AGM Statement

RNS Number : 3695L

Associated British Engineering PLC

30 September 2016

 

For immediate release                                                                               30^th September 2016

ASSOCIATED BRITISH ENGINEERING PLC

("ABE" or "the Company")

AGM Statement

At the Annual General meeting held today in Glasgow we can report that all resolutions at that meeting were duly passed.

2015-2016 was an extremely difficult year. One of our longest standing managers and an Executive Director in the subsidiary resigned in August 2015 and sales to our historical North Sea oil market hit an all-time low as the oil price dropped and austerity cut in. The market is however coming back as operators cannot postpone overhauls and repairs forever. In addition we have been hit by some large warranty claims.

At the same time we have been assessing to see what the market demands from a modern Diesel Engine Manufacturer. We have a new design coming to the market and the first development engines for trials are expected to leave our factory in this coming third Quarter.

The current trading year has started at the same low level and disappointingly below budget but we have received increased enquiries and with generator and engine sales we expect overall sales in 2016-17 to recover to better levels and a consequent reduction in losses to manageable proportions.

We are in discussions re a new non-executive director on the Board and hope to make an announcement shortly.

Rupert Pearce Gould

Chairman

Rupert Pearce Gould, Associated British Engineering plc              01223 870768

Colin Weinberg, Associated British Engineering plc                      07836 588504

Peter Morton, Associated British Engineering plc                          01223 260022

 

END

 

 

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