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- Release Date: 08/05/14 11:01
- Summary: FORECAST: MGL: Mercer Group Limited Market Update News Release
- Price Sensitive: No
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MGL
08/05/2014 09:01
FORECAST
REL: 0901 HRS Mercer Group Limited
FORECAST: MGL: Mercer Group Limited Market Update News Release
Mercer Group is providing a market update on recent developments and further
guidance for the Financial Year 2014 trading, as follows:
1. S-Clave Funding
Mercer is pleased to advise that it has received Callaghan Institute funding
approval for $1m, payable over the next 2 years for its proprietary
sterilisation technology called S-Clave. Mercer will use this to co-fund
further development in New Zealand with an aim of getting it to market in 2-3
years.
2. Year - End Forecast
As we come towards the end of the financial year, the Company is better able
to forecast its year-end position. Sales growth has not been as rapid as the
Company had anticipated, and with two significant stainless fabrication
contracts being delayed (now signed), combined with the added costs the
company took on in anticipation of this growth, it means an EBITDA of around
$1 million for this Financial Year is likely.
3. Funding
The Company is pleased to have rolled over its banking facility with BNZ
until 2017.
4. Outlook
The Company is determined to continue its growth strategy and in particular
the push into the North American market for Titan and other products. This
growth is taking somewhat longer to develop, however progress is being made
and the Directors are confident with the plan being pursued.
For further information, please contact Rodger Shepherd, Group CEO on +649
837 7540
End CA:00250214 For:MGL Type:FORECAST Time:2014-05-08 09:01:00
