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Petrofac H1 profit surges 31%

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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - Oil and gas facilities service provider Petrofac reported a 31% rise in half year profit and expects to post full year results at the top end of market expectations.

Strong demand helped EBITDA rise to $179.2m in the six months ended 30 June from $137.3m the year before. Revenue was up 49% at $1.6bn.

The group is expected to earn full year net profit of between $228m and $262m, Petrofac said in its statement.

"With continued strong demand for our services and a positive outlook for new project awards, we are confident that the group is well positioned to deliver 2008 results towards the top end of market expectations and strong growth over the medium-term," said Petrofac in a company statement.

The group added that it is currently bidding for projects valued at over $10bn.

An interim dividend of 7.50 cents per share has been declared, up 53.1% from the last time.

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