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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Management Resource Solutions Plc | MRS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 2.30 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 2.30 |
| Top Posts |
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Posted at 13/9/2020 08:46 by belgrano2 anyone ever hear what the drone outfit was sold by the auditors for...didnt mrs value it at 1.2m |
Posted at 21/10/2019 21:49 by kinwah Everything in today's RNS is a natural consequence of administrators being appointed to the Australian subsidiaries. MRS still has a lifeline if it can offer a better deal for creditors than selling the businesses to the highest bidder. MRS is in this position because of having cash-hungry Aussie subsidiaries supporting a UK plc which can't raise money by issuing shares in a placing. It was asking for trouble. |
Posted at 15/8/2019 12:22 by gnnmartin Interesting. I wonder whose fault that is? Can you blame MRS if they were not informed? Possibly even the registrar does not know, since the shareholder is not necessarily the beneficial owner.Mr Burton who was associated with the last EGM (and presumably the latest too) was still a director for some months after Macquarie Group sold. If MRS were at fault, was Mr. Burton culpable? Perhaps we should welcome the new directors installed by MRS. |
Posted at 15/5/2019 09:02 by apfindley Statement by members for circulation under Section 314 Companies Act 2006 Members' power to require circulation of statementsThe Board in it's circular to shareholders dated 3 May has made a number of assertions which relate directly to the motions proposed. This statement seeks to provide additional information to help shareholders make a balanced decision about the proposed resolutions. The proposed Directors seek your support to change the Board of MRS so that a new Board of Directors can run the business for the benefit of all shareholders, and not just for the select few who are friends or associates of John Zorbas and Leon Hogan. Under this Board, the share price has halved during the time the current Board has been in charge the share price has roughly halved (from 6.9p on 29 March 2018, 3.6p at the close on 10 May). Investors have lost faith in the Board following questionable transactions many investors have long been suspicious of the relationship between the Chairman John Zorbas and major shareholder Leon Hogan, with this concern coming to a head as a result of two questionable transactions, most notably the astonishing acquisition of a 7 month old startup with no operating experience from close business associates for £1.32m (A$2.2m). It has also emerged that 49% of the placing last July went to Leon Hogan, a Canadian/Cypriot consultancy which John Zorbas admits "assists me in my role as Chairman" and Chris Grove, a long time business associate of Hogan. These transactions have been the subject of many shareholder complaints to the FCA, AIM, the Takeover Panel and the Company's Nomad. The Board seems indifferent to investor concerns despite the widespread concern about close relationships with the Board and the need for directors who are wholly independent of the current Board, and although no criticism of their qualities is intended, the two candidates proposed by the board are Paul Brenton's former boss and a former colleague of Tim Jones. The proposed Directors will work transparently for the benefit of all shareholders all know MRS well, with Trevor Brown and Nigel Burton having been Directors who were both described in RNS announcements by the company as 'instrumental in the success of the 2017 placing and re?admission to AIM and having played an important role in the subsequent transformation of the Company'. Both left as a result of repeated improper interference in the business by Leon Hogan, with the support of John Zorbas. The Alerion acquisition this acquisition, announced on 28 March, of the "unmanned aerial vehicle specialist" Alerion Consulting for £1.32m (A$2.2m) resulted in the share price dropping by 1/3 following widespread investor scepticism about the deal. Alerion is a startup founded in August 2018. The founder and former principal owner Elliott Talbott admitted at the investor presentation on 2 May that Alerion has never even completed a survey MRS shareholders will now be bearing all the costs and risks of turning this startup with no operating history into the remarkable