AEA Technology



Provides consultancy, technical services and products to three markets: Rail; Environment and Portable Power . AEA operates from 50 locations worldwide, including Harwell, Derby, Thurso, Glasgow in the UK, with offices also in the US, Canada, the Netherlands and Germany.




http://www.aeat.co.uk/

Yes it doesn't make for pleasant reading - although I see they have a new strategy and business plan! Hmmmm.

Just the 72% down then - another fine mess!

Just over half a billion shares traded so far today (a third of the total in issue).

Dreamchatcher,
Do you still hold this rubbish? Can it survive at all? Or I use the certificate in the toilet?

You were very positive earlier in the year!!

ahoj, Made some profit. Dumped what I re purchased. Does not look good now.

Annual Financial Results Statement

Highlights

Financial Position

· On 18 July, the Board announced it would consider all strategic options to realise value and can report that this process is now underway, including ongoing discussions with a number of interested parties. However, as previously announced, the Board does not envisage there will be offers for the share capital of the Company and the Board expects that such options will result in little or no value for shareholders.

· Lloyds TSB Bank plc (the "Bank") will continue to provide short-term support while the Group executes its financial restructuring plan.

· The Bank has given an agreement in principle on the terms for a new money facility to provide additional short term funding of £5.0 million on a secured basis through to end of October 2012.

· The Trustee of the Group's pension scheme has agreed to defer all pension payments otherwise due to assist in the Group maintaining appropriate liquidity whilst the strategic review is undertaken.

Financial summary

· Order intake £134.1 million (2011: £80.9 million)

· Revenue £110.3 million (2011: £113.7 million)

· Adjusted operating profit £4.1 million (2011: £8.8 million) 1

· Operating loss £35.4 million (2011: £5.9 million)

· Net debt of £36.4 million (2011: £28.3 million)

· Net liabilities in respect of retirement benefits of £168.5 million (2011: £121.8 million)

Operational summary

· Despite challenging economic backdrop, the energy and environmental consulting businesses in both the UK and US delivered results in line with expectations.

· PPC has suffered from failure to secure expected new contracts together with some existing contract losses.

· New business plan with stronger commercial focus is being implemented by John Lowry.

· Plan supported by a strengthening and change of management in the US businesses.

1 Adjusted operating profit is defined as operating profit before amortisation of acquired intangibles, impairment of goodwill and other significant items


Dr Paul Golby CBE, Chairman of AEA Technology Group plc, said:

"The difficult trading conditions have made this a challenging year for all of our employees. Nevertheless, I am extremely grateful to them for their hard work, resilience and encouragement.

Despite a robust business plan and the underlying strength and expertise of the Group's employees, the business has been overwhelmed by the growing pension liability.

Going forward, the Board remains cautious in light of the challenging international trading conditions and material uncertainty over the future funding requirements of the Group."

AEA TECHNOLOGY GROUP PLC (the "Company" or the "Group")

Update on Banking Facilities

On 1 August 2012 the Company announced that it had reached agreement in principle with Lloyds TSB Bank plc (the "Bank") regarding the provision of a new secured short term funding facility of GBP5 million through to the end of October 2012.
The Company is pleased to announce today that it has formally entered into this facility with the Bank.

The Board continues to consider all strategic options to realise value and remains in ongoing discussions with a number of interested parties. The Board will provide further updates in due course.

As previously announced the Board does not envisage there will be offers for the share capital of the Company and the Board remains of the view that such options will result in little or no value for shareholders.

They have some funding from LLOYDS to keep them alive. They have so many contracts with governmental institutions in the US, UK and Europe which cannot be stopped so easily.

What is the likelihood of surviving? up to 10%, 20% or 50%? Any idea?

Interim Management Statement

Trading in the period remains in line with the Board's expectations.

As we said in our recent annual results statement, trading conditions remain challenging. Nevertheless, good progress is being made in the implementation of the business plan.

On 6 August we announced that we had secured additional short term funding to allow the Board to continue to consider all strategic options to realise value. We continue to have ongoing discussions with a number of interested parties. The Board will provide further updates in due course.

As previously announced the Board does not envisage there will be offers for the share capital of the Company and the Board remains of the view that such options will result in little or no value for Shareholders.

Skinny,
DO you still hold these?

Yes - I still have half of those bought last November - effectively worthless.

Te same with me. 99% below water!!! thanks god it is only £2.5k.

.

I'm not quite sure what that's all about?

Stranger and stranger - Holding(s) in Company

The Watsons now @ 10.956%

Indeed, why?! They either want to create a loss for Capital Gains purposes which would be silly, or they are not going along with the Boards' implication that the shares are worthless!

Or, of course, they will become the new owners.

At this price, everyone can buy 14M shares. It's less than £10K.

However that's positive.

Now @11.594%

@£100k worth give or take.