Depa Limited Resolution of Material Legacy ItemJul 06, 2017
Depa Limited (“Depa”), the leading global interior solutions group, announces resolution of an outstanding legacy item. The project, initiated in Qatar over the first half of 2012, was executed by Depa’s joint venture company, Lindner Depa Interiors LLC. Resolution of this item significantly improves the Group’s net cash position which will have a materially positive impact on Depa’s earnings in H1 2017.
Depa’s Group Chief Executive Officer, Hamish Tyrwhitt, commented:
“The resolution of this long outstanding item is yet another example of the Group’s continuing progress in executing our clearly defined business strategy and of the Group achieving its plan ahead of management’s original timetable.”
“By continuing to de-risk the balance sheet as we are, Depa is well placed to enter into Phase 3 of our strategy, where we achieve consistent top and bottom line growth.”
“The outlook for the Group remains the most positive it has been for some time.”
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Depa is a strategic management company specialising in global interior solutions. Depa’s four Key Business Units hold leading positions in their respective markets: Design Studio, Vedder, Depa Interiors Group and Deco Group. Employing thousands of people worldwide, the Group’s operations are centred on three regional hubs: Asia, Europe and the Middle East.
Depa’s mission, shared by each of its Key Business Units, is to deliver sustainability, profitability and performance for our clients, shareholders and employees. The Group’s five core values are integral to everything Depa does: transparency, integrity, accountability, professionalism and exceptional service.
Depa Limited is listed on the Nasdaq Dubai (DEPA:DU) and is headquartered in Dubai, United Arab Emirates.
This document contains certain ‘forward looking statements’ with respect to Depa’s financial condition; results of operations and business; and certain of Depa’s plans and objectives with respect to these items. By their very nature, forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, made in this document or made subsequently, which are attributable to Depa or any other member of the Group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update these forward looking statements.