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COSG Q3 Results - Press Release

Financial results for the period ended September 30, 2014

CAVERTON REPORTS 34% INCREASE IN REVENUE COMBINED WITH IMPROVED OPERATING PERFORMANCE FOR YEAR-TO-DATE 30 SEPTEMBER 2014 TO N18.7 Billion

LAGOS, NIGERIA –  10 OCTOBER  2014 – Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria today announces its unaudited  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 performance.

 Commenting on the year-to-date   results, CEO of COSG PLC, Mr. Bode Makanjuola said,

“The steady implementation of our strategic plans is yielding good results.  Revenue grew 34% to N18.7 Billion 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% last year to 23% as at September 2014.”

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.

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.

 

 

Group Financial Highlights

  • Revenue up 34%  to N18.7b
  • Improved operating margin – up from 10% last year to 23% as at September 2014
  • Total Assets grew by 9% year on year
  • EBITDA margin 30%
  • Profit before tax  N3.1b (N2.5b  Sept 2013)
  • EPS  56kobo (45kobo Sept 2013)

 

Profitability ratios

  • EBITDA 30% ( 29% Sept 2013)
  • Net profit margin 10% (11% Sept 2013)
  • EBITDA/Interest Expense 4.6x (4.3x Sept 2013)

 

Capital Structure ratios

  • Debt/EBITDA  3.4x  (3.72x Sept 2013)
  • Net Debt/ Equity 1.38x (1.27x Sept 2013)
  • Net Debt/Operating Profit  4.14x (4.21 Sept 2013)
  • Net Debt/Total Capitalisation 58% (56% Sept 2013)
  • Total Debt/Total Capitalisation 60% (57% Sept 2013)

 

Operational Highlights

  • Contract signed with CAE, a global leader in the provision of flight simulators to operate the first commercial aviation training centre in the sub-Saharan African region.
  • AW139 Type Rating Course held for 13 Caverton engineers and two NCAA Inspectors. Course was delivered at Caverton facilities here in Nigeria by renowned training providers REH Aviation   LTD UK.
  • Caverton Marine Ltd –a subsidiary of Caverton Offshore Support Group PLC- received an AA categorization from NCDMB showing full compliance with Local Content Act as it pertains to Company and Asset ownership.
  • Caverton-RK -a joint venture between RKOffshore of Singapore and Caverton Marine Limited - awarded a contract to supply two Anchor Handling Tug supply vessels (AHTS) to Shebah Exploration and Production Company Limited (SEPCOL).
  • Successfully listed 3.35 billion shares on the Nigerian Stock Exchange by way of Introduction, the first indigenous oil services operator in the sector.
  • Won 2 year contract extension from TOTAL to further service the company into 2016.