opportunity which the Board would like us to believe it will be. The CEO Paul Brenton also admitted that he "didn't look at any other drone operators" as alternatives to Alerion. Investors can only wonder why this business has been acquired at such a high price from Elliott Talbott and Chris Grove, who until recently were President and IT advisor of a business called Leinad which is based in the same office suite as and is believed to be partly owned by John Zorbas, and why Leon Hogan was paid £19,000 to introduce people who were already well known to him and the Chairman. Reports on conflicts of interest and Alerion valuation the Board announced on 15 April that a report to assess any conflicts of interest and an independent valuation of Alerion would be conducted Why, if the Board is confident of its position, have neither of these been published in time to inform shareholders before the General Meeting? Why has the appointment of the firm engaged to undertake the independent valuation not been announced? How objective is the circular and how selective has it been in choosing what to present to shareholders? Shareholders can make their own assessment of the relevance and accuracy of the information selected by the MRS directors for the circular but one example will suffice. The circular highlights the remuneration paid to Trevor Brown and Nigel Burton during their time as Non-Executive Directors. Both received the same basic remuneration as the other Non-Executives, and both received agreed compensation payments on leaving. In addition, Nigel Burton charged fees, in accordance with his contract which was identical to those of the other Non-Executives, for additional work undertaken, amounting to over 100 days, including two weeks in Australia. Demand for a PollA Poll has been demanded by at least 5 members. This will ensure that the results of the voting are fully transparent and published for all shareholders to see. Recommendation to VOTE IN FAVOUR OF ALL RESOLUTIONS Shareholders have the opportunity to elect three independent NEDs to the MRS Board. Their primary focus will be to ensure that the business is run for the benefit of all shareholders. Given the concerns expressed by many shareholders, they will also:1. Uncover the truth about the events of the past year and make the details public for the benefit of all shareholders and seek redress where appropriate.2. Review the Alerion deal to cancel it or reduce the price as appropriate.3. Cooperate fully with any investigation of alleged wrong-doing by the current Board including by the FCA, AIM, the Takeover Panel and the Company's Nomad, all of which have received many complaints from shareholders. The Board has not provided a credible argument why this should not happen. Shareholders will form their own conclusions as to why the Board has failed to provide the independent report on conflicts of interest and the independent valuation of Alerion in time to inform shareholders before they vote in the General Meeting. |
Posted at 15/5/2019 09:01 by johnyee 7 Here's the statement that's supposed to be on the website but nobody can find.Statement by members for circulation under Section 314 Companies Act 2006 Members’ power to require circulation of statements The Board in it’s circular to shareholders dated 3 May has made a number of assertions which relate directly to the motions proposed. This statement seeks to provide additional information to help shareholders make a balanced decision about the proposed resolutions. The proposed Directors seek your support to change the Board of MRS so that a new Board of Directors can run the business for the benefit of all shareholders, and not just for the select few who are friends or associates of John Zorbas and Leon Hogan. Under this Board, the share price has halved – during the time the current Board has been in charge the share price has roughly halved (from 6.9p on 29 March 2018, 3.6p at the close on 10 May). Investors have lost faith in the Board following questionable transactions – many investors have long been suspicious of the relationship between the Chairman John Zorbas and major shareholder Leon Hogan, with this concern coming to a head as a result of two questionable transactions, most notably the astonishing acquisition of a 7 month old startup with no operating experience from close business associates for £1.32m (A$2.2m). It has also emerged that 49% of the placing last July went to Leon Hogan, a Canadian/Cypriot