MayAir Group plc (LON:MAYA), a leading specialist provider of air purification technology, today provides an update on the Group’s trading for the year ended 31 December 2016.
On 9 December 2016, the Group announced that it had recorded unaudited revenues for the 10 months to 31 October 2016 of US$52.4 million, with an unfulfilled order book of US$20.4 million. Whilst the Group was able to fulfil the majority of the order book prior to the year end, one contract, with a value of approximately US$7.1 million, was unable to be recognised prior to the year end. As a result, the revenue for this contract will be recognised in the first quarter of 2017. Consequently, the Group’s revenue for the year ended 31 December 2016 is now expected to be approximately US$65.6 million.
In addition, as a result of the timing of delivery of the contract referred to above and an increase in the Group’s operating expenses during the year, the Directors expect that the Group will report a profit before tax of approximately US$5.9 million for the year ended 31 December 2016, subject to any final audit adjustments. The increased operating expenses have been incurred predominantly in expanding the Group’s sales and marketing efforts.
Yap Wee Keong, Chief Executive Officer of MayAir Group plc, said: “Whilst the profit for the year will be lower than anticipated, we consider that the additional operating expenses incurred will be beneficial in positioning the Group for the future. We are pleased that the Group has managed to achieve another year of revenue growth. We are particularly pleased with the progress made in the year in our commercial and replacement divisions, each of which exceeded our targets. The industrial sector remains highly competitive, however we continue in our efforts to build market position.”
