ASSOCIATED BRITISH ENGINEERING PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED
31 MARCH 2022
ASSOCIATED BRITISH ENGINEERING PLC
INTERIM REPORT
FOR THE SIX MONTHS ENDED 31 MARCH 2022
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 - 15 |
ASSOCIATED BRITISH ENGINEERING PLC
CHAIRMAN'S STATEMENT
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2022
SUMMARY OF RESULTS | Six months to | Six months to |
31 March | 31 March | |
2022 | 2021 | |
£'000 | £'000 |
Revenue | - | - |
Loss before tax | (14) | (49) |
Earnings per share | ||
Basic | (0.7p) | (2.3p) |
Diluted | (0.7p) | (2.3p) |
You will see from our financial numbers and balance sheet that in the period there was a loss of £29k that covered company expenses before an unrealised foreign exchange gain on US dollar cash balances held of £15k.
The investments had gained in value during the first six months of 2021, but fell back in the seconds half of 2021 and the beginning of 2022. The Company started the process of realising its investments in early 2021. It is expected that these and any future capital gains will be tax free due to inherited capital gains tax losses so no provision has been made for any tax payments. The Board will take the opportunity to liquidate investments and invest for future growth when suitable opportunities occur.
Your Company is now in a position to talk to potential acquisitions without having to consider the impact of the pension fund and related historical deficits. The Board is now committed to using all its efforts to identifying and acquiring a new business with growth potential and hopefully showing profits for our group and a financial return for our patient shareholders.
The Board continues to review options for the future development of the Group.
Rupert Pearce Gould and Colin Weinberg
Chairmen
26 May 2022
1
ASSOCIATED BRITISH ENGINEERING PLC
RESPONSIBILITY STATEMENT
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2022
The Directors of the Company confirm to the best of their knowledge that:
- the Interim Report has been prepared in accordance with IAS 34;
- 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
- 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
Rupert Pearce Gould and Colin Weinberg
Chairmen
26 May 2022
2
ASSOCIATED BRITISH ENGINEERING PLC
GROUP INCOME STATEMENT
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Six months to | Six months to | ||||
31 March | 31 March | ||||
2022 | 2021 | ||||
£'000 | £'000 | ||||
REVENUE | - | - | |||
Operating costs | (29) | (50) | |||
OPERATING LOSS | (29) | (50) | |||
Other income | - | 1 | |||
Unrealised gain in value of US dollar balance | 15 | - | |||
LOSS BEFORE TAXATION | (14) | (49) | |||
Taxation | - | - | |||
LOSS FOR THE PERIOD FROM | |||||
CONTINUOUS OPERATIONS | (14) | (49) | |||
TOTAL LOSS FOR THE PERIOD | (14) | (49) | |||
LOSS PER SHARE ON LOSS FOR THE | |||||
PERIOD ATTRIBUATABLE TO EQUITY | |||||
HOLDERS OF THE PARENT COMPANY | |||||
(0.7p) | (2.3p) | ||||
Loss for the period attributable to: | |||||
Owners of the company | (14) | (49) | |||
(14) | (49) |
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ABE - Associated British Engineering plc published this content on 04 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2022 09:01:06 UTC.