Redhall Group plc has announced that Martyn Everett has been appointed as a Non-Executive Director of the Company with effect from 24 September 2014. Martyn […]
Redhall Group plc, the specialist engineering support services group, is pleased to announce it has successfully defended the action brought by Vivergo Fuels Limited (“Vivergo”) for which judgement was handed down earlier this afternoon, and also provides an update on Group trading.
The judgement in the court case brought by Vivergo has found in favour of Redhall in ruling that Vivergo was in repudiatory breach of the contract with Redhall’s subsidiary Redhall Engineering Solutions Limited (“RESL”) and that the contract was unlawfully terminated. In addition, it was determined that RESL was entitled to an overall extension of time on the contract of 24 days. Whilst the overall extension of time is below our expectations it provides a framework to quantify our claim and the award precludes Vivergo from making any claim against RESL for the additional costs associated with the termination of RESL’s contract.
It is our intention to enter into discussions with Vivergo with the objective of reaching a financial settlement arising from the judgement as soon as possible.
Trading for the year ended 30th September 2013 was broadly in line with market expectations. The start of the year has seen some delays to projects in Manufacturing and the volumes of work from the two key nuclear framework contracts have not yet returned to historic levels. The current order book stands at £115m and we anticipate converting some of our high level prospects during the first quarter of calendar 2014. Given our position in key nuclear markets, we remain well placed to secure orders in the UK’s nuclear new build programme through our joint venture arrangements with ACPP and Baumert but do not expect any work to commence until 2015.
As previously announced we intend to release our preliminary annual results by the end of January 2014 once the impact of the judgement in the Vivergo case has been fully assimilated and its effect on our financial statements has been finalised.
Redhall Group plc (AIM: RHL), the specialist engineering support services group, will announce its interim results for the six months ended 31 March 2014 on […]
Redhall Group plc has announced that it has raised £7.5 million through an institutional share placing, subject to approval by Shareholders. The approval was given […]