Helesi PLC Corporate Update (3461C)

TIDMHLS

RNS Number : 3461C

Helesi PLC

14 March 2014

Helesi PLC ("Helesi" or the "Company")

14 March 2014

Corporate Update

Helesi provides an update on trading update for the financial year ended 31 December 2013. The principal trends experienced by Helesi in 2012 continued into 2013. Revenue is expected to have declined against the previous financial year, as the Company maintained its focus on profitable business combined with the on going difficult conditions in Helesi's markets. The underlying EBITDA outcome is expected to have improved over 2012, assisted by further cost cutting initiatives and better margins in services. Net debt at the year end is expected to be broadly similar compared to 30 June 2013.

As reported in the interim results for the six months to 30 June 2013 announced on 31 January 2014, the on going high level of indebtedness remains a significant challenge for the Company. The Company's banks are continuing to engage with Helesi on extending the maturity of the Company's borrowings and providing additional funding to facilitate the growth of the business. Whilst progress is being made and the directors are confident of obtaining the bank's approval to a debt restructuring, there can be no certainty of a successful outcome. Helesi's shares remain suspended on AIM and an update will be provided on this matter when an announcement is made about the debt restructuring.

At its Annual General Meeting held on 12th February, all resolutions were duly passed.

Further information can be found on the Company's website including details of the principal shareholders of Helesi. By way of clarification, Tecmec SA has a holding of 9.03 million shares in Helesi, representing 22.69% of the issued share capital, and this company is controlled by Athanasios Andrianopoulos and Christina Thanassoulia, the Chief Executive and Deputy Chief Executive respectively.

For further information please visit www.helesi.com or contact:

   Helesi PLC                           Christina Thanassoulia                  [phone] 
   Panmure Gordon             Andrew Godber                          [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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