consultancy which John Zorbas admits “assists me in my role as Chairman” and Chris Grove, a long time business associate of Hogan. These transactions have been the subject of many shareholder complaints to the FCA, AIM, the Takeover Panel and the Company’s Nomad. The Board seems indifferent to investor concerns – despite the widespread concern about close relationships with the Board and the need for directors who are wholly independent of the current Board, and although no criticism of their qualities is intended, the two candidates proposed by the board are Paul Brenton’s former boss and a former colleague of Tim Jones. The proposed Directors will work transparently for the benefit of all shareholders – all know MRS well, with Trevor Brown and Nigel Burton having been Directors who were both described in RNS announcements by the company as ‘instrumental in the success of the 2017 placing and re‐admission to AIM and having played an important role in the subsequent transformation of the Company’. Both left as a result of repeated improper interference in the business by Leon Hogan, with the support of John Zorbas. The Alerion acquisition – this acquisition, announced on 28 March, of the “unmanned aerial vehicle specialist” Alerion Consulting for £1.32m (A$2.2m) resulted in the share price dropping by 1/3 following widespread investor scepticism about the deal. Alerion is a startup founded in August 2018. The founder and former principal owner Elliott Talbott admitted at the investor presentation on 2 May that Alerion has never even completed a survey – MRS shareholders will now be bearing all the costs and risks of turning this startup with no operating history into the remarkable opportunity which the Board would like us to believe it will be. The CEO Paul Brenton also admitted that he “didn’t look at any other drone operators” as alternatives to Alerion. Investors can only wonder why this business has been acquired at such a high price from Elliott Talbott and Chris Grove, who until recently were President and IT advisor of a business called Leinad which is based in the same office suite as and is believed to be partly owned by John Zorbas, and why Leon Hogan was paid £19,000 to introduce people who were already well known to him and the Chairman. Reports on conflicts of interest and Alerion valuation – the Board announced on 15 April that a report to assess any conflicts of interest and an independent valuation of Alerion would be conducted Why, if the Board is confident of its position, have neither of these been published in time to inform shareholders before the General Meeting? Why has the appointment of the firm engaged to undertake the independent valuation not been announced? How objective is the circular and how selective has it been in choosing what to present to shareholders? Shareholders can make their own assessment of the relevance and accuracy of the information selected by the MRS directors for the circular but one example will suffice. The circular highlights the remuneration paid to Trevor Brown and Nigel Burton during their time as Non-Executive Directors. Both received the same basic remuneration as the other Non-Executives, and both received agreed compensation payments on leaving. In addition, Nigel Burton charged fees, in accordance with his contract which was identical to those of the other Non-Executives, for additional work undertaken, amounting to over 100 days, including two weeks in Australia. Demand for a Poll A Poll has been demanded by at least 5 members. This will ensure that the results of the voting are fully transparent and published for all shareholders to see. Recommendation to VOTE IN FAVOUR OF ALL RESOLUTIONS Shareholders have the opportunity to elect three independent NEDs to the MRS Board. Their primary focus will be to ensure that the business is run for the benefit of all shareholders. Given the concerns expressed by many shareholders, they will also: 1. Uncover the truth about the events of the past year and make the details public for the benefit of all shareholders and seek redress where appropriate. 2. Review the Alerion deal to cancel it or reduce the price as appropriate. 3. Cooperate fully with any investigation of alleged wrong-doing by the current Board including by the FCA, AIM, the Takeover Panel and the Company’s Nomad, all of which have received many complaints from shareholders. The Board has not provided a credible argument why this should not happen. Shareholders will form their own conclusions as to why the Board has failed to provide the independent report on conflicts of interest and the independent valuation of Alerion in time to inform shareholders before they vote in the General Meeting. |
