Final Results

Cohen(A.) & Co PLC
30 April 2002

                               A. Cohen & Co. plc

       Preliminary Results Statement for the year ended 31 December 2001

Chairman's Statement

The unaudited preliminary consolidated results for A. Cohen & Co. plc (the
'Company') for the year ended 31 December 2001 approved at a meeting of
Directors held today, 30 April 2002, together with the corresponding results for
the year ended 31 December 2000 are set out below.

The result for the year ended 31 December 2001 was a net loss after tax and
minority interest of £424,000 (2000 - £3,619,000 loss) from turnover of £9.1
million (2000 - £45.0 million). The loss was after a profit of £222,000 on the
sale of investments (2000 - £100,000 profit).

The results were after an extremely difficult second half of the year for the
metals recycling and trading business, during which the Company experienced a
deteriorating business environment compounded by the impact on the Company of
events such as the terrorist attack on the World Trade Center on 11 September
2001, the subsequent war in Afghanistan and the demise of Enron - all of which
contributed to extremely difficult markets.

During the second half of the year, the Group made provision for bad and
doubtful debts and the impairment of investments and fixed assets totalling
£290,000. The majority of this provision relates to amounts outstanding and
investments from prior periods.

Activities

Activities now comprise the phosphor copper and associated products sales and
production of A. Cohen & Co (Great Britain) Limited which during the latter part
of 2001 was scaled back to a three day operation and the international scrap
trading business of Jacob Metals Limited, and its subsidiary, Jacob Metals
(South America) Limited which operated on a reduced scale due to the prevailing
market conditions. Notwithstanding the extremely difficult market conditions,
both made positive contributions to the results of the Company prior to the
provisions for doubtful debts as set out above.

Investments

The Group has continued to retain the investment in the Woolwich Industrial site
and is actively pursuing additional investments to increase the utilisation of
the site and to achieve an adequate return thereon.

The investment in Metal Sales Company (PVT.) Limited in Zimbabwe did not make
any contribution during the year and no dividends were received. The Group
investment in Speedmark Industries Limited in South Africa also provided no
return or dividend during the year.

As a consequence of the continual review of the above investments by the Board,
the inadequate return from the investments together with political and exchange
rate considerations has resulted in the Board deciding to set aside an amount
included in the provisions above for the impairment of those assets and
investments.

In the poor market circumstances that existed in the latter half of 2001 and
subject to further analysis and investigation of opportunities associated with
these assets, the board deferred decisions in dealing with these assets until
the current year. It expects to take positive steps to improve the returns from
these investments or otherwise dispose of such assets to utilise the funds for
more productive activities.

The Board

Jim Ferguson, a non-executive director, was, as previously announced, appointed
to the role of Managing Director of metals and recycling activities effective
from 1 June 2002. The active involvement of Jim Ferguson is expected to both
improve the returns from the operating businesses of the Group and the
investments outlined above.

Current Trading and Prospects

The current trading performance of both the phosphor copper and other metals
recycling business of A. Cohen & Co. (Great Britain) Limited has improved
considerably in both the domestic and international markets during the first
quarter of 2002. The trading performance of Jacob Metals Limited has also
improved considerably over levels experienced during late 2001. Additional
strategies are being pursued to further improve the performance of these
activities and additional areas which will improve the performance of the Group.

The investments in Woolwich, Metal Sales Company (PVT.) Limited and Speedmark
Industries Limited continue to be reviewed and are also expected to contribute
to results in the coming year. Steps are currently being taken to ensure that
this occurs.

The investments in Scott Tod Developments Limited and Money Products
International Limited announced on 23 April 2002 are in line with the previously
announced strategy of the Group to pursue new and additional opportunities.
These particular investments are expected to play a significant role in the
future strategy of the Group and contribute to future profitability in both
fields in which the Company is already involved and new areas of activity. The
performance from these investments is expected to substantially improve the
future performance of the Group.

Conclusion

The Company is looking forward to a much brighter future having completed its
consolidation phase during 2001 and now being in the investment and acquisition
phase for the future benefit of shareholders. The directors are confident of
delivering considerable improvement in the performance of the Company and the
net benefit to shareholders for the future.

I would like to thank my co-directors, managers and employees for their
continued efforts during the past difficult year and look forward to a more
rewarding period from 2002 onwards.



R.B. Ritchie

Executive Chairman



CONSOLIDATED PROFIT AND LOSS ACCOUNT

Year ended 31 December
                                                        2001             2000             2000            2000
                                                                   Continuing     Discontinued
                                             Total Unaudited       Activities       Activities           Total
                                                       £'000            £'000            £'000           £'000
Turnover                                               9,066           12,126           32,861          44,987
Cost of sales                                        (7,426)         (11,057)         (30,046)        (41,103)
Gross profit                                           1,640            1,069            2,815           3,884
Distribution costs                                     (375)             (76)            (905)           (981)
Administrative expenses                              (1,870)            (992)          (1,841)         (2,833)
Other operating income                                   100                -              130             130
Operating (loss)/profit                                (505)                1              199             200
Investment Income                                          -                                                29
Interest receivable                                       12                                                47
Interest payable                                       (153)                                             (235)
Profit on sale of fixed                                  222                                               100
assets
Loss on sale and                                           -                                           (3,611)
termination of operations
Loss on ordinary activities                            (424)                                           (3,470)
before taxation
Tax (charge)/credit on loss                                -                                                 -
on ordinary activities
Loss on ordinary activities                            (424)                                           (3,470)
after taxation
Equity minority interests                                  -                                             (149)
Loss for the financial year
attributable to                                        (424)                                           (3,619)
shareholders
Losses per share (pence)
both basic and diluted                                (7.8p)                                          (216.0p)

All amounts in 2001 derive from continuing activities.



