RNS Number:8177B
AMCO Corporation PLC
10 August 2004
AMCO CORPORATION PLC
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004
CHAIRMAN'S STATEMENT
RESULTS
There was an operating profit of #1,276,000 for the first half of 2004 and an
after tax profit of #1,019,000.
Contracting
The major problem contract in Scotland, referred to in previous statements, is
scheduled for completion during autumn 2004. We have absorbed all incurred costs
on that contract. Most other contracting activities have performed
satisfactorily.
Property
Property investment and development had a profitable half year.
Structural Steel
Due to delays in commencement of projects, structural steel activities had a
disappointing first half and returned only small profits.
Equipment Manufacturing
Dosco had a quiet first half and only small profits were achieved.
Taxation
The taxation charge was at an effective rate of 11% due to available losses and
reliefs not adjusted through the deferred taxation account.
Pension Schemes and Total Recognised Gains
There were gains recognised in the pension schemes of #1,946,000 before tax and
#1,364,000 after tax, in addition to the after tax profits of #1,019,000, giving
total recognised gains for the first half of 2004 of #2,383,000.
Earnings per Share
These were 8.6 pence compared with a loss per share of 4.2 pence for the first
half of 2003 and a loss per share of 26 pence for 2003 as a whole.
DIVIDEND
We do not intend to pay an interim dividend for 2004.
LIQUIDITY AND CAPITAL RESOURCES
Gearing at 30 June 2004 was 10% compared with nil gearing at 30 June 2003 and
20% at 31 December 2003
PROSPECTS
Present indications are that the second half of 2004 will be profitable.
Stuart N. Gordon
10 August 2004
Consolidated profit and loss account
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2004 June 2003 31st December 2003
#000 #000 #000
Turnover including share of joint ventures 63,290 48,696 106,254
Share of turnover of joint ventures (633) (1,352) (912)
Group turnover 62,657 47,344 105,342
Operating profit/(loss) excluding joint ventures 1,270 (870) (4,549)
Share of operating profit of joint ventures 6 517 521
Group operating profit/(loss) 1,276 (353) (4,028)
Profit on sale of fixed assets 0 0 108
Net interest payable (122) (106) (177)
Other finance costs (5) (169) (332)
Profit/(loss) on ordinary activities before 1,149 (628) (4,429)
taxation
Taxation on profit/(loss) on ordinary activities (130) 130 1,360
Retained profit/(loss) for the period 1,019 (498) (3,069)
Earnings/(loss) per share 8.6p (4.2)p (26.0)p
Consolidated balance sheet
(Unaudited)
30th June 2004 30th June 2003 31st December 2003
(restated) (restated)
#000 #000 #000
Fixed assets
Tangible assets 15,010 12,411 16,216
Investments in joint ventures:
Share of gross assets 5,044 4,560 4,325
Share of gross liabilities (3,924) (3,449) (3,211)
1,120 1,111 1,114
16,130 13,522 17,330
Current assets
Stock and work in progress 13,265 11,841 10,876
Amounts recoverable on contracts 8,174 3,614 5,034
Debtors 12,433 11,136 12,139
Cash at bank and in hand 3,358 4,619 3,748
37,230 31,210 31,797
Creditors: amounts falling due within one year (33,981) (25,878) (30,600)
Net current assets 3,249 5,332 1,197
Total assets less current liabilities 19,379 18,854 18,527
Creditors: amounts falling due after more than
one year (2,251) (2,459) (2,169)
Provisions for liabilities and charges 0 (191) 0
Net assets excluding pension liability 17,128 16,204 16,358
Pension liability (8,060) (13,738) (9,674)
Net assets including pension liability 9,068 2,466 6,684
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 0 3,284
Other reserve (580) (588) (581)
Profit and loss account 3,075 (235) 692
Shareholders' funds 9,068 2,466 6,684
Summary consolidated cashflow statement
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2004 June 2003 31st December 2003
#000 #000 #000
Operating profit/(loss) 1,270 (870) (4,549)
Depreciation on tangible fixed assets 1,269 1,681 3,196
Difference between pension charge and cash
contributions (361) (293) (1,226)
Profit on sale of fixed assets (388) (172) (327)
Movement in working capital (342) 1,743 3,486
Net cashflow from operating activities 1,448 2,089 580
Net cashflow from returns on investments and
servicing of finance (122) (97) (165)
Taxation (1) 169 143
Net cashflow from capital expenditure and
financial investment 1,330 625 73
Net cashflow before financing 2,655 2,786 631
Net cashflow from financing (1,085) (1,183) (2,608)
Increase/(decrease) in cash 1,570 1,603 (1,977)
Notes
1. Reconciliation of net cashflow to movement in
net (debt)/funds
Increase/(decrease) in cash in the period 1,570 1,603 (1,977)
Net cashflow on bank loans 177 186 376
Cash outflow on hire purchase 908 997 2,232
Change in net debt resulting from cashflows 2,655 2,786 631
Inception of hire purchase (1,004) (677) (1,891)
Movement in net debt in the period 1,651 2,109 (1,260)
Net debt at start of period (3,317) (2,057) (2,057)
Net (debt)/funds at end of period (1,666) 52 (3,317)
2. Analysis of net (debt)/funds
Cash at bank and in hand 3,358 4,619 3,748
Bank overdrafts (749) 0 (2,709)
2,609 4,619 1,039
Bank loans (1,309) (1,676) (1,486)
Hire purchase (2,966) (2,891) (2,870)
Net (debt)/funds (1,666) 52 (3,317)
3. Gearing 10% 0% 20%
Statement of total recognised gains and losses
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2004 June 2003 31st December 2003
#000 #000 #000
Profit/(loss) for the period 1,019 (498) (3,069)
Unrealised surplus on revaluation of properties 0 0 3,284
Actuarial gain/(loss) recognised in the pension
schemes (see note) 1,946 (1,825) 3,227
Movement on deferred tax relating to pension
liability (692) 521 (1,236)
Current tax relating to pension liability 110 88 291
Total recognised gains/(losses) for the period 2,383 (1,714) 2,497
Note
Actuarial gain/(loss) recognised in the pension
schemes
Actual return less expected return on pension
scheme assets (278) 662 3,211
Experience gains and losses arising on the scheme
liabilities 0 35 796
Changes in assumptions underlying the present
value of the scheme liabilities 2,224 (2,522) (780)
1,946 (1,825) 3,227
Notes:
1. The financial information for the six months ended 30 June 2004 and the
comparative figures for the six months ended 30 June 2003 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 2003, as amended for
the adoption of UITF 38 - Accounting for ESOP Trusts, 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 2003 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 11,817,208.
The comparatives are calculated by reference to the weighted average of
shares in issue which were 11,801,058 for the period to 30 June 2003 and
11,816,458 for the year ended 31 December 2003.
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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