20th Jan 2016 09:44
LONDON (Alliance News) - Energy services company Thalassa Holdings Ltd on Wednesday said impairment charges related to the downturn in the oil and gas industry will wipe out its 2015 profit, but it said it sees potential acquisition opportunities in the sector.
Thalassa said its underlying revenue and operating profit will outpace market expectations for the year, but said this will be wiped out by the charges it will have to book on its assets due to the continued deterioration of conditions in the oil and gas industry.
The group has been cutting costs and expects this to feed into better results for 2016, though again this will be offset by the charges it will book related to this restructuring activity.
But Thalassa said that looking past its "bleak short-term outlook", the downturn in the oil and gas market has created potential acquisition opportunities which it will study.
Shares in Thalassa were down 1.5% to 32.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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