UK: Hamworthy Revenue Climbs

Hamworthy Revenue Climbs

Hamworthy plc, a global designer and manufacturer of innovative marine and offshore fluid handling systems, announced its results for the six months ended 30 September 2011.

Highlights

· Revenue increased by 31.4% to £109.2 million (H1 2010: £83.1 million)
· Operating profit increased by 40.5% to £9.0 million (H1 2010: £6.4 million) Underlying operating profit increased by 36.6% to £9.2 million (H1 2010: £6.8 million)
· Underlying basic earnings per share increased 57.5% to 16.7p (H1 2010: 10.6p per share)
· Order book stood at £241.5 million (30 September 2010: £186.7 million and 31 March 2011: £258.1 million)
· Net funds at 30 September 2011 of £78.6 million (30 September 2010: £73.4 million and 31 March 2011: £83.9 million)
· In light of the Cash Offer, the Group does not intend to declare an interim dividend

 

Commenting on the results, Gordon Page CBE, Chairman of Hamworthy plc, said: “The Group has made good progress on its strategy of expansion in offshore and aftersales markets, demonstrated by strong growth in both of these sectors.  The business continues to invest in developing its solutions for emerging environmental opportunities and is encouraged by both technical and commercial progress in this area.  With the current order book cover and robust demand for Aftersales, the Board is confident of meeting its expectations for the full year.

[mappress]

LNG World News Staff, November 22, 2011; Image: Hamworthy