Interim Management Statement

RNS Number : 5128Y

Associated British Engineering PLC

22 February 2013

 



For immediate release                                                                                                                          22 February 2013

ASSOCIATED BRITISH ENGINEERING PLC

("ABE" or "the Company")

INTERIM MANAGEMENT STATEMENT

The Board of ABE provides an Interim Management Statement and is informing the shareholders of the anticipated outturn for the second half of the financial year.

Trading has remained subdued and difficult as outlined at the interim stage. Anticipated orders have been either downgraded or postponed and at this stage we do not foresee an early return to normal trading conditions while the economy remains depressed. On a more positive note we expect that our major subsidiary BPE will operate at break even and will remain cash positive. BPE's new venture and subsidiary Akoris has enjoyed strong interest amongst its potential customers however, in line with expectations (after only two months trading), it is yet to secure its maiden contract.

Shareholders should be aware that the 6% loan notes issued as part of last years capital reconstruction have been re-paid and that the ABE group now has no net borrowings and  substantial cash resources.  

Peter Morton, Associated British Engineering PLC                           01223 260022

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

David Brown, Associated British Engineering PLC                             0044 781 418603

Roland Cornish/Felicity Geidt, Beaumont Cornish Limited           0207 628 3396

 

END

 

 

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