RNS Number:0901H
AMCO Corporation PLC
02 August 2006
AMCO CORPORATION PLC
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2006
CHAIRMAN'S STATEMENT
RESULTS
Total operating profits for the first half of 2006 of #4,638,000 were 86% up on
the profits of #2,495,000 for the first half of 2005. Profits before taxation of
#4,675,000 were 100% up on the corresponding period for 2005.
Structural Steel
Structural steel activities had an extremely good first half and returned
operating profits of #2,334,000. This was well in excess of expectations.
Property
Property investment and development returned operating profits of #1,940,000 as
compared with a break-even for the first half of 2005.
Specialist Engineering
Specialist engineering operating profits at #250,000 were substantially below
the 2005 corresponding figures due mainly to the cessation of the UK coal mining
business in October 2005, start up costs on new long term contracts for Network
Rail and a shortage of work in the major projects division.
Manufacturing
There were modest operating profits of #30,000.
Pension Schemes and Total Recognised Gains
There were actuarial gains recognised in the pension schemes of #5,477,000
before taxation and #3,834,000 after taxation. Having regard to the profits for
the period of #3,264,000 this resulted in total recognised gains for the first
half of 2006 of #7,098,000.
Earnings per Share
These were 28.0 pence compared with 13.7 pence for the corresponding period in
2005 and 42.7 pence for the whole of 2005.
DIVIDEND
I am delighted to announce that the directors intend to pay a dividend of 7.0
pence per share on 2 October 2006 to shareholders on the register on 1 September
2006.
LIQUIDITY AND CAPITAL RESOURCES
Gearing at 30 June 2006 was nil, as at 30 June 2005 and 31 December 2005.
Shareholders' funds increased from #10,043,000 at 1 January 2006 to #15,792,000
at 30 June 2006.
PROSPECTS
Present indications are that the second half of 2006 will result in satisfactory
profits and at this time we see no reason why a further dividend should not be
paid based on the 2006 results as a whole.
Stuart N. Gordon
2 August 2006
Consolidated profit and loss account
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2006 June 2005 31st December 2005
#000 #000 #000
Total turnover (including share of turnover in
joint ventures) 68,936 59,289 126,028
Less: Share of turnover in joint ventures (4,706) (2,242) (7,222)
Group turnover 64,230 57,047 118,806
Group operating profit 2,828 2,380 6,472
Share of operating profit in joint ventures 1,810 115 739
Total operating profit 4,638 2,495 7,211
Net interest 19 (57) (68)
Other finance income/(costs) 18 (103) (192)
Profit on ordinary activities before taxation 4,675 2,335 6,951
Taxation on profit on ordinary activities (1,411) (721) (1,971)
Profit transferred to reserves 3,264 1,614 4,980
Earnings per share 28.0p 13.7p 42.7p
Dividends per share 7.0p 0.0p 11.0p
Consolidated balance sheet
(Unaudited)
30th June 2006 30th June 2005 31st December 2005
#000 #000 #000
Fixed assets
Tangible assets 16,217 14,607 15,136
Investments 350 350 350
Investments in joint ventures:
Share of gross assets 9,968 7,630 12,595
Share of gross liabilities (7,738) (6,424) (10,934)
2,230 1,206 1,661
18,797 16,163 17,147
Current assets
Stock and work in progress 18,305 13,728 11,381
Amounts recoverable on contracts 4,413 5,521 957
Debtors 14,127 12,949 15,823
Cash at bank and in hand 5,323 4,099 7,738
42,168 36,297 35,899
Creditors: amounts falling due within one year (35,625) (30,874) (28,653)
Net current assets 6,543 5,423 7,246
Total assets less current liabilities 25,340 21,586 24,393
Creditors: amounts falling due after more than
one year (1,761) (1,840) (1,710)
Net assets excluding pension liability 23,579 19,746 22,683
Pension liability (7,787) (12,408) (12,640)
Net assets including pension liability 15,792 7,338 10,043
Capital and reserves
Called up share capital 1,293 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Property revaluation reserve 3,284 3,284 3,284
Other reserve (865) (624) (798)
Profit and loss account 10,084 1,389 4,268
Shareholders' funds 15,792 7,338 10,043
Summary consolidated cashflow statement
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2006 June 2005 31st December 2005
#000 #000 #000
Group operating profit 2,828 2,380 6,472
Depreciation on tangible fixed assets 1,290 1,223 2,349
Difference between pension charge and cash
contributions (1,438) (455) (908)
Profit on sale of fixed assets (136) (70) (260)
Movement in working capital (4,524) (923) 49
Net cashflow from operating activities (1,980) 2,155 7,702
Dividends from joint ventures 700 0 0
Net cashflow from returns on investments and
servicing of finance 19 (57) (68)
Taxation (537) (135) (486)
Net cashflow from capital expenditure and
financial investment (1,157) (418) (797)
Net cashflow before financing (2,955) 1,545 6,351
Net cashflow from financing 540 (3,064) (4,231)
(Decrease)/increase in cash (2,415) (1,519) 2,120
Notes
1. Reconciliation of net cashflow to movement in
net funds /(debt)
(Decrease)/increase in cash in the period (2,415) (1,519) 2,120
Net cashflow on bank and other loans (1,430) 2,205 2,290
Cash outflow on hire purchase 823 859 1,739
Change in net funds /(debt) resulting from
cashflows (3,022) 1,545 6,149
Inception of hire purchase (1,078) (721) (1,779)
Movement in net funds /(debt) in the period (4,100) 824 4,370
Net funds/(debt) at start of period 4,182 (188) (188)
Net funds at end of period 82 636 4,182
2. Analysis of net funds /(debt)
Cash at bank and in hand 5,323 4,099 7,738
Bank and other loans (2,266) (921) (836)
Hire purchase (2,975) (2,542) (2,720)
Net funds 82 636 4,182
Statement of total recognised gains and losses
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2006 June 2005 31st December 2005
#000 #000 #000
Profit for the period 3,264 1,614 4,980
Actuarial gain/(loss) recognised in the pension
schemes (see note) 5,477 (1,163) (1,858)
Movement on deferred tax relating to pension
liability (2,080) 268 342
Current tax relating to pension liability 437 81 215
Total recognised gains for the period 7,098 800 3,679
Note
Actuarial gain/(loss) recognised in the pension
schemes
Actual return less expected return on pension
scheme assets (59) 1,584 5,257
Experience gains and losses arising on the scheme
liabilities 33 (244) (415)
Changes in assumptions underlying the present
value of the scheme liabilities 5,503 (2,503) (6,700)
5,477 (1,163) (1,858)
Notes:
1. The financial information for the six months ended 30 June 2006 and the
comparative figures for the six months ended 30 June 2005 are unaudited and
have been prepared on the basis of the accounting policies set out in the
statutory accounts for the year ended 31 December 2005 and have been
approved by the Board. This financial information does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985.
The financial statements for the year ended 31 December 2005 received an
unqualified audit report and have been delivered to the Registrar of
Companies.
2. Earnings per ordinary share have been calculated on the basis of profit for
the period after tax, divided by the weighted average of ordinary shares in
issue in the period, excluding those held in the ESOP Trust, of 11,662,508.
The comparatives are calculated by reference to the weighted average of
shares in issue which were 11,796,246 for the period to 30 June 2005 and
11,654,508 for the year ended 31 December 2005.
3. This statement is being sent to the shareholders of the Company and will be
available at the Company's Registered Office at Amco House, Cedar Court
Office Park, Denby Dale Road, Wakefield, West Yorkshire, WF4 3QZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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