Last checked at 17 Mar 2015 14:16
Associated British Engineering PLC Interim Management Statement
Associated British Engineering PLC
17th March 2015
For immediate release 17th March 2015
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.
In general trading has remained subdued and is as difficult as it was at the interim stage. In the last few months there has been a further reduction in activity and we are seeing many orders that were anticipated downgraded or postponed. At this stage we do not foresee an early return to normal trading conditions. Primarily this drop in orders is a result of the dramatic fall in the oil price, which has caused a sharp contraction of activity in support operations in the oil sector
Our operating subsidiary BPE will operate at break-even and remains cash positive. BPE is also exploring new lines of business and is undertaking a detailed review of its sales strategy.
BPE's subsidiary Akoris has reduced operations and costs are now minimal. The future for Akoris remains under review.
C Weinberg - +44 (0) 7836588504
R Pearce Gould +44 (0) 1223 870 768