Interim Results

Cohen(A.) & Co PLC
27 September 2002


FOR IMMEDIATE RELEASE                                      27 SEPTEMBER 2002


                              A. COHEN & CO. PLC


                        Unaudited interim results for the
                          six months ended 30 June 2002


Main points:

•        Positive return from Jacob Metals Ltd and A. Cohen & Co. (Great
         Britain) Ltd

•        Turnover of £4.3 million; net loss of £188,000

•        Overhead costs increased with restructuring of current operations and
         identifying new opportunities

•        Investments in Scott Tod Developments Ltd and Money Products
         International Ltd

•        Option to acquire remaining 80% of Scott Tod Developments Ltd extended



        Unaudited interim results for the six months ended 30 June 2002

                              Chairman's Statement



The unaudited group results of A. Cohen & Co. plc for the six months ended 30
June 2002 are attached, together with the corresponding results for the six
months ended 30 June 2001.



The result for the period was a net loss of £188,000 from turnover of £4.3
million.  The Jacob Metals Ltd. international metal trading business operated at
an acceptable level and made a positive contribution and A. Cohen & Co (Great
Britain) Ltd., the phosphor copper manufacturing and sales business, made a
small profit.



These positive contributions did not however recover the corporate overhead
costs of the Group which were higher than normal as a result of the additional
management costs associated with the appointment of Jim Ferguson as Managing
Director of the Metals & Recycling businesses, costs of installing a new
computer system and implementing improved management reporting procedures.



Additional corporate costs were also incurred in investigating and identifying
new business opportunities which resulted in the acquisition of a 20% interest
in Scott Tod Developments Ltd. ('Scott Tod') and a 33.3% interest in Money
Products International Ltd. ('MPIL') as announced on 23 April 2002. Neither of
these investments made any contribution to Group results during the period.



Interest and associated financing costs were reduced substantially as a result
of the retirement of all debt in the year ended 31 December 2001 excluding
debtor financing which continued to be necessary to finance increased levels of
trade, particularly in Jacob Metals Ltd.



Trading and Prospects



The Jacob Metals Ltd results continued to be affected by reduced metal prices
and exchange rate volatility in the regions in which it operates.  The resulting
pressure on margins has continued into the current period but has been offset by
an increase in trading volumes with a continuation of acceptable results into
the current half year.



The A. Cohen & Co (Great Britain) Ltd results were disappointing and were
largely due to operating on reduced production schedules. In addition, reduced
prices and margins affected results. In accord with my commitments to
shareholders, Jim Ferguson has accepted the challenge to improve the profits and
return on investment and after making further reductions in costs and overheads
is currently reviewing further options for both the phosphor copper business and
the investment in Woolwich.



No return has been included from either Metal Sales in Zimbabwe or Speedmark in
South Africa. The environment for achieving positive change in these two
companies has been impossible due to the political climate and these investments
are under close scrutiny and review.



The investments in Scott Tod and MPIL whilst not contributing during the period
are expected to contribute significantly to the future diversification of the
Company into cash and card systems. Together with the direct investment by the
Company in ATM machines as announced on 7 August 2002, these investments will be
part of the continuous business of the Group in the future. The option which the
Company has to acquire the remaining 80% of Scott Tod has been extended to 31
October 2002.  The timetable to implement the arrangements necessary for the
Board to determine whether to exercise the option has consequently been
extended.



Conclusion



The Board is on track to complete its reviews of all activities by the end of
the year as advised to shareholders in the Annual Report. We will be in a
position to decide on the exercise or otherwise of the option over the Scott Tod
shares in the near future and are firmly committed to expansion and
diversification of the business beyond metals and recycling to include cash and
card services.



I would like to thank my co-directors for their efforts and contribution during
the process of diversification and refocusing of the Group's activities.  I look
forward with them to the expansion of the Group's activities.





R.B. Ritchie
Executive Chairman


Enquiries:

A. Cohen & Co. plc



Royce Ritchie
Executive Chairman                                     00 61 417 500 979




END



CONSOLIDATED PROFIT AND LOSS ACCOUNT

Unaudited six months ended 30 June 2002
                                                                            Unaudited six  Unaudited six
                                                                             months ended   months ended
                                                                                  30 June        30 June
                                                                                     2002           2001
                                                                                    £'000          £'000

