Expro International Group PLC
24 January 2008
24 January 2008
EXPRO INTERNATIONAL GROUP PLC
Interim Management Statement
Expro International Group PLC ("Expro" or "the Group"), the oil field services
company, today issues an Interim Management Statement covering the period 1st
October 2007 to 23 January 2008 under the UK Listing Authority's Disclosure and
Transparency requirements.
Period Performance
The performance in the period since the half year has continued in line with our
expectations across all areas of operations.
As expected, the underlying operating margin has continued to increase, following
the trend of sequential margin improvements that has been a feature of recent
results. This margin expansion is the product of operational gearing and
the growing margin benefit of our technologically differentiated products and
services.
There have been no significant changes to the balance sheet, though continued
progress in debt repayments continues to be a feature.
The period under review saw the announcement on 15th November 2007 of the
signing of a contract with BP Exploration Operating Company Ltd, a wholly-owned
subsidiary of BP plc, concerning the development and commercialisation of the
AX-S lightweight subsea wireline intervention system.
Outlook
The outlook remains unchanged from that highlighted in our half year report. In
the short to medium term, underlying international demand for upstream services
remains strong driven by our customers need to invest in new green field
developments as well as brown field rehabilitation. Recently published customer
capital expenditure plans for 2008 suggest a continuation of their double digit
capital investment growth throughout the period.
The Board, therefore, is confident that the Group will meet expectations for the
current year and believes that the outlook for continued growth in future
periods remains positive.
- Ends -
For further information please contact:
Expro International Group PLC 0118 959 1341
Michael Speakman, Finance Director
Edward Cutts, Investor Relations
Weber Shandwick Financial 020 7067 0700
Nick Oborne / Rachel Martin / Stephanie Badjonat
Notes to Editors
Expro's business is well flow management. Expro is a leading provider of
products and services that measure, improve, control and process flow from
high-value oil and gas wells. Key niche businesses must be able to command and
sustain market share leadership through a combination of technological
pre-eminence and/or operational economies of scale. They will have a high
knowledge and service content and will be able to anticipate, meet and exceed
customers' expectations. With its head office in the UK, Expro employs more than
4,000 highly-trained staff in 50 countries. For more information, please visit
the Expro website www.exprogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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