MayAir Group PLC Trading Update (6830Y)
March 07 2017 - 2:01AM
UK Regulatory
TIDMMAYA
RNS Number : 6830Y
MayAir Group PLC
07 March 2017
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
7 March 2017
MayAir Group plc
('MayAir' or the 'Group')
Trading Update
MayAir Group plc (AIM: MAYA.L), a leading specialist provider of
air purification technology, today provides an update on the
Group's trading for the year ended 31 December 2016.
On 9 December 2016, the Group announced that it had recorded
unaudited revenues for the 10 months to 31 October 2016 of US$52.4
million, with an unfulfilled order book of US$20.4 million. Whilst
the Group was able to fulfil the majority of the order book prior
to the year end, one contract, with a value of approximately US$7.1
million, was unable to be recognised prior to the year end. As a
result, the revenue for this contract will be recognised in the
first quarter of 2017. Consequently, the Group's revenue for the
year ended 31 December 2016 is now expected to be approximately
US$65.6 million.
In addition, as a result of the timing of delivery of the
contract referred to above and an increase in the Group's operating
expenses during the year, the Directors expect that the Group will
report a profit before tax of approximately US$5.9 million for the
year ended 31 December 2016, subject to any final audit
adjustments. The increased operating expenses have been incurred
predominantly in expanding the Group's sales and marketing
efforts.
Yap Wee Keong, Chief Executive Officer of MayAir Group,
said:
"Whilst the profit for the year will be lower than anticipated,
we consider that the additional operating expenses incurred will be
beneficial in positioning the Group for the future. We are pleased
that the Group has managed to achieve another year of revenue
growth. We are particularly pleased with the progress made in the
year in our commercial and replacement divisions, each of which
exceeded our targets. The industrial sector remains highly
competitive, however we continue in our efforts to build market
position."
For further information:
MayAir Group plc
Yap Wee Keong, Chief Executive Tel: +60 3 8961
Officer 2908
Koh Tat Seng, Chief Financial www.mayairgroup.com
Officer
Allenby Capital Limited (Nominated Tel: +44 (0) 20
Adviser) 3328 5656
David Hart / James Reeve www.allenbycapital.com
Cantor Fitzgerald Europe Tel: +44 (0) 20
(Broker) 7894 7000
Andrew Craig / Richard Salmond www.cantor.com
Media enquiries:
Buchanan
Henry Harrison-Topham / Victoria Tel: +44 (0) 20
Hayns / Jane Glover 7466 5000
MayAir@buchanan.uk.com www.buchanan.uk.com
About MayAir
Notes to Editors
Founded in 2001, MayAir Group is a leading specialist provider
of air purification technology for use in industrial cleanrooms,
supplying to large multinational manufacturers. The Group's core
business is in providing air filtering equipment and filters for
use in industrial cleanrooms, an area in which MayAir has
established itself as one of the leading providers in China. In
recent years, the Group has diversified its product offering to
include indoor clean air solutions for the commercial and
residential markets. Key flagship commercial projects include
providing solutions for airport terminals, convention centers,
subways, offices and schools. MayAir Group was admitted to trading
on AIM in May 2015 with the ticker MAYA.L.
For additional information please visit: www.mayairgroup.com
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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