Interim Results

AMCO Corporation PLC
02 August 2006


AMCO CORPORATION PLC

UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2006

CHAIRMAN'S STATEMENT



RESULTS

Total operating profits for the first half of 2006 of £4,638,000 were 86% up on
the profits of £2,495,000 for the first half of 2005. Profits before taxation of
£4,675,000 were 100% up on the corresponding period for 2005.

Structural Steel

Structural steel activities had an extremely good first half and returned
operating profits of £2,334,000. This was well in excess of expectations.

Property

Property investment and development returned operating profits of £1,940,000 as
compared with a break-even for the first half of 2005.

Specialist Engineering

Specialist engineering operating profits at £250,000 were substantially below
the 2005 corresponding figures due mainly to the cessation of the UK coal mining
business in October 2005, start up costs on new long term contracts for Network
Rail and a shortage of work in the major projects division.

Manufacturing

There were modest operating profits of £30,000.

Pension Schemes and Total Recognised Gains

There were actuarial gains recognised in the pension schemes of £5,477,000
before taxation and £3,834,000 after taxation. Having regard to the profits for
the period of £3,264,000 this resulted in total recognised gains for the first
half of 2006 of £7,098,000.

Earnings per Share

These were 28.0 pence compared with 13.7 pence for the corresponding period in
2005 and 42.7 pence for the whole of 2005.

DIVIDEND

I am delighted to announce that the directors intend to pay a dividend of 7.0
pence per share on 2 October 2006 to shareholders on the register on 1 September
2006.

LIQUIDITY AND CAPITAL RESOURCES

Gearing at 30 June 2006 was nil, as at 30 June 2005 and 31 December 2005.
Shareholders' funds increased from £10,043,000 at 1 January 2006 to £15,792,000
at 30 June 2006.

PROSPECTS

Present indications are that the second half of 2006 will result in satisfactory
profits and at this time we see no reason why a further dividend should not be
paid based on the 2006 results as a whole.


Stuart N. Gordon
2 August 2006



Consolidated profit and loss account
(Unaudited)
                                                  Six months to 30th  Six months to 30th    Twelve months to
                                                       June 2006           June 2005       31st December 2005
                                                         £000                £000                 £000
Total turnover (including share of turnover in
joint ventures)                                                68,936              59,289              126,028
Less: Share of turnover in joint ventures                     (4,706)             (2,242)              (7,222)
Group turnover                                                 64,230              57,047              118,806
Group operating profit                                          2,828               2,380                6,472
Share of operating profit in joint ventures                     1,810                 115                  739
Total operating profit                                          4,638               2,495                7,211
Net interest                                                       19                (57)                 (68)
Other finance income/(costs)                                       18               (103)                (192)
Profit on ordinary activities before taxation                   4,675               2,335                6,951
Taxation on profit on ordinary activities                     (1,411)               (721)              (1,971)
Profit transferred to reserves                                  3,264               1,614                4,980
Earnings per share                                              28.0p               13.7p                42.7p
Dividends per share                                              7.0p                0.0p                11.0p



Consolidated balance sheet
(Unaudited)
                                                    30th June 2006      30th June 2005     31st December 2005
                                                         £000                £000                 £000
Fixed assets
                Tangible assets                                16,217              14,607               15,136
                Investments                                       350                 350                  350
                Investments in joint ventures:
                   Share of gross assets                        9,968               7,630               12,595
                   Share of gross liabilities                 (7,738)             (6,424)             (10,934)
                                                                2,230               1,206                1,661
                                                               18,797              16,163               17,147
Current assets
                Stock and work in progress                     18,305              13,728               11,381
                Amounts recoverable on contracts                4,413               5,521                  957
                Debtors                                        14,127              12,949               15,823
                Cash at bank and in hand                        5,323               4,099                7,738
                                                               42,168              36,297               35,899
Creditors: amounts falling due within one year               (35,625)            (30,874)             (28,653)
Net current assets                                              6,543               5,423                7,246
Total assets less current liabilities                          25,340              21,586               24,393
Creditors: amounts falling due after more than
one year                                                      (1,761)             (1,840)              (1,710)
Net assets excluding pension liability                         23,579              19,746               22,683
Pension liability                                             (7,787)            (12,408)             (12,640)
Net assets including pension liability                         15,792               7,338               10,043


