Expo International Announces Results

Expro International Group PLC, the oilfield services company, announces interim results for the six months ended September 30, 2004.

                                      Unaudited          Unaudited      Audited
                               Six months ended   Six months ended   Year ended
                                   30 September       30 September     31 March
                                           2004               2003         2004
                                                          Restated     Restated
                                                          (note 1)     (note 1)

Turnover(a)                             £106.7m            £103.5m      £208.4m
Operating profit/(loss)(a)                £9.5m              £6.9m      (£2.0m)
Operating profit before goodwill
 amortisation and exceptional items(b)   £11.2m              £8.0m       £16.5m
Finance charges (net)                     £1.2m              £1.3m        £2.5m
Tax charge(c)                             £3.6m              £2.4m        £5.4m
Goodwill amortisation and exceptional 
 items before taxation(c)               (£1.7m)            (£1.1m)     (£18.5m)
Basic EPS/(loss)                           7.1p               4.7p      (15.0p)
Basic EPS before goodwill
amortisation and exceptional items(c)      9.6p               6.5p        13.0p
Dividends per share                        3.8p               3.8p        10.9p
Net indebtedness                         £47.3m             £48.4m       £44.8m

a Group and share of joint ventures (September 2003 Turnover restated - see note 1)
b Group and share of joint ventures, before goodwill amortization and
  exceptional items, as extracted from the consolidated profit and loss account
c As extracted from the consolidated profit and loss account
  • Results in line with expectations
  • The strategy announced a year ago is delivering financially
  • Improved enquiry levels and order book continue to be fuelled by increased technology and customer focus
  • Dividend maintained

  • Commenting on the results, Graeme Coutts, Chief Executive, said, 'I am very pleased to announce a set of results that reflect in financial terms the substantive progress we've made in implementing the strategy announced a year ago. Our increased customer focus and technology development has helped reverse the previously downward volume trend, and revenues are beginning to grow. Earnings are now benefiting from the company's high operational gearing, coupled with lower financing and tax charges. The market outlook for the second half and beyond remains positive.'