Last checked at 22 Feb 2013 14:35
For immediate release 22 February 2013
ASSOCIATED BRITISH ENGINEERING PLC
("ABE" or "the Company")
INTERIM MANAGEMENT STATEMENT
The Board of ABE provides an Interim Management Statement and is informing the shareholders of the anticipated outturn for the second half of the financial year.
Trading has remained subdued and difficult as outlined at the interim stage. Anticipated orders have been either downgraded or postponed and at this stage we do not foresee an early return to normal trading conditions while the economy remains depressed. On a more positive note we expect that our major subsidiary BPE will operate at break even and will remain cash positive. BPE's new venture and subsidiary Akoris has enjoyed strong interest amongst its potential customers however, in line with expectations (after only two months trading), it is yet to secure its maiden contract.
Shareholders should be aware that the 6% loan notes issued as part of last years capital reconstruction have been re-paid and that the ABE group now has no net borrowings and substantial cash resources.
Peter Morton, Associated British Engineering PLC 01223 260022
Colin Weinberg, Associated British Engineering PLC 0043 664 885 019 800
David Brown, Associated British Engineering PLC 0044 781 418603
Roland Cornish/Felicity Geidt, Beaumont Cornish Limited 0207 628 3396