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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Associated British Engineering Plc | LSE:ASBE | London | Ordinary Share | GB0007395642 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 16k | -59k | -0.0288 | -5.21 | 307.35k |
TIDMASBE
RNS Number : 1424H
Associated British Engineering PLC
27 November 2015
ASSOCIATED BRITISH ENGINEERING PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2015
ASSOCIATED BRITISH ENGINEERING PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
CONTENTS Page
Chairman's statement 1
Responsibility statement 2
Group income statement & 3
Group statement of comprehensive income 4
Group interim balance sheet 5
Group interim statement of changes in shareholders' equity 6
Group interim cash flow statement 7 - 8
Notes to the interim report 9 - 17
ASSOCIATED BRITISH ENGINEERING PLC
CHAIRMAN'S STATEMENT
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
SUMMARY OF RESULTS Six months Six Months Year to to to 31 March 30 September 30 September 2015 2015 2014 GBP'000 GBP'000 GBP'000 Revenue 640 1,568 2,626 Loss before Tax (478) (179) (179) Earnings/(loss) per Share Basic (23p) (6p) (7.5p) Diluted (23p) (6p) (7.5p) --------------------- -------------- -------------- ----------
The Group incurred a pre-tax loss of GBP478,000 for the six-month period to 30 September 2015. This represents an increased loss of GBP299,000 on the similar financial period last year and is due a loss of sales and a reduction in profit before interest and tax at British Polar Engines Limited (`BPE`).
The turnover for our main operating subsidiary, BPE, has decreased to GBP640,000 (30 September 2014: GBP1,264,000) resulting in a loss before interest and tax of GBP459,000 (30 September 2014: Profit GBP15,000). The principal reason for this decrease is that a number of the group's customers, especially in the oil sector, have cut spending and postponed maintenance work. In addition expected business with some of the group's overseas customers has been delayed due to local regional issues. The group has reviewed the position and is confident that it can recover future sales and expects to see a significant improvement over the next six months.
The Board keeps the central costs of the Group under review and maintains them at a very low level. It is also working to ensure that its investments and cash in the business generate value for shareholders commensurate with the risk.
The Board continues to review options for the future development of the Group.
These are difficult times but the Group has taken corrective action and our review of the market shows that there are opportunities to recover the situation.
Colin Weinberg
Chairman
27 November 2015
ASSOCIATED BRITISH ENGINEERING PLC
RESPONSIBILITY STATEMENT
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
The Directors of the Company confirm to the best of their knowledge that:
a) the Interim Report has been prepared in accordance with IAS 34;
b) the Interim Report includes a fair view of the information required by DTR 4.2.7R, being an indication of the important events that have occurred during the first six months of the financial year and a description of the principal risks and uncertainties for the remaining six months of the year; and
c) the Interim Report includes a fair review of the information required by DTR 4.2.8R, being disclosure of related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the group during that period; and any changes in the related party transactions described in the latest annual financial statements that could do so.
By order of the Board
Colin Weinberg
Chairman
27 November 2015
ASSOCIATED BRITISH ENGINEERING PLC
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
Six months Six months Year to to to 30 September 30 September 31 March 2015 2014 2015 GBP'000 GBP'000 GBP'000 REVENUE 640 1,568 2,626 Operating costs (1,117) (1,748) (2,757) ---------------- ---------------- ------------- OPERATING LOSS (477) (180) (131) Finance expense (1) - (70) Finance income - 1 22 ------------- ------------- ------------- LOSS BEFORE TAXATION (478) (179) (179) Taxation - - 6 ------------- ------------- ------------- LOSS FOR PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY (478) (179) (185) ====== ====== ====== LOSS PER SHARE ON LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY Basic and diluted (23p) (6p) (7.5p) ====== ====== ====== Loss for the period attributable to: Owners of the company (473) (124) (153) Non-controlling interest (5) (55) (32) ------------ ------------ ----------- (478) (179) (185) ====== ====== ======
ASSOCIATED BRITISH ENGINEERING PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
Six months Six months Year to to to 30 September 30 September 31 March 2015 2014 2015 GBP'000 GBP'000 GBP'000 Loss for the period (478) (179) (185) ------------ ------------ ------------ Other comprehensive income Re-measurement of the net defined benefit liability (*) - - (566) Gain on available for sale financial asset (**) 12 74 Reclassification of realised gain/loss on available for sale financial assets (**) - - 1 ------------ ------------ ----------- Other comprehensive income or the year 12 - (491) ----------- ----------- ----------- TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR (466) (179) (676) ====== ====== ====== Total comprehensive loss attributable to: Owners of the company (461) (124) (644) Non-controlling interests (5) (55) (32) ------------ ------------ ----------- (466) (179) (676) ====== ====== ======
(*) = Items which will not subsequently be reclassified to the Income Statement.
(**) = Items which may subsequently be reclassified to the Income Statement.
All activities are classified as continuing.
ASSOCIATED BRITISH ENGINEERING PLC Company number: 00110663
GROUP INTERIM BALANCE SHEET
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