PMP has released a trading update to the ASX reaffirming its guidance for FY15
PMP's update to the ASX reaffirms its guidance for FY15 (in the middle of the previously announced range):
EBITDA: $57 to 58m (pre significant items)
EBIT: $25 to 26m (pre significant items)
Free cashflow: $34m
Net debt: $19m
The company highlights its intention to commence a capital management program following the release of the FY15 results on 25th August 2015, highlighting the 50% of NPAT restriction the FIIG led bond imposes on shareholder distributions.
Further to this, PMP state it has “commenced the evaluation of the existing bond with a view to potentially securing lower cost funding and increasing regular and sustainable returns to shareholders.”
These comments reaffirm the previously highlighted opinion that PMP will likely call its bond at first opportunity in October 2015 at $103.