Management Resource Solutions PLC D&M Group trading update (3656I)
March 25 2015 - 3:00AM
UK Regulatory
TIDMMRS
RNS Number : 3656I
Management Resource Solutions PLC
25 March 2015
25 March 2015 For immediate release
Management Resource Solutions PLC
("MRS" or the "Company")
D&M Group trading update
MRS, the human capital resource consultancy quoted on AIM,
announces that following the General Meeting of the Company held on
23 March 2015, at which shareholders voted in favour of the
acquisition of the D&M Group of companies ("D&M") (as
detailed in the admission document published on 4 March 2015), they
are pleased to announce a trading update for the acquired
business.
On 27 February 2015, MRS published its unaudited interim results
for the six months ended 31 December 2014 and the Company now
wishes to provide similar information for D&M.* In the six
months to 31 December 2014, D&M reported a profit before
taxation of approximately A$799,000 (GBP421,000) on turnover of
A$9.06m (GBP4.78m). Earnings before interest, depreciation and
amortisation for the period were approximately A$1.39m
(GBP730,000). On a pro forma basis D&M would have contributed
an additional 2.43c (1.28p) earnings per share for the period. At
31 December 2014 D&M had net assets of A$5.67m (GBP2.99m)
including cash of A$1.0m (GBP530,000).
D&M has shown its strength and seen stable margins and a
consistent level of contract wins in line with the previous year,
against a backdrop of reduced investment linked to natural
resources projects. Since 1 January 2015, there has been an
increase in both the number and scale of sales enquiries driven
largely by an increase in infrastructure spending at the Australian
Federal government level. Whilst this added investment will not
match the estimated reduction in private sector activity as a
result of actual and projected falls in resource prices, D&M
stands to benefit due to their broad customer base and long
standing commercial relationships with public bodies such as
Brisbane and Gold Coast City Councils.
The potential for synergies and cost rationalisation across the
enlarged group remains the strategic driver for the integration and
the first full audited financial information for the enlarged MRS
group incorporating D&M will be for the year ended 30 June
2015.
As noted in the announcement dated 23 March 2015, the Company
will provide an update regarding the release of security held by
the existing lenders over the assets of the enlarged group as soon
as possible.
-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
* Shareholders should note that this information is unaudited
and derived from D&M's management accounts before the
application of a group audit process which may result in
adjustments to allow for differences in accounting policies between
MRS and D&M.
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.
Terms used but not defined in this announcement are defined in
the Company's AIM admission document published today. The Admission
Document can be found at http://www.mrsplc.net/.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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