PSN has reported strong earnings growth for the year ended 31st December 2007. The company, based in Aberdeen, performed well ahead of planned expectations and continued to invest in long-term sustainable growth. Highlights included a first acquisition, with a second following in early 2008, a continued high level of repeat business and new joint ventures in Russia and Kazakhstan.
Duncan Skinner, PSN's Chief Financial Officer, said: "Our 2007 revenues totaled $1.2 billion with earnings before interest, tax, depreciation and amortisation of $69.3 million. This represents an increase on the 2006 12-month equivalent revenues of 3% and on EBITDA of 12%. This continues well ahead of the targets that we set for performance post MBO and is testament to our strategy of growing our international business and investing in the quality of our network of professionals."
During 2007, PSN acquired a complementary business, Grasso in the Gulf of Mexico, wholly funded by cash reserves, significantly extending PSN's capability in North America. Joint venture agreements were signed in Kazakhstan, while PSN consolidated its leading position on Sakhalin Island through its partnership with TransStroy Sakhalin.
Skinner added, "This international expansion is underpinned by our ability to win repeat business in all operating territories, including the North Sea. We have also continued to invest in our people through innovative training, up-skilling and support systems. We are now seeing the benefits of this work as we welcome more people to support our growing number of operations throughout the world."
"In the current financial year we have already entered new territories, executed additional joint ventures and are working on further acquisitions, which will drive the continued growth of the business. The near to mid-term prospects are therefore extremely good, supported by an order book of $2 billion as at the end of 2007."
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