Management Resource Solutions PLC Trading Update (0106O)

TIDMMRS

RNS Number : 0106O

Management Resource Solutions PLC

15 August 2017

Management Resource Solutions plc

EPIC: MRS

15 August 2017

Management Resource Solutions plc

("MRS" or "the Company")

Trading update

The Company provides the following update on trading.

For the financial year ended 30 June 2017, unaudited revenues of A$52.2m were in line with expectations, however the operating performance of the business was below expectations. The impact of the lack of working capital and the resulting cash constraints was greater than expected at the time of publication of the half year results on 7 April, and as a result the loss for the financial year ended 30 June 2017 will be materially higher than market expectations. The level of one-off exceptional costs (including impairment costs and provisions) which are still being classified as part of the audit process, will also be materially higher than expected.

Cash at 30 June was A$2.0m. The management action taken to reduce both overheads and operating costs at MRS Services Group has had a positive impact on current trading.

For further information:

Management Resource Solutions plc

John Zorbas, Chairman [phone]

Nigel Burton, Director [phone]

Northland Capital Partners Limited [phone]

(Nominated Adviser and Joint Broker)

Tom Price

Gerry Beaney

Peterhouse Corporate Finance Limited [phone]

(Joint Broker)

Charles Goodfellow

Lucy Williams

This announcement includes inside information as defined in Article 7 of the Market Abuse Regula􀆟on No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. On the publication of this announcement via a Regulatory Information Service ("RIS"), this information is considered to be in the public domain.

About MRS

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 http://www.mrsplc.info

This information is provided by RNS

The company news service from the London Stock Exchange

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August 15, 2017 03:19 ET (07:19 GMT)