Edition:
India

Management Resource Solutions Sees FY Results Falling Short Of Earlier Expectations


Friday, 27 Sep 2019 

Sept 27 (Reuters) - Management Resource Solutions PLC ::CONTINUE TO WORK WITH ADMINISTRATORS TO RESTRUCTURE DEBT; FURTHER UPDATE ON PROGRESS WILL BE PROVIDED NEXT WEEK.DIRECTORS EXPECT RESULTS FOR YEAR TO 30 JUNE WILL FALL SHORT OF EARLIER EXPECTATIONS.DELAY IN CONCLUDING RE-FINANCING ARRANGEMENTS MEANT THAT FORECAST INTEREST SAVING OF A$1.0M HAS NOT BEEN ACHIEVED.WILL COMPLETE PROCESS OF APPOINTING ADDITIONAL EXPERIENCED NON-EXECUTIVE DIRECTORS TO STRENGTHEN CORPORATE GOVERNANCE.FY REVENUE BELOW FORECAST, LARGELY BECAUSE OF WEAKER RESIDENTIAL HOUSING DEMAND, DEFERRAL OF MAJOR CONTRACT TO CURRENT YEAR.FY EBITDA BEFORE NON-RECURRING ITEMS HELD UP REASONABLY WELL AGAINST FORECAST.DIRECTORS INTEND TO STRENGTHEN BALANCE SHEET AND WILL PUT PROPOSALS TO SHAREHOLDERS IN DUE COURSE.THERE HAVE BEEN A NUMBER OF SIGNIFICANT ONE-OFF EVENTS IN FY THAT HAVE AFFECTED RESULTS, NOTABLY ALERION INVESTIGATION.PROPOSALS WILL INCLUDE WIDER INITIATIVES TO STABILISE BUSINESS AND TO GAIN TRUST OF ALL SHAREHOLDERS. 

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