15 Oct 2018 09:20
Management Resource Solutions plc
EPIC: MRS
15 October 2018
Management Resource Solutions plc
("MRS PLC" or the "Company" or the "Group")
Trading Update
Management Resource Solutions PLC (AIM: MRS), a leading Maintenance, Fabrication, Civil and Earthworks company, provides the following trade update ahead of its Final Results for the year ended 30 June 2018 (the "financial year", "FY18"). The Group intends to announce its Final Results in December 2018.
Trading update
The Group is pleased to report that it has traded well and in line with the Board's expectations during the financial year. As a result, the Board expects to report Net Revenue for FY18 AUD$68.4m (FY17: AUD$52.4m) and EBITDA for FY18 of AUD$12.3m (FY17: loss AUD$4.9m). The Company is still in the process of completing final reviews and audit work, including tax; however, Net Profit before Tax is expected to be FY18 AUD$6.1m (FY17: loss AUD$10.8m), which is in line with prior guidance of 2.0p per share (excluding any foreign exchange impacts). These results are unaudited.
The results were driven by strong demand for MRS' services in the resources and construction markets in Australia, continual investing in core profitable assets and cost management. There has also been a strong focus on growing operations in to new markets. The restructuring and maximising of synergies will continue into FY19.
Paul Brenton, Chief Executive Officer of Management Resource Solutions PLC, commented:
"The FY18 year has been a watershed year for the MRS Group, being able to focus on the core operations of Fabrication, Mechanical and Civil & Earthworks, with reduced distractions from the discontinued operations of FY17. We are a leading employer in both the Hunter Valley and Ipswich, and the group now has over 400 skilled employees. The MRS Group has invested significantly in our people and core profitable assets in FY18, which has driven this strong EBITDA result. The resources sector continues to improve with commodity prices stabilising and production demand strengthening, leading to increased demand in our Fabrication and Mechanical operations. There is a similar sentiment in the civil/construction sector, with record government spending on infrastructure providing new and exciting opportunities for our Civil and Earthworks operations. We are well positioned to capitalise on the upcoming market conditions.
I'd like to thank all of our shareholders, customers and suppliers for their loyalty and support, and in particular our employees for continuing to deliver a safe and market leading product which has driven this outstanding result."
For further information:
Management Resource Solutions plc
John Zorbas, Chairman +1 (0) 778 938-7631
Paul Brenton, CEO +61 (0) 401 072 464
Tim Jones, Finance Director +44 (0) 79 6644 2985
Northland Capital Partners Limited +44 (0) 20 3861 6625
(Nominated Adviser and Joint Broker)
Tom Price
Jamie Spotswood
Peterhouse Corporate Finance Limited +44 (0)20 7469 0932
(Joint Broker)
Charles Goodfellow
Lucy Williams
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulaon No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. On the publication of this announcement via a Regulatory Information Service ("RIS"), this information is considered to be in the public domain.
About MRS
Management Resource Solutions plc (MRS), through its subsidiaries Bachmann Plant Hire 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 for the mining, civil engineering, construction and infrastructure industries.
Further information on the Company can be found at http://www.mrsplc.info