Highlights:
Specialist Technical, Marine Support and Tankships combined underlying operating profit up 25%;
Sharp decline in activity in Offshore Oil mitigated by swift cost reduction actions; gross margins held up well;
Cash conversion strong at 95%;
Full year dividend increased 8% to 23.8p per share;
Galloper Windfarm contract announced last week worth in excess of £25m.
Commenting on the results, Chief Executive Officer Nick Henry said:
"With the award of the Galloper Windfarm contract, we have started 2016 with good momentum.
Looking forward, our Marine Support division looks well placed to deliver growth and Tankships continues to trade well at the levels seen last year. Prospects in our Specialist Technical businesses are strong but, as always, are linked to the timing of specific contract awards. Whilst the outlook in our Offshore Oil division is difficult to predict, the business has been strengthened by the cost actions management implemented last year.
With a strong financial position and robust business model, the Board remains confident in the Group's ability to deliver further growth and value for its shareholders."
