Interim Results

AMCO Corporation PLC
10 August 2004


AMCO CORPORATION PLC

UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2004

CHAIRMAN'S STATEMENT

RESULTS

There was an operating profit of £1,276,000 for the first half of 2004 and an
after tax profit of £1,019,000.

Contracting

The major problem contract in Scotland, referred to in previous statements, is
scheduled for completion during autumn 2004. We have absorbed all incurred costs
on that contract. Most other contracting activities have performed
satisfactorily.

Property

Property investment and development had a profitable half year.

Structural Steel

Due to delays in commencement of projects, structural steel activities had a
disappointing first half and returned only small profits.

Equipment Manufacturing

Dosco had a quiet first half and only small profits were achieved.

Taxation

The taxation charge was at an effective rate of 11% due to available losses and
reliefs not adjusted through the deferred taxation account.

Pension Schemes and Total Recognised Gains

There were gains recognised in the pension schemes of £1,946,000 before tax and
£1,364,000 after tax, in addition to the after tax profits of £1,019,000, giving
total recognised gains for the first half of 2004 of £2,383,000.

Earnings per Share

These were 8.6 pence compared with a loss per share of 4.2 pence for the first
half of 2003 and a loss per share of 26 pence for 2003 as a whole.

DIVIDEND

We do not intend to pay an interim dividend for 2004.

LIQUIDITY AND CAPITAL RESOURCES

Gearing at 30 June 2004 was 10% compared with nil gearing at 30 June 2003 and
20% at 31 December 2003

PROSPECTS

Present indications are that the second half of 2004 will be profitable.

Stuart N. Gordon
10 August 2004


Consolidated profit and loss account
(Unaudited)
                                                         Six months to 30th  Six months to 30th    Twelve months to
                                                              June 2004           June 2003       31st December 2003
                                                                £000                £000                 £000


Turnover including share of joint ventures                     63,290              48,696              106,254
Share of turnover of joint ventures                             (633)             (1,352)                (912)
Group turnover                                                 62,657              47,344              105,342
Operating profit/(loss) excluding joint ventures                1,270               (870)              (4,549)
Share of operating profit of joint ventures                         6                 517                  521
Group operating profit/(loss)                                   1,276               (353)              (4,028)
Profit on sale of fixed assets                                      0                   0                  108
Net interest payable                                            (122)               (106)                (177)
Other finance costs                                               (5)               (169)                (332)
Profit/(loss) on ordinary activities before                     1,149               (628)              (4,429)
taxation
Taxation on profit/(loss) on ordinary activities                (130)                 130                1,360
Retained profit/(loss) for the period                           1,019               (498)              (3,069)
Earnings/(loss) per share                                        8.6p              (4.2)p              (26.0)p



Consolidated balance sheet
(Unaudited)
                                                           30th June 2004      30th June 2003     31st December 2003
                                                                                 (restated)           (restated)
                                                                £000                £000                 £000
Fixed assets
                Tangible assets                                15,010              12,411               16,216
                Investments in joint ventures:
                   Share of gross assets                        5,044               4,560                4,325
                   Share of gross liabilities                 (3,924)             (3,449)              (3,211)
                                                                1,120               1,111                1,114
                                                               16,130              13,522               17,330
Current assets
                Stock and work in progress                     13,265              11,841               10,876
                Amounts recoverable on contracts                8,174               3,614                5,034
                Debtors                                        12,433              11,136               12,139
                Cash at bank and in hand                        3,358               4,619                3,748
                                                               37,230              31,210               31,797
Creditors: amounts falling due within one year               (33,981)            (25,878)             (30,600)
Net current assets                                              3,249               5,332                1,197
Total assets less current liabilities                          19,379              18,854               18,527
Creditors: amounts falling due after more than
one year                                                      (2,251)             (2,459)              (2,169)
Provisions for liabilities and charges                              0               (191)                    0
Net assets excluding pension liability                         17,128              16,204               16,358
Pension liability                                             (8,060)            (13,738)              (9,674)
Net assets including pension liability                          9,068               2,466                6,684


