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CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% Q1 2017

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended March 31, 2017

 CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% TO N355MILLION, AS REVENUE INCREASES BY 16% IN THE FIRST QUARTER

 LAGOS, NIGERIA –  31 MARCH   2017 – Caverton Offshore Support Group Plc, (Bloomberg: Caverton NL), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its unaudited First Quarter, 2017, results. The results show a Profit before tax of N355million, (and an after-tax profit of N215million). A revenue increase of 16% and direct operating costs improvement by 19% support impressive earnings per share increase by 96% compared to Q1 2016. 

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that the results further highlight the continued commitment of streamlining our operations in the face of tough economic conditions and reduction of activities by International and Local Oil and Gas companies which continue to impact the service sector of the industry.  He further stated that apart from our continued focus on cost efficiency, evident from the decline in operating costs by 19% in the first quarter of 2017, (compared to Q1, 2016), we are equally focused on further expanding our business model and service offering. Our Maintenance Repair and Overhaul (MRO) facility in Lagos, when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large. While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively re-strategizing and positioning the company to pursue opportunities within and out of the oil and gas sector.   

Below are some of the highlights of the unaudited First Quarter, 2017 Results:

Group Financial Highlights:

  • Revenue is N5.1b,  (N4.4b March 2016)
  • Operating Profit, (excluding other income), is N722m, (N418m March 2016)
  • EBITDA is N1.02b, (N953m March 2016).
  • Profit before tax is N355m, (N209m March 2016)
  • EPS is 6 kobo, (3 kobo March 2016)

Profitability Ratios

  • Gross Margin is 32% (34% March 2016)
  • EBITDA Margin is 21% (22%  March 2016)
  • Net Profit Margin is 4% (2% , March 2016)
  • EBIT/Interest Expense is1.8x, (1.6x March 2016)

Capital Structure ratios

  • Net debt/EBITDA is 10.99x (9.77x March 2016)
  • Net debt/Equity is 0.73x (0.73 March 2016)
  • Total Debt/Total capitalization is 3.4 (3.2 March 2016)
  • Asset turnover is 11% (11% March 2016)

About Caverton

Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.  Caverton Marine, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002.  Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 2008. The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.  Caverton has a young and growing fleet of vessels and aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.

For more information, visit the company’s website at www.caverton-offshore.com