Interim Results

Cohen(A.) & Co PLC
28 September 2001


A. COHEN & CO. PLC

28th September 2001

Interim results for the half year ended 30th June 2001

Chairman's Statement


The unaudited group results of A. Cohen & Co. plc (the 'Company') for the half
year ended 30th June 2001 are set out below, together with the audited results
for the year ended 31st December 2000 as the only relevant comparable results.


The result for the six months ended 30 June 2001 was a net loss of £71,000
from a turnover of £5.6 million. This loss was after a profit of £224,000 on
the sale of the shares in Nonferral Recyclers Ltd. approved by shareholders on
11th June 2001, and interest income of £53,000 on term debtors but was after
deducting interest costs of £217,000.


Each of the net loss, the operating profit and turnover were slightly behind
budget, whilst the financing costs were considerably above budget due to the
debt levels the Company was carrying until the recent rights issue for which
the funds were received in July 2001.


Continuing Activities


The continuing activities of phosphor copper and associated product sales of
A. Cohen (Great Britain) Ltd. and the international trading business of Jacob
Metals Ltd. both contributed modest operating profits whilst the merchanting
activities of A. Cohen (Great Britain) Ltd. made a small loss. However, the
combined operating profits were insufficient to cover the significantly
reduced group overhead costs and interests costs.


The results were affected by reduced metal prices, and exchange rate
volatility in the regions in which the Company operates, and the continuing
high debt levels under which the Company operated in the period.


The results were slightly behind expectations for the period as outlined in
the announcement on 30th April 2001 and included in the prospectus for the six
for one rights issue issued on 18 May 2001.


Investments


No additional income has been brought to account from the continuing
investments of the group in the Woolwich site, nor from group investments in
Metal Sales in Zimbabwe nor Speedmark in South Africa. These investments will
be subject to considerable review in the current half year.


Current Trading


The unfortunate events in the USA earlier this month and the already
deteriorating business environment has placed increased pressure on sales and
trading activities in both the products in which the group deals, and the
regions in which it operates. Economic activity in many fields and regions has
slowed considerably. However, with significantly reduced debt levels the
impact on the Company has not been material to date. The directors are
monitoring the situation closely.


Prospects


Whilst the events in the USA, the consequences thereof and the deteriorating
business environment will impact on the Company, the Company will be far
better placed without any corporate debt to acquire assets and other
investments at reduced prices for future expansion of the Company. In this
regard, the Company has approached two potential directors to join the board
to assist in the future expansion of the Company.


In addition to the metals and trading activities of the Company, the expansion
envisaged by the directors will extend to environmental, infrastructure and
utilities based activities with which the group has a relationship through its
existing recycling and trading businesses.


Conclusion


I would like to thank my co-directors, managers and employees for their
continued efforts during a difficult transitional period and look forward to
expanding the business of the Company in the existing fields in which it
operates and those associated fields in which it is considering investment.


It should be reported that the balance sheet of the Company included in these
results does not include the benefit of the 6 for 1 rights issue referred to
above and is significantly improved with the benefit of that issue.


I am hopeful of being able to announce details of the additional board members
by mid October 2001 together with possible expansion moves later in the month.



R.B. Ritchie

Executive Chairman


For further information please contact


Royce Ritchie 00 61 417 500 979



CONSOLIDATED PROFIT AND LOSS ACCOUNT

Unaudited six months ended 30 June 2001

                                            Unaudited six months   Audited year
                                                           ended          ended
                                                         30 June    31 December
                                                            2001           2000
                                                           £'000          £'000

Turnover                                                   5,574         44,987
Cost of sales                                            (4,617)       (41,103)
Gross profit                                                 957          3,884
Distribution costs                                         (274)          (981)
Administrative expenses:                                   (898)        (2,833)

Other operating income                                       297            130
Group operating profit/(loss)                                 82            200
Investment income                                              -             29
Interest receivable                                           53             47
Interest payable                                           (203)          (235)
Profit on sale of fixed assets                               (3)            100
Loss on sale and termination of operations
                                                               -        (3,611)
Loss on ordinary activities before taxation
                                                            (71)        (3,470)
Tax charge on loss on ordinary activities                      -              -
Loss on ordinary activities after taxation                  (71)        (3,470)
Minority interest share of losses for the  year                -          (149)
Loss for the financial year attributable to
shareholders                                                (71)        (3,619)
Losses per share (pence)                                  (8.0p)       (216.0p)



CONSOLIDATED BALANCE SHEET

30 June 2001
                                                       30 June      31 December
                                                          2001             2000
                                                         £'000            £'000
Fixed assets
Tangible assets                                          1,231            1,271
Investments                                                335              335
                                                         1,566            1,606
Current assets
Current asset investments                                    -            1,336
Stocks                                                     183              387
Debtors                                                  2,331            2,455
Cash at bank and in hand                                   107               56
                                                         2,621            4,234
Creditors: amounts falling due within one year         (3,772)          (5,392)
Net current liabilities                                (1,151)          (1,158)
Total assets less current liabilities                      415              448

