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COSG 2015 FYE Results - Press Release

Financial results for the period ended December 31, 2015



LAGOS, NIGERIA –  31 MARCH   2015 – 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 audited 2015 FY results. The result show a 7% drop in revenue while profits remained flat compared to last year.  Administrative expenses however declined by 16% which highlights our continued effort at streamlining our operations. Earnings per share retained last year level at 29 kobo.

Commenting on the year end results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “The slide in oil prices with the resultant reduction of activities by international and local oil and gas companies continue to impact the service sector of the industry. Whilst we had new support contracts signed during the year, we have had reduction in the work scope and rate of existing contracts.” 

He further stated that “part of our strategy to weather the current challenging business environment is to continue to focus on cost efficiency without compromising on our safety standards. The implementation of our strategy to increase service offerings is ongoing as we have commenced construction of the Maintenance, Repair and Overhaul facility in Ikeja Lagos.  We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.”

It should be noted that Caverton has the largest fleet of AW139 in Nigeria and is an authorized Service Centre for Agusta Westland.


Group Financial Highlights

  • Revenue of N23.2b down by 7%, (N24.9b December 2015)
  • Operating Profit (excluding other income) of N2.5b down 32%, (N3.7b December 2015)
  • EBITDA also down by 10% year – on -  year to N5.4bn in FY 2015.
  • Profit before tax of N1.7b down 35%, (N2.7b December 2014)
  • EPS is 29 kobo (29 kobo December 2014)


Profitability Ratios

  • EBITDA Margin of 26% (27% December 2014)
  • Net Profit Margin of 4% , same as previous year
  • EBIT/Interest Expense of 1.9x, (3.0x December 2014)


Capital Structure ratios

  • Net debt/EBITDA of 1.8x (1.7x December 2014)
  • Net debt/Equity of 0.8x (0.8x December 2014)
  • Total Debt/Total capitalization of 50% (51% December2014)
  • Asset turnover of 59% (68% December 2014)


Operational Highlights

  • Capt Josiah Choms MD Caverton Helicopters was elected to the Board of HeliOffshore.
  • Capt Josiah Choms (MD Caverton Helicopters Ltd) and Mrs. Titilola Adigun (Group CFO) were appointed as board members of the Board of Directors for the Group.
  • In the year in review, we successfully signed on four new key clients in our helicopter
  • Commenced construction of Maintenance Repair and Overhaul (MRO) facility.obal