Interim Results

AMCO Corporation PLC
30 August 2001


AMCO CORPORATION PLC


UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2001


CHAIRMAN'S STATEMENT




RESULTS


An operating profit of £1,038,000 was achieved in the six months ended 30 June
2001 compared with £208,000 for the first half of 2000 and £1,044,000 for 2000
as a whole. All our activities are trading profitably including our mining
contracting business in Zambia. Earnings per share were 5.4 pence for the half
year.


DIVIDEND


In order to conserve resources for property development we do not intend to
pay an interim dividend.


LIQUIDITY AND CAPITAL RESOURCES


Gearing reduced during the half year to 29% from 34%. A debt of around £
650,000 which had been outstanding for a considerable period of time has been
paid to us since 30 June 2001. Net assets per share at 30 June 2001 were 129
pence.


PROSPECTS


We anticipate a better result in the second half of the year as compared with
the first half and with 2000 as a whole. Property development and mining
contracting in Zambia should make meaningful contributions for the first time.



Stuart N. Gordon

30 August 2001




Consolidated profit and loss account

Six months ended 30 June 2001

(Unaudited)
                              Six months to  Six months to   Twelve months to
                               30 June 2001   30 June 2000   31 December 2000
                                   £000           £000             £000
Turnover
     Continuing operations            44,460         38,671             80,792
     Own work capitalised                  0            276                464
                                      44,460         38,947             81,256
Operating profit/(loss)
     Continuing operations -           1,038            208              1,044
      normal
     Continuing operations -               0          (156)            (1,172)
      exceptional
     Discontinued operations               0           (10)              (181)
                                       1,038             42              (309)
Net interest payable                   (166)          (146)              (290)
Profit/(loss) on ordinary                872          (104)              (599)
activities before taxation
Taxation on profit/(loss) on           (249)             25                500
ordinary activities
Profit/(loss) on ordinary                623           (79)               (99)
activities after taxation
Minority interest                        (4)             13                 31
Retained profit/(loss) for               619           (66)               (68)
the period
Earnings/(loss) per share               5.4p         (0.6p)             (0.9p)



Consolidated balance sheet

As at 30 June 2001

(Unaudited)
                                               30 June   30 June    31 December
                                                 2001      2000         2000
                                                 £000      £000         £000
Fixed assets
     Tangible assets                            14,700    14,952        15,023
     Investments                                 1,119     1,094         1,119
                                                15,819    16,046        16,142
Current assets
     Stock and work in progress                  9,068     9,055         7,891
     Amounts recoverable on contracts            3,180     2,191         2,903
     Debtors                                    12,601    11,043        11,957
     Cash at bank and in hand                    2,539     2,066         2,468
                                                27,388    24,355        25,219
Creditors: amounts falling due within one     (24,473)  (22,841)      (23,114)
year
Net current assets                               2,915     1,514         2,105
Total assets less current liabilities           18,734    17,560        18,247
Creditors: amounts falling due after more
than one year                                  (2,021)   (1,464)       (2,153)
                                                16,713    16,096        16,094
Capital and reserves
Called up share capital                          1,293     1,293         1,293
Share premium                                    1,864     1,864         1,864
Capital redemption reserve                         132       132           132
Profit and loss account                         13,424    12,807        12,805
Shareholders' funds                             16,713    16,096        16,094



Summary consolidated cashflow statement

Six months ended 30 June 2001

(Unaudited)
                                    Six months to Six months to Twelve months to
                                   30 June 2001   30 June 2000  31 December 2000
                                         £000          £000            £000

Operating profit/(loss)                   1,038            42             (309)
Depreciation on tangible fixed            1,266         1,495             3,028
assets
Profit on sale of fixed assets              (4)         (112)             (154)
Movement in working capital               (783)            40               211
Net cashflow from operating               1,517         1,465             2,776
activities
Net cashflow from returns on
investments and servicing of              (166)         (146)             (290)
finance
Taxation                                    195           190               127
Net cashflow from capital
expenditure and financial                    18         (797)           (1,429)
investment
Net cashflow before financing             1,564           712             1,184
Net cashflow from financing               (785)       (1,121)             (673)
Increase/(decrease) in cash                 779         (409)               511
Notes
Reconciliation of net cashflow to
movement in net debt
Increase/(decrease) in cash in              779         (409)               511
the period
Net cashflow on bank loans                  257           357             (567)
Cash outflow on finance leases              528           764             1,240
Change in net debt resulting from         1,564           712             1,184
cashflows
Inception of finance leases               (957)       (1,259)           (1,727)
Movement in net debt in the                 607         (547)             (543)
period
Net debt at start of period             (5,450)       (4,907)           (4,907)
Net debt at end of period               (4,843)       (5,454)           (5,450)
Analysis of net debt
Cash at bank and in hand                  2,539         2,066             2,468
Bank overdrafts                         (3,208)       (4,435)           (3,916)
                                          (669)       (2,369)           (1,448)
Bank loans                              (1,199)         (532)           (1,456)
Finance leases                          (2,975)       (2,553)           (2,546)
Net debt                                (4,843)       (5,454)           (5,450)
Gearing
                                            29%           34%               34%



Notes:


 1. The financial information for the six months ended 30 June 2001 and the
    comparative figures for the six months ended 30 June 2000 are unaudited
    and have been prepared on the basis of the accounting policies set out in
    the statutory accounts for the year ended 31 December 2000 and have been
    approved by the Board. This financial information does not constitute
    statutory accounts as defined in Section 240 of the Companies Act 1985.
    The financial statements for the year ended 31 December 2000 received an
    unqualified audit report have been delivered to the Registrar of
    Companies.


 2. Earnings per ordinary share have been calculated on the basis of profit for
    the period after tax, divided by the weighted average of ordinary shares
    in issue in the period, excluding those held in the ESOP Trust, of
    11,526,185. The comparatives are calculated by reference to the weighted
    average of shares in issue which was 11,572,447 for the period to 30 June
    2000 and 11,526,185 for the year ended 31 December 2000.


3.  This statement is being sent to the shareholders of the Company
    and will be available at the Company's Registered Office at Amco
    House, 25 Moorgate Road, Rotherham, South Yorkshire, S60 2AD.