Expro International Reports Preliminary Financial Results

Expro International Group announces preliminary results for the twelve months ending March 31, 2004.

                                              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

* includes share of joint-ventures (2003 turnover restated - see note 2) The above numbers have been extracted from the Group Consolidated Profit and Loss Account and note 5.

  • Results in line with expectations
  • Dividend maintained
  • Challenging market conditions in shallow water Gulf of Mexico ('GOM') and Asia, and delays of project awards in Deep Water West Africa
  • Steady progress in implementing new strategy
  • Strengthening enquiry levels and order book
  • Technology portfolio is now stronger than ever

  • 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.'