World Mining Services Ltd
LSE : WMSP

June 15, 2009 02:00 ET

Interim Results

                                                                                                   15 JUNE 2009

                                        WORLD MINING SERVICES LIMITED.
                                                 (PLUS: WMSP)
                                                       
                                               INTERIM RESULTS
                                                       
World  Mining  Services Limited ("WMS" or "the Company"), the Isle of Man based resource sector technology  and
service's company is pleased to release its unaudited Interim Results for the period ending 31 March 2009.


DIRECTORS' REPORT FOR THE PERIOED ENDED 31 MARCH 2009

The  first half of the Company's fiscal year showed only a modest operating profit due to the time required  to
commission  the new Polish Briquetting plant at WMS's 50% owned subsidiary Afri- Pal.  The Company has  reduced
the  comparative period's loss by 96% in one of the most trying markets in history.  As of 31 March  2009,  the
Company's  total  assets had grown by 295% compared to the end of the comparative period  in  2008,  through  a
combination of investments in our wholly owned subsidiary True North Drilling and Geological Services  Limited,
investments in Fundy Minerals Limited, Minex Limited and Afri-Pal Sp z.o.o., loan agreements to help  fund  the
set  up  of operations at Afri-Pal and increased cash in the bank. During the period under review, the  Company
accomplished the following:

    *       Completed  a non-dilutive capital raise with  a  net of £118,174.25 through the sale of previously
            issued shares
    *       Appointment of an additional Non- Executive Director
    *       Signed coal procurement contracts with two major coal suppliers in Poland
    *       Secured a new corporate service provider and head office for the Company to reduce overhead
    *       Added packaging capabilities  in Afri- Pal
        
Afri- Pal
The Company has actively supported Afri-Pal to acquire new markets & clients in difficult market conditions and
as a result of these efforts, Afri-Pal appears to be well poised for a solid year ahead.

Minex
The  Company  was  advised in February that Minex Technologies had made a substantive  change  to  its  process
providing for a more economical operation.  The Company remains a passive investor.

True North
True  North remained dormant during the period under review herein primarily due to seasonal weather conditions
in  New  Brunswick,  Canada.   It is expected to begin an active season providing services  to  Fundy  Minerals
Limited.




CONSOLIDATED INCOME STATEMENT

                                                       Unaudited           Audited   
                                                      Six months        Six months
                                                           ended             ended
                                                        31 March          31 March   
                                                            2009              2008   
                                                            £                £         
 Continuing operations:                                                              
                                                                                     
 Revenue                                                 118,174           -              
                                                                                     
 Administrative expenses                                (96,448)          (72,613)       
                                                                                     
                                                    ------------      ------------   
 Total administrative expenses                          (96,448)          (72,613)       
                                                    ------------      ------------   
                                                                                     
 Operating profit/(loss)                                  21,726          (72,613)       
                                                                                     
 Finance (expense)/income                                  2,034             2,008          
 Other losses                                           (12,500)          (17,500)       
 Share of operating profit/(loss) in associate          (16,299)                 -              
                                                    ------------      ------------   
                                                                                     
 Profit/(loss) before taxation                           (5,039)          (88,105)   
                                                                                     
 Taxation                                                      -                 -              
                                                    ------------      ------------   
                                                                                     
 Profit/(loss) after taxation                            (5,039)          (88,105)       
                                                    ============      ============        
                                                                                     
 Attributable to:                                                                    
 Equity holders of the Company                           (5,039)          (88,105)       
                                                    ============      ============        
                                                                                     
 Earnings per share:                                                                 
 Basic  and diluted profit/(loss) per  share -          (0.009p)          (11.66p)       
 pence                                              ============      ============ 
                                                                      


INTERIM UNAUDITED RESULTS AS AT 31 MARCH 2009
CONSOLIDATED BALANCE SHEETS

                                                                 Unaudited           Audited   
                                                                  31 March          31 March   
                                                                      2009              2008  
 ASSETS                                                               £                 £        
 Non-current assets                                                                           
 Plant and machinery                                                19,905                 -  
 Intangible assets                                                  11,596                 -  
 Investments in associates                                         192,626                 -  
                                                               -----------       -----------  
                                                                   224,127                 -  
                                                               -----------       -----------  
                                                                                              
 Current assets                                                                               
 Trade and other receivables                                       131,306            81,131  
 Available for sale financial assets                                54,491            26,591  
 Cash and cash equivalents                                          28,593             1,312  
                                                               -----------       -----------  
                                                                                              
                                                                   214,390           111,034  
                                                               -----------       -----------  
                                                                                              
 TOTAL ASSETS                                                      438,517           111,034   
                                                               ===========       ===========  
                                                                                              
 EQUITY AND LIABILITIES                                                                       
 Equity attributable to equity holders of the Company                                         
 Share capital                                                         582                 1 
 Share premium account                                             198,913            38,500 
 Share based payment reserve                                         9,926                 - 
 Retained earnings                                                 206,187         (135,342)   
                                                               -----------      ------------ 
                                                                                              
 Total equity                                                      415,608          (96,841)  
                                                               -----------      ------------ 
                                                                                              
 Current liabilities                                                                          
 Trade and other payables                                           22,909           207,875  
                                                               -----------      ------------ 
                                                                                              
 Total liabilities                                                  22,909           207,875  
                                                               -----------      ------------ 
                                                                                              
 TOTAL EQUITY AND LIABILITIES                                      438,517           111,034  
                                                               ===========      ============ 

NOTES

    1.  The accounting information for the 6 months ended 31 March 2009 has not been reviewed by the Company's
        auditors.
       
    2.  The financial information set out in this announcement does not constitute statutory accounts.

The Directors of the Company accept responsibility for this announcement.

                                                   --ENDS--
Enquiries:

World Mining Services Ltd                                        Tel: 0207.669.4479
Jeff Michel
Email: info@worldmining.co.uk


Rivington Street Corporate Finance Ltd.                          Tel: 0207.562.3389
Leo Godsall                     Eran Zucker
Leo@rs-cf.com                   Eran@rs-cf.com

Contact Information

  • World Mining Services Ltd