Final Results

Cohen(A.) & Co PLC
30 April 2001


STOCK EXCHANGE ANNOUNCEMENT

A. COHEN & CO PLC

30 April 2001

Preliminary results statement - Year ended 31 December 2000

Chairman's statement

The contribution from the Group's operating departments marginally exceeded
overheads and finance costs, such that the Group was able to report a small
profit for the year. The overheads were reduced by the early termination of
the lease of the Group's former head office at Clareville House and the
financing costs by the termination of arrangements with Natwest Bank and
subsequent transfer of the balances to Wilmington who provided further
financial support to the Company. The net current liability position of the
Group was reduced from approximately £3.7 million to approximately £1.1
million.


Continuing Activities


These now comprise the phosphor copper and associated products sales and
production and merchanting businesses of A. Cohen & Co (Great Britain) Ltd.
and the international scrap trading business of Jacob Metals Ltd, and its
subsidiary, Jacob Metals (South America) Ltd.


Most of the Group's profit was generated from the phosphor copper sales and
production activities at Woolwich. The merchanting business reported a small
loss for the year, which was disappointing. However, this provides
considerable scope for improvement in the coming year. Jacob Metals reported a
small profit, but I believe there is also scope for improvement in this
business in the future.


Investments


The Group has retained the investment in the Woolwich Industrial site,
although it is now substantially under-utilised. There are opportunities to
increase the utilisation of the site which are being investigated.


The investment in Metal Sales in Zimbabwe has continued to be profitable with
dividends being received during the year and some trading being undertaken
with the Company. The Group also received dividends during the year from the
investment in Speedmark in South Africa. The Directors continue to review the
status of the investments in these two companies.


Discontinued Activities


After retaining a majority stake in Nonferral Recyclers Ltd. ('NFR') following
its listing on the Australian stock exchange, it became essential for the
survival of the Group to sell immediately the balance of the Company's
shareholding in July. This was necessary for the Group to meet its immediate
obligations to the banking syndicate who insisted on immediate repayment of
facilities on 21 July 2000. The disposal of 3 per cent. of the Company's
shareholding in NFR was unconditional for cash. The sale of the remainder of
its shareholding of 49 per cent. of the shares in NFR, at the then market
value of A$0.26 per share, is subject to shareholders' approval. This has
resulted in a significant loss of £3.6 million to the Group on the sale that
has been reflected with the deconsolidation of NFR from the Group


The sale and consequent deconsolidation of NFR enabled the Group to recognise
the profit of £100,000 on the sale of the Group's assets in Glasgow. In July
2000, the Group also sold its 45 per cent. interest in Silec Pty Ltd., the
silver recovery business in Australia, for book value and repayment of all
inter-company loans. The proceeds were used to settle the demands of the
landlord of the Group's former head office at Clareville House at a discount
to the arrears of rent and obtain release of future obligations. The Group
also retained some of the sale proceeds for working capital and other
creditors.


The Board


There have been considerable changes to the Board since my appointment. I am
pleased that Jim Ferguson, the Director in charge of the Glasgow works, was
able to remain as a non-executive director following the sale of the Glasgow
works. Following the recent resignation of Steve Hudd, who served as a
non-executive director for a number of years, Russell Sincock, a very
experienced Chartered Accountant, has joined the Board as a non-executive
director.


Current Trading


The current year is providing additional challenges to the Board as the
business environment has deteriorated. This is placing pressure on both sales
and margins of the much smaller organisation when taken together with the
reduced administrative overheads and the continuing finance costs on the
increased borrowings necessary to meet the Group's creditors.


Prospects


The Board is currently finalising proposals to refinance the Company which,
together with the completion of the disposal of the Group's interests in NFR,
referred to above, will be subject to shareholders' approval. Subject to
shareholders' approval, the Company's debt will be reduced by the proceeds of
both the sale and of the refinancing being considered by the Directors.


If the proposals were not approved, the Directors would need to consider
alternative sources of finance to cover both the Group's existing indebtedness
and its further working capital requirements. If such funds could not be
raised on terms acceptable to the Company, the Directors would need to
consider alternative courses of action. Additionally, they may need to
reconsider their current assumption that the Group can continue to trade as a
going concern which accordingly may make it necessary for the auditors to make
reference to this matter in their opinion on the financial statements for the
year.


Conclusion


I would like to thank my co-directors, managers and employees for their
continued efforts during the past year.


The preliminary results of A. Cohen & Co. Plc and its subsidiary undertakings
for the year ended 31 December 2000, approved at a meeting of the directors
held today, 30 April 2001, together with the corresponding year ended 31
December 1999 are set out below. The preliminary results for the year ended 31
December 2000 are unaudited. The financial information set out in the
announcement does not constitute the Company's statutory accounts for the year
ended 31 December 2000.


R.B Ritchie

Executive Chairman


For further information please contact:

Royce Ritchie     020 8320 4210




CONSOLIDATED PROFIT AND LOSS ACCOUNT

Year ended 31 December 2000

                     2000         2000      2000       1999         1999    1999
               Continuing Discontinued     Total Continuing Discontinued   Total
               Activities   Activities           Activities   Activities
                Unaudited    Unaudited Unaudited    Audited      Audited Audited
                    £'000        £'000     £'000      £'000        £'000   £'000

Turnover           12,126       32,861    44,987     14,345       56,922  71,267
Cost of sales    (11,057)     (30,046)  (41,103)   (12,512)     (52,246)(64,758)
Gross profit        1,069        2,815     3,884      1,833        4,676   6,509

Distribution         (76)        (905)     (981)      (396)      (1,187) (1,583)
costs
Administrative expenses:
               
Exceptional             -            -         -         47      (1,119) (1,072)
items

