Associated British Engineering Says Year Has "Not Started Well"

LONDON (Alliance News) - Associated British Engineering PLC on Tuesday said its 2015-16 financial year has "not started well" and its British Polar Engines Ltd unit has continued to see reduced sales from the oil and gas sector.

The company said the board of British Polar has conducted a review of the business which has resulted in Operations Director and Managing Director Jim Duncan resigning and Bill Girdwood becoming sole managing director.

The company said it is assessing the marketplace, though it is likely that despite the drop in oil prices and subsequent fall in orders, there remain opportunities for the company to pursue in that sector.

Associated British Engineering shares were untraded on Tuesday, having last traded at 100.00 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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