TIDMMRS
RNS Number : 0337G
Management Resource Solutions PLC
27 February 2015
27 February 2015 For immediate release
Management Resource Solutions PLC
("MRS" or the "Company")
Interim Results for the six months ended 31 December 2014
MRS, the human capital resource consultancy quoted on AIM, is
pleased to announce its Interim Results for the six months ended 31
December 2014.
Financial Highlights
-- 130% increase in turnover to A$11.4m (approximately GBP5.8m)
compared to the same period the previous year (H1 FY14: A$4.9m,
approximately GBP2.5m).
-- Increase in profit before tax to A$1,289,000 (approximately
GBP658,000), excluding exceptional costs of listing of A$798,000
(H1 FY14: A$158,000, approximately GBP81,000).
-- Earnings per share of 1.70c (approximately 0.87p) (H1 FY14: 0.33c).
-- Interim dividend of 0.35p (approximately 0.69c) per share declared (H1 FY14: Nil).
Operational Highlights
-- Good progress with the Papua New Guinea (PNG) Contract with
PEAL our first major EPC contract that is progressing in line with
expectations outlined during the AIM Admission process.
-- Solid performance from our base human capital business
providing niche quality assurance, HSE and environmental services
to blue chip clients in the construction, engineering, civil
engineering, petrochemical and coal seam gas sectors.
-- Good start to the second half and trading in line with management expectations.
Paul Morffew, MRS CEO said:
"The first half of the current financial year was significant in
positioning MRS to deliver on our growth strategy. We successfully
listed on the AIM market of the London Stock Exchange and expanded
our offering to complementary EPC activities through a major
contract in PNG. This is an area where we see significant further
potential. Despite the disruption of the listing process, the first
half saw excellent growth with a more than doubling turnover
following our move into EPC segment.
"We have had a good start to the second half of the financial
year and continue to trade in line with management
expectations."
Going forwards our recent listing will allow us to capitalise on
additional opportunities for both organic and acquisitive
growth.
-Ends-
For further information:
Management Resource Solutions PLC c/o FTI +44 (0)20
Paul Morffew, Chief Executive 3727 1000
Timothy Jones, Finance Director
Northland Capital Partners Limited
(Nominated Adviser and Broker)
William Vandyk
David Hignell +44 (0)20 7382 1100
FTI Consulting
Edward Westropp
Oliver Winters
Adam Cubbage +44 (0)20 3727 1000
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 are
sector specialists 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.
Further information on the Company can be found at
http://www.mrsplc.net/.
Management Resource Solutions PLC
("MRS" or the "Company")
Interim Results for the six months ended 31 December 2014
CEO's Statement
Dear Shareholders,
I am pleased to report to you on an extremely active period both
in terms of corporate activity, with our listing to AIM and, in an
operational sense, with the ongoing execution of our contract with
PEAL marking our successful move into complementary engineering
procurement and construction (EPC) activities.
Our goal during the first half of the financial year was to
continue to deliver our growth strategy whilst enhancing our
capabilities across all areas to become a leading supplier of human
capital, risk management and project management services to
projects in the energy, resources and construction sectors.
During this period we began to deliver on that strategy
increasing turnover by 130% compared to the first half of the
previous financial year. We reported a 211% period on period
increase in profit before tax after accounting for significant
non-recurring costs resulting from our admission to trading on
AIM.
As outlined in our Admission Document, MRS intends, where
appropriate, to be a dividend payer. In light of the company's
first half performance, the board has declared an interim dividend
of 0.35 pence per share, which will be paid on 10 April to those
shareholders who appear on the company's register as of 13 March.
The company's ordinary shares will be marked ex-dividend on 12
March.
We entered the second half of the financial year with confidence
and are trading in line with our expectations. MRS's Project
Management and Engineering Services team has been making steady
progress on the Pacific Energy Aviation Limited [PEAL] Aviation
Fuel Airport Fuel Depot in Papua New Guinea (PNG). The base project
is set for completion in mid-2015 and forms an integral part of
MRS's larger expansion and diversification growth strategy. The
skills and proficiency demonstrated on delivering this project
should bode well as we seek to advance our EPC offering going
forwards.
Our human capital business continues to provide a good base of
visible revenues from a number of blue chip customers allowing us
to seek higher growth expansion opportunities such as PNG. We
operate in a highly regulated environment that requires an
extremely high standard of competence and have the requisite
people, expertise and systems to enable our customers to meet these
requirements.
Our market listing has raised our profile and should help us to
achieve our ambitions growth plans.
The MRS team has performed well during HY15 and, on behalf of
the Board, I would like to thank all of our employees for their
dedication and the progress made by the company. I would also like
to thank our shareholders for your continuing support.
