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Equable Properties (EQU)

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Friday 21 December, 2007

Equable Properties

Interim Results

Equable Properties PLC
21 December 2007


                             EQUABLE PROPERTIES PLC

                           UNAUDITED INTERIM RESULTS

         FOR THE 6 MONTH PERIOD FROM 1 APRIL 2007 TO 30 SEPTEMBER 2007



CHAIRMAN'S STATEMENT


In the six months period the company has recorded a loss £885,843.


This includes a provision of £855,000 (15%) for loss in value of the pubs
portfolio which was acquired at the time of admission to AIM, since which time,
the property markets have reversed. Accordingly, the directors feel it is
prudent to make an early provision in respect of the impaired values. The pubs
have generally performed poorly resulting in the company having to invoke the
rental guarantees negotiated with the vendors. The pubs are not viewed as a core
investment holding.



Due to the high prices that prevailed in the commercial property sector earlier
in the year the company has not been active in acquiring properties. However, as
values are now becoming more realistic, it is anticipated that acquisition
opportunities will become available to the company.



The amount of £50,000 remains outstanding from the subscription monies dating
back to 31st March when the company was admitted to AIM. The subscriber is based
overseas and notification has been received from his bank advising that
technical difficulties have caused the delay but that it is envisaged that the
payment will be completed shortly.



It was announced on 19 November 2007 that JM Finn Capital Markets Ltd has been
appointed as Nominated Advisor and Broker and we are looking forward to working
with them in the future.

Nicholas Jeffrey

Chairman

21 December 2007



Enquiries


Desmond Bloom, Chief Executive Officer

Tel- 07793 125 625



Clive Carver, JM Finn Capital Markets Ltd

Tel- 020 7600 1658


UNAUDITED INCOME STATEMENT



For the period 1 April 2007 to 30 September2007


                                                              6 months          6 months          Period 23
                                                              ended 30          ended 30      December 2005
                                                             September         September        to 31 March
                                                                  2007              2006               2007
                                                          (Unaudited)        (Unaudited)          (Audited)
Continuing Operations                                          £                       £                  £

Revenue                                                     161,928                    -              2,096
Net property and related income                             161,928                    -              2,096


Administrative expenses                                    (261,756)                   -           (15,002)
Share option charge                                            -                       -           (22,400)

Net operating loss before financing costs                  (99,828)                    -           (35,306)

Fair value adjustment                                      (855,000)                   -            691,357
Investment income                                            3,502                     -                532
Financial costs                                            (141,924)                   -            (2,227)


(Loss)/profit before taxation                             (1,093,250)                  -            654,356

Taxation                                                    207,407                    -          (207,407)

(Loss)/profit for period after taxation from continuing    (885,843)                   -            446,949
activities


Earnings per share (pence) from continuing operations


Basic                                                       (0.68)                     -             10.16

Diluted                                                     (0.68)                     -              9.95




UNAUDITED BALANCE SHEET AS AT 30 SEPTEMBER 2007


                                                           30 September      30 September          31 March
                                                                   2007              2006              2007
                                                            (unaudited)       (unaudited)         (Audited)
                                                                      £                 £                 £
ASSETS

Non-current assets
Investment properties                                         4,845,000                 -         5,700,000

Current assets
Other receivables                                               127,912            50,000         1,585,401
Cash and cash equivalents                                       365,690                 -                41
                                                                493,602            50,000         1,585,442

TOTAL ASSETS                                                  5,338,602            50,000         7,285,442

LIABILITIES
Current liabilities
Bank loan                                                      (76,000)                 -          (76,000)
Other payables                                                (107,217)                 -         (796,778)

                                                              (183,217)                 -         (872,778)


Non-current liabilities
Bank loan                                                   (3,850,270)                 -       (3,864,299)
Other loans                                                   (350,000)                 -         (500,000)
Deferred tax liabilities                                              -                 -         (207,407)

                                                            (4,200,270)                 -       (4,571,706)

Net assets                                                      955,115            50,000         1,840,958

CAPITAL AND RESERVES
Share capital                                                 1,298,500            50,000         1,298,500
Share premium account                                            39,359                 -            39,359
Retained earnings                                             (382,744)                 -           503,099

SHAREHOLDERS' FUNDS                                             955,115            50,000         1,840,958



COMPANY STATEMENT OF CHANGES IN EQUITY


For the period 1 April 2007 to 30 September 2007



                                                    Share Capital Share Premium     Retained       Total
                                                                                    Earnings
                                                                £             £            £           £

