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Published On: Mon, Nov 17th, 2014

Caverton grows by 34%

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Caverton Offshore Support Group Plc., one of the leading provider of marine, aviation and logistics services to local and international oil and gas companies has recorded an improved performance as its revenue as it increased by 34 percent to N18.7 billion in its unaudited third-quarter (Q3) 2014 results

The group financial highlights showed an improved operating margin went 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 N3.1 billion against N2.5 billion recorded in September 2013mEarnings Per share (EPS) of 56kobo (against 45kobo as at September 2013).

The firm listed its 3.35 billion shares of 50 kobo each by way of introduction on the main board of the Nigerian Stock Exchange (NSE) to be traded at N9.50 per share.

The listing via introduction which marked the first offshore support company to be listed on the NSE will avail existing shareholders of Caverton an opportunity of trading on their shares even as it paved way for new investors participation in the company.

Chief Executive Officer of Caverton, Mr. Olabode Makanjuola, while commenting on the firms performance stated “The steady implementation of our strategic plans is yielding good results. Revenue grew 34 percent 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 percent last year to 23 percent 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” , he assured.

 

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