Associated British Engineering PLC Half Yearly Report (1424H)
November 27 2015 - 9:30AM
UK Regulatory
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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