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
Property revaluation reserve                                    3,284               3,284                3,284
Other reserve                                                   (865)               (624)                (798)
Profit and loss account                                        10,084               1,389                4,268
Shareholders' funds                                            15,792               7,338               10,043



Summary consolidated cashflow statement
(Unaudited)
                                                  Six months to 30th  Six months to 30th    Twelve months to
                                                       June 2006           June 2005       31st December 2005
                                                         £000                £000                 £000
Group operating profit                                          2,828               2,380                6,472
Depreciation on tangible fixed assets                           1,290               1,223                2,349
Difference between pension charge and cash
contributions                                                 (1,438)               (455)                (908)
Profit on sale of fixed assets                                  (136)                (70)                (260)
Movement in working capital                                   (4,524)               (923)                   49
Net cashflow from operating activities                        (1,980)               2,155                7,702
Dividends from joint ventures                                     700                   0                    0
Net cashflow from returns on investments and
servicing of finance                                               19                (57)                 (68)
Taxation                                                        (537)               (135)                (486)
Net cashflow from capital expenditure and
financial investment                                          (1,157)               (418)                (797)
Net cashflow before financing                                 (2,955)               1,545                6,351
Net cashflow from financing                                       540             (3,064)              (4,231)
(Decrease)/increase in cash                                   (2,415)             (1,519)                2,120

Notes

1. Reconciliation of net cashflow to movement in
net funds /(debt)
(Decrease)/increase in cash in the period                     (2,415)             (1,519)                2,120
Net cashflow on bank and other loans                          (1,430)               2,205                2,290
Cash outflow on hire purchase                                     823                 859                1,739
Change in net funds /(debt) resulting from
cashflows                                                     (3,022)               1,545                6,149
Inception of hire purchase                                    (1,078)               (721)              (1,779)
Movement in net funds /(debt) in the period                   (4,100)                 824                4,370
Net funds/(debt) at start of period                             4,182               (188)                (188)
Net funds at end of period                                         82                 636                4,182


2. Analysis of net funds /(debt)
Cash at bank and in hand                                        5,323               4,099                7,738
Bank and other loans                                          (2,266)               (921)                (836)
Hire purchase                                                 (2,975)             (2,542)              (2,720)
Net funds                                                          82                 636                4,182



Statement of total recognised gains and losses
(Unaudited)
                                                  Six months to 30th  Six months to 30th    Twelve months to
                                                       June 2006           June 2005       31st December 2005
                                                         £000                £000                 £000
Profit for the period                                           3,264               1,614                4,980
Actuarial gain/(loss) recognised in the pension
schemes (see note)                                              5,477             (1,163)              (1,858)
Movement on deferred tax relating to pension
liability                                                     (2,080)                 268                  342
Current tax relating to pension liability                         437                  81                  215
Total recognised gains for the period                           7,098                 800                3,679

Note

Actuarial gain/(loss) recognised in the pension
schemes
Actual return less expected return on pension
scheme assets                                                    (59)               1,584                5,257
Experience gains and losses arising on the scheme
liabilities                                                        33               (244)                (415)
Changes in assumptions underlying the present
value of the scheme liabilities                                 5,503             (2,503)              (6,700)
                                                                5,477             (1,163)              (1,858)



Notes:
     
1.   The financial information for the six months ended 30 June 2006 and the 
     comparative figures for the six months ended 30 June 2005 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 2005 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 2005 received an 
     unqualified audit report and 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 11,662,508. 
     The comparatives are calculated by reference to the weighted average of 
     shares in issue which were 11,796,246 for the period to 30 June 2005 and 
     11,654,508 for the year ended 31 December 2005.

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, Cedar Court 
     Office Park, Denby Dale Road, Wakefield, West Yorkshire, WF4 3QZ.


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