Interim Results

AMCO Corporation PLC
05 August 2005


AMCO CORPORATION PLC

UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2005

CHAIRMAN'S STATEMENT

RESULTS

There was an operating profit of £2,495,000 for the first half of 2005 compared
with a profit of £1,276,000 for the first half of 2004, an increase of 95.5%.
The after tax profit was £1,614,000 compared with a profit of £1,019,000 for the
first half of 2004, an increase of 58.4%.

Contracting
Contracting activities have performed satisfactorily and profitably.


Property
Property investment and development had a break-even half year.


Structural Steel
Structural steel activities had an extremely good first half and returned record
profits.


Equipment Manufacturing
Dosco had a quiet first half and, due to the timing of completion of deliveries,
a loss, as anticipated, was incurred.


Pension Schemes and Total Recognised Gains
There were losses recognised in the pension schemes of £1,163,000 before tax and
£814,000 after tax. Having regard to the after tax profits of £1,614,000, this
resulted in total recognised gains for the first half of 2005 of £800,000.


Earnings per Share
These were 13.7 pence compared with earnings per share of 8.6 pence for the
first half of 2004 and earnings per share of 23.0 pence for 2004 as a whole.


DIVIDEND

We do not intend to pay an interim dividend for 2005.


LIQUIDITY AND CAPITAL RESOURCES

Gearing at 30 June 2005 was nil compared with 10% gearing at 30 June 2004 and 1%
at 31 December 2004


PROSPECTS

Present indications are that the second half of 2005 will result in a
satisfactory profit.




Stuart N. Gordon
5 August 2005




Consolidated profit and loss account
(Unaudited)
                                                        Six months to 30th  Six months to 30th    Twelve months to
                                                             June 2005           June 2004       31st December 2004
                                                               £000                £000                 £000


Turnover (including share in joint ventures)                   59,289              63,290              134,167
Share of turnover in joint ventures                           (2,242)               (633)              (2,542)
Group turnover                                                 57,047              62,657              131,625
Group operating profit                                          2,380               1,270                3,038
Share of operating profit in joint ventures                       115                   6                  178
Total operating profit                                          2,495               1,276                3,216
Net interest payable                                             (57)               (122)                (187)
Other finance (costs)/income                                    (103)                 (5)                    2
Profit on ordinary activities before taxation                   2,335               1,149                3,031
Taxation on profit on ordinary activities                       (721)               (130)                (312)
Retained profit for the period                                  1,614               1,019                2,719
Earnings per share                                              13.7p                8.6p                23.0p



Consolidated balance sheet
(Unaudited)
                                                          30th June 2005      30th June 2004     31st December 2004
                                                               £000                £000                 £000
Fixed assets
                Tangible assets                                14,607              15,010               14,649
                Investments                                       350                   0                  350
                Investments in joint ventures:
                   Share of gross assets                        7,630               5,044                5,630
                   Share of gross liabilities                 (6,424)             (3,924)              (4,485)
                                                                1,206               1,120                1,145
                                                               16,163              16,130               16,144
Current assets
                Stock and work in progress                     13,728              13,265               10,801
                Amounts recoverable on contracts                5,521               8,174                8,098
                Debtors                                        12,949              12,433               13,209
                Cash at bank and in hand                        4,099               3,358                5,618
                                                               36,297              37,230               37,726
Creditors: amounts falling due within one year               (30,874)            (33,981)             (33,634)
Net current assets                                              5,423               3,249                4,092
Total assets less current liabilities                          21,586              19,379               20,236
Creditors: amounts falling due after more than
one year                                                      (1,840)             (2,251)              (1,830)
Net assets excluding pension liability                         19,746              17,128               18,406
Pension liability                                            (12,408)             (8,060)             (11,840)
Net assets including pension liability                          7,338               9,068                6,566


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                                                   (624)               (580)                (596)
Profit and loss account                                         1,389               3,075                  589
Shareholders' funds                                             7,338               9,068                6,566



Summary consolidated cashflow statement
(Unaudited)
                                                        Six months to 30th  Six months to 30th    Twelve months to
                                                             June 2005           June 2004       31st December 2004
                                                               £000                £000                 £000

Group operating profit                                          2,380               1,270                3,038
Depreciation on tangible fixed assets                           1,223               1,269                2,539
Reversal of provision against investment                            0                   0                (350)
Difference between pension charge and cash
contributions                                                   (455)               (361)                (935)
Profit on sale of fixed assets                                   (70)               (388)                (748)
Movement in working capital                                     (923)               (342)                (267)
Net cashflow from operating activities                          2,155               1,448                3,277
Dividend from joint venture                                         0                   0                  125
Net cashflow from returns on investments and
servicing of finance                                             (57)               (122)                (187)
Taxation                                                        (135)                 (1)                  153
Net cashflow from capital expenditure and
financial investment                                            (418)               1,330                1,260
Net cashflow before financing                                   1,545               2,655                4,628
Net cashflow from financing                                   (3,064)             (1,085)                 (49)
(Decrease)/increase in cash                                   (1,519)               1,570                4,579


Notes


1. Reconciliation of net cashflow to movement in
net funds /(debt)
(Decrease)/increase in cash in the period                     (1,519)               1,570                4,579
Net cashflow on bank and other loans                            2,205                 177              (1,640)
Cash outflow on hire purchase                                     859                 908                1,689
Change in net funds /(debt) resulting from
cashflows                                                       1,545               2,655                4,628
Inception of hire purchase                                      (721)             (1,004)              (1,499)
Movement in net funds /(debt) in the period                       824               1,651                3,129
Net debt at start of period                                     (188)             (3,317)              (3,317)
Net funds /(debt) at end of period                                636             (1,666)                (188)


2. Analysis of net funds /(debt)
Cash at bank and in hand                                        4,099               3,358                5,618
Bank overdrafts                                                     0               (749)                    0
                                                                4,099               2,609                5,618
Bank and other loans                                            (921)             (1,309)              (3,126)
Hire purchase                                                 (2,542)             (2,966)              (2,680)
Net funds /(debt)                                                 636             (1,666)                (188)


3. Gearing                                                         0%                 10%                   1%



Statement of total recognised gains and losses
(Unaudited)
                                                        Six months to 30th  Six months to 30th    Twelve months to
                                                             June 2005           June 2004       31st December 2004
                                                               £000                £000                 £000
Profit for the period                                           1,614               1,019                2,719
Actuarial (loss)/gain recognised in the pension
schemes (see note)
                                                              (1,163)               1,946              (4,032)
Movement on deferred tax relating to pension
liability
                                                                  268               (692)                  929
Current tax relating to pension liability                          81                 110                  281
Total recognised gains/(losses) for the period                    800               2,383                (103)


Note


Actuarial (loss)/gain recognised in the pension
schemes
Actual return less expected return on pension
scheme assets                                                   1,584               (278)                1,382
Experience gains and losses arising on the scheme
liabilities                                                     (244)                   0                   79
Changes in assumptions underlying the present
value of the scheme liabilities                               (2,503)               2,224              (5,493)
                                                              (1,163)               1,946              (4,032)



Notes:


1.          The financial information for the six months ended 30 June
2005 and the comparative figures for the six months ended 30 June 2004 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 2004 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 2004 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 11,796,246. The comparatives are calculated by reference to the weighted
average of shares in issue which were 11,817,208 for the period to 30 June 2004
and 11,797,808 for the year ended 31 December 2004.



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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