Management Resource Solutions PLC Significant Contract Win (3872Z)
26 May 2016 - 6:00PM
UK Regulatory
TIDMMRS
RNS Number : 3872Z
Management Resource Solutions PLC
26 May 2016
26 May 2016
Management Resource Solutions PLC
("MRS" or the "Company")
Significant Contract Win
MRS, the human capital resource consultancy, is pleased to
announce that the Company has been awarded a new contract to
dismantle and demolish the Lyondell Basel Poly Plant Refinery in
Clyde, New South Wales (the "Contract"). The Contract is with
Aiotec GmbH, a German engineering company. Work will start
immediately and it is anticipated that the dismantling of the plant
will take seven months with a further two months to complete the
decommissioning phase.
The Contract, which has an initial value of AUD 6,000,000,
represents an exciting new area of business for MRS. Under the
terms of the Contract, the Company will receive an initial down
payment of AUD 900,000 followed by monthly progress payments based
on key milestones being met.
MRS will be responsible for the standard costs, expenses and
liabilities which are incurred whilst executing the Contract. MRS
will employ approximately 30 personnel for the duration of this
project and will utilise existing assets for the demolition
component of the work.
Current trading for the year remains in line with management
expectations and the Company is in advanced contract negotiations
for a number of other tenders. Further updates will be made at the
appropriate time.
Paul Morffew, CEO of MRS said:
"This is a great win for the Company and the MRS management team
and is a reflection of our first-rate capabilities in this area.
The team are able to undertake the remediation and civil
investigation, planning and design works concurrently with the
demolition, which should allow the remediation and civil works to
commence sooner than initially planned, bringing forward the
overall delivery of the project.
"Alongside this good contract win, the team remains in
discussions for a number of other tenders and following the
successful fundraising earlier this week, the balance sheet is
suitably strengthened in order to execute any new work awarded to
us."
-Ends-
For further information:
Management Resource Solutions PLC c/o FTI +44 (0)20 3727
1000
Paul Morffew, Chief Executive
Timothy Jones, Finance Director
Northland Capital Partners Limited
+44 (0)203 861 6625
(Nominated Adviser and Joint Broker)
David Hignell
Gerry Beaney
Peterhouse Corporate Finance Limited
+44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
FTI Consulting
+44 (0)20 3727 1000
Edward Westropp
Adam Cubbage
About MRS
MRS provides project, quality, environmental and health &
safety management services to some of the largest companies and
projects across Australia, Oceania and Southeast Asia. MRS is a
sector specialist in the construction, engineering, civil
engineering, petrochemical and coal seam gas sectors. MRS sources
its contractors from a database of over 23,000 professionals around
the globe, allowing it to react quickly and fully to client
requirements.
The Company's Admission Document can be found at
http://www.mrsplc.net/.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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