22 September 2008

                             Microcap Equities plc                             

                         ("Microcap" or "the Company")                         

                                Interim Results                                

                  For the sixmonth period ended 30 June 2008                   

Chairman's Statement

I am pleased to report the results for the six months ended 30 June 2008.

During the period, the loss on the profit and loss account was �105,000,
compared to �86,000 for the 12 months ended 31 December 2007. The loss is
principally attributable to a premium of �40,000 on redemption of convertible
loan stock and the write down of investments by �26,442.

The company has been seeking to make an acquisition or to attract additional
investment and the directors are optimistic that they will be able to achieve
one or the other before the year end.

N Greenstone
Chairman


22 September 2008

Further Enquiries:

Microcap Equities Plc                                                          
                                                                               
Nicolas Greenstone                          Tel: 020 7258 5140                 
                                                                               
John East & Partners                                                           
                                                                               
John East/Bidhi Bhoma                       Tel: 020 7628 2200                 

Income Statement

For the six months ended 30 June 2008

                                       Six months    Six months     Year ended
                                            ended         ended               
                                                                   31 December
                                          30 June       30 June           2007
                                                           2007               
                                             2008                    (audited)
                                                    (unaudited)               
                                      (unaudited)                             
                                                                              
                                            �'000         �'000          �'000
                                                                              
Administrative expenses                      (40)          (26)           (88)
                                                                              
Operating loss                               (40)          (26)           (88)
                                                                              
Other income                                    1             2              4
                                                                              
Impairment of investments available          (26)          (12)            (2)
for sale                                                                      
                                                                              
Interest payable and similar charges         (40)             -              -
                                                                              
Loss before taxation                        (105)          (36)           (86)
                                                                              
Tax expense                                     -             -              -
                                                                              
Net loss for the period                     (105)          (36)           (86)
                                                                              
Loss per ordinary share (pence)                                               
                                                                              
- Basic and diluted                       (0.09)p       (0.03)p        (0.08)p
                                                                              

Balance Sheet

As at 30 June 2008

                                            As at           As at         As at
                                                                               
                                          30 June         30 June   31 December
                                                                           2007
                                             2008            2007              
                                                                               
                                      (unaudited)     (unaudited)     (audited)
                                                                               
                                            �'000           �'000         �'000
                                                                               
ASSETS                                                                         
                                                                               
Non-current Assets                                                             
                                                                               
Investments available for sale                 43              59            70
                                                                               
Current assets                                                                 
                                                                               
Trade and other receivables                     9               6            10
                                                                               
Cash and cash equivalents                      58             145            85
                                                                               
                                               67             151            95
                                                                               
Total assets                                  110             210           165
                                                                               
LIABILITIES                                                                    
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                       19              20            28
                                                                               
Total liabilities                              19              20            28
                                                                               
NET ASSETS                                     91             190           137
                                                                               
Equity and liabilities                                                         
                                                                               
Share capital and reserves                                                     
                                                                               
Share capital                               1,790           1,730         1,730
                                                                               
Share premium account                       2,967           3,007         3,007
                                                                               
Retained earnings                         (4,666)         (4,547)       (4,600)
                                                                               
Total equity                                   91             190           137
                                                                               

Cash Flow Statement

For the six months ended 30 June 2008

                                       Six months     Six months     Year ended
                                            ended          ended               
                                                                    31 December
                                          30 June        30 June           2007
                                                                               
                                             2008           2007      (audited)
                                                                               
                                      (unaudited)    (unaudited)               
                                                                               
                                            �'000          �'000          �'000
                                                                               
Cash flows from operating activities                                           
                                                                               
Cash expended from operations                (28)           (33)           (95)
                                                                               
Net cash outflow from operating              (28)           (33)           (95)
activities                                                                     
                                                                               
Cash flows from investing activities                                           
                                                                               
Interest paid and similar charges            (40)           (10)              -
                                                                               
Interest received                               1              2              4
                                                                               
Net cash (outflow)/ inflow from              (39)            (8)              4
investing activities                                                           
                                                                               
Cash flows from financing activities                                           
                                                                               
Proceeds from issue of shares                  60             20              -
                                                                               
New debenture loan                           (20)           (10)              -
                                                                               
Net cash inflow from financing                 40             10              -
activities                                                                     
                                                                               
Net decrease in cash and cash                (27)           (31)           (91)
equivalents                                                                    
                                                                               
Reconciliation of net cash flow to                                             
movement in net funds                                                          
                                                                               
Decrease in cash and cash equivalents        (27)           (31)           (91)
                                                                               
Cash and cash equivalents brought              85            176            176
forward                                                                        
                                                                               
