26 May 2016 09:00
26 May 2016
Management Resource Solutions PLC
("MRS" or the "Company")
Significant Contract Win
MRS, the human capital resource consultancy, is pleased to announce that the Company has been awarded a new contract to dismantle and demolish the Lyondell Basel Poly Plant Refinery in Clyde, New South Wales (the "Contract"). The Contract is with Aiotec GmbH, a German engineering company. Work will start immediately and it is anticipated that the dismantling of the plant will take seven months with a further two months to complete the decommissioning phase.
The Contract, which has an initial value of AUD 6,000,000, represents an exciting new area of business for MRS. Under the terms of the Contract, the Company will receive an initial down payment of AUD 900,000 followed by monthly progress payments based on key milestones being met.
MRS will be responsible for the standard costs, expenses and liabilities which are incurred whilst executing the Contract. MRS will employ approximately 30 personnel for the duration of this project and will utilise existing assets for the demolition component of the work.
Current trading for the year remains in line with management expectations and the Company is in advanced contract negotiations for a number of other tenders. Further updates will be made at the appropriate time.
Paul Morffew, CEO of MRS said:
"This is a great win for the Company and the MRS management team and is a reflection of our first-rate capabilities in this area. The team are able to undertake the remediation and civil investigation, planning and design works concurrently with the demolition, which should allow the remediation and civil works to commence sooner than initially planned, bringing forward the overall delivery of the project.
"Alongside this good contract win, the team remains in discussions for a number of other tenders and following the successful fundraising earlier this week, the balance sheet is suitably strengthened in order to execute any new work awarded to us."
-Ends-
For further information:
Management Resource Solutions PLC c/o FTI +44 (0)20 3727 1000
Paul Morffew, Chief Executive
Timothy Jones, Finance Director
Northland Capital Partners Limited +44 (0)203 861 6625
(Nominated Adviser and Joint Broker)
David Hignell
Gerry Beaney
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
FTI Consulting +44 (0)20 3727 1000
Edward Westropp
Adam Cubbage
About MRS
MRS provides project, quality, environmental and health & safety management services to some of the largest companies and projects across Australia, Oceania and Southeast Asia. MRS is a sector specialist in the construction, engineering, civil engineering, petrochemical and coal seam gas sectors. MRS sources its contractors from a database of over 23,000 professionals around the globe, allowing it to react quickly and fully to client requirements.
The Company's Admission Document can be found at http://www.mrsplc.net/.