Paul Morffew
CEO
Financial Highlights
Condensed Statement of Comprehensive Consolidated Income
Six months ended 31 December 2014
6 months 6 months Year ended
30 June
2014
ended 31 ended 31 (Audited)
December December
2014 (Unaudited) 2013 (Unaudited)
Note $'000 $'000 $'000
Revenue 11,403 4,967 10,490
Cost of sales (7,156) (1,563) (4,610)
------------------- ------------------- -----------
Gross Profit 4,247 3,404 5,880
Administrative expenses 3 (3,757) (3,219) (5,625)
------------------- ------------------- -----------
Operating Profit 490 185 255
Other Income 2 2 -
Finance costs - interest (1) (29) (68)
------------------- ------------------- -----------
Profit before tax 491 158 187
Tax credit/(expense) 30 (57) (135)
------------------- ------------------- -----------
Profit for the period
attributable to equity
holders of the parent
company 521 101 52
------------------- ------------------- -----------
Earnings per share attributable
to equity holders of
the parent company
Basic 4 1.70c 0.33c 0.17c
------------------- ------------------- -----------
Fully diluted 4 1.67c 0.33c 0.17c
------------------- ------------------- -----------
Condensed Consolidated Balance Sheet at 31 December 2014
At 31 December At 31 December At 30 June
2014 2013 2014
(Unaudited) (Unaudited) (Audited)
Assets $'000 $'000 $'000
Non-current assets
Property, plant, equipment 339 156 154
Deferred tax 193 110 164
532 266 318
--------------- --------------- ------------
Current assets
Trade and other receivables 2,651 1,742 2,829
Cash and cash equivalents 2,109 98 1,063
4,760 1,840 3,892
--------------- --------------- ------------
Total assets 5,292 2,106 4,210
Liabilities
Current liabilities
Trade and other payables 2,168 650 2,898
--------------- --------------- ------------
2,168 650 2,898
--------------- --------------- ------------
Non-current liabilities
Borrowings 40 129 46
Deferred tax 13 27 15
53 156 61
--------------- --------------- ------------
Total liabilities 2,221 806 2,959
--------------- --------------- ------------
Net assets 3,071 1,300 1,251
=============== =============== ============
Equity attributable
to equity holders
of the parent
Share capital 36,623 36,586 36,586
Share premium 889 - -
Issue costs reserve - (332) (332)
Reorganisation reserve (36,032) (36,032) (36,032)
Retained earnings 1,591 1,078 1,029
Total equity attributable
to equity holders of
the parent 3,071 1,300 1,251
=============== =============== ============
Condensed Statement of Changes in Equity (unaudited)
For the six months ended 31 December 2014
Share capital Share Issue costs Reorganisation Retained Total
premium reserve reserve earnings equity
$'000 $'000 $'000 $'000 $'000 $'000
At 1 July 2013 36,586 - (332) (36,032) 977 1,199
Profit for the
period - - - - 101 101
At 31 December
2013 36,586 - (332) (36,032) 1,078 1,300
Loss for the
period - - - (49) (49)
At 30 June 2014 36,586 - (332) (36,032) 1,029 1,251
Transfer - (332) 332 - - -
Shares issued 37 1,342 - - - 1,379
Costs of issue - (121) - - - (121)
Profit for the
period - - - - 521 521
Share based
payment charges - - - - 41 41
At 31 December
2014 36,623 889 - (36,032) 1,591 3,071
============== ========= ============ =============== ========== ========
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 December 2014
6 months 6 months Year ended
ended 31 ended 31 30 June
December December 2014
2014 (Unaudited) 2013 (Unaudited)
(Audited)
Cash flows from operating activities $'000 $'000 $'000
Receipts from customers 10,853 4,297 13,691
Payments to suppliers and employees (10,821) (4,699) (12,959)
Interest received 2 2 4
Finance costs (20) (29) (68)
Income tax paid (21) (199) (287)
------------------ ------------------ -----------
Net cash flow from operating
activities (7) (628) 380
------------------ ------------------ -----------
Cash flows from investing activities
Purchase of non-current assets (185) (15) (37)
------------------ ------------------ -----------
Net cash flow from investing
activities (185) (15) (37)
------------------ ------------------ -----------
Cash flows from financing activities
Decrease in borrowings (19) (13) (34)
Issue of Shares 1,359 - -
Costs of issue (102) - -
------------------ ------------------ -----------
Net cash flow from financing
activities 1,238 (13) (34)
------------------ ------------------ -----------
Net increase/(decrease) in cash
held 1,046 (656) 309
------------------ ------------------ -----------
Cash and cash equivalents at
1 July 2014 1,063 754 754
------------------ ------------------ -----------
Cash and cash equivalents at
31 December 2014 2,109 98 1063
------------------ ------------------ -----------
Notes forming part of the Interim Results
For the six months ended 31 December 2014
1. Accounting Policies
The condensed consolidated unaudited interim financial
information set out in this report is based on the financial
statements of Management Resource Solutions Plc ("MRS"). The
condensed financial information should be read in conjunction with
the annual financial statements for the year ended 30 June 2014,
which were prepared in accordance with International Financial
Reporting Standards. The financial statements for the Group for the
six months ended 31 December 2014 were approved and authorised for
issue by the Board on 24 February 2015. These financial statements
have been prepared in accordance with the accounting policies that
are expected to be applied in the Report and Accounts of MRS for
the year ending 30 June 2015 and are consistent with International
Financial Reporting Standards adopted for use in the European
Union.
2. Basis of preparation
The financial information for the six months ended 31 December
2014 and 2013 is unreviewed and unaudited and does not constitute
the Company's statutory financial statements for those periods. The
comparative financial information for the full year ended 30 June
2014 has been derived from the statutory financial statements for
that period. The statutory accounts for the year ended 30 June 2014
have been filed with the Registrar of Companies. The auditors'
report on those accounts was unqualified.
The financial statements are presented in Australian Dollars and
all values are rounded to the nearest thousand dollars ($'000)
except where otherwise indicated.
3. Administrative expenses
Administrative expenses for the period include non-recurring
costs of $798,000 incurred in connection with the Company's listing
on the AIM.
4. Earnings per share
Earnings per share is calculated on the reported profit for the
period of $521,000 and on 30,662,696 ordinary shares, being the
weighted average number of shares in issue throughout the period
ended 31 December 2014.
For diluted earnings per share, the weighted average number of
ordinary shares in issue has been adjusted to assume conversion of
all dilutive potential ordinary shares. The Company has two classes
of dilutive potential ordinary shares, being share options granted
to directors and employees and warrants to subscribe for ordinary
shares issued in connection with the placing of ordinary shares on
11 December 2014.
5. Interim Statement
Copies of this Interim report for the six months ended 31
December 2014 will be available on the company's website
www.mrsplc.net
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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