Press releases

MDM project pipeline shift

MDM's audited results

2 July 2013

MDM Engineering Group Limited (AIM:MDM), the minerals process and project management company focused on the mining industry, is pleased to announce its audited results for the year ended 31 March 2013.


Highlights

  • Revenue of US$ 137.2 million (2012: US$ 89.1 million);
  • Gross profit of US$ 33.0 million (2012: US$ 16.2 million);
  • Pre-tax profit of US$ 20.4 million (2012: US$ 7.8 million);
  • After tax earnings of US$ 14.2 million (2012: US$ 5.8 million);
  • Basic earnings per share of US 37.78 cents per share (2011: US 15.37 cents);
  • Final year dividend of US 18.90 cents per share (2012: US 5.20 cents) with a record date of 12 July 2013 and an ex-dividend date of 10 July 2013;
  • Special dividend of US 6.00 cents per share included in the final dividend (2012: nil);
  • Full year dividend of US 24.90 cents per share (2012: US 7.70 cents);
  • Continued commitment to pay 50% of after-tax profits as a dividend to shareholders; and
  • Strong cash position of US$ 34.6 million (2012: US$ 29.1 million) with negligible gearing.

MDM’s Chief Executive Officer, Martin Smith commented:
“We are very pleased to announce a positive set of financial results, which have been brought about by the hard work and dedication of our team who have successfully completed projects and studies on time and within budget. Despite the current difficult global economic backdrop in the resources sector, demand for MDM’s services remains robust and I am delighted to report that the Company’s order book and pipeline continues to look healthy going into FY2014. Whilst we were disappointed that the transaction with Sedgman did not proceed, we have every confidence in our future as a fully funded independent company as we look to maintain the growth of the business both organically and by alternative strategic opportunities.”

Financials and Chairman's Statement (PDF)

Key Information:

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 24 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, Construction Management ("EPCM" or "; cost-plus") 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.

Enquiries:

MDM Engineering Group Limited

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

Canaccord Genuity Limited

Andrew Chubb / Christopher Fincken
Tel: +44 (0)20 7523 8000

Tavistock Communications Limited

Jos Simson / Emily Fenton
Tel: +44 (0)20 7920 3150

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