Thalassa Holdings Limited Trading Update (3742M)
20 Janeiro 2016 - 5:00AM
UK Regulatory
TIDMTHAL
RNS Number : 3742M
Thalassa Holdings Limited
20 January 2016
20 January 2016
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "the Company" or "the Group")
Trading Update
Ahead of the Company's results which will be announced before 30
June 2016, the Board of Thalassa announces that it expects
operating results for the year ended 31 December 2015 to exceed
analyst expectations for revenue and operating profits, but that
this outperformance will be more than offset by estimated
impairments of assets (c. $39.7 million in aggregate or $1.68 per
share at 30 June 2015) by up to $14 million ($0.59 per share), due
to the continued deterioration and uncertain outlook for the energy
sector. Cash at 31 December 2015 amounted to $20.2 million.
The Company's announcement of 7 December 2015 outlined the
anticipated outlook for 2016 revenues, which have not changed.
Notwithstanding the fixed-term nature of customer contracts, most
long-term contracts in the energy sector are subject to
postponement and/or cancellation provisions. Whilst there is
currently no indication of cancellation or postponement of any of
the Group's contracts, a continued decline in the price of oil
could clearly accelerate cuts to E&P Capex budgets across the
entire industry.
In an effort to adapt to the current market environment, the
Board has conducted a comprehensive strategic review over the past
few months, which has resulted in the anticipated write-downs
referred to above and an extensive programme of both external
(supply chain) and internal cost reductions. Consequently, the
Board anticipates that in 2016, the Company should generate a
profit from operations but potentially a loss before tax after
accounting for central overhead and continuing development costs at
ARL.
Notwithstanding the Board's relatively bleak short term outlook,
the Board is of the opinion that current market conditions present
the Group with acquisition opportunities, which would not exist
under normal circumstances and is, therefore, exploring such
opportunities, in line with the Company's objectives of generating
shareholder value, without limitation to sector or industry.
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
Press Enquiries:
Square1 Consulting (Public Relations)
David Bick/Brian Alexander +44 (0)207 929 5599
www.thalassaholdingsltd.com
Note to Editors:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company currently with positions in
the Energy Services and Defence and Homeland Security
Industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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January 20, 2016 02:00 ET (07:00 GMT)
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