Creditors: amounts falling due after more than one        (38)                -
year
                                                             -                -
Provisions for liabilities and charges                     377              448
Capital and reserves
Called up share capital                                    373              344
Capital redemption reserve                                  49               49
Share premium account                                      215              244
Revaluation reserve                                        752              752
Other reserves                                             383              383
Profit and loss account                                (1,395)          (1,324)
Equity shareholders' funds                                 377              448
Minority interests                                           -                -
                                                           377              448



CONSOLIDATED CASH FLOW STATEMENT

Six months ended 30 June 2001
                                                  Six months      Year ended 31
                                                       ended      December 2000
                                                30 June 2001
                                               £'000   £'000   £'000      £'000

Net cash outflow from operating activities               470            (1,353)
Returns on investments and servicing of
finance
Investment Income                                  -              29
Interest received                                 53              48
Interest paid                                  (203)           (233)
Interest element of finance lease rental         (2)             (2)
payments
Net cash outflow from returns on investments
and servicing of finance                               (152)              (158)
Capital expenditure and financial investment
Payments to acquire intangible fixed assets        -           (213)
Payments to acquire tangible fixed assets          -           (780)
Receipts from sale of tangible fixed assets    1,353             657
Net cash inflow/(outflow) from capital
expenditure and financial investment                   1,353              (336)
Acquisitions and disposals
Sale of subsidiary undertakings                    -             273
Net overdraft disposed of with subsidiary          -             486
Net cash inflow from acquisitions and                      -                759
disposals
Net cash inflow/(outflow) before financing             1,671            (1,088)
Financing
Issue of ordinary share capital in
subsidiary company to minority                     -           1,871
Issue of ordinary share capital                   29              38
Increase in borrowings                             -           1,731
Repayment borrowings                         (1,611)           (163)
Capital element of finance lease rental         (61)            (37)
payments
Net cash (outflow)/inflow from financing             (1,643)              3,440
Increase in cash                                          28              2,352


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Unaudited six months ended 30 June 2001

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

                                            Six months   Year ended 31 December
                                                 ended                     2000
                                          30 June 2001
                                                 £'000                    £'000

Operating profit/(loss)                             82                      200
Depreciation                                        26                      568
Net movement in working capital
Stocks                                             204                    (192)
Debtors                                            124                  (2,589)
Creditors                                           34                      660
Net cash outflow from operating                    470                  (1,353)
activities


2.     Cash flow statement: Analysis of net debt

                                      Acquisitions and disposals
                   At                   exc. cash and overdrafts             At
                    1  Cash  Non cash                            Exchange    30
              January  flow movements                            movement  June
                 2001                                                      2001
                £'000 £'000     £'000                      £'000    £'000 £'000
Cash in hand       56    51         -                          -        -   107
and at bank
Overdrafts       (20)  (23)         -                          -        -  (43)
                   36    28         -                          -        -    64
Debt due      (1,783) 1,611         -                          -     (33) (205)
within one
year
Finance          (71)    61         -                          -        -  (10)
leases
              (1,818) 1,700         -                          -     (33) (151)




3.     Cash flow statement: Reconciliation of net cash flow to movement in net
       debt
                                              Six months Year ended 31 December
                                                   ended                   2000
                                            30 June 2001
                                          £'000    £'000      £'000       £'000

Increase/(decrease) in cash in the year      28               2,352
Cash inflow from increase in debt and     1,672             (1,531)
lease financing
Change in net debt resulting from cash             1,700                    821
flows
Loans and finance leases disposed with                 -                  8,058
subsidiary
New finance leases                                     -                  (466)
Translation differences                             (33)                    415
Movement in net debt in the year                   1,667                  8,828
Net debt at start of year                        (1,818)               (10,646)
Net debt at end of year                            (151)                (1,818)

Note: The comparative figures for the six months ended 30 June 2000 have not
been provided.


4. Basis of Preparation

The interim results for the six months ended 30 June 2001 are unaudited and do
not constitute statutory accounts in accordance with section 240 of the
Companies Act 1985.

The financial information has been prepared in accordance with applicable
accounting standards and under the historical cost accounting convention.


Accounting policies consistent with those applied in the financial statements
for the year ended 31 December 2000 have been used in preparing the unaudited
interim financial statements for the six months ended 30 June 2001.


5. Dividends

The Directors are not declaring a dividend for the six months ended 30 June
2001.


6. Copies of Interim Results

Copies of the interim results will be sent to shareholders and will be
available from the Company's registered office, Purland Road, London SE28 0AT.