Interim Results - Replacement
September 05 2002 - 4:26AM
UK Regulatory
RNS Number:7905A
AMCO Corporation PLC
05 September 2002
AMCO CORPORATION PLC
The issuer has made the following amendments to the Interim Results statement
released 04 September 2002 at 16:25 under RNS NO 7671A.
In the consolidated profit and loss account, the figure for dividends for the
six months to 30th June 2002 was omitted and should read 0.
In the consolidated profit and loss account, the figure for retained profit for
the period for the six months to 30th June 2002 was omitted and should read 752.
In the consolidated profit and loss account, dividends per share for the six
months to 30th June 2002 should read 0.0p and not .0p as previously shown.
All other details remain unchanged.
The full corrected version is shown below.
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2002
CHAIRMAN'S STATEMENT
RESULTS
The first half of 2002 was disappointing. Operating profit was #632,000 compared
with #1,038,000 for the first half of 2001. Major factors were the sudden
insolvency of Scottish Coal Deep Mines caused by flooding; delays in property
development projects; and delays in the completion of profitable structural
steel contracts. Nevertheless, due to gains on the sale of fixed asset
investments, profit before tax was little changed from the first half of 2001
and, due to a lower tax charge, earnings per share were 6.5 pence compared with
5.4 pence.
DIVIDEND
We do not intend to pay an interim dividend at this time but we will reconsider
the question of an interim dividend before the end of 2002 according to
circumstances at that time.
LIQUIDITY AND CAPITAL RESOURCES
Gearing increased in the first half from 12% at 1 January 2002 to 24%. This was
due to a special payment of #965,000 into the group's final salary pension
scheme. Net assets per share at 30 June 2002 were 140 pence (30 June 2001 - 129
pence).
PROSPECTS
Anglo American plc decided early in 2002 to withdraw from the Konkola Copper
Mine in Zambia. Our joint venture contract has been terminated and we have sold
our contracting company in that country. The Konkola Copper contractual claim
has been settled and will be payable and taken into profits in the second half
of the year.
Despite further delays on property development projects, we anticipate a better
result in the second half of 2002.
Stuart N. Gordon
4 September 2002
Consolidated profit and loss account
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2002 June 2001 31st December 2001
#000 #000 #000
Turnover 45,364 44,460 91,199
Operating profit 1,007 1,038 2,694
Net interest payable (154) (166) (276)
Profit on ordinary activities before taxation 853 872 2,418
Taxation on profit on ordinary activities (101) (249) (528)
Profit on ordinary activities after taxation 752 623 1,890
Minority interest 0 (4) (5)
Profit for the period 752 619 1,885
Dividends 0 0 (577)
Retained profit for the period 752 619 1,308
Earnings per share 6.5p 5.4p 16.4p
Dividends per share 0.0p 0.0p 5.0p
Consolidated balance sheet
(Unaudited)
30th June 2002 30th June 2001 31st December 2001
#000 #000 #000
Fixed assets
Tangible assets 14,223 14,700 13,848
Investments 1,372 1,119 1,869
15,595 15,819 15,717
Current assets
Stock and work in progress 9,964 9,068 6,979
Amounts recoverable on contracts 5,003 3,180 4,078
Debtors 12,459 12,601 12,258
Cash at bank and in hand 4,043 2,539 3,298
31,469 27,388 26,613
Creditors: amounts falling due within one year (26,073) (24,473) (23,039)
Net current assets 5,396 2,915 3,574
Total assets less current liabilities 20,991 18,734 19,291
Creditors: amounts falling due after more than
one year (2,837) (2,021) (1,889)
18,154 16,713 17,402
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
Profit and loss account 14,865 13,424 14,113
Shareholders' funds 18,154 16,713 17,402
Summary consolidated cashflow statement
(Unaudited)
Six months to 30th Six months to 30th Twelve months to
June 2002 June 2001 31st December 2001
#000 #000 #000
Operating profit 632 1,308 2,694
Depreciation on tangible fixed assets 1,291 1,266 2,636
Profit on sale of fixed assets (147) (4) (160)
Movement in working capital (2,941) (783) 1,111
Net cashflow from operating activities (1,165) 1,517 6,281
Net cashflow from returns on investments and
servicing of finance (154) (166) (276)
Taxation (162) 195 (75)
Net cashflow from capital expenditure and
financial investment 503 18 294
Acquisitions and disposals 0 0 (750)
Equity dividends paid 0 0 (577)
Net cashflow before financing (978) 1,564 4,897
Net cashflow from financing 752 (785) (2,032)
(Decrease)/increase in cash (226) 779 2,865
Notes
Reconciliation of net cashflow to movement in net
debt
(Decrease)/increase in cash in the period (226) 779 2,865
Net cashflow on bank loans (1,454) 257 494
Cash outflow on finance leases 702 528 1,538
Change in net debt resulting from cashflows (978) 1,564 4,897
Inception of finance leases (1,150) (957) (1,595)
Movement in net debt in the period (2,128) 607 3,302
Net debt at start of period (2,148) (5,450) (5,450)
Net debt at end of period (4,276) (4,843) (2,148)
Analysis of net debt
Cash at bank and in hand 4,043 2,539 3,298
Bank overdrafts (2,852) (3,208) (1,881)
1,191 (669) 1,417
Bank loans (2,416) (1,199) (962)
Finance leases (3,051) (2,975) (2,603)
Net debt (4,276) (4,843) (2,148)
Gearing 24% 29% 12%
Notes:
1. The financial information for the six months ended 30 June
2002 and the comparative figures for the six months ended 30 June 2001 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 2001 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 2001 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 11,596,644. The comparatives are calculated by reference to the weighted
average of shares in issue which were 11,526,185 for the period to 30 June 2001
and 11,531,658 for the year ended 31 December 2001.
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, 25
Moorgate Road, Rotherham, South Yorkshire, S60 2AD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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