Posted at 16/4/2019 07:18 by 12bn TIDMMRSRNS Number : 3610U Management Resource Solutions PLC 28 March 2019 28 March 2019 Management Resource Solutions PLC ("MRS" or the "Group") Acquisition of Alerion Consulting Ltd MRS strengthens service offering with acquisition of unmanned aerial vehicle specialist Transaction Highlights -- Acquisition complements MRS' civil operations across both existing divisions -- Provides Group with competitive advantage through cutting edge UAV technology -- Group expected to benefit from cost savings as a result of more efficient aerial mapping and surveying capabilities -- Potential to benefit from new revenue streams Management Resource Solutions Plc ("MRS"), a leading Maintenance, Fabrication, Civil and Earthworks company, is pleased to announce the acquisition of Alerion Consulting Ltd ("Alerion") from its founder Elliott Talbott and others for a consideration of GBP1,320,000 to be satisfied by the issue of 26.4 million ordinary shares of MRS at an agreed price of 5p per share, credited as fully paid (the "Consideration Shares"). |
Posted at 15/4/2019 09:49 by 12bn Lanarkian,here are my last ramps on the 28th March,then I sold and stopped posting,go back and check for yourself.////////12b0 1 0 It is also an exercise in increasing income. MRS management want to grow the company fast imo and they don't care about a bit of dilution.///////In addition to the surveying services offered, the Aerial Cinematics intellectual property will allow MRS to add blast mining mapping, planning and site safety to its services using a combination of UAV and a propriety payload including precision ground marking, LiDAR mapping and thermography sensors. The directors consider that the availability of this facility will considerably enhance the efficiency and growth potential of MRS's services. Several other new revenue streams will also be opened up as a result of the UAV's modular payload system including forestry, waterway, rail, highway, land clearance mapping, and power line development and maintenance. 12bn28 Mar '19 - 16:50 - 676 of 786 Edit 0 0 0 MRS wants to grow fast and doesn't care about short term price fluctuations of its sp,I just hope that someone comes in and makes a 10p a share bid for the whole company. apfindley28 Mar '19 - 16:52 - 677 of 786 0 0 0 Cool. Does it also do the same as the drones in Prometheus.? 12bn28 Mar '19 - 16:53 - 678 of 786 Edit 0 0 0 Management Res (MRS) Limited Realtime Upgrade BuySell Name Symbol Market Type ISIN Description Management Res LSE:MRS London Stock Exchange Ordinary Share GB00B8BL4R23 ORD EUR0.01 Change % Chg Cur Bid Offer High Low Open Volume Chg Time RN NRN -1.15 -24.5% 3.55 3.50 3.60 4.75 3.55 4.70 6,583,034 16:24:58 1 4 Sector Turnover (m) Profit (m) EPS - Basic PE ratio Mkt Cap (m) SUPPORT SERVICES 52.3 4.1 2.286 1.546 7.0 Type Size Price Time Units O 208,168 GBX 3.6 Closed GBX////// P/e of 1.54,very low. |
Posted at 15/4/2019 08:33 by 12bn I sold out of these weeks ago when the RNS on issuing millions of shares came out,do keep up basil. Her is part of it.///////////Manage28 March 2019 28 March 2019 Management Resource Solutions PLC ("MRS" or the "Group") Acquisition of Alerion Consulting Ltd MRS strengthens service offering with acquisition of unmanned aerial vehicle specialist Transaction Highlights -- Acquisition complements MRS' civil operations across both existing divisions -- Provides Group with competitive advantage through cutting edge UAV technology -- Group expected to benefit from cost savings as a result of more efficient aerial mapping and surveying capabilities -- Potential to benefit from new revenue streams Management Resource Solutions Plc ("MRS"), a leading Maintenance, Fabrication, Civil and Earthworks company, is pleased to announce the acquisition of Alerion Consulting Ltd ("Alerion") from its founder Elliott Talbott and others for a consideration of GBP1,320,000 to be satisfied by the issue of 26.4 million ordinary shares of MRS at an agreed price of 5p per share, credited as fully paid (the "Consideration Shares"). |
