Trading Statement

RNS Number:5480S
AMCO Corporation PLC
27 November 2003



Amco Corporation Plc ("the Company")

Trading statement


Amco Corporation Plc regrets to announce the discovery of significant losses in
a contracting subsidiary which have previously been concealed from the Company.


Following the occurrence of a number of health and safety incidents on a site
where the contracting subsidiary was undertaking contract works, the Group board
decided to carry out an audit of the contract. The announcement of this audit
resulted in a partial disclosure by the subsidiary managing director of losses
arising on that contract, which had not previously been disclosed. The
subsequent investigations indicate that unprovided and undisclosed losses on the
contract in excess of #1 million may have to be written off or provided for in
the 2003 financial statements.


The managing director of the subsidiary undertaking has been dismissed with
immediate effect. He has threatened legal proceedings but these will be
vigorously defended and a counter-claim instituted.


The Company has sufficient group resources to complete the contract in question,
and indeed all other contracts, and will be trading normally.






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