28th Aug 2015 11:12
(Clarifying headline)
LONDON (Alliance News) - Exova Group PLC on Friday reported a slight increase in earnings before interest, taxation and amortisation for the first half of 2015, as its revenue grew and it said it would pay its maiden interim dividend, and said its chairman and chief financial officer will depart next year.
The testing services company said its earnings before interest, taxation and amortisation in the first half to the end of June was up to GBP21.4 million from GBP21.1 million a year earlier. The group's reported pretax profit was GBP10.0 million, swung from a GBP38.1 million loss a year earlier when the group booked significant costs related to its float in London.
Revenue for Exova was up to GBP142.4 million from GBP134.7 million, as the group managed to defy the slowdown in the oil and gas industry to generate solid organic growth, along with benefits driven by acquisitions it made in the year.
The company said it would pay its maiden interim dividend of 1.0 pence per share.
"Performance in the first six months of 2015 was in line with our expectations. Overall, we anticipate that full year performance will be in line with the board's expectations," said Chief Executive Ian El-Mokadem.
In addition to the results, Exova said Chairman Fred Kindle will step down from January 1, 2016. He will be replaced by Allister Langlands, currently the company's senior independent director. Langlands is the former chief executive and chairman of oil services company John Wood Group PLC.
Additionally, Chief Financial Officer Anne Thorburn plans to retire during 2016. The company has begun a process to recruit her successor, and Anne will remain in the position to enable a full handover.
Shares in Exova were up 0.7% to 163.2001 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
EXO.L