AGM Statement

RNS Number : 5868O

Associated British Engineering PLC

20 September 2013

 



For immediate release                                                                              20th September 2013

ASSOCIATED BRITISH ENGINEERING PLC

("ABE" )

Following the publication of the Report and Accounts for the financial year ended 31 March 2013, and the holding of the Annual General meeting today, I can report that:

All of the Resolutions taken at the AGM were duly passed.

The trading at our principal subsidiary, British Polar Engines Limited (BPE) is broadly in line with the company's budget and profitability shows an improvement from the comparable period last year. BPE's trading environment remains competitive and while it is always susceptible to the variations in its markets the level of enquiries and orders is more encouraging than in the recent past.

We announced earlier in the year, the investment in Akoris Trading Limited. Akoris has made a number of commodity finance proposals, which are currently being assessed and negotiated with counterparties. The company has identified a number of potential commodity assets, which are of interest and which it is actively reviewing. The Board of ABE and BPE consider that these prospects are of sufficient merit to extend the initial review period of Akoris.

David Brown

Chairman

David Brown, Associated British Engineering PLC                       0044 781 418603

Colin Weinberg, Associated British Engineering PLC                   0043 664 885 019 800

Peter Morton, Associated British Engineering PLC                      01223 260022

 

END

 

 

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