OIL

Expro reports strong first half results

UK-based oil field services company, Expro International Group, announced strong interim results for the six months ending 30 September 2001.

Operating profits were up 61 per cent to £13.2 million on a turnover of £103.6m, which increased by 37%. Profit before tax increased 74% to £10.5m. Earnings per share increased 40% to 9.5p with interim dividend up 9% to 3.7p.

"We are pleased to report a good set of results for the first six months, sustaining the strong progress made in the second half of last year," Expro CEO Mr John Dawson said. "Our order book is now some 20% higher than six months ago, and stands at about £190m."

Mr Dawson added the backlog includes a string of recent orders for Africa totalling over £30m, from clients such as BP and BHP Billiton and in countries as diverse as Algeria, Angola, Ivory Coast and South Africa. "These awards confirm the long term objectives of our clients to increase their production base and address the very real issue of declining reservoir productivity," Mr Dawson said.

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