Year Year ending ending 31 March 2004 31 March 2003 Change Turnover* £208.4m £223.7m (7%) Operating (loss) / profit* £(2.0)m £22.4m Operating profit before goodwill amortization and exceptional items* £16.5m £24.8m (33%) (Loss) / profit before tax £(4.5)m £34.4m Profit before tax, goodwill amortization and exceptional items £14.0m £20.0m (30%) Basic (loss) /EPS (15.0)p 37.8p Basic EPS before goodwill amortization and exceptional items* 13.0p 22.1p (41%) Dividend per share 10.9p 10.9p Maintained
Commenting on the results, Graeme Coutts, Chief Executive, said: 'Whilst much of the business made positive progress during the year, difficult market conditions in some of our businesses continued to adversely impact the overall result. Overcapacity in the shrinking Gulf of Mexico shallow water market, shortfalls in investment in Asia, and delays to project approvals in Africa, all proved particularly challenging.
The high operational gearing of the business meant that a relatively modest revenue shortfall has been magnified in profit terms, with losses in a number of territories leading to a higher effective tax rate. In respect to some of our shallow water Gulf of Mexico businesses this has also led to an impairment of goodwill.
Confident that the recently implemented recovery program is beginning to show early signs of success, the Board has maintained the final dividend.'
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