Associated British Engineering : ABE Interim Report 31 March 2022

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

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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:

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

26 May 2022

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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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