000

Revenue                    6,010       10,758            -       10,758
Cost of sales
 (notes b & h)            (4,573)      (8,185)        (643)      (8,828)
                          ------       ------       ------       ------
Gross profit               1,437        2,573         (643)       1,930
Gain on biological
 assets  (note b)              -            -        1,026        1,026
Foreign-exchange (losses)/
 gains (note a)              (94)        (168)       5,833        5,665
Other administrative
 expenses  (note f)         (557)        (997)        (826)      (1,823)
                          ------       ------       ------       ------
Group operating profit       786        1,408        5,390        6,798
Exceptional credit/
 (charge)  (note c)           46           90           (8)          82
                          ------       ------       ------       ------
Profit on ordinary
 activities before
 interest                    832        1,498        5,382        6,880
Interest receivable          138          248            -          248
Interest payable            (219)        (393)           -         (393)
Income from other
 fixed-asset investments       -            -            -            -
                          ------       ------       ------       ------
Group-controlled profit
 before taxation             751        1,353        5,382        6,735
Tax charge on profit on
 ordinary activities
 (notes d & e)              (954)      (1,707)       1,123         (584)
                          ------       ------       ------       ------
Group-controlled profit
 after taxation             (203)        (354)       6,505        6,151
Discontinued operations    4,903        8,768       (2,952)       5,816

Share of associated
 companies' profit after
 tax  (note d)             2,174        3,892       (1,271)       2,621
                          ------       ------       ------       ------
Profit after tax           6,874       12,306        2,282       14,588
                          ------       ------       ------       ------
Attributable to:
Equity holders of
 M.P. Evans Group PLC      6,717       12,025        2,365       14,390
Minority interests           157          281          (83)         198
                          ------       ------       ------       ------
                           6,874       12,306        2,282       14,588
                          ------       ------       ------       ------

                           Pence                               US Cents
Basic earnings per
 10p share
Continuing operations          -                                  11.02
Continuing and
 discontinued operations   13.23                                  28.34
                          ------                                 ------
Diluted earnings per
 10p share
Continuing operations          -                                  10.65
Continuing and
 discontinued operations   12.72                                  27.40
                          ------                                 ------


CONSOLIDATED INCOME STATEMENT
31 DECEMBER 2006

                     31 December
                         2006 as  31 December               31 December
                      previously      2006 as   Change due         2006
                        reported   translated      to IFRS   under IFRS
                           £'000      US$'000      US$'000      US$'000

Revenue                   12,647       23,270            -       23,270
Cost of sales
 (notes b & h)            (8,340)     (15,345)      (5,329)     (20,674)
                          ------       ------       ------       ------
Gross profit               4,307        7,925       (5,329)       2,596

Gain on biological
 assets  (note b)              -            -        2,808        2,808
Foreign-exchange (losses)/
 gains  (note a)            (524)        (965)       9,003        8,038
Other administrative
 expenses  (note f)       (1,453)      (2,673)      (1,815)      (4,488)
                          ------       ------       ------       ------
Group operating profit     2,330        4,287        4,667        8,954

Exceptional credit
 (note c)                  1,299        2,375           17        2,392
                          ------       ------       ------       ------
Profit on ordinary
 activities before
 interest                  3,629        6,662        4,684       11,346
Interest receivable          303          558            -          558
Interest payable            (415)        (764)           -         (764)
Income from other
 fixed-asset investments      79          339            -          339
                          ------       ------       ------       ------
Group-controlled profit
 before taxation           3,596        6,795        4,684       11,479

Tax charge on profit on
 ordinary activities
 (notes d & e)            (2,404)      (4,616)       3,548       (1,068)
                          ------       ------       ------       ------
Group-controlled profit
 after taxation            1,192        2,179        8,232       10,411
Discontinued operations    7,295       13,437       (7,699)       5,738

Share of associated
 companies' profit
 after tax  (note d)       8,129       14,958       (5,005)       9,953
                          ------       ------       ------       ------
Profit after tax          16,616       30,574       (4,472)      26,102
                          ------       ------       ------       ------
Attributable to:
Equity holders of
 M.P. Evans Group PLC     16,086       29,599       (4,298)      25,301
Minority interests           530          975         (174)         801
                          ------       ------       ------       ------
                          16,616       30,574       (4,472)      26,102
                          ------       ------       ------       ------