1 April 2007                                            1,298,500        39,359      503,099   1,840,958
Loss for the period                                             -             -    (885,843)   (885,843)

Total recognised income and expense for the period              -             -    (885,843)   (885,843)


Total shareholders' equity carried forward              1,298,500        39,359    (382,744)     955,115



For the period 1 April 2006 to 30 September 2006

                                                    Share Capital Share Premium     Retained       Total
                                                                                    Earnings
                                                                £             £            £           £

1 April 2006                                               50,000             -            -      50,000
Loss for the period                                             -             -            -           -

Total recognised income and expense for the period              -             -            -           -


Total shareholders' equity carried forward                 50,000             -            -      50,000



For the period 23 December 2005 to 31 March 2007

                                                    Share Capital Share Premium     Retained       Total
                                                                                    Earnings
                                                                £             £            £           £

23 December 2005                                                -             -            -           -
Profit for the period                                           -             -      446,949     446,949

Total recognised income and expense for the period              -             -      446,949     446,949

Share option charge                                             -             -       56,150      56,150
Equity issued during period                             1,298,500             -            -   1,298,500
Share premium                                                   -        39,359            -      39,359

Total shareholders' equity carried forward              1,298,500        39,359    (503,099)   1,840,958


STATEMENT OF CASH FLOWS

For the period 1 April 2007 to 30 September 2007

                                                              6 months                             Period 23
                                                              ended 30                      December 2005 to
                                                             September         6 months        31 March 2007
                                                                  2007         ended 30
                                                                              September            
                                                                                   2006
                                                           (Unaudited)      (Unaudited)            (Audited)
                                                                     £                £                    £

Net cash inflow/(outflow)from operating activities             668,100                -            (351,229)

Investing Activities
Interest received                                                3,502                -                  532
Purchase of investment properties                                    -                -          (5,008,643)
Net cash from investing activities                               3,502                -          (5,008,111)
Financing Activities
Proceeds of issue of new share capital                               -                -            1,371,608
New bank loans (repaid)/raised                                (14,029)                -            3,990,000
Other loans repaid                                           (150,000)                -                    -
Interest paid                                                (141,924)                -              (2,227)
Net cash raised from financing activities                    (305,953)                -            5,359,381

Net increase in cash and cash equivalents                      365,649                -                   41


Represented by:
Cash and cash equivalents at 31 March 2007                     365,690                -                   41


NOTES TO THE RESULTS



1.                   PRESENTATION OF INTERIM RESULTS



This interim report has been prepared in accordance with the accounting policies
set out in the Company's Annual Report for the period ended 31 March 2007 and
are expected to be used in the Annual Report for the year ended 31 March 2008.


The results for the six months ended 30 September 2007 have not been audited. The financial information contained in 
this report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The 
results for the year ended 31 March 2007 are based on the audited accounts (which received an unqualified audit report).
Full accounts have been delivered to the Registrar of Companies and are available on request.



2.                   LOSS PER SHARE


The calculation of the basic and diluted earnings per share is based on the following data:

                                                                             6 month period ended 30
                                                                                      September 2007


Earnings:

Earnings for the purposes of basic earnings per share net loss for the                     (885,843)
period attributable to equity holders of the parent


Number of shares:

Weighted average number of ordinary shares for the purposes of basic                     129,850,000
earnings per share

Due to the loss incurred in the period, there is no dilution effect resulting from share options.
The following calculation would be used for diluted eps.



Weighted average number of ordinary shares for the purposes of basic eps                      129,850,000
Dilutive effect of share options                                                                   94,107

Weighted average number of ordinary shares for the purposes of diluted eps                    129,944,107


3.    RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFOW) FROM OPERATING ACTIVITIES

                                                                6 months         6 months          Period 23
                                                                ended 30         ended 30      December 2005
                                                               September        September        to 31 March
                                                                    2007             2006               2007
                                                             (Unaudited)      (Unaudited)          (Audited)

Net operating loss before financing costs                       (99,828)                -           (35,306)

Decrease/(increase) in receivables                             1,457,489                -        (1,635,101)
(Decrease)/increase in payables                                (689,561)                -          1,296,778
Share option charge                                                    -                -             22,400

Net cash inflow/(outflow)from operating activities               668,100                -          (351,229)


4.  A copy of this half year report will be distributed to all shareholders and will also be available
    shortly on the company's website

    www.equablepropertiesplc.co.uk

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                

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