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TWP foresees more growth in 2008
Allan Seccombe
Posted: Mon, 05 May 2008

[miningmx.com] -- TWP Holdings, one of Africa’s largest mining services companies, posted a 230% increase in annual net profit, ahead of internal forecasts, and expects the strong demand for its services that drove last year’s performance to continue in the coming year.

TWP offers services from shaft sinking and infrastructure, to hydro- and pyrometallurgical expertise and environmental assessments. It employs more than 1,100 people, making it the largest such company in Africa.

“The performance, which exceeded the forecast published in the group`s pre-listing statement ("PLS"), was as a result of strong demand for the group’s services in all fields of operation,” the company said in a statement.

TWP listed on the JSE in November last year. Its shares gained nearly one percent during Monday’s session at R23.70.

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No company officials were immediately available to comment on the results.

TWP’s cash position has improved remarkably over the year, climbing to R91m at the end of February 2009 from R2m at the end of the previous year. The increase came about from the raising of funds in the listing and improved work flow.

“Announcements regarding new work, acquisitions and opportunities being pursued can be expected throughout the forthcoming year,” the company said.

As at the end of November, the company had work on its books with a capital value of R55bn.

“Growth is underpinned by strong demand for the group’s services globally and in Africa and Australia in particular. The order book is extremely robust and new commissions are being secured on a regular basis,” it said.

TWP has used its JSE listing to develop a share incentive scheme to retain and attract skilled workers in a global environment, it added.