Good operational performance; portfolio remains in excellent shape
On course to deliver a strong second half resulting in modest growth in net profit for the full year 2013; remain on track to achieve our 2015 earnings target
As previously guided, our revenue and net profit for 2013 is expected to be significantly weighted towards the second half of the year, reflecting the phasing of project delivery:
o Revenue of US$2.8 billion (2012: US$3.2 billion)
o Net profit of US$243 million (2012: US$326 million)
o Earnings per share (diluted) of 70.72 cents (2012: 94.82 cents)
Backlog at 30 June 2013 up 21% to US$14.3 billion (31 December 2012: US$11.8 billion), reflecting strong ECOM order intake in H1 2013 of US$4.9 billion (2012: US$1.4 billion) and an increase in our economic interest in Petrofac Emirates
Interim dividend up 5% to 22.00 cents (14.10 pence) per share (2012: 21.00 cents)
Ayman Asfari, Petrofac's Group Chief Executive commented on the interim results:
"Operationally, we have made a good start to the year on our portfolio of projects and we have built good momentum in securing new awards. As previously signalled in our trading update, net profit for 2013 is expected to be significantly weighted towards the second half of the year, reflecting the phasing of Onshore Engineering & Construction and Integrated Energy Services project delivery.
"We look ahead with confidence in our ability to deliver a strong second half performance and achieve our guidance of modest growth in net profit for 2013. Our high quality portfolio of existing projects reflects our disciplined approach to bidding and managing risk, which, together with a strong pipeline of bidding opportunities and our competitive positioning, means that we remain on track to achieve our 2015 earnings target."
