Troubled environmental consultancy AEA Technology has said it does not expect to receive any offers to buy the firm and any such share options would be of “little or no value to shareholders”.
In a management statement to investors [pdf] the board said “trading conditions remain challenging”, in line with expectations.
However, the statement said, management was “making good progress” implementing a business plan. It added that following the securing of short term funding, the company was continuing discussions with “a number of interested parties”.
Shares in firm are currently (20 August 2012) down 97.82% on this time last year to 0.06p. Shares hit a 52-week low of 0.02p on 2 August from a high of 3.5p in November 2011.Earlier this month the firm said it was “profitable and operationally successful”.
The statement said: “Delivery to our customers is ‘business as usual’.” It added that recently issued annual accounts for 2011/12 showed an adjusted operating profit of £4.1m profit.
On 1 August the group’s annual financial results statement reported an “overwhelming” pension liability, an operating loss of £35.4m, and said it was considering a sell-off of “all or part of the group’s businesses and assets”.
AEA is a leading technical adviser on waste to business and Government in the UK, having been spun out from the commercial arm of the UK Atomic Energy Authority in 1994.
The company has issued a string of profit warnings following the failure of its US arm to win key contracts.