Petrofac slump weighs on FTSE amid M&A flurry – London Report November 24, 2014 BRITAIN’S top share index edged lower yesterday, weighed down by a slump in Petrofac after it predicted low net profits, but M&A talk kept it near a two-month high. Smith & Nephew and Friends Life were said to be likely subjects for bids, and BT confirmed it might expand into mobile communications. The benchmark FTSE [...]
Petrofac shares plunge as it issues profit warning November 24, 2014 Shares in Petrofac plunged by almost 25 per cent in mid-morning trading after it issued a profit warning, saying it expects profits next year to be more than a quarter lower. The oil giant said that although it expected net profit to fall to the "lower end" of its $580m-$600m (£370m-£383m) guidance this year, it [...]
London Report: Petrofac buoys FTSE but poor store data weighs on market August 27, 2014 BRITAIN’S top equity index yesterday climbed to its highest closing level in nearly two months, with oil and gas services company Petrofac buoyed by positive broker comments. However, supermarkets J Sainsbury and Tesco underperformed after weak sales data. The FTSE 100 index ended up 0.1 per cent, or 7.90 points, at 6,830.66 points. Petrofac rose [...]
Petrofac profit plunge but order record may offer rebound ahead August 26, 2014 NET PROFIT at oil services provider Petrofac fell by a huge 44 per cent during the first half of 2014, though the company said it expected a much stronger second half would keep it on course to meet full-year profit targets, as it also revealed record order levels. During the first half of the year [...]
Petrofac operations not impacted by Iraq turmoil June 24, 2014 Oil and gas services firm Petrofac has said that its operations in Iraq, which represents less than five per cent of expected revenues for this year, have not been significantly impacted by the recent wave of violence sweeping many parts of the country. The company's operations are mainly concentrated in the south and east of [...]
Petrofac shares plummet 17pc on profit warning May 9, 2014 Petrofac, the energy services firm, has seen its shares plunge over 17 per cent this morning, after warning its net profit for this year will fall by as much as 11 per cent. A disappointing performance by its Integrated Energy Services (IES) division will see profit fall to between $580m and $600m. Petrofac had said [...]
Petrofac warns of flat to modest growth after bumper earnings February 26, 2014 FTSE 100-listed oil and gas services firm Petrofac yesterday reported a three per cent rise in profit in 2013 but warned of weak growth this year, in line with previous guidance and market expectations. The company said it expected flat to modest growth in 2014 due to project delays, before a return to strong earnings [...]
Petrofac sees modest growth but reiterates cautious outlook February 26, 2014 Petrofac saw modest growth in net profit last year, up three per cent to $650m (£390m). But the oil and gas services firm expects little growth if any this year before heading back to increased earnings in 2015. The British company says it expects to deliver “flat to modest growth” in net profit in 2014. [...]