18 Jan 2017 12:19
18 January 2017
Management Resource Solutions plc
Trading Update
Management Resource Solutions plc ("MRS" or "Company") announces that it is nearing finalisation of the audit for the year ended 30 June 2016. It is anticipated that the audit will be completed and the results announced by the first week of February 2017. Shareholders should anticipate a reported pre-tax loss of approximately A$6m for the financial year ending 30 June 2016, this figure includes provisions of A$6.5m against the contracts entered into by the now defunct consulting business of the Group, founded and operated by former CEO Paul Morffew.
The results to 30 June 2016 include 3 months' contribution from Bachmann Plant Hire ("Bachmann") but no contribution from MRS Services Group (formerly SubZero) ("MRSSG"), which was acquired on 30 September 2016.
The Board is pleased to report that Bachmann and MRSSG continue to trade profitably.
The Company is aware of press speculation regarding a requisition for a General Meeting in addition to that announced on 9 January 2017. A requisition letter was received by MRS on 17 January 2017 but after legal review, it was found to be non-compliant and no further action will be taken in respect of it.
For further information:
Management Resource Solutions PLC c/o FTI +44 (0)20 3727 1000
Murray d'Almeida, Chairman
Joe Clayton, Chief Executive
Northland Capital Partners Limited +44 (0)203 861 6625
(Nominated Adviser and Joint Broker)
William Vandyk
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
Emilie O'Herne
Management Resource Solutions (MRS), through its subsidiaries Bachmann and MRS Services Group, offers plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a wide base of private and public sector clients in Australia. MRS caters predominately to the oil & gas, mining, civil engineering, construction and infrastructure industries.