Last checked at 22 May 2013 15:16
22 May 2013
Watermark Global Plc
(“Watermark” or “Company”)
MRI Trading Update
Watermark Global Plc (AIM: WET), a company listed on AIM , provides an update for its associate company, Mine Restoration Investments Limited (“MRI”), following an announcement made by MRI to the Johannesburg Stock Exchange yesterday.
Watermark notes the announcement made by MRI wherein they state that results for the period to 28 February 2013 are expected to show a loss per share between 1.5 cents and 2.5 cents (headline loss between 6.5 cents and 7.5 cents) per share*. This compares to the 0.52 cents earnings and headline earnings per share forecast for the same period as contained in the circular dated 2 April 2012 and to earnings per share of 11.39 cents and headline loss of 17.4 cents per share reported in the previous corresponding period, which, because of an accounting date change represents the 14 months ended 31 December 2011.
The shortfall in the expected results versus forecast is driven by the delays and associated costs in the development of the briquetting project as announced to date. Full results for the year ended 28 February 2013 are expected to be published by MRI on or about the end of May 2013.
Watermark’s own results are due to be announced very soon thereafter.
The full MRI announcement is available on www.minerestoration.co.za
* Headline earnings per share exclude the gains relating to the acquisition of Western Utilities Corporation.
| Enquiries | ||
| Watermark Global plc | ||
| Peter Marks, Chairman | Tel: + 44(0) 20 7233 1462 | |
| Investor Relations | ||
| Charles Zorab | Tel: + 44(0) 20 7233 1462 | |
| czorab@watermarkglobalplc.com | ||
| Nominated Adviser: Cenkos Securities | ||
| Ian Soanes/Ivonne Cantú | Tel: +44(0)20 7397 8900 | |
Copyright Business Wire 2013