East West Resources PLC AGM Statement (5038K)
June 25 2014 - 6:00AM
UK Regulatory
TIDMEWR
RNS Number : 5038K
East West Resources PLC
25 June 2014
East West Resources plc
AGM Statement
At today's Annual General Meeting of East West Resources plc
(the "Company" or "EWR" and, together with its subsidiaries, the
"Group"), Charles Crick, non-executive Chairman, will make the
following statement:
"I am pleased to report that gross profits for our principal
business, Ambrian Metals Limited ("AML"), the Group's metals
trading business, for the five months to 31 May are at a similar
level for the same period last year although we are experiencing a
slower June due to more difficult market conditions and volatile
forward spreads which we expect will result in a lower gross profit
for the first half and a lower revenue run rate going into the
second half. Our performance to date has been achieved against a
background of a reduction in the LME price of copper over the
period to 31 May to c.$7,000 per tonne (from c.$7,500 per tonne on
1 January 2014). Premiums have, however, remained relatively stable
underpinned by a diminution in free LME warehouse stocks of copper
over the period.
Looking ahead, and assuming the absence of any sustained
slowdown in our target markets or possible reduction in the
availability of credit to end user customers, we remain confident
in our business model for a successful second half. However,
shareholders should be reminded that the second half performance in
2013 benefitted from favourable trading conditions.
As announced in our Annual Report, the Company recently entered
into agreements to surrender the lease of our head office premises
and to take a new lease of premises in the City of London better
suited to our requirements. We have now completed these agreements
and have moved into our new premises."
East West Resources plc
Roger Clegg, COO +44 (0)20 7634 4785
Cenkos Securities plc
Neil McDonald +44 (0)131 220 9771
Nick Tulloch +44 (0)131 220 9772
Notes to Editors
EWR is active in the physical trading of base metals (primarily
copper). It sources and supplies a variety of commodities to end
users all over the world. Supported by its offices in London and
Shanghai and a network of agents in North and South America, Asia
and the Middle East, EWR provides producers and consumers with its
marketing insight whilst emphasizing the financing and risk
management aspect of its trading activities. EWR also holds and
manages a number of equity investments. EWR is quoted on the AIM
section of the London Stock Exchange under the ticker symbol
EWR.
Further information on East West Resources plc is available on
the Company's website: www.ewrplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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