Interim Results

AMCO Corporation PLC
04 September 2002



AMCO CORPORATION PLC

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                (577)
Retained profit for the period                                                        619                1,308
Earnings per share                                               6.5p                5.4p                16.4p
Dividends per share                                               .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.



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