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Shaft Sinkers board says trading in line with expectations

Shaft Sinkers Group's financial position remains strong and it expect to have a net debt position of Â£4 million at 30 June 2012, before the receipt of advance payments on our Hindustan Zinc contract.

These will only be received in July 2012 following official registration of the project with the Indian authorities.

The Group continues to pursue new projects and is awaiting client adjudication on several tenders and proposals in South Africa, The DRC, Russia, and Kazakhstan.

Results from trading for the 2012 financial year are forecast to be in line with expectations and the Board remains confident of the Group's prospects.

Alon Davidov, CEO, commented: "We are working very hard to secure substantial new contracts to build long term strength in the order book and we are confident that this high quality order book will lead to sustainable revenue streams and on-going returns to shareholders.

At 8:32am: (LON:SHFT) share price was +1.5p at 75p

Story provided by StockMarketWire.com

01/06/2012