Associated British Engineering : ABE Interim Report 31 March 2023

ASSOCIATED BRITISH ENGINEERING PLC

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

31 MARCH 2023

ASSOCIATED BRITISH ENGINEERING PLC

INTERIM REPORT

FOR THE SIX MONTHS ENDED 31 MARCH 2023

CONTENTS	PAGE
Chairmen'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

CHAIRMEN'S STATEMENT

INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2023

SUMMARY OF RESULTS	Six months to	Six months to
	31 March	31 March
	2023	2022
	£'000	£'000
Revenue	-	-
(Loss)/profit before tax	(55)	(14)
Earnings per share
Basic	(2.7p)	(0.7p)
Diluted	(2.7p)	(0.7p)

You will see from our financial numbers and balance sheet that in the period there was a loss of £55k compared to a loss of £(14k) in 2022. Of the loss for the period , the holdings in US Dollars gave rise to a loss of £34k for the 6 months (previous year a profit of £15k).

From this you can see that the underlying operating costs have reduced from £29k in the prior 6 months to £21k for the current 6 months.

The board maintains the view that, at present, the US Dollar is a more stable currency than the Pound Sterling but retains an open view as to when to convert cash to sterling to meet operating costs. The group continues to hold investments in biotech companies some of which are listed on NASDAQ; whereas some of the loss in value is because of research cycle but the Board takes a strategic view of its holding.

The board has had further discussions with the Listing Authority regarding the restoration of trading in its shares and will update the market when it has further information.

Your Company is now in a good position to talk to potential acquisitions without having to consider the impact of the pension fund and related historical deficits or the qualified audit on our accounts. 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.

The Board continues to review options for the future development of the Group.

Rupert Pearce Gould and Colin Weinberg

Chairmen

18 May 2023

1

ASSOCIATED BRITISH ENGINEERING PLC

RESPONSIBILITY STATEMENT

INTERIM REPORT FOR THE SIX MONTHS ENDED 31 MARCH 2023

The Directors of the Company confirm to the best of their knowledge that:

1. the Interim Report has been prepared in accordance with IAS 34;
2. 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
3. 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

18 May 2023

2

ASSOCIATED BRITISH ENGINEERING PLC

GROUP INCOME STATEMENT

FOR THE SIX MONTHS ENDED 31 MARCH 2023

	Six months to		Six months to
	31 March		31 March
	2023	2022
	£'000		£'000
REVENUE	-	-
Operating costs	(21)		(29)
OPERATING (LOSS)/PROFIT	(21)	(29)
Finance expense	-	-
Finance income	-	-
Other income	-	-
Unrealised (loss)/gain in value of US dollar	(34)	15
balance
(LOSS)/PROFIT BEFORE TAXATION	(55)	(14)
Taxation	-	-
(LOSS)/PROFIT FOR THE PERIOD FROM
CONTINUOUS OPERATIONS	(55)	(14)
TOTAL (LOSS)/PROFIT FOR THE PERIOD	(55)	(14)
(LOSS)/PROFIT PER SHARE ON
(LOSS)/PROFIT FOR THE PERIOD
ATTRIBUATABLE TO EQUITY HOLDERS
OF THE PARENT COMPANY (BASIC AND
DILUTED)
	(2.7p)		(0.7p)
(Loss)/profit for the period attributable to:
Owners of the company	(55)	(14)
Non-controlling interest	-	-

(55)(14)

3