Mercantile Ports & Logistics Ltd Accounts Filing Extension and Update (5542D)
June 30 2021 - 1:00AM
UK Regulatory
TIDMMPL
RNS Number : 5542D
Mercantile Ports & Logistics Ltd
30 June 2021
30 June 2021
Mercantile Ports & Logistics Limited
("MPL" or the "Company")
Accounts Filing Extension and Update
MPL announces that it has been granted an extension to the
timeline for the filing of its audited accounts for the period
ending 31 December 2020 until 30 September 2021. Whilst the audit
process is nearly complete, as has been widely reported, the
COVID-19 situation in India has continued to cause significant
disruption. The audit is expected to be concluded soon and the
Company will make further announcements as the timetable is
concluded.
Like many companies around the world, MPL's performance in 2020
was impacted by COVID-19. Despite this, the Company expects to
report turnover of approximately GBP0.75 million for 2020 and that
it had cash and cash equivalents of approximately GBP3.9 million at
the year end and approximately GBP1.7 million at the end of May*.
Whilst COVID-19 has also had an impact on the current year, the
Company has been able to make significant progress, signing new
contracts in February and also earlier this month, with revenues
expected to ramp up from now through to the end of the year and
beyond. Performance under the contract with the Tata Projects and
Daewoo Engineering Joint Venture continues to go well and, as
COVID-19 restrictions are lifted in India, the Company believes
that it is well placed to build on this momentum and win further
new business.
As announced earlier this month, the Company was delighted to
complete the restructuring of its debt facility after an extensive
due diligence process conducted by its banking consortium. The INR
475.57 Crores debt (approximately GBP46.2 million*) now has a
significantly reduced interest rate and the Board considers this to
be a clear endorsement of the Company's strategy and recognition of
the status of the Company's facility. MPL has a strong and
supportive, India based, shareholder in Hunch Ventures and, with
there having been discussions with other parties and an offer of
alternative debt facilities, the Company is confident that it would
have access to additional debt should that be required in the
future.
Chairman, Jeremy Warner Allen said "As India recovers from the
COVID pandemic, MPL is well placed to benefit from the expected
increased levels of economic activity. The board continues to be
pleased with the numbers of enquiries from potential new customers
and, as restrictions are lifted, expects to secure new contracts
and revenues through the rest of the year and beyond."
*Taking INR/GBP exchange rate of 103 as at 31 May 2021.
This announcement contains inside information.
Enquiries:
MPL Jay Mehta
C/O Newgate Communications
+44 (0)20 3757 6880
Cenkos Securities plc Stephen Keys
+44 (0)20 7397 8900
Newgate Communications (Financial Adam Lloyd/Isabelle Smurfit
PR)
+44 (0)20 3757 6880
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