Cash and cash equivalents carried              58            145             85
forward                                                                        
                                                                               

Statement of changes in equity

Six months ended 30 June 2008 (unaudited)

                                        Share         Share     Retained      Total
                                      capital -     premium     earnings           
                                       equity                                 
                                                                              
                                        �'000         �'000        �'000      �'000
                                                                              
At 1 January 2008                        1,730        3,007       (4,600)      137       
                                                                              
Loss for the period                         -             -         (106)     (106)     
                                                                              
Shares issued                               60            -            -        60        
                                                                              
Transfer between reserves                    -          (40)          40         -         
                                                                              
At 30 June 2008                          1,790         2,967      (4,666)       91        

Six months ended 30 June 2007 (unaudited)

                                        Share        Share        Retained    Total
                                    capital -      premium        earnings           
                                       equity                                 
                                                                              
                                        �'000       �'000         �'000       �'000
                                                                              
At 1 January 2007                        1,710      3,007         (4,511)      206       
                                                                              
Loss for the period                         -          -           (36)        (36)      
                                                                              
Shares issued                               20         -              -          20        
                                                                              
At 30 June 2007                           1,730      3,007        (4,547)       190       

Year ended 31 December 2007 (audited)

                                        Share      Share         Retained      Total
                                    capital -    premium         earnings           
                                       equity                                 
                                                                              
                                        �'000      �'000            �'000      �'000
                                                                              
At 1 January 2007                       1,710      3,007           (4,514)       203       
                                                                              
Loss for the period                        -          -              (86)       (86)      
                                                                              
Shares issued                              20         -                -          20        
                                                                              
At 31 December 2007                     1,730      3,007            (4,600)      137       

Notes to the Interim Financial Statements for the six months ended 30 June 2008

1. Basis of preparation

The interim results are unaudited and do not constitute statutory accounts for
the purpose of s240 of the Companies Act 1985 (s434 of the Companies Act 2006).
They have been prepared under applicable International Financial Reporting
Standards adopted by the European Union (`IFRS').

The accounting policies applied in preparing the interim financial statements
are consistent with those set out in the statutory accounts for the year ended
31 December 2007. The figures for the year ended 31 December 2007 have been
extracted from the statutory accounts filed with the registrar of companies on
which the auditors gave an unqualified report.

The financial information for the six months to 30 June 2008 and the six months
to 30 June 2007 has not been audited. As permitted, the Company has chosen not
to adopt IAS 34 `Interim Financial Statements' in preparing the interim
financial information.

2. Tax

                                        Six months     Six months    Year ended
                                          ended 30       ended 30              
                                              June           June   31 December
                                                                           2007
                                              2008           2007              
                                                                               
                                       (unaudited)    (unaudited)       audited
                                                                               
                                             �'000          �'000         �'000
                                                                               
Current tax on income for the period             -              -             -
                                                                               
Factors affecting tax charge for the                                           
year                                                                           
                                                                               
Loss on ordinary activities before           (105)           (36)          (86)
taxation                                                                       
                                                                               
Loss on ordinary activities before            (29)           (11)          (26)
taxation multiplied by standard rate                                           
of UK corporation tax of 28 per cent.                                          
(2007: 30 per cent.)                                                           
                                                                               
Effects of:                                                                    
                                                                               
Expenses not deductible for tax                  -              -             -
purposes                                                                       
                                                                               
Movement in tax losses                          29             11            26
                                                                               
Current tax charge                               -              -             -

3. Loss per share

The basic loss per share is calculated by dividing the loss attributable to
equity shareholders by the weighted average number of shares in issue. There
are no potential ordinary shares which are dilutive and therefore diluted loss
per share equals basic loss per share.

The weighted average number of ordinary shares during the period was:

                                       Six months     Six months     Year ended
                                         ended 30       ended 30               
                                             June           June    31 December
                                                                           2007
                                             2008           2007               
                                                                               
                                      (unaudited)    (unaudited)      (audited)
                                                                               
                                      112,600,343    108,696,556    108,820,452
                                                                               
                                            �'000          �'000          �'000
                                                                               
Loss attributable to equity share           (105)           (36)           (86)
holders                                                                        
                                                                               
Basic loss per share (pence)               (0.09)         (0.03)         (0.08)
                                                                               

4. Dividends

No dividends have been declared for the six months ended 30 June 2008.

5. Copies of this report

Copies of this interim report will be available on request from the Company's
registered office at Thames House, Portsmouth Road, Esher, Surrey KT10 9AD and
on the Company's website at www.microcapequities.plc.uk.



END


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