Interim Results

Cohen(A.) & Co PLC 30 September 2005 FOR IMMEDIATE RELEASE 30 SEPTEMBER 2005 A. COHEN & CO. PLC Unaudited interim results for the six months ended 30 June 2005 Chairman's Statement The unaudited Group results of A. Cohen & Co. plc (the 'Company') for the half year ended 30 June 2005 are attached, together with the corresponding results for the six months ended 30 June 2005. Results to June 2005 The results for the period were a net loss of £38,000. The Future The company are actively seeking potential investments and a number have been evaluated during the period under review and this will continue to be our main objective. To minimize expenses as much as possible none of the directors are receiving any remuneration for the considerable efforts involved in finding a suitable opportunity. G Ashley Chairman For further information please contact: J Ferguson on 07818 060152 CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited six months ended 30 June 2005 Unaudited six Unaudited six months ended months ended 30 June 30 June 2005 2004 £'000 £'000 Turnover - - Cost of sales - - ----------- ----------- Gross profit - - Distribution costs - (112) Other operating income (43) 12 ----------- ----------- Operating loss (43) (100) Interest receivable 1 6 Dividends receivable 4 - ----------- ----------- Loss on ordinary activities (38) (94) before taxation Tax charge on loss on - - ordinary activities ----------- ----------- Loss for the financial (38) (94) period after taxation and attributable to shareholders ----------- ----------- Losses per share (pence) (0.25p) (0.62p) CONSOLIDATED BALANCE SHEET Unaudited as at 30 June 2005 30 June 30 June 2005 2004 £'000 £'000 Fixed assets Tangible assets - 5 Investments 92 278 --------- --------- 92 283 --------- --------- Current assets Debtors 8 12 Cash at bank and in hand 33 151 --------- --------- 41 163 --------- --------- Creditors: amounts falling due within one year (73) (78) --------- --------- Net current (liabilities)/assets (32) 85 --------- --------- Total assets less current liabilities 60 368 Provisions (67) - ========= ========= (7) 368 ========= ========= Capital and reserves Called up share capital 3,032 3,032 Capital redemption reserve 49 49 Share premium account 2 2 Revaluation reserve - - Other reserves 386 386 Profit and loss account (3,476) (3,101) --------- --------- Equity shareholders' funds (7) 368 ========= ========= CONSOLIDATED CASH FLOW STATEMENT Six months ended 30 June 2005 Six months Six months ended ended 30 June 2005 30 June 2004 £'000 £'000 £'000 £'000 Net cashflow from operating activities (37) 72 Returns on investments and servicing of finance Interest received 1 6 Dividends received 4 - ------ ------ Net cash inflow from returns on investments and servicing of finance 5 6 -------- -------- (Decrease)/increase in cash (32) 78 -------- -------- NOTES TO THE INTERIM RESULTS Unaudited six months ended 30 June 2005 1. Reconciliation of operating loss to net cash inflow from operating activities Six months Six months ended ended 30 June 30 June 2005 2004 £'000 £'000 Operating loss (43) (100) Depreciation - 3 Net movement in working capital Debtors 3 759 Creditors 6 (590) Provisions (3) - --------- --------- Net cash (outflow)/inflow from operating activities (37) 72 --------- --------- 2. Cash flow statement: Analysis of net debt At At 1 January Cash 30 June 2005 flow 2005 £'000 £'000 £'000 Cash in hand and at bank 65 (32) 33 --------- --------- --------- 65 (32) 33 --------- --------- --------- 3. Cash flow statement: Reconciliation of net cash flow to movement in net debt Six months Six months ended ended 30 June 30 June 2005 2004 £'000 £'000 £'000 £'000 Change in cash in the period (32) 78 Cash outflow from decrease - 427 in debt and lease financing ------- ------- Change in net debt resulting from (32) 505 cash flows ------- ------- Movement in net debt in the period (32) 505 Net cash/(debt) at start of period 65 (353) ------- ------- Net cash at end of period 33 152 ------- ------- 4. Basis of Preparation The interim results for the six months ended 30 June 2005 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information has been prepared in accordance with applicable accounting standards and under the historical cost accounting convention. Accounting policies consistent with those applied in the financial statements for the year ended 31 December 2004 have been used in preparing the unaudited interim financial statements for the six months ended 30 June 2005. 5. Dividends The Directors are not declaring a dividend for the six months ended 30 June 2005. This information is provided by RNS The company news service from the London Stock Exchange

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