CONSOLIDATED BALANCE SHEET

31 December 2001
                                                                             2001                2000
                                                                      (Unaudited)
                                                                            £'000               £'000
Fixed assets
Tangible assets                                                             1,186               1,271
Investments                                                                   235                 335
                                                                            1,421               1,606
Current assets
Current asset investments                                                       -               1,336
Stocks                                                                        423                 387
Debtors                                                                     1,972               2,455
Cash at bank and in hand                                                       72                  56
                                                                            2,467               4,234
Creditors: amounts falling due within one year                            (1,812)             (5,392)
Net current Assets (liabilities)                                              655             (1,158)
Total assets less current liabilities                                       2,076                 448

Creditors: amounts falling due after more than one year                      (26)                   -
                                                                            2,050                 448
Capital and reserves
Called up share capital                                                     2,612                 344
Capital redemption reserve                                                     49                  49
Share premium account                                                           2                 244
Revaluation reserve                                                           752                 752
Other reserves                                                                383                 383
Profit and loss account                                                   (1,748)             (1,324)
Equity shareholders' funds                                                  2,050                 448



CONSOLIDATED CASH FLOW STATEMENT

Year ended 31 December 2001
                                                       Note         2001         2001         2000         2000
                                                                                Total                     Total
                                                                   £'000        £'000                     £,000
Net cash outflow from operating activities                2                      (54)                   (1,566)
Returns on investments and servicing of finance
Investment income                                                      -                        29
Interest received                                                     12                        48
Interest paid                                                      (153)                     (233)
Interest element of finance lease rental payments                    (2)                       (2)
Net cash outflow from returns on investments and                                (143)                     (158)
servicing of finance
Taxation
Corporation tax paid (including advance                                -                         -
corporation tax)
Tax paid                                                               -                         -
Capital expenditure and financial investment
Payments to acquire tangible fixed assets                              -                     (780)
Receipts from sale of tangible fixed assets                            -                       657
Net cash outflow from capital expenditure and                                       -                     (123)
financial investment
Acquisitions and disposals
Sale of subsidiary undertaking                                         -                       273
Net overdraft disposed of with subsidiary                              -                       486
Net cash inflow from acquisitions and disposals                        -                                    759
Net cash outflow before financing                                               (197)                   (1,088)
Financing
Issue of ordinary share capital in subsidiary                          -                     1,871
company to minority
Issue of ordinary share capital                                    2,026                        38
Increase in borrowings                                                 -                     1,731
Repayment of borrowings                                          (1,783)                     (163)
Capital element of finance lease rental payments                    (43)                      (37)
Net cash inflow from financing                                                    200                     3,440
Increase in cash                                                                    3                     2,352



NOTES

Year ended 31 December 2001

1. Basis of Preparation

The above results for the year ended 31 December 2001 are an abridged version of
the Group's statutory financial statements which have not been filed at the
Registrar of Companies and which have not yet been reported on by the auditors.
The consolidated profit and loss account, consolidated balance sheet and
consolidated cashflow statement do not constitute statutory financial statements
within the meaning of Section 240 of the Companies Act 1985 ( as amended). These
statements have been prepared on the basis of the accounting policies as stated
in the previous year's financial statements.

The results for the year ended 31 December 2000 have been extracted from the
financial statements of the Group on which an unqualified report from the
auditors has been issued and which have been filed with the Registrar of
Companies.

The Annual Report and Accounts will be sent to shareholders shortly.

2. Reconciliation of operating profit to net cash outflow from operating
activities
                                                                            2001           2000
                                                                           £'000          £'000
Operating (loss)/profit                                                    (505)            200
Profit on sale of asset                                                      222              -
Depreciation                                                                  85            568
Net movement in working capital
Stocks                                                                      (36)          (192)
Debtors                                                                      483        (2,802)
Creditors                                                                  (303)            660
Net cash outflow from operating activities                                  (54)        (1,566)







3. Cash flow statement: Analysis of net debt

                                               At                                    At
                                        1 January               Cash        31 December
                                             2001               flow               2001
                                            £'000              £'000              £'000
Cash in hand and at bank                       56                 16                 72
Overdrafts                                   (20)               (13)               (33)
                                               36                  3                 39
Debt due after one year                         -                  -                  -
Debt due within one year                  (1,783)              1,783                  -
Finance leases                               (71)                 43               (28)
                                          (1,818)              1,829                 11



4. Cash flow statement: Reconciliation of net cash flow to movement in net debt
                                                                           2001        2001        2000        2000
                                                                          £'000       £'000       £'000       £'000
Increase/(decrease) in cash in the year                                       3                   2,352
Cash inflow from increase in debt and lease financing                     1,826                 (1,531)
Change in net debt resulting from cash flows                                          1,829                     821
Loans and finance leases disposed with subsidiary                                         -                   8,058
New finance leases                                                                        -                   (466)
Translation differences                                                                   -                     415
Movement in net debt in the year                                                      1,829                   8,828
Net debt at start of year                                                           (1,818)                (10,646)
Net debt at end of year                                                                  11                 (1,818)



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