Unaudited interims for period to 30 September 2011

Tricor plc:

Chan Fook Meng

Chairman/CEO

Telephone: +44 20 7099 7703

Nominated adviser:

Allenby Capital Limited

Brian Stockbridge/James Reeve

Tel: +44 20 7328 5656

TRICOR PLC

Consolidated statement of comprehensive income for the six months ended 30 September 2011

Six months to

30 September

2011

Unaudited

Six months to

30 September

2010

Unaudited

Year ended

31 March

2011

Audited

£'000s

£'000s

£'000s

Turnover

-

1,106

2,435

Cost of sales

-

(1,093)

(2,397)

────────

────────

────────

Gross profit

-

13

38

Administrative expenses

(444)

(301)

(1,382)

Write off deposit for investment and related costs

(601)

-

(1,304)

────────

────────

────────

Operating loss

(1,045)

(288)

(2,648)

Finance costs

-

-

-

────────

────────

────────

Loss before tax

(1,045)

(288)

(2,648)

Income tax charges

-

-

-

────────

────────

────────

Loss for the period from continuing operations attributable to shareholders

(1,045)

(288)

(2,648)

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═══════

═══════

Loss per share―pence

(0.04)

(0.01)

(0.10)

TRICOR PLC

Consolidated statement of financial position as at 30 September 2011

30 September

2011

Unaudited

30 September

2010

Unaudited

31 March

2011

Audited

£'000s

£'000s

£'000s

Assets

Non-current assets

Intangible assets

-

65

65

Property, plant and equipment

11

10

6

────────

────────

────────

11

75

71

────────

────────

────────

Current assets

Trade and other receivables

1,316

1,283

1,374

Cash and cash equivalents

52

69

627

────────

────────

────────

1,368

1,352

2,001

────────

────────

────────

Current liabilities

Trade and other payables

(962)

(295)

(735)

Convertible loan notes

(134)

-

(134)

────────

────────

────────

(1,096)

(295)

(869)

────────

────────

────────

Net current assets

272

1,057

1,132

────────

────────

────────

Non current liabilities

Convertible loan notes

(3,091)

(1,560)

(3,091)

────────

────────

────────

(3,091)

(1,560)

(3,091)

────────

────────

────────

Total assets

(2,808)

(428)

(1,888)

═══════

═══════

═══════

Equity and liabilities

Capital and reserves

Share capital

3,282

3,215

3,220

Share premium

48,726

48,645

48,663

Merger reserve

324

324

324

Share based payment reserve

51

59

51

Non-interest bearing loan

885

-

885

Retained earnings

(56,076)

(52,671)

(55,031)

────────

────────

────────

Total equity

(2,808)

(428)

(1,888)

═══════

═══════

═══════

TRICOR PLC

Consolidated statement of cash flows for the six months ended 30 September 2011

Six months to

30 September

2011

Unaudited

Six months to

30 September

2010

Unaudited

Year ended

31 March

2011

Audited

Note

£'000

£'000

£'000

Net cash utilised by operating activities

4

(569)

(269)

(2,128)

────────

────────

────────

Investing activities

Purchases of plant and equipment

(6)

(2)

-

Investment in Tricor Supply Side Carbon Limited

(84)

-

-

────────

────────

────────

Net cash from investing activities

(90)

(2)

-

────────

────────

────────

Cash flows from financing activities

New loan

-

150

2,550

Proceeds on issue of shares

84

-

15

────────

────────

────────

Net cash from financing activities

84

150

2,565

────────

────────

────────

Net cash (outflow)/inflow

(575)

(121)

437

Cash and cash equivalents at start of period

627

190

190

────────

────────

────────

Cash and cash equivalents at end of

period

52

69

627

═══════

═══════

═══════

TRICOR PLC

Consolidated Statement of changes in equity for the six months ended 30 September 2011

Six months to

30 September

2011

Unaudited

Six months to

30 September

2010

Unaudited

Year ended

31 March

2011

Audited

£'000s

£'000s

£'000s

At beginning of period

(1,888)

(310)

87

Deficit for the period

(1,045)

(288)

(2,648)

Issue of share capital

125

170

20

Conversion of loan notes

-

-

150

Encashment of warrants

-

-

15

Non-interest bearing loan

-

-

488

──────

──────

──────

At end of period

(2,808)

(428)

(1,888)

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═════

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1.

Significant accounting policies

These accounts have been prepared in accordance with International Financial Reporting Standards and on the historical cost basis, using generally recognised accounting principles and consistent with those used in the annual report and accounts for the year ended 31 March 2011.

This interim report for the six months to 30 September 2011 was approved by the Board on 13 December 2011.

Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 31 March 2011, as described in those annual financial statements.

The following new and revised standards and interpretations have been adopted in these financial statements. Their adoption has not had any significant impact on the amounts reported in these financial statements but may effect the accounting for future transactions and arrangements.

