Press releases

MDM project pipeline shift

MDM Trading Statement


19 October 2011

MDM Engineering Group Limited (“MDM” or “the Company”)

Following the end of the first half of MDM’s financial year; the six months period to 30 September 2011, the Company is pleased to give an update on trading and announces that the Company anticipates that results for the year will be substantially ahead of current market expectations.

As indicated in the 2011 Annual Report, MDM’s project pipeline recovered during the last quarter of the year to 31 March 2011.  Since then, the number of new projects and studies that have been awarded to the Company has continued to grow, as a result of both MDM’s efforts and an improving climate for long-term capital investment projects.

These new awards, together with those studies and execution projects that have carried over from the previous financial year, have helped see the Company return to profitability in the first half of 2011 following the profitable second half of the previous financial year. As a consequence of this better than expected trading, the Company anticipates that its results for the 2012 financial year will be substantially ahead of current market expectations. The Company intends to announce its interim results on 7 December 2011.

Martin Smith, MDM CEO commented:
“Having come through a difficult financial year ending March 2011, we are pleased that the project workload has increased and earnings have recovered as we had foreseen.  We are encouraged by the opportunities available to us to organically grow the business and the restructuring work completed during the slower periods has left us in good stead to capitalise on the significant rise in demand for our services.”

Enquiries:

MDM Engineering Group Limited

Martin Smith (CEO)
George Bennett (Executive Director)
Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Collins Stewart Europe Limited

John Prior
Sebastian Jones
Tel: +44 (0)20 7523 8350

Tavistock Communications

Paul Youens
Emily Fenton
Tel: +44 (0)20 7920 3150

KEY INFORMATION:
MDM:
MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. The Company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. To date, the Company’s clients have largely been junior and mid-tier mining corporations with operations in Africa.

The MDM Engineering core technical team has a 23 year track record of completing a wide range of studies and execution projects across a variety of minerals, including precious metals, base metals, ferrous and non-ferrous metals, uranium and diamonds.

The Company has adopted an approach to project execution based on an open-book Engineering, Procurement, and Construction Management “EPCM” or “cost-plus” basis and on an Engineering, Procurement and Construct (EPC) basis. With a core focus on Africa, MDM Engineering is setting the benchmark standard for best practice in the mining services industry through its commitment to providing the highest quality services and actively engaging with clients to ensure maximum transparency.


 

 

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