MayAir Group PLC Trading Update (6830Y)

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RNS Number : 6830Y

MayAir Group PLC

07 March 2017

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

7 March 2017

MayAir Group plc

('MayAir' or the 'Group')

Trading Update

MayAir Group plc (AIM: MAYA.L), a leading specialist provider of air purification technology, today provides an update on the Group's trading for the year ended 31 December 2016.

On 9 December 2016, the Group announced that it had recorded unaudited revenues for the 10 months to 31 October 2016 of US$52.4 million, with an unfulfilled order book of US$20.4 million. Whilst the Group was able to fulfil the majority of the order book prior to the year end, one contract, with a value of approximately US$7.1 million, was unable to be recognised prior to the year end. As a result, the revenue for this contract will be recognised in the first quarter of 2017. Consequently, the Group's revenue for the year ended 31 December 2016 is now expected to be approximately US$65.6 million.

In addition, as a result of the timing of delivery of the contract referred to above and an increase in the Group's operating expenses during the year, the Directors expect that the Group will report a profit before tax of approximately US$5.9 million for the year ended 31 December 2016, subject to any final audit adjustments. The increased operating expenses have been incurred predominantly in expanding the Group's sales and marketing efforts.

Yap Wee Keong, Chief Executive Officer of MayAir Group, said:

"Whilst the profit for the year will be lower than anticipated, we consider that the additional operating expenses incurred will be beneficial in positioning the Group for the future. We are pleased that the Group has managed to achieve another year of revenue growth. We are particularly pleased with the progress made in the year in our commercial and replacement divisions, each of which exceeded our targets. The industrial sector remains highly competitive, however we continue in our efforts to build market position."

For further information:

 
 MayAir Group plc 
 Yap Wee Keong, Chief Executive              Tel: [phone] 
  Officer                                               2908 
 Koh Tat Seng, Chief Financial           www.mayairgroup.com 
  Officer 
 
 Allenby Capital Limited (Nominated          Tel: +44 (0) 20 
  Adviser)                                         3328 5656 
 David Hart / James Reeve             www.allenbycapital.com 
 
 Cantor Fitzgerald Europe                    Tel: +44 (0) 20 
  (Broker)                                         7894 7000 
 Andrew Craig / Richard Salmond               www.cantor.com 
 
 Media enquiries: 
 Buchanan 
 Henry Harrison-Topham / Victoria            Tel: +44 (0) 20 
  Hayns / Jane Glover                              7466 5000 
 [e-mail]                  www.buchanan.uk.com 
 

About MayAir

Notes to Editors

Founded in 2001, MayAir Group is a leading specialist provider of air purification technology for use in industrial cleanrooms, supplying to large multinational manufacturers. The Group's core business is in providing air filtering equipment and filters for use in industrial cleanrooms, an area in which MayAir has established itself as one of the leading providers in China. In recent years, the Group has diversified its product offering to include indoor clean air solutions for the commercial and residential markets. Key flagship commercial projects include providing solutions for airport terminals, convention centers, subways, offices and schools. MayAir Group was admitted to trading on AIM in May 2015 with the ticker MAYA.L.

For additional information please visit: www.mayairgroup.com

- Ends -

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March 07, 2017 02:01 ET (07:01 GMT)