IFRS 9, "Financial instruments: classification and measurement", as issued reflects the first phase of the IASB work on the replacement of IAS 39 and applies to classification and measurement of financial assets as defined in IAS 39. The standard is effective for annual periods beginning on or after 1 January 2013. In subsequent phases, the IASB will address classification and measurement of financial liabilities, hedge accounting and de-recognition. The completion of this project is expected in early 2011. The adoption of the first phase of IFRS 9 might have an effect on the classification and measurement of the company's assets. At this juncture it is difficult for the Company to comprehend the impact on its financial position and performance.

IFRIC 19, "Extinguishing financial liabilities with equity instruments", is effective for annual periods beginning on or after 1 July 2010. The interpretation clarifies that equity instruments issued to a creditor to extinguish a financial liability qualify as consideration paid. The equity instruments issued are measured at their fair value. In case that this cannot be reliably measured, the instruments are measured at the fair value of the liability extinguished. Any gain or loss is recognised in profit or loss. The adoption of this interpretation will have no effect on the financial statements of the company.

Standards and Interpretations issued but not effective on financial statements

IAS 12, "Income taxes (amendment)―Deferred taxes: recovery of underlying assets", is effective for annual periods beginning on or after 1 January 2012. It introduces a rebuttable presumption that deferred tax on investment properties measured at fair value will be derecognised on a sale basis, unless an entity has a business model that would indicate the investment property will be consumed in the business. If consumed a use basis would need to be adopted. The amendments also introduce the requirement that deferred tax on non-depreciable assets measured using the revaluation model in IAS16 should always be measured on a sale basis. The adoption of this interpretation will have no effect on the financial statements of the Company.

IFRS 7, "Financial instruments: disclosures (amendment)", is effective for annual periods beginning on or after 1 July 2011. The amendment requires additional quantitative and qualitative disclosures relating to transfers of financial assets: where financial assets are derecognised in their entirety, but where the entity has a continuing involvement in them; and where financial assets are not derecognised in their entirety. The adoption of this will have no effect on the financial statements of the Company.

1.

Significant accounting policies

IFRS 10, "Consolidated Financial Statements", is effective from 1 January 2013. It introduces a new control model that applies to all entities, including those that were previously considered "special purpose entities". Understanding the purpose and design of an investee is critical to the assessment of control. The adoption of this will have no effect on the financial statements of the Company.

IFRS 11, "Joint Arrangements", is effective from 1 January 2013. The core principle of the standard is that a party to a joint arrangement determines types of joint arrangements in which it is involved by assessing the rights and obligations and accounts for those rights and obligations in accordance with the type of joint arrangement. Joint ventures now must be accounted for using the equity method. "Joint operator", which is a newly defined term, recognises its assets, liabilities, revenues and expenses and relative shares thereof. The adoption of this will have no effect on the financial statements of the Company.

IFRS 12, "Disclosures of Interests with Other Entities", is effective from 1 January 2013. It requires increased disclosure about the nature, risks and financial effects of an entity's relationship with other entities along with its involvement with other entities. The adoption of this will have no effect on the financial statements of the Company.

IFRS 13, "Fair Value Measurement", is effective from 1 January 2013. It defines fair value, sets out in a single IFRS a framework for measuring fair value and requires disclosures about fair value measurements. It includes a three-level fair value hierarchy that prioritises the inputs in a fair value measurement. The adoption of this will have no effect on the financial statements of the Company.

IFRS 10, "Consolidated Financial Statements", IFRS 11 "Joint Arrangements", IFRS 12 "Disclosures of Interests with Other Entities", along with related amendments to IAS 27 "Separate Financial Statements" and IAS 28 "Investments in Associates and Joint Ventures" will have an effective date of 1 January 2013. Early adoption of these standards is permitted, but only if all five are early adopted together.

2.

Segmental analysis

The geographical segment consists of the United Kingdom only; there is also no segmental area of operations.

3.

Loss per share (pence)

3.

Loss per share (pence)

The loss per ordinary share is based on the Company's loss for the period of £1,045,000 (30 September 2010 - £288,000; 31 March 2011 - £2,648,000) and a basic and diluted weighted average number of shares in issue of 2,809,173,225 (30 September 2010 - 2,630,298,830; 31 March 2011 - 2,691,479,535).

4.

Reconciliation of operating loss to net cash outflow from operating activities

5.

Called up share capital

The issued share capital as at 31 March 2011, per the audited accounts, was 2,757,369,946 ordinary shares of 0.01p each.

On 23 August 2011, 200,000,000 ordinary shares of £0.0001 each were issued at £0.0002 each in settlement of liabilities to a former director.

On 27 September 2011, 420,000,000 ordinary shares of £0.0001 each were issued at £0.0002.

6.

The unaudited results for the period ended 30 September 2011 do not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. The comparative figures for the year 31 March 2011 are extracted from the statutory financial statements that have been filed with the Registrar of Companies and which contain an unqualified audit report with an emphasis of matter paragraph on the going concern basis of accounting and did not contain statements under Section 498 to 502 of the Companies Act 2006.

7.

Copies of this interim statement are available from the Company at its registered office at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. The interim statement will also be available on the Company's website www.tricor-plc.com.