World Mining Services Ltd
LSE : WMSP

February 18, 2009 02:00 ET

Final Results

                                                                                                       18/02/09
                                                                                                               
                                           World Mining Services Ltd
                                                 (PLUS: WMSP)
                                                       
                                                 FINAL RESULTS

CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT 
FOR THE YEAR ENDED 30 SEPTEMBER 2008

This  past  year  has been a formative one for World Mining Services Limited ("WMS").  Our  business  plan  was
placed into action whereby we were able to complete two acquisitions, a capital raise and successfully list the
company on the PLUS Market in London.

Since  listing,  WMS  has focused primarily on completing the build-out of our associated company  Afri-Pal  sp
z.o.o.  (Afri- Pal) factory in Trzebenia, Poland.  The plant, 6,000 square meters under roof, is now  completed
and  in  operation.  In January of 2009 Afri-Pal signed two procurement agreements with major mining companies.
This  provides  a stable base from which to build our revenues upon and shows evidence of the confidence  these
two  major  suppliers  have  in  our Company.  Afri- Pal now has the ability to  produce  a  diverse  range  of
briquetted coal products as well provide industrial screening and crushing services, all of which are in demand
throughout  Poland.   The  briquettes not only serve to fill a gap in supply but have been  proven  to  produce
cleaner emissions and less waste whilst emitting energy in a more efficient (useful) manner.

Having  completed the acquisition of True North Drilling & Geological Services, the subsidiary is  prepared  to
start  work  for  our sister company Fundy Minerals Limited.  Fundy Minerals Limited will require  drilling  on
several of its properties once logistics and weather permit.

WMS  remains a passive investor in Minex Technologies Limited.  We have been informed in January 2009 that  the
Company  has  made  a  substantial change in their Process and they feel this change  has  reduced  operational
problems  and  provided  for  a  more economical operation.  Minex Technologies reports  that  they  have  been
introduced  to  three  different  organizations, which between them have  over  forty  two  million  tonnes  of
metallurgical waste for re-processing.  Minex Technologies Limited has already tested samples from two  of  the
three  with  successful  commercially viable results.  Testing is on-going  with  a  Competent  Persons  Report
authored by SRK expected in April 2009.

The  results  for  the financial year ending 30 September 2008 were pleasing as we were able to  show  a  small
profit  with  significant one-off costs from the listing process on PLUS and the build out  of  the  Afri-  Pal
plant.  We did record a profit on the sale of some of the shares held in Minex Technologies Limited.

This  year  we  expect a return on capital loaned to Afri- Pal as well as significant contributions  from  this
subsidiary.   Demand  for our product and services in Poland are strong without any change  predicted  for  the
foreseeable future.

We  would  expect that, despite the slowing effects the economy is having on the resources sector,  True  North
Drilling  &  Geological Services will find an active year if for no other reason but serve the needs  of  Fundy
Minerals Limited.

The  Board  of  Directors of WMS have remained focused on prudent growth, are mindful of  the  global  economic
conditions and the impact this has had on our sector as well the broader capital markets. Whilst demand in some
of  these  areas will wane, it certainly will create new opportunities for improved (or green) technologies  to
make inroads.  WMS is keeping a keen eye on these opportunities and will look to participate in these when  the
proper conditions present themselves.


J W Michel
Chairman and Chief Executive

CONSOLIDATED INCOME STATEMENT 
FOR THE YEAR ENDED 30 SEPTEMBER 2008

                                                                                                   Restated
                                                                               Year          Period from 18
                                                                              Ended          September 2006
                                                                       30 September         to 30 September
                                                                               2008                    2007
                                                                                  £                       £
                                                                                                           
                                                                                                           
Revenue                                                                                                    
                                                                                                           
Gain on disposal of investment                                               246,972                 79,665
                                                                         -----------            -----------
                                                                                                           
Administrative expenses                                                       21,511              (113,950)
                                                                         -----------            -----------
Operating profit/(loss)                                                      268,483               (34,285)
                                                                                                           
Finance income                                                                 3,632                  1,049
Other losses                                                                (20,000)               (15,000)
Share of operating loss in associate                                        (19,018)                      -
                                                                         -----------            -----------
Profit/(Loss) before taxation                                                233,097               (48,236)
Taxation                                                                           -                      -
                                                                         -----------            -----------
Profit/(Loss) for the financial year                                         233,097               (48,236)
                                                                             =======                =======
Attributable to:                                                                                           
Equity holders of the Company                                                233,097               (48,236)
                                                                             =======                =======
Profit/(Loss) per share:                                                                                   
Basic and diluted                                                              1.37p              (0.0006p)
                                                                             =======                =======


CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2008

                                                                                                   Restated
                                                                       30 September            30 September
                                                                               2008                    2007
                                                                                  £                       £
ASSETS                                                                                                     
                                                                                                           
Non current assets                                                                                         
Plant and machinery                                                           18,048                      -
Intangible assets                                                             12,764                      -
Investments in associates                                                    189,907                       
                                                                         -----------            -----------
                                                                             220,719                       
                                                                         -----------            -----------
Current assets                                                                                             
Trade and other receivables                                                   74,761                 88,623
Available for sale financial assets                                           66,991                 44,091
Cash and cash equivalents                                                     68,051                  1,800
                                                                         -----------            -----------
                                                                             209,803                134,514
                                                                         -----------            -----------
                                                                                                           
TOTAL ASSETS                                                                 430,522                134,514
                                                                             =======                =======
                                                                                                           
EQUITY AND LIABILITIES                                                                                     
Equity attributable to equity holders                                                                      
of the Company
Share capital                                                                    215                  1,000
Share premium account                                                         94,980                 38,500
Share based payment reserve                                                    9,926                      -
Retained earnings                                                            185,860               (48,236)
                                                                         -----------            -----------
Total equity                                                                 290,981                (8,736)
                                                                         -----------            -----------
                                                                                                           
Current liabilities                                                                                        
Trade and other payables                                                     139,541                143,250
                                                                         -----------            -----------
                                                                                                           
Total liabilities                                                            139,541                143,250
                                                                         -----------            -----------
                                                                                                           
TOTAL EQUITY AND LIABILITIES                                                 430,522                134,514
                                                                             =======                =======

The accounts were approved by the Board of Directors on 10 February 2009 and were signed on its behalf by:

J W Michel
Director


Earnings per share


      Given the result for both years the share warrants are anti-dilutive and have therefore not been taken
      into consideration for the purposes of calculating earnings per share.
      
      The calculation of the basic and diluted earnings per share is based on the following data:
      
                                                                                  2008        As restated
                                                                                                     2007
                                                                                     £                  £
                                                                                                         
                                                                                                         
       Profit/(loss) for the purposes of basic earnings per  share  being                                
       net profit attributable to equity shareholders of the parent            233,097           (48,236)
                                                                               =======            =======
                                                                                                         
       Profit/(loss) for the purpose of diluted earnings per share             233,097           (48,236)
                                                                               =======            =======
                                                                                                         
       Number of shares                                                                                  
                                                                                                         
       Weighted  average  number of ordinary shares for  the  purpose  of                                
       basic and diluted earnings per share                                 16,956,489         83,350,000
                                                                            ==========         ==========
       Earnings per share                                                                                
                                                                                                         
       Basic and diluted profit/(loss) per share - pence                          1.37           (0.0006)

NOTES

1.  Events after the balance sheet date

    Loans to Afri-Pal Sp z.o.o.
    
    On  6 October 2008 a loan for £43,471 was agreed with Afri-Pal Sp z.o.o. with interest accruing at 3 months
    sterling  LIBOR and to be compounded quarterly with all amounts of principal and interest being  repaid  no
    later than 6 October 2010.
    
    On 4 December 2008 a loan for £72,300 was agreed with Afri-Pal Sp z.o.o. secured on all the assets of Afri-
    Pal  Sp  z.o.o. and repayable over 24 months starting on 15 March 2009 and the greater of (a) equal monthly
    capital repayments plus accumulated interest or (b) 20% of net profit. Interest to be paid at 7% per annum.

2.  The  financial information set out in this announcement does not constitute statutory accounts  within
    the meaning of section 240 of the Companies Act 1985. This financial information has been extracted from the
    audited full accounts of the Group for the year ended 30 September 2008.

3.  The  financial  statements are prepared in accordance with applicable law and International  Financial
    Reporting Standards (IFRSs) as adopted by the European Union.

The Directors of the Issuers accept responsibility for this announcement.

                                                   --ENDS--

Enquiries:

World Mining Services Ltd                        Tel: 020 7669 4479
Jeff Michel
info@worldmining.co.uk


Rivington Street Corporate Finance Ltd.           Tel: 020 7562 3389
Monisha Varadan                  Leo Godsall
Monisha@rs-cf.com                Leo@rs-cf.com




Contact Information

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