Update on events in Cabo Delgado, Mozambique
This announcement contains inside information
RA INTERNATIONAL GROUP PLC
("RA International" or the "Company")
Update relating to events in Cabo Delgado province, Mozambique
RA International Group PLC (AIM: RAI), a specialist provider of complex and integrated remote site services to Humanitarian, Governmental and Commercial organisations globally, announces an update relating to events in the Cabo Delgado province, Mozambique where RA International is operational.
Soraya Narfeldt, CEO of RA International: "As has been widely reported, the Cabo Delgado province of Northern Mozambique has seen a persistent threat over a number of months from local insurgents. Over the course of the last few days, there has been a further escalation in hostile activity in the Cabo Delgado province near to where our operations are based. Given the nature of this escalation, we have prioritised the safety and security of our staff, including the evacuation of our people from the area.
These security concerns, compounded with the impacts of COVID-19 and extreme weather, have led to delays to the overall energy related project in the region and to the suspension of our contract to build and operate an 1800-person camp, where an extension of our initial 2-year tenancy contract is under negotiation. Given the escalation in hostilities in the area in recent days, the directors of the Company now expect there will be further delays in the project that are likely to impact on the overall financial performance of the Company in the current financial year. This impact is expected, at the current time, to be up to USD 10m of revenue, which the directors expect will now be recognised in a later financial period. The Company will continue to update the market with material developments as and when appropriate."
Enquiries:
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RA International Group PLC Soraya Narfeldt, Chief Executive Officer Lars Narfeldt, Chief Operating Officer Andrew Bolter, Chief Financial Officer
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Via Bamburgh Capital |
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Canaccord Genuity Limited (Nominated Adviser and Broker) Bobbie Hilliam Alex Aylen
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+44 (0)207 523 8000 |
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Bamburgh Capital Limited (Financial PR & Investor Relations) Murdo Montgomery |
+44 (0)191 249 7442 investors@raints.com |
About RA International
RA International is a leading provider of services to remote locations in Africa and the Middle East. The Company offers its services through three channels: construction, integrated facilities management and supply chain, and services three main client groups: humanitarian and aid agencies, governments and commercial customers, predominantly in the oil and gas and mining sectors. It has a strong customer base, largely comprising UN agencies, western governments and global corporations.
The Company provides comprehensive, flexible, mission critical support to its clients enabling them to focus on the delivery of their respective businesses and services. Focusing on integrity and values alongside making on-going investment in its people, locations and operations has over time created a reliable and trusted brand within its sector.
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