30th Jun 2014 12:21
LONDON (Alliance News) - Africa Oilfield Logistics Ltd said Monday that its primary investment, Ardan Risk & Support Services, saw revenue of around USD9.5 million in the four months to end-April, following a period of restructuring.
The support services and logistics company said this represents a yearly run rate of USD38 million, and a 65% increase on its unaudited revenue of USD23 million in 2013.
Africa Oilfield said that the operational restructuring of Ardan had been completed, leading to improved key performance indicators and financial performance.
The company said Ardan was now ideally positioned to capitalise on the rapidly expanding energy and natural resource industry in East Africa.
"I look forward to providing further updates regarding Ardan and our growth strategy in due course and remain confident that the strong structural foundations which have now been implemented at Ardan will continue to translate into strong financial performance," said Chief Executive Carl Esprey in a statement.
Shares in Africa Oilfield were trading up 7.9% at 8.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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