LONDON (Alliance News) - Management Resource Solutions PLC Thursday said it continues to make progress in investigating a number of issues in its legacy consulting business, and that its Interim Chief Executive Joe Clayton has agreed to take on the role of permanent CEO.
Clayton has agreed to do so subject to due diligence and contract, and once this is completed, further information about Clayton's formal appointment will be announced.
The company said it has scheduled meetings with counterparties to the relevant contracts that are part of the legacy issues, and hopes to provide a further update on these issues, which are one of the underlying reasons for its current suspension from trading on AIM.
"The company and its advisers continue to work to fully identify, quantify and resolve a number of matters and as soon as clarity has been achieved on these it is intended that an application be made for the resumption of trading in MRS' ordinary shares on AIM," the company said.
Meanwhile, the company said that the unaudited earnings before interest and tax of its acquisition Bachmann Plant Hire for the year to the end of June was between AUD2.1 million to AUD2.6 million, meaning that a deferred payment of AUD1.3 million is due to the vendors. This will be satisfied in shares once Management Resource Solutions' shares resume trading.
Its SubZero business saw revenue for the first quarter to the end of September of USD16.4 million, up from USD15.0 million the year before, Management Resource Solutions said.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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