Other items          (992)      (1,841)   (2,833)    (2,824)     (4,245) (7,069)

Total                (992)      (1,841)   (2,833)    (2,777)     (5,364) (8,141)
administrative
expenses

Other                   -          130       130          -          169     169
operating income

Group                   1          199       200     (1,340)      (1,706)(3,046)
operating profit/(loss)


Investment income                             29                               -

Interest receivable                           47                              49

Interest payable                            (235)                          (855)

Profit on sale                               100                              31
of fixed assets

Loss on sale                             (3,611)                               -
and termination of
operations

Cost of                                        -                           (824)
fundamental reorganisation

Loss on                                  (3,470)                         (4,645)
ordinary activities
before taxation

Tax charge on                                  -                            (52)
loss on ordinary
activities

Loss on                                  (3,470)                         (4,697)
ordinary activities
after taxation

Minority                                   (149)                              82
interest share of 
losses for the year

Loss for the
financial year                           (3,619)                         (4,615)
attributable to
shareholders

Losses per                              (216.0p)                        (279.4p)
share (pence)






CONSOLIDATED BALANCE SHEET

31 December 2000

                                                                2000       1999
                                                               £'000      £'000
Fixed assets
Intangible assets                                                  -          -
Tangible assets                                                1,271     10,117
Investments                                                      335        335
                                                               1,606     10,452
Current assets
Current asset investments                                      1,336          -
Stocks                                                           387      6,872
Debtors                                                        2,455     12,228
Cash at bank and in hand                                          56        720
                                                               4,234     19,820

Creditors: amounts falling due within one year               (5,392)   (23,560)
Net current liabilities                                      (1,158)    (3,740)
Total assets less current liabilities                            448      6,712

Creditors: amounts falling due after more than one year            -    (1,316)

Provisions for liabilities and charges                             -      (627)
                                                                 448      4,769

Capital and reserves
Called up share capital                                          344        331
Capital redemption reserve                                        49         49
Share premium account                                            244        219
Revaluation reserve                                              752      2,761
Other reserves                                                   383      3,693
Profit and loss account                                      (1,324)    (3,462)
Equity shareholders' funds                                       448      3,591

Minority interests                                                 -      1,178
                                                                 448      4,769



CONSOLIDATED CASH FLOW STATEMENT

Year ended 31 December 2000

                                                        2000  2000  1999  1999
                                                       £'000 £'000 £'000 £'000

Net cash outflow from operating activities                  (1,353)     (1,187)
Returns on investments and servicing of finance
Investment Income                                         29
Interest received                                         48          49
Interest paid                                          (233)       (750)

Interest element of finance lease rental payments        (2)       (105)

Net cash outflow from returns on investments and
servicing of finance                                         (158)       (806)

Taxation

Corporation tax paid (including advance corporation tax)        -     -

Tax paid                                                                    -

Capital expenditure and financial investment

Payments to acquire intangible fixed assets            (213)          -

Payments to acquire tangible fixed assets              (780)     (1,076)

Receipts from sale of tangible fixed assets             657         891

Net cash outflow from capital expenditure and
financial investment                                         (336)       (185)

Acquisitions and disposals

Sale of subsidiary undertakings                          273

Net overdraft disposed of with subsidiary                486

Net cash inflow from acquisitions and disposals                759

Net cash outflow before financing                           (1,088)     (2,178)

Financing

Issue of ordinary share capital in subsidiary company
to minority                                            1,871         860

Issue of ordinary share capital                           38

Increase in borrowings                                 1,731       2,214

Repayment borrowings                                    (163)          -

Capital element of finance lease rental payments         (37)       (276)

Net cash inflow from financing                               3,440       2,798
Increase in cash                                             2,352         620



NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

        Year ended 31 December 2000

        1. Reconciliation of operating profit to net cash outflow from
        operating activities

                                                          2000       1999
                                                          £'000      £'000

Operating profit/(loss)                                   200        (3,046)
Cash flow relating to fundamental reorganisation          -          (196)
Depreciation                                              568        1,297
Amortisation                                              -          66

Net movement in working capital
Stocks                                                    (192)      (793)
Debtors                                                   (2,589)    (2,044)
Creditors                                                 660        3,529
Net cash outflow from operating activities                (1,353)    (1,187)


2.     CASH FLOW STATEMENT: Analysis of net debt

                          Non cash           Acquisitions and                At
                          movements    disposals exc cash and                31
                  At  Cash                         overdrafts Exchange December
           1 January  flow                                    movement     2000
                2000
               £'000 £'000    £'000                     £'000    £'000    £'000
                     
Cash in hand     720  (645)       -                         -      (19)      56
and at bank

Overdrafts    (3,060)2,997        -                         -       43      (20)

              (2,340)2,352        -                         -       24       36

Debt due        (438)    -        -                       438        -        -
after one year

Debt due      (6,558)(1,568)      -                     5,977      366   (1,783)
within one year

Finance       (1,310)    37    (466)                    1,643       25      (71)
leases
             (10,646)   821    (466)                    8,058      415   (1,818)


3.  CASH FLOW STATEMENT: Reconciliation of net cash flow to movement in net debt

                                                   2000    2000   1999    1999
                                                  £'000   £'000  £'000   £'000

Increase/(decrease) in cash in the year           2,352            620
Cash inflow from increase in debt and lease      (1,531)        (1,938)
financing
Change in net debt resulting from cash flows                821        (1,318)
Loans and finance leases disposed with                    8,058             -
subsidiary
New finance leases                                         (466)         (357)
Translation differences                                     415           766
Movement in net debt in the year                          8,828          (909)
Net debt at start of year                               (10,646)       (9,737)
Net debt at end of year                                  (1,818)      (10,646)