3rd Mar 2016 08:49
LONDON (Alliance News) - Testing and advisory services provider Exova Group PLC on Thursday said it swung to profit in 2015 thanks to higher revenue, driven by acquisitions.
Exova said its pretax profit was GBP23.2 million for the year to the end of December, swung from a GBP23.7 million loss a year earlier, thanks to lower financing and one-off costs.
Revenue increased to GBP296.5 million, up 7.9% year-on-year from GBP274.9 million, helped by the eight acquisitions the company made over the course of the year and good organic growth, excluding a slowdown in business from the oil and gas and industrial sectors.
Exova will pay a 2.2 pence per share final dividend, up from 2.0p, taking its total payout to 3.2p.
"We are pleased to have delivered results which are in line with our guidance, demonstrating the strength of our diversified business and our ability to respond to changing market conditions. We delivered strong overall growth, with solid organic performance enhanced by our most successful year to date for acquisitions," said Ian El-Mokadem, Exova's chief executive.
"The group expects to deliver modest organic growth at constant currency in 2016 due to the strength of our portfolio and model," he added.
Exova shares were down 1.1% to 130.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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