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Petrofac - Interims beat expectations

October 2008

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • PFC
  • Price:
  • 604p
Shares in oil services firm Petrofac have soared 60p since our update last month, partly galvanised by the acquisition for an initial £15m of UK-based Caltec, a specialist technology firm whose products enhance oil production from mature fields and also allow the partial separation of gas, oil, water and solids. Earlier, Petrofac announced interim results, which were nicely ahead of expectations. For the six months to 30 June net profit increased 57% to US$121m on revenue that rose 49% to US$1.57 bn. Diluted eps rose 57% to 35.1 cents. The best performance came from Petrofac's largest activity, engineering & construction, where revenues rose 81% to US$1.04 bn. (24% ahead of forecast) leading to net profit before central costs ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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