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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Petrofac - Guidance for profit growth of at least 20% growth

October 2009

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:
  • 1010p
Shares in oilfield services firm Petrofac reacted positively to its interims, which were 5% ahead of consensus forecasts. While part of this is attributable to a one-off recovery of prior year bid costs, Petrofac has also issued bullish guidance for growth of at least 20% this year. First half order intake was an impressive US$5.8bn and since then it has won close to another US$1.5bn leaving the backlog standing near US$10bn. For the six months to 30 June EBITDA rose 16% to US$207.5m while net profit increased 20% to US$145.1m on revenue up 1% to US$1.59bn. Eps rose 22% to 42.7 cents, while group cash balances increased from US$694m to US$900m. Much of the positive earnings surprise came from the group's largest side, engineering ...

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