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                   0                3,284
Other reserve                                                   (580)               (588)                (581)
Profit and loss account                                         3,075               (235)                  692
Shareholders' funds                                             9,068               2,466                6,684


Summary consolidated cashflow statement
(Unaudited)
                                                          Six months to 30th  Six months to 30th    Twelve months to
                                                              June 2004           June 2003       31st December 2003
                                                                 £000                £000                 £000

Operating profit/(loss)                                         1,270               (870)              (4,549)
Depreciation on tangible fixed assets                           1,269               1,681                3,196
Difference between pension charge and cash
contributions                                                   (361)               (293)              (1,226)
Profit on sale of fixed assets                                  (388)               (172)                (327)
Movement in working capital                                     (342)               1,743                3,486
Net cashflow from operating activities                          1,448               2,089                  580
Net cashflow from returns on investments and
servicing of finance                                            (122)                (97)                (165)
Taxation                                                          (1)                 169                  143
Net cashflow from capital expenditure and
financial investment                                            1,330                 625                   73
Net cashflow before financing                                   2,655               2,786                  631
Net cashflow from financing                                   (1,085)             (1,183)              (2,608)
Increase/(decrease) in cash                                     1,570               1,603              (1,977)


Notes


1. Reconciliation of net cashflow to movement in
net (debt)/funds
Increase/(decrease) in cash in the period                       1,570               1,603              (1,977)
Net cashflow on bank loans                                        177                 186                  376
Cash outflow on hire purchase                                     908                 997                2,232
Change in net debt resulting from cashflows                     2,655               2,786                  631
Inception of hire purchase                                    (1,004)               (677)              (1,891)
Movement in net debt in the period                              1,651               2,109              (1,260)
Net debt at start of period                                   (3,317)             (2,057)              (2,057)
Net (debt)/funds at end of period                             (1,666)                  52              (3,317)


2. Analysis of net (debt)/funds
Cash at bank and in hand                                        3,358               4,619                3,748
Bank overdrafts                                                 (749)                   0              (2,709)
                                                                2,609               4,619                1,039
Bank loans                                                    (1,309)             (1,676)              (1,486)
Hire purchase                                                 (2,966)             (2,891)              (2,870)
Net (debt)/funds                                              (1,666)                  52              (3,317)

3. Gearing                                                        10%                  0%                  20%


Statement of total recognised gains and losses
(Unaudited)
                                                         Six months to 30th  Six months to 30th    Twelve months to
                                                              June 2004           June 2003       31st December 2003
                                                                 £000                £000                 £000

Profit/(loss) for the period                                    1,019               (498)              (3,069)
Unrealised surplus on revaluation of properties                     0                   0                3,284
Actuarial gain/(loss) recognised in the pension
schemes (see note)                                              1,946             (1,825)                3,227
Movement on deferred tax relating to pension
liability                                                       (692)                 521              (1,236)
Current tax relating to pension liability                         110                  88                  291
Total recognised gains/(losses) for the period                  2,383             (1,714)                2,497


Note

Actuarial gain/(loss) recognised in the pension
schemes
Actual return less expected return on pension
scheme assets                                                   (278)                 662                3,211
Experience gains and losses arising on the scheme
liabilities                                                         0                  35                  796
Changes in assumptions underlying the present
value of the scheme liabilities                                 2,224             (2,522)                (780)
                                                                1,946             (1,825)                3,227

Notes:
     
1.   The financial information for the six months ended 30 June 2004 and the 
     comparative figures for the six months ended 30 June 2003 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 2003, as amended for
     the adoption of UITF 38 - Accounting for ESOP Trusts, 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 2003 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 11,817,208. 
     The comparatives are calculated by reference to the weighted average of 
     shares in issue which were 11,801,058 for the period to 30 June 2003 and 
     11,816,458 for the year ended 31 December 2003.
     
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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