Turnover                                                                            4,298          5,574
Cost of sales                                                                     (3,382)        (4,617)
Gross profit                                                                          916            957
Distribution costs                                                                  (431)          (274)
Administrative expenses:                                                            (720)          (898)
Other operating income                                                                 59            297
Group operating (loss)/profit                                                       (176)             82
Interest receivable                                                                     2             53
Interest payable                                                                     (15)          (203)
Profit/(loss) on sale of fixed assets                                                   1            (3)
Loss on ordinary activities before taxation                                         (188)           (71)
Tax charge on loss on ordinary activities                                               -              -
Loss for the financial period after taxation and attributable to
shareholders                                                                        (188)           (71)
Losses per share (pence)                                                           (1.3p)         (4.0p)




CONSOLIDATED BALANCE SHEET

Unaudited as at 30 June 2002
                                                                                  30 June        30 June
                                                                                     2002           2001
                                                                                    £'000          £'000
Fixed assets
Tangible assets                                                                     1,163          1,231
Investments                                                                           521            335
                                                                                    1,684          1,566
Current assets
Stocks                                                                                233            183
Debtors                                                                             1,623          2,331
Cash at bank and in hand                                                              122            107
                                                                                    1,978          2,621
Creditors: amounts falling due within one year                                    (1,560)        (3,772)
Net current assets/(liabilities)                                                      418        (1,151)
Total assets less current liabilities                                               2,102            415

Creditors: amounts falling due after more than one year                                 -           (38)
                                                                                    2,102            377
Capital and reserves
Called up share capital                                                             2,852            373
Capital redemption reserve                                                             49             49
Share premium account                                                                   2            215
Revaluation reserve                                                                   752            752
Other reserves                                                                        383            383
Profit and loss account                                                           (1,936)        (1,395)
Equity shareholders' funds                                                          2,102            377




CONSOLIDATED CASH FLOW STATEMENT

Six months ended 30 June 2002
                                                              Six months ended        Six months ended
                                                                  30 June 2002            30 June 2001
                                                              £'000      £'000       £'000       £'000

Net cash inflow from operating activities                                   80                     470
Returns on investments and servicing of finance
Interest received                                                 2                     53
Interest paid                                                  (15)                  (203)
Interest element of finance lease rental payments                 -                    (2)
                                                                  
Net cash outflow from returns on investments and
servicing of finance                                                      (13)                   (152)
Capital expenditure and financial investment

Payments to acquire tangible fixed assets                      (12)                      -
Receipts from sale of tangible fixed assets                       1                  1,353
Net cash (outflow)/inflow from capital expenditure and
financial investment                                                      (11)                   1,353
Net cash inflow before financing                                            56                   1,671

Financing

Issue of ordinary share capital                                   -                     29
Repayment borrowings                                              -                (1,611)
Capital element of finance lease rental payments
                                                                  -                   (61)
                                                                  
Net cash outflow from financing                                              -                 (1,643)

Increase in cash                                                            56                      28


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Unaudited six months ended 30 June 2002

1.         Reconciliation of operating (loss)/profit to net cash inflow from
           operating activities
                                                                       Six months ended Six months ended
                                                                           30 June 2002     30 June 2001
                                                                                  £'000            £'000

Operating (loss)/profit                                                           (176)               82
Depreciation                                                                         36               26
Net movement in working capital
Stocks                                                                              190              204
Debtors                                                                             348              124
Creditors                                                                         (318)               34

Net cash inflow from operating activities                                            80              470


2.         Cash flow statement: Analysis of net debt

                                                                    At                               At
                                                             1 January           Cash           30 June
                                                                  2002           flow              2002
                                                                 £'000          £'000             £'000

Cash in hand and at bank                                            72             50               122
Overdrafts                                                        (33)              6              (27)
                                                                    39             56                95
Debt due within one year                                         (212)              -             (212)
Finance leases                                                    (54)              -              (54)
                                                                 (227)             56             (171)




3.         Cash flow statement: Reconciliation of net cash flow to movement in
           net debt
                                                                  Six months ended       Six months ended
                                                                      30 June 2002           30 June 2001

                                                                  £'000      £'000      £'000       £'000

Increase in cash in the period                                       56                    28
Cash inflow from increase in debt and lease financing                 -                 1,672

                                                                     
Change in net debt resulting from cash flows                                    56                  1,700
Translation differences                                                          -                   (33)
Movement in net debt in the period                                              56                  1,667
Net debt at start of period                                                  (227)                (1,818)
Net debt at end of period                                                    (171)                  (151)



4. Basis of Preparation



The interim results for the six months ended 30 June 2002 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 2001 have been used in preparing the unaudited
interim financial statements for the six months ended 30 June 2002.



5. Dividends



The Directors are not declaring a dividend for the six months ended 
30 June 2002.




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