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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Melco Resorts & Entertainment Ltd | TG:MAS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -0.93% | 5.35 | 5.30 | 5.35 | 5.35 | 5.35 | 5.35 | 150 | 16:48:04 |
RNS Number:5066U Marlborough Stirling PLC 22 January 2004 For immediate release 22nd January 2004 Marlborough Stirling plc Business update Marlborough Stirling today provides an update on * trading for the year ended 31st December 2003 * the outlook for the year ending 31st December 2004 Trading for the year ended 31st December 2003 The group expects to report total turnover (including the group's share of turnover from joint ventures) and pre-tax profits (before goodwill amortisation, reorganisation costs and certain non-operating credits) for the year ended 31st December 2003 in line with expectations. In the second half of 2003, the group continued its recent strong track record of cash generation and ended 2003 with higher net cash than at 30th June 2003, a stronger working capital performance than previously anticipated. In addition, Marlborough Stirling anticipates being able to reinstate dividend payments by recommending a final dividend for the year ended 31st December 2003. Outlook for the year ending 31st December 2004 The group enters 2004 with visibility for the year, in terms of contracted and recurring turnover, currently standing at over #70m. Notable recent increases in visibility include expansion in the range of services to be provided to Sun Life Financial of Canada (SLFoC) during 2004 in addition to the core outsourcing contract and a contract to deliver additional components to an existing UK Omiga implementation related particularly to achieving compliance with impending regulation. The current year has started with encouraging levels of activity across the business. In particular, the group is in exclusive negotiations in relation to a number of contracts that it is confident will be secured in the near future. Assuming successful conclusion of these negotiations, 2004 turnover visibility would increase by around #10m. Beyond these immediate prospects, the group anticipates securing further life and pensions outsourcing business in the coming months and there continues to be strong evidence in our pipeline of demand for our newer straight through processing (STP) solutions. In addition, the group's mortgage business expects increased activity in 2004 driven partly by strong demand for systems enhancement to achieve compliance with UK mortgage industry regulation being introduced in October 2004. We also expect strong operational progress by the group's portal services business this year as the range of new services supporting Exweb's transformation into a full electronic trading platform are rolled out. Given the nature of these new services it will not be until 2005 that significant growth in turnover will be apparent. Overall, progress in the above areas will offset the fact that certain existing contracts are approaching maturity, meaning that, at this early stage in the year, overall turnover for 2004 is expected to be similar to 2003. Given the significant emerging demand for our STP solutions, we have decided to invest additional research and development in these areas this year, such that total research and development spend will be around #2m higher than 2003. We expect the investment to be recouped through sales of these solutions over the next two to three years. Our projected run rate of costs for 2004 is similar to the average run rate for 2003, excluding the impact of securing any new outsourcing contracts that involve the group in assuming personnel and/or infrastructure costs. This primarily reflects cost savings made last year and further planned cost reductions in relation to the SLFoC outsourcing contract, offset by increased research and development expenditure, a planned increase in marketing spend in support of in particular The Exchange and STP solutions and the impact of inflation. The group expects to announce its audited preliminary results for the year ended 31st December 2003 on Wednesday 3rd March 2004. Further information Marlborough Stirling 01242 547000 Huw Evans, Chairman & Chief Executive Bob Beveridge, Finance Director Citigate Dewe Rogerson 020 7638 9571 Toby Mountford Alex Brown This information is provided by RNS The company news service from the London Stock Exchange END MSCDFLFLZFBLBBZ
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