SHAFT SINKERS (AIM:SHFT) Interim statement reassures but shares ‘sink’ further!
The international shaft sinking and underground construction group issued a reassuring Interim Management Statement although the shares dropped to new lows.
There was a mixture of good and bad news on the various projects under way with revenues at the Impala 16 and 17 exceeding expectations, although at moderate to low margins, slow progress at a potash mine due to difficult ground conditions and operations at Teesta’s hydroelectric project not yet resumed. Our other projects remain on track and slightly ahead of budget and there are several tenders and proposals, in South Africa, Russia, Kazahkstan, Israel and India, awaiting client adjudication. They expect to have net cash of approx £4m Second half 2011 results will be hit with an exceptional charges…