RA International Group PLC Operational Update (6462K)
17 December 2018 - 7:00PM
UK Regulatory
TIDMRAI
RNS Number : 6462K
RA International Group PLC
17 December 2018
17 December 2018
This announcement contains inside information
RA INTERNATIONAL GROUP PLC
Operational Update
RA International Group PLC (AIM: RAI), a leading provider of
services to remote locations in Africa and the Middle East,
provides the following operational update on its activities.
RA International has made good progress on its strategic
objectives since the Company was admitted to AIM earlier this year.
The Directors have sought to grow the business by targeting larger
scale contracts and entry to new territories and sectors. Through
this approach the Company is delivering a change in revenue
composition which shows an increased proportion from the Government
and commercial sectors, as well as broader geographic exposure. The
Company has also established a pipeline of opportunities in the
mining and oil & gas sectors.
While the Company has increased revenue backlog, several
projects which were expected to contribute to H2 2018 revenue have
been delayed for reasons outside the Company's control and will now
take place in H1 2019. Consequently, RA's revenues and profits for
the year to 31 December 2018 are expected to be slightly behind
market expectations.
During the second half of 2018 the Company secured a new client
in URS Group, Inc., a subsidiary of AECOM (one of the world's
leading construction and civil engineering firms), to provide
construction services in Somalia under a US$9.1m contract and won a
five year, US$30m+ contract for the electrical works and
construction of power infrastructure for the United Nations Support
Office in Somalia. In addition, RA International was awarded a
contract in a Central African country with a large publicly listed
US company.
The Company has been invited to bid for opportunities which were
not available to RA International as a private company. Given the
size of the contracts and the counterparties involved, the Board
has noted that the bid to contract process is taking longer.
.
Soraya Narfeldt, CEO of RA International, said:
"The contract opportunities which the Company is now being
invited to bid for are encouraging and I am pleased with the
progress made by RA International since Admission to AIM. Whilst it
has so far taken longer than anticipated to convert bids into
contracts, we have a strong pipeline of projects across a range of
sectors and a project management team capable of executing and
delivering larger projects."
Enquiries:
RA International Group PLC Via Hudson Sandler
Soraya Narfeldt, Chief Executive Officer
Lars Narfeldt, Chief Operating Officer
Andrew Bolter, Chief Financial Officer
Cenkos Securities PLC (Nominated Adviser and
Broker)
Beth McKiernan +44 (0)131 220
Derrick Lee 6939
Hudson Sandler (Financial PR & IR) +44 (0)20 7796
Dan de Belder 4133
Background to the Company
RA International is a leading provider of services to remote
locations in Africa and the Middle East. It specialises in five
service verticals: construction; integrated facilities management;
operation and maintenance; accommodation; and supply chain
logistics. It has a strong customer base, largely comprising UN
agencies, western governments and global corporations.
The Group provides comprehensive, flexible, mission critical
support to its clients enabling them to focus on the delivery of
their respective businesses and services. RA International's focus
on integrity and values alongside on-going investment in people,
locations and operations has over time created a reliable and
trusted brand within its sector.
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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