Oil industry service group Petrofac (LON:PFC) today reported revenue up 34% to $2.13bn for the half-year to end-June (2009: $1.586bn), with EBITDA up 55% to $321.3m (2009: $207.5m). Interim dividend was up 29% to 8.91p per share. Net profit was up 128% to $331.9m; net profit excluding gain on EnQuest demerger up 42% to $206.3m (2009: $145.6m). Earnings per share (diluted) were up 41% to 60.14 cents (2009: 42.70 cents).
The group had an order backlog of $6.9bn at 30th June 2010 (31st December 2009: $8.1bn), augmented by $1.1bn of awards since 1st July 2010. Petrofac completed the EnQuest demerger in April 2010, generating a gain of $125.6m.
Ayman Asfari, CEO, commented: "We have achieved an order intake of approximately $2bn in the year to date, which, together with our healthy prospects list, gives us confidence that we will grow our backlog over the calendar year. Furthermore, we believe our strong operational performance will enable us to maintain our historical sector-leading net margins in Engineering & Construction over the medium-term.
"Given our strong start to the year, we expect to deliver like-for-like net profit growth for the full year, excluding the gain on the EnQuest demerger, of around 20%."
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