Management Resource Solutions PLC Trading Update (0343E)
15 October 2018 - 7:20PM
UK Regulatory
TIDMMRS
RNS Number : 0343E
Management Resource Solutions PLC
15 October 2018
Management Resource Solutions plc
EPIC: MRS
15 October 2018
Management Resource Solutions plc
("MRS PLC" or the "Company" or the "Group")
Trading Update
Management Resource Solutions PLC (AIM: MRS), a leading
Maintenance, Fabrication, Civil and Earthworks company, provides
the following trade update ahead of its Final Results for the year
ended 30 June 2018 (the "financial year", "FY18"). The Group
intends to announce its Final Results in December 2018.
Trading update
The Group is pleased to report that it has traded well and in
line with the Board's expectations during the financial year. As a
result, the Board expects to report Net Revenue for FY18 AUD$68.4m
(FY17: AUD$52.4m) and EBITDA for FY18 of AUD$12.3m (FY17: loss
AUD$4.9m). The Company is still in the process of completing final
reviews and audit work, including tax; however, Net Profit before
Tax is expected to be FY18 AUD$6.1m (FY17: loss AUD$10.8m), which
is in line with prior guidance of 2.0p per share (excluding any
foreign exchange impacts). These results are unaudited.
The results were driven by strong demand for MRS' services in
the resources and construction markets in Australia, continual
investing in core profitable assets and cost management. There has
also been a strong focus on growing operations in to new markets.
The restructuring and maximising of synergies will continue into
FY19.
Paul Brenton, Chief Executive Officer of Management Resource
Solutions PLC, commented:
"The FY18 year has been a watershed year for the MRS Group,
being able to focus on the core operations of Fabrication,
Mechanical and Civil & Earthworks, with reduced distractions
from the discontinued operations of FY17. We are a leading employer
in both the Hunter Valley and Ipswich, and the group now has over
400 skilled employees. The MRS Group has invested significantly in
our people and core profitable assets in FY18, which has driven
this strong EBITDA result. The resources sector continues to
improve with commodity prices stabilising and production demand
strengthening, leading to increased demand in our Fabrication and
Mechanical operations. There is a similar sentiment in the
civil/construction sector, with record government spending on
infrastructure providing new and exciting opportunities for our
Civil and Earthworks operations. We are well positioned to
capitalise on the upcoming market conditions.
I'd like to thank all of our shareholders, customers and
suppliers for their loyalty and support, and in particular our
employees for continuing to deliver a safe and market leading
product which has driven this outstanding result."
For further information:
Management Resource Solutions plc
John Zorbas, Chairman +1 (0) 778 938-7631
Paul Brenton, CEO +61 (0) 401 072 464
Tim Jones, Finance Director +44 (0) 79 6644 2985
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Jamie Spotswood
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regula􀆟on No. 596/2014
and is disclosed in accordance with the Company's obligations under
Article 17 of those Regulations. On the publication of this
announcement via a Regulatory Information Service ("RIS"), this
information is considered to be in the public domain.
About MRS
Management Resource Solutions plc (MRS), through its
subsidiaries Bachmann Plant Hire and MRS Services Group, offers
plant hire, equipment repair, refurbishment and fabrication, mine
rehabilitation, earthmoving, road construction and other support
services to a wide base of private and public sector clients in
Australia. MRS caters predominately for the mining, civil
engineering, construction and infrastructure industries.
Further information on the Company can be found at
http://www.mrsplc.info
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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