                           Pence                               US Cents
Basic earnings per
 10p share
Continuing operations          -                                  38.47
Continuing and
 discontinued operations   31.63                                  49.75
                          ------                                 ------
Diluted earnings per
 10p share
Continuing operations          -                                  36.96
Continuing and
 discontinued operations   30.39                                  47.80
                          ------                                 ------


CONSOLIDATED BALANCE SHEET
31 DECEMBER 2006

                     31 December
                         2006 as  31 December               31 December
                      previously      2006 as   Change due         2006
                        reported   translated      to IFRS   under IFRS
                           £'000      US$'000      US$'000      US$'000
Non-current assets
Intangible assets -
 goodwill  (note f)         (327)        (641)       1,543          902
                         -------      -------      -------      -------

Biological assets (note b)     -            -       43,017       43,017
Property, plant and
 equipment (notes b & g)  39,629       77,674      (22,459)      55,215
Investments  (note b)     33,964       66,570       17,827       84,397
                         -------      -------      -------      -------
                          73,593      144,244       38,385      182,629
                         -------      -------      -------      -------

Current assets
Inventories                2,092        4,101            -        4,101
Trade and other
 receivables               4,730        9,089            -        9,089
Investments                5,871       11,507      (11,507)           -
Cash and cash equivalents 11,024       21,607       11,507       33,114
                         -------      -------      -------      -------
                          23,717       46,304            -       46,304
                         -------      -------      -------      -------

Total assets              96,983      189,907       39,928      229,835
                         -------      -------      -------      -------

Current liabilities
Bank loans and overdrafts  7,962       15,605            -       15,605
Trade payables               606        1,187            -        1,187
Amounts owed to
 associated undertakings      70          138            -          138
Other creditors including
 taxation and social
 security                  3,008        5,897            -        5,897
                         -------      -------      -------      -------
                          11,646       22,827            -       22,827
                         -------      -------      -------      -------

Non-current liabilities
 (notes e & h)
Long-term provisions         788        1,364       10,120       11,484
                         -------      -------      -------      -------
Net assets                84,549      165,716       29,808      195,524
                         -------      -------      -------      -------
Equity  (note a)
Called-up share capital    5,096        9,988       (1,406)       8,582
Share premium account     10,447       20,477       (3,074)      17,403
Revaluation reserve       12,067       23,652       (4,248)      19,404
Capital redemption
 reserve                   2,139        4,191         (295)       3,896
Merger reserve            (4,037)      (7,914)         294       (7,620)
Other reserve                269          527          (35)         492
Share of associated
 companies' reserves
 (note b)                  6,623       12,981       23,635       36,616
Foreign exchange reserve
 (note a)                      -            -         (226)        (226)
Profit and loss account
 (note a)                 47,727       93,546       13,447      106,993
                         -------      -------      -------      -------
Equity attributable to
 members of M.P. Evans
 Group PLC                80,331      157,448       28,092      185,540
Minority interest          4,218        8,268        1,716        9,984
                         -------      -------      -------      -------
Total equity              84,549      165,716       29,808      195,524
                         -------      -------      -------      -------


CONSOLIDATED BALANCE SHEET
AT 30 JUNE 2006

                         30 June
                         2006 as      30 June                   30 June
                      previously      2006 as   Change due         2006
                        reported   translated      to IFRS   under IFRS
                           £'000      US$'000      US$'000      US$'000

Non-current assets
Intangible assets -
 goodwill  (note f)         (558)      (1,033)       1,560          527
                         -------      -------      -------      -------

Biological assets (note b)     -            -       47,974       47,974
Property, plant and
 equipment (notes b & g)  36,472       67,474      (17,086)      50,388
Investments  (note b)     32,976       61,007       19,338       80,345
                         -------      -------      -------      -------
                          69,448      128,481       50,226      178,707
                         -------      -------      -------      -------
Current assets
Inventories                1,644        3,040            -        3,040
Trade and other
 receivables               9,256       17,121            -       17,121
Investments                1,297        2,400       (2,400)           -
Cash and cash equivalents  6,231       11,528        2,400       13,928
                         -------      -------      -------      -------
                          18,428       34,089            -       34,089
                         -------      -------      -------      -------

Total assets              87,318      161,537       51,786      213,323
                         -------      -------      -------      -------

Current liabilities
Bank loans and overdrafts  5,950       11,007            -       11,007
Trade payables               826        1,528            -        1,528
Amounts owed to
 associated undertakings     109          202            -          202
Other creditors including
 taxation and social
 security                  2,801        5,180            -        5,180
                         -------      -------      -------      -------
                           9,686       17,917            -       17,917
                         -------      -------      -------      -------

