Management Resource Solutions PLC Update (0130O)
28 September 2019 - 12:20AM
UK Regulatory
TIDMMRS
RNS Number : 0130O
Management Resource Solutions PLC
27 September 2019
27 September 2019
Management Resource Solutions plc
Update
The Board of Management Resource Solutions plc (MRS) provides
the following update.
The Board continues to work with the administrators to
restructure the debt; a further update on this progress will be
provided next week.
Work is progressing on the preparation of financial statements
for the year ended 30 June 2019, but has inevitably been delayed by
recent events. However, it is now clear that factors that have
affected the business during the year have impacted the
results.
Revenue for the Group was below forecast, largely because of a
weaker residential housing demand and deferral of a major contract
into the current year. Despite this, EBITDA before non-recurring
items held up reasonably well against the forecast. There have been
a number of significant one-off events that have affected results,
notably the Alerion investigation and valuation costs and the
professional costs associated with the numerous EGM's. These
amounted to some A$1.6m in aggregate. Additionally, the delay in
concluding re-financing arrangements has meant that the forecast
interest saving of A$1.0m has not been achieved.
Accordingly, the directors expect that the results for the year
to 30 June 2019, which remain subject to audit, will fall short of
earlier expectations. In light of this, the directors intend to
strengthen the balance sheet and will put proposals to shareholders
in due course. In order to create a fresh start for the Company and
put a difficult year behind us, these proposals will include wider
initiatives to stabilise our business and to gain the trust of all
our shareholders. Specifically, we will complete the process of
appointing additional experienced non-executive directors to
strengthen corporate governance.
ENDS
For further information:
Management Resource Solutions plc via FTI Consulting
Paul Brenton, CEO Tel: +44 (0) 20
Tim Jones, Finance Director 3727 1000
Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20
Paul Shackleton/Tom Price 7614 5900
FTI Consulting (Financial PR) Tel: +44 (0) 20
Alex Beagley 3727 1000
James Styles
Sam Macpherson
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
UPDLLFLSATIDFIA
(END) Dow Jones Newswires
September 27, 2019 10:20 ET (14:20 GMT)
Management Resource Solu... (LSE:MRS)
Historical Stock Chart
From May 2024 to Jun 2024
Management Resource Solu... (LSE:MRS)
Historical Stock Chart
From Jun 2023 to Jun 2024