Posted at 08/3/2019 14:13 by 12bn Half Year Financial Highlights*-- Trading performance in line with expectations -- Revenue up 3.6% to $34.8m (1H18: $33.6m) -- Profit before Tax up 39.0% to $3.51m (1H18: $2.52m) -- Basic EPS of 1.35c (1H18: 1.43c) -- Debt restructuring progressing well with further announcement expected by the end of March 2019 * All references to dollars or $ relate to Australian dollars, the Group's presentational currency Half Year Operational Highlights -- Strong profit delivered at MRS Services Group ("MRSSG") through a continued focus on minimising operating costs and leveraging the Group's central processes -- Bachmann Plant Hire ("BPH") produced a solid result despite extended rain periods during October to December -- Construction progressing well and to budget on MRSSG buildings in the Hunter Valley purchased in FY18, with an anticipated completion in Q4 2019 Paul Brenton, CEO of MRS, commented: "I am pleased to report that the first half of the Group's financial year has been another busy period with growth delivered across the business. This performance reflects the significant restructuring that has been executed within the MRS Group and the strength of the BPH and MRSSG businesses. The project pipeline for BPH remains steady for the foreseeable future and MRSSG remains focused on the low risk, hourly rate work in the Hunter Valley. "The second half has started well and I look forward to updating shareholders on further progress later in the financial year. The outlook for the Group remains strong and the Board looks to the future with confidence." Management will host a presentation for retail investors in London at the end of March/early April, details of which will be released via RNS once finalised.////// The future is bright here,sooner or later our seller will finish and then the share price will really rise. |
Posted at 28/2/2019 07:39 by 12bn Management Resource Solutions PLC28 February 2019 28 February 2019 Management Resource Solutions PLC ("MRS" the "Company" or the "Group") Half Year Results A solid first half with growth delivered across the business Management Resource Solutions PLC, a leading Maintenance, Fabrication, Civil and Earthworks company, announces its Half Year Results for the six months ended 31 December 2018 ("1H19" or "half year"). Half Year Financial Highlights* -- Trading performance in line with expectations -- Revenue up 3.6% to $34.8m (1H18: $33.6m) -- Profit before Tax up 39.0% to $3.51m (1H18: $2.52m) -- Basic EPS of 1.35c (1H18: 1.43c) -- Debt restructuring progressing well with further announcement expected by the end of March 2019 * All references to dollars or $ relate to Australian dollars, the Group's presentational currency Half Year Operational Highlights -- Strong profit delivered at MRS Services Group ("MRSSG") through a continued focus on minimising operating costs and leveraging the Group's central processes -- Bachmann Plant Hire ("BPH") produced a solid result despite extended rain periods during October to December -- Construction progressing well and to budget on MRSSG buildings in the Hunter Valley purchased in FY18, with an anticipated completion in Q4 2019 Paul Brenton, CEO of MRS, commented: "I am pleased to report that the first half of the Group's financial year has been another busy period with growth delivered across the business. This performance reflects the significant restructuring that has been executed within the MRS Group and the strength of the BPH and MRSSG businesses. The project pipeline for BPH remains steady for the foreseeable future and MRSSG remains focused on the low risk, hourly rate work in the Hunter Valley. "The second half has started well and I look forward to updating shareholders on further progress later in the financial year. The outlook for the Group remains strong and the Board looks to the future with confidence." Management will host a presentation for retail investors in London at the end of March/early April, details of which will be released via RNS once finalised. Enquiries: Management Resource Solutions PLC via FTI Consulting John Zorbas, Chairman Tel: +44 (0) 20 3727 1000 Paul Brenton, CEO Tim Jones, Finance Director Arden Partners plc (NOMAD & Broker) Tel: +44 (0) 20 37614 5900 Tom Price Alex Penney Maria Gomez de Olea Fraser Marshall, Corporate Broking FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000 Alex Beagley James Styles Laura Saraby Notes to Editors Management Resource Solutions PLC (MRS), through its subsidiaries Bachmann Plant Hire and MRS Services Group, offers plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a wide base of private and public