MSS Managed Support

TIDMMSS

RNS Number : 7150H

Managed Support Services PLC

02 June 2011

FOR IMMEDIATE RELEASE

2 June 2011

Managed Support Services plc

("MSS" or the "Group")

Contract Gain, Trading Update

The Board of MSS is pleased to confirm that terms have been agreed in respect of a substantial contract extension with an existing key customer generating additional contracted, recurring revenues of approximately GBP700,000 per annum for three years. Delivery is expected to commence in June 2011.

The Group continues to pursue an encouraging range of potential contracts of a similar size and is forecasting to increase the overall value of the contract book modestly this year, net of contract losses.

The results for the year ended 31 March 2011 are expected to be announced in early July. As previously indicated, these results reflect the lower level of discretionary customer spend in the last quarter and the cost of rectifying failures by operational management, which led to a short term reduction in customer service and a consequential write off of Work In Progress. The Board dismissed the relevant senior management for negligible cost and is pleased to report that the upgraded team is performing well.

Trading in the first quarter of this financial year has seen a weak start from the Group units dependent on capital expenditure by customers, coupled with low utilisation rates in April. Visibility and activity levels for the second quarter appear to be improving.

The Group continues to concentrate on the development of recurring revenues from both Building Services and Environmental Compliance to further dilute the Group's exposure to the more volatile, capital related revenues that arise within our customer base.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
  Managed Support 
  Services plc: 
  Simon Beart,       07710 444370 01483 735703 
  Chief Executive 
  Piers Wilson, 
  Finance 
  Director 
  Cenkos 
  Securities plc: 
  Nick Wells /                                                            020 
   Stephen Keys                                                           7397 
                                                                          8900 
  Buchanan 
  Communications: 
  Richard Darby /                                                         020 
   Nicola Cronk /                                                         7466 
   Helen Chan                                                             5000 
 
 
 

Notes to editors

Managed Support Services plc is a leading supplier of Environmental Compliance and technical Building Services. The Group provides a broad range of Environmental Compliance services and HVAC building maintenance services for commercial properties. MSS operates in a range of diverse markets with customers managing or owning commercial property, hotels and retail buildings. Further information is obtainable from www.mssplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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