Amco reports first-half profit of £2.3m

 Amco Corporation has unveiled an interim pre-tax profit of £2.3m on turnover of £56m.

The latest financial results cover the six months to 30 June. In the comparable period last year, turnover of £53m generated a pre-tax profit of £4.7m.

Amco has four business streams: structural steel, property, specialist engineering (construction) and manufacturing. It was the structural steel division that carried the flag for Amco, with turnover of £26m generating an operating profit of £2.4m.

Chairman Peter Hems said: "Structural steel's profit was in line with expectations and after a slow start in the early part of the year, prospects for the full year look positive."

Property development activities just about broke even whereas they contributed a £2m operating profit in the same period last year.

Property will be back to satisfac-tory profits within the next 12 months, he added.

Amco's specialist engineering division turned in an operating profit of £640,000 on turnover of £34m, which Hems said was an improvement on the previous figure of £320,000.