MIDI plc - Interim Directors’ Statement

Wednesday, November 18th, 2015

On 17 November, MIDI plc published its Interim Directors’ Statement updating the market on its performance since 1 July 2015.

During the period under review, the Company started delivering apartments within the Q1 residential block to respective buyers following the completion of definitive deeds of transfer. This process will continue throughout 2015. Profits from the sale of these apartments will be registered in the 2015 financial statements (in accordance with International Accounting Standards) which in turn should lead to an overall profit for the Company in 2015.

In the meantime, works on the Q2 residential block and the business centre (50% owned by MIDI plc) are both progressing well. The Directors also explained that through additional investment in and restructuring of Solutions and Infrastructure Services Limited (SIS), which became a fully owned subsidiary with effect from 15 September, the Company believes that there is a solid basis to turnaround the financial results of this subsidiary.

The announcement also revealed that the Company has engaged an international consulting firm with the aim of reviewing the design concept of the Manoel Island development. In the meantime, the Company remains in discussions with third parties that have expressed an interest to invest in the project.

Print This Page Print This Page