sector clients in Australia. MRS caters predominately for the mining, civil engineering, construction and infrastructure industries. Further information on the Company can be found at hxxp://www.mrsplc.in Chief Executive's Review Bachmann Plant Hire Pty Ltd ("BPH") Bachmann Plant Hire Pty Ltd is based in Ipswich, approximately 40km west of Brisbane (Queensland), and specialises in providing bulk earthworks to the construction and infrastructure sectors, generally throughout South East Queensland. BPH delivers wet hire services (plant is accompanied by operators) which is completed through either an hourly wet hire arrangement or performed at a bulk cubic metre rate, which is often referred to as contract work. The Ipswich Economic Development Plan 2016 to 2031, enacted by the Queensland Government, is an ambitious plan to attract 292,000 people to 20 employment and population growth areas in the vicinity of Ipswich. More than 500 new residential dwellings are required to be completed every month to achieve the plan, resulting in the fastest growing residential growth corridor in Australia. BPH has a 50-year history and an experienced workforce of long-term employees and is perfectly located to benefit from the current opportunities. The majority of BPH's contracts are based on bulk earthworks within a small, well defined area of a residential or commercial sub-division to a final level finish of +/- 50mm. Although operations can be hampered by excessive rainfall, overall BPH operates in a relatively low risk contracting environment. Whilst contracts are generally relatively short (two to six months in length), there is a steady pipeline of work for the foreseeable future. BPH's 1H19 contribution was an Operating Profit of $1.5m (1H18: $1.8m) on revenue of $10.3m (1H17: $10.5m). The first half revenue and profit contribution is slightly lower than the comparative year due to extended rain periods during the October to December period. MRS Services Group Pty Ltd ("MRSSG") MRS Services Group Pty Ltd is strategically located in the heart of the coal mining region of the Hunter Valley in New South Wales, approximately 125km north west of the coal exporting port of Newcastle and approximately 240km north of Sydney. Some 90% of revenues are derived from blue chip mining companies including Yancoal, New Hope, BHP and Glencore. Demand for high quality coal (containing high energy content with low ash and pollutants) from the Hunter Valley remains strong, in particular for export to China and East Asia where over 1,000 new High Energy Low Emissions Ultra-Supercritical Coal Fired Power Stations are planned or under construction. The majority of MRSSG's work in the Hunter Valley is low risk, derived from selling trade labour at hourly rates. The fabrication and mine rehabilitation businesses are based on longer-term contracts in well-established work relationships and well understood risk profiles. MRSSG's 1H19 contribution was an Operating Profit of $4.0m (1H19: $2.8m) on revenue of A$24.5m (1H18: $23.3m). This strong profit performance was delivered through a continued focus on minimising MRSSG operating costs and leveraging the Group's central processes. This was helped by the reduction in distractions and unnecessary costs associated with the discontinued operations from FY17. MRS Property No1 Pty Ltd During FY18, MRS Property No1 Pty Ltd purchased the land and the partially completed buildings from which MRSSG operates in the Hunter Valley for $3.0m. At the time of acquisition, the land and buildings had a valuation of $4.8m. The cost to complete the building is approximately $2.0m, which is fully funded through a construction facility. Construction is progressing well and to budget with an anticipated completion in Q4 2019. Management's estimated valuation of the completed facility is approximately $9.0m to $10.0m. Financial Review All references to dollars or $ relate to Australian dollars, the Group's presentational currency. The results for the half year ended 31 December 2018 are a net profit after tax of $2.6m (1H18: net profit after tax $2.5m) on revenue of $34.8m (1H18: $33.6m), reflecting the significant restructuring that has been executed within the MRS Group and the strength of the Bachmann Plant Hire and MRS Services Group businesses. As a result, there is a significant change in the operational results compared to 1H18 as set out in the table below: Profit and Loss 1H19 1H18 $'000 $'000 Operating Profit * BPH 1,606 1,836 * MRSSG 3,984 2,812 * Overheads (974) (968) -------------------- Total Operating Profit 4,616 3,680 Interest (1,107) (1,156) -------------------- Profit before Tax 3,509 2,524 Tax (865) - -------------------- Net Profit after Tax 2,644 2,524 ==================== Prior year tax losses only partially offset the 1H19 operating profit, the net result is a tax expense for 1H19 of $865k (1H18: Nil). Profit before tax in 1H19 was $3.51m which has increased $985k (39%) on the prior year comparative of $2.52m, Property, Plant & Equipment During 1H19, the Group invested $7.1m in Property, Plant & Equipment, with $1.7m in Capital Work In Progress. The majority of the capital expenditure (CAPEX) has been funded through free cash flow. New debt contributed $2.1m, with $0.7m equipment finance and $1.4m property and construction finance. During 1H19 the Company has continued to invest in CAPEX, extending the life of the capital equipment and supporting the Group's sustainable growth. Cash and Borrowings The cash balance of the MRS Group varies significantly on a day to day basis. The MRS Group utilises a Debtor finance facility, and only the cash required to service the business in the very short term (i.e. the next week) is drawn down through the debtor finance facility which minimises the interest cost to the business. The available capacity of the debtor finance facility at 31 December is $2.6m in addition to the closing cash balance at 31 December 2018 of $768k. The restructure of the debt is progressing well and will be announced during Q3. There are five current core debt facilities: 1) Debtor Finance - BPH has a $2.6m facility, and MRSSG has a $7.0m facility 2) Commercial Bills - The commercial bills were established with the restructure of the Group in FY17. 3) Equipment Finance -There are two equipment finance loans and the "Rent to buy" loan in BPH 4) Property Finance 5) Property Construction Finance Current Trading and Outlook The Directors believe the markets which BPH and MRSSG service continue to be strongest they have been in years and trading during the first half of our 2019 financial year has been in line with expectations. BPH is currently working close to full capacity and has a strong pipeline of work to complete. MRSSG is experiencing strong end market demand. The Hunter Valley thermal coal price has been strong and stable providing confidence for the coal mines to commit to repairs and maintenance. 1H19 has set up the MRS Group for another successful year and on behalf of the Board, I'd like to thank all employees for their continued commitment to working safely and to all stakeholders of MRS including our customers, suppliers, funders and shareholders for maintaining their support of the Company On behalf of the board, I'd like to thank all employees for their continued commitment to working safely and to all stakeholders of MRS including employees, customers, suppliers, funders and shareholders for maintaining their support for the Company. Paul Brenton Chief Executive Officer Consolidated Statement of Profit and Loss and Other Comprehensive Income for the period ended 31 December 2018 6 months ended 6 months ended Year ended 31 December 31 December 2018 2017 30 June 2018 (Unaudited) (Unaudited) (Audited) Note $'000 $'000 $'000 Revenue 3 34,830 33,561 69,075 Cost of sales (21,223) (22,703) (45,969) --------------- --------------- ------------- Gross profit 13,607 10,858 23,106 Recurring administrative expenses (8,745) (7,018) (14,423) --------------- --------------- ------------- Profit before non-recurring costs and finance charges 4,862 3,840 8,683 Non-recurring administrative expenses: Share based payment charges (246) (160) (370) Operating profit 4,616 3,680 8,313 Finance costs - interest (1,107) (1,156) (2,281) Profit before tax 3,509 2,524 6,032 Tax expense (865) - (609) --------------- --------------- ------------- Profit for the year attributable to equity holders of the parent company 2,644 2,524 5,423 =============== =============== ============= Earnings per share 2 Continuing Operations Basic 1.35c 1.43c 3.02c Diluted 1.18c 1.28c 2.62c Consolidated Balance Sheet as at 31 December 2018 As at As at As at 31 December 31 December 2018 2017 30 June 2018 (Unaudited) (Unaudited) (Audited) Note $'000 $'000 $'000 Assets Non-current assets Property, plant and equipment 4 35,763 17,981 29,114 Deferred Tax 1,613 - 1,613 37,376 17,981 30,727 Current assets Trade and other receivables 5 15,561 17,579 16,725 Cash and