Non-current liabilities
Bank loans and overdrafts    529          979            -          979
Long-term provisions
 (notes e & h)               670        1,240       12,815       14,055
                         -------      -------      -------      -------
Net assets                76,433      141,401       38,971      180,372
                         -------      -------      -------      -------

Equity  (note a)
Called-up share capital    5,078        9,394         (846)       8,548
Share premium account     10,317       19,087       (1,927)      17,160
Revaluation reserve       13,329       24,660       (3,117)      21,543
Capital redemption
 reserve                   2,139        3,956          (60)       3,896
Merger reserve            (4,099)      (7,583)         (63)      (7,646)
Other reserve                264          489           (6)         483
Share of associated
 companies' reserves
 (note b)                  6,150       11,378       21,980       33,358
Foreign exchange reserve
 (note a)                      -            -       (2,898)      (2,898)
Profit and loss account
 (note a)                 39,834       73,692       24,008       97,700
                         -------      -------      -------      -------
Equity attributable to
 members of M.P. Evans
 Group PLC                73,012      135,073       37,071      172,144

Minority interest          3,421        6,328        1,900        8,228
                         -------      -------      -------      -------
Total equity              76,433      141,401       38,971      180,372
                         -------      -------      -------      -------


CONSOLIDATED BALANCE SHEET
31 DECEMBER 2005

                     31 December
                         2005 as  31 December               31 December
                      previously      2005 as   Change due         2005
                        reported   translated      to IFRS   under IFRS
                           £'000      US$'000      US$'000      US$'000
Non-current assets
Intangible assets -
 goodwill  (note f)         (597)      (1,027)       1,529          502
                         -------      -------      -------      -------
Biological assets
 (note b)                      -            -       51,176       51,176
Property, plant and
 equipment (notes b & g)  40,500       69,672      (15,993)      53,679
Investments  (note b)     31,789       54,684       21,412       76,096
                         -------      -------      -------      -------
                          72,289      124,356       56,595      180,951
                         -------      -------      -------      -------
Current assets
Inventories                1,622        2,790            -        2,790
Trade and other
 receivables               3,516        6,049            -        6,049
Investments                2,790        4,800       (4,800)           -
Cash and cash equivalents  3,006        5,172        4,800        9,972
                         -------      -------      -------      -------
                          10,934       18,811            -       18,811
                         -------      -------      -------      -------

Total assets              82,626      142,140       58,124      200,264
                         -------      -------      -------      -------

Current liabilities
Bank loans and overdrafts  2,755        4,739            -        4,739
Trade payables               839        1,444            -        1,444
Amounts owed to
 associated undertakings      72          125            -          125
Other creditors including
 taxation and social
 security                  3,356        5,773            -        5,773
                         -------      -------      -------      -------
                           7,022       12,081            -       12,081
                         -------      -------      -------      -------

Non-current liabilities
Bank loans and overdrafts    536          923            -          923
Long-term provisions
 (notes e & h)               779        1,341       14,220       15,561
                         -------      -------      -------      -------
Net assets                74,289      127,795       43,904      171,699
                         -------      -------      -------      -------

Equity  (note a)
Called-up share capital    5,078        8,735         (187)       8,548
Share premium account     10,317       17,748         (590)      17,158
Revaluation reserve       20,372       35,045          320       35,365
Capital redemption
 reserve                   2,139        3,679          219        3,898
Merger reserve            (4,099)      (7,052)        (594)      (7,646)
Other reserve                231          397           25          422
Share of associated
 companies' reserves
 (note b)                  5,093        8,761       22,944       31,705
Profit and loss account
 (note a)                 31,839       54,772       19,773       74,545
                         -------      -------      -------      -------
Equity attributable to
 members of M.P. Evans
 Group PLC                70,970      122,085       41,910      163,995
Minority interest          3,319        5,710        1,994        7,704
                         -------      -------      -------      -------
Total equity              74,289      127,795       43,904      171,699
                         -------      -------      -------      -------


11.  DISTRIBUTION
The  interim  report  for  the  six-month period ended  30  June  2007  will  be
despatched to shareholders on or after Friday 5 October 2007 and copies  thereof
will  be  available from the Company at 3 Clanricarde Gardens, Tunbridge  Wells,
Kent TN1 1HQ on and after that date.


By order of the board
J F Elliott
Secretary
27 September 2007