Marine firm on track to break even

Christchurch-based marine engineering company Mooring Systems said yesterday that it expects to break even this financial year.

Chairman Michael Cashin told the company's annual general meeting the company was on track to achieve sales of $3.7 million for the year to March next year.

"On this basis we would expect to break even after providing for depreciation, amortisation and interest," Cashin said.

The company reported a preliminary audited loss of $509,000 for the year to March 31 this year.

Cashin said the forecast was conditional on the company's completion of a contract to supply Australian firm Patrick Shipping with eight QuaySailor 40 automatic ship-docking systems and a prototype QuaySailor 80 unit to Britain's Dover Harbour.

Cashin also gave the meeting details of the company's private placement of shares to the Accident Compensation Corporation (ACC) this year at $1 per share. He said the board believed the placement was "extremely positive".

"We welcome the ACC as a significant shareholder in our small and fledging company," he said. "It is a remarkable achievement for such a small company like Mooring Systems to have such institutional support and is indicative of the faith placed in our company by our shareholders."

MSL shares closed up 4c at $1.44 yesterday.

- NZPA

Further reading: nzherald.co.nz/marine