AMCO Corporation PLC - Result of EGM,etc
August 31 1999 - 6:45AM
UK Regulatory
RNS No 7076n
AMCO CORPORATION PLC
31 August 1999
TOLENT PLC ("Tolent or "the Group")
(The Building and Civil Engineering Group)
Demerger from Amco Corporation plc ("Amco") completed
Dealings commence tomorrow on The Alternative Investment Market
("Aim")
Agreement in principle for a major new contract
Healthy workload
At the Extraordinary General Meeting of Amco held in Rotherham
today, all resolutions, including the demerger of Tolent from
Amco, were passed. Dealings in Tolent are due to commence on
AIM at 9.00 am tomorrow (1 September 1999).
Stuart Gordon, the Chairman, made the following comments:
"In the last three years Tolent has gone from strength to
strength with turnover and profits increasing each year since
1996. The interim results, which were published in the
prospectus, showed that this growth is continuing.
"Having expanded from its Head Office base in Gateshead,
Tyneside, Tolent now carries out a wide range of construction
work in both the public and private sectors on a national basis
from offices in Middlesbrough, Wakefield, Manchester and London.
"Agreement in principle has been received for the major new
contract to fit out a London office building which is in
excess of 500,000 square foot. This contract will be
undertaken with another contractor as a joint venture project.
"The second half of the year has started strongly with a healthy
workload and a high level of tender enquiries. The Group has an
excellent management team and I am confident that Tolent will
grow rapidly in the years ahead."
For further information:
Tolent PLC
Stuart Gordon (Chairman) 01709 828218
Ian Swire (Finance Director) 01709 828218
Bell Lawrie Wise Speke
Mark Brady / Keith Salisbury 0161 839 4222
Binns & Co Public Relations
Brian Coleman-Smith / Simon Ellis / Neil Camp 0171 786 9600
BACKGROUND NOTE:
TRADING RECORD (extracted from the Prospectus dated 6 August
1999)
The trading record of the Tolent Group for the three financial
years and six months ended 30 June 1999 is summarised below.
Year ended 31 December 6 months
(Audited) ended
30 June
(Unaudited)
1996 1997 1998 1999
#'000 #'000 #'000 #'000
Turnover 39,466 52,955 77,537 39,116
Operating (loss) /
profit (68) 418 1,447 1,006
(Loss) / profit
before taxation (277) 154 1,364 906
Trading in the three years and the six months ended 30 June
1999 has seen a return to increasing underlying profitability
and continued growth in turnover. Tender and contract
management controls have improved over this period, as has the
proportion of negotiated tender, rather than competitive
tender, work.
END
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