20 Nov 2013 07:00
East West Resources Plc
Trading Update
East West Resources Plc ("EWR" or "the Group") is pleased to issue a trading update for the financial year ending 31 December 2013.
Following on from an improved first half, EWR is pleased to report further strengthening in its performance during the second half of the current year.
In the interim statement for the six months ended 30 June 2013, EWR reported total net revenues for Ambrian Metals Limited (AML), the Group's metal trading business, of US$5.37 million (comprising turnover, net of cost of sales). At that time, EWR anticipated that total income for AML in H2 2013 would be around the same level as H1 2013 (implying total income for the year of c. US$10.74m).
EWR is pleased to report that, as at 31 October 2013, AML's net revenues in the ten month period were already in excess of US$10m. The Group also anticipates that the pattern of trading for the final two months of the year will follow that achieved, to date, in the second half of the current year. The financial improvement results from an increased tonnage of metal sold in the second half which is in excess of the Board's expectations. Shareholders should note that there has been no material change in the Group's overall cost base during the same period.
For further information, please contact:
East West Resources plc
Roger Clegg +44 207 634 4785
Cenkos Securities
Jon Fitzpatrick +44 207 397 8900
Neil McDonald +44 131 220 9771