Shaft Sinkers Holdings, the international shaft sinking and underground construction group, provides an update on trading since its successful listing on the London Stock Exchange on December 23 2010. It will announce its results for the period ended December 31  2010 in mid April 2011. Since its last reported results for the half year ended June 2010, the Group has successfully commenced the Styldrift project with Anglo American Platinum and Royal Bafokeng Resources, which continues to proceed according to plan. The sinking of the shaft in Russia at OJSC MHK EuroChem’s Volgakaly potash mine has moved into the main sink phase and remains well within budget. The Indian contract at Teesta Urja Limited’s hydroelectric project has neared conclusion of the first tunnel and work progresses well on the second tunnel. Impala 16 and 17 projects for Impala Platinum are now progressing well. All other projects remain on track. The Group continues to await the outcome of a tender for a major shaft complex for an existing South African customer. Opportunities in the CIS countries also continue to proceed.

Operating results before exceptional items for 2010 are in line with expectations. IPO expenses were higher than previously estimated and their accounting treatment remains under review.  It is currently anticipated that £1.7 million of IPO expenses (net of reimbursement by selling shareholders) will be charged in the year ended December 2010 and that the IPO Bonus of £3.8 million (before reimbursement) will be charged in the year ending December 2011. The accounting treatment of a £1.2 million reimbursement of the IPO Bonus by selling shareholders remains under discussion.