cash equivalents 768 2,172 50 Inventories 1,829 962 1,968 18,158 20,713 18,743 Total assets 55,534 38,694 49,470 ------------ ------------ ------------- Liabilities Current liabilities Trade and other payables 6 17,664 13,899 16,125 Tax 522 (249) - Borrowings 7 17,477 10,142 16,025 35,663 23,792 32,150 Non-current liabilities Borrowings 7 2,491 7,597 4,522 Other non-current liabilities 365 314 2,521 Deferred tax 2,222 - - 5,078 7,911 7,043 Total liabilities 40,741 31,703 39,193 ------------ ------------ ------------- Net assets 14,793 6,991 10,277 ============ ============ ============= Equity attributable to equity holders of the parent Share capital 39,061 38,810 38,840 Share premium 18,847 17,294 17,442 Issue costs reserve (332) (332) (332) Reorganisation reserve (36,032) (36,032) (36,032) Retained earnings (6,751) (12,749) (9,641) ------------ ------------ ------------- Total equity attributable to equity holders of the parent 14,793 6,991 10,277 ============ ============ ============= Consolidated Statement of Changes in Equity for the period ended 31 December 2018 Issue costs Reorganisation Retained Share Capital Share Premium reserve reserve earnings Total equity $'000 $'000 $'000 $'000 $'000 $'000 At 1 July 2017 38,711 16,808 (332) (36,032) (15,433) 3,722 Profit for the period - - - - 2,524 2,524 Total comprehensive income - - - - 2,524 2,524 -------------- -------------- ------------ --------------- ---------- ------------- Other Movements Issue of Shares 99 486 - - - 585 Share based payments charge - - - - 160 160 -------------- -------------- ------------ --------------- ---------- ------------- Total other movements 99 486 - - 160 745 As at 31 December 2017 38,810 17,294 (332) (36,032) (12,749) 6,991 -------------- -------------- ------------ --------------- ---------- ------------- Profit for the period - - - - 2,899 2,899 Total comprehensive income - - - - 2,899 2,899 -------------- -------------- ------------ --------------- ---------- ------------- Other Movements Issue of Shares 30 148 - - - 178 Share based payments charge - - - - 209 209 -------------- -------------- ------------ --------------- ---------- ------------- Total other movements 30 148 - - 209 387 As at 30 June 2018 38,840 17,442 (332) (36,032) (9,641) 10,277 -------------- -------------- ------------ --------------- ---------- ------------- Profit for the period - - - - 2,645 2,645 Total comprehensive income - - - - 2,645 2,645 -------------- -------------- ------------ --------------- ---------- ------------- Other Movements Issue of Shares 221 1,405 - - - 1,626 Share based payments charge - - - - 245 245 -------------- -------------- ------------ --------------- ---------- ------------- Total other movements 221 1,405 - - 245 1,871 As at 31 December 2018 39,061 18,847 (332) (36,032) (6,751) 14,793 ============== ============== ============ =============== ========== ============= Consolidated Statement of Cash Flow for the period ended 31 December 2018 6 months ended 6 months ended Year ended 31 December 31 December 2018 2017 30 June 2018 (Unaudited) (Unaudited) (Audited) $'000 $'000 $'000 Cash flow from operating activities Receipts from customers 35,640 31,392 77,741 Payments to suppliers and employees (25,869) (26,467) (63,523) Finance costs (1,106) (1,156) (2,281) Tax paid - (121) - --------------- --------------- ------------- Net cash flow from operating activities 8,664 3,648 11,937 --------------- --------------- ------------- Cash flow from investing activities Net purchase of non-current assets (8,222) (2,399) (10,654) --------------- --------------- ------------- Net cash flow from investing activities (8,222) (2,399) (10,654) --------------- --------------- ------------- Cash flow from financing activities Net repayment of borrowings (1,493) (2,556) (5,038) (Repayment)/proceeds from debtor finance (105) 704 1,013 Proceeds from issue of shares net of costs 1,872 746 763 --------------- --------------- ------------- Net cash flow from financing activities 275 (1,106) (3,262) --------------- --------------- ------------- Net increase/(decrease) in cash held 718 143 (1,979) Cash and cash equivalents at beginning of the period 50 2,029 2,029 --------------- --------------- ------------- Cash and cash equivalents at the end of the period 768 2,172 50 =============== =============== ============= Notes to the Consolidated Financial Statements for the period ended 31 December 2018 |
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