Caverton Offshore Support Group plc has reported 34 percent increase in revenue as indicated in its unaudited third-quarter (Q3) 2014 results.
The results show an improvement in revenues, total operating margin and assets, a trend that is expected to improve on last year’s performance.
The group financial highlights show revenue growth of 34 percent to N18.7bn; improved operating margin – up from 10 percent last year to 23 percent as at September 2014; total assets grew by 9 percent year on year; Profit before tax of N3.1bn (against N2.5bn in September 2013); Earnings Per share (EPS) of 56kobo (against 45kobo as at September 2013).
Commenting on the year-to-date results, Bode Makanjuola, Caverton Offshore Support Group, said “The steady implementation of our strategic plans is yielding good results. Revenue grew 34 percent to N18.7bn driven by growing demand for helicopter charters that complemented our recurring revenues from fixed contracts. In addition we delivered improved operating performance as our margin was up from 10 percent last year to 23 percent as at September 2014.”
According to Makanjuola, “As part of our strategic plan to diversify our income base, our plan in partnership with CAE to build and operate the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remain on course. “Furthermore, we shall continue to explore our options for opportunities to increase our market penetration in other sub-Saharan African countries.
We continue to progress our fleet expansion plans in the marine sector with the aim of supporting local and international oil and gas companies as they take their exploration and production activities further into the deep offshore.
“We are also committed to achieving the National Content Development targets as more indigenous pilots, engineers and seafarers get the required training to enhance their competence,” Makanjuola stated.
He said, “We are confident that our cost control measures combined with the roll out of our strategic growth plan positions us to improve profitability thereby adding significant value to the Group and for our shareholders.”