Expro International Group PLC
26 March 2007
Embargoed until 07.00 26 March 2007
Expro International Group PLC
Pre-close Trading Update
Expro International Group PLC ("Expro") announces today that trading during the
second half of the year ended 31st March 2007 has continued in line with
expectations, despite the headwind of a progressively weakening US Dollar.
Global market conditions remain strong and have provided a solid foundation for
Expro to successfully integrate the Power Well Services ("PWS") acquisition
completed in July 2006 with minimal disruption. The assimilation of the PWS
business into Expro progressed ahead of plan and the integration of the two
companies is now largely completed.
The creation of the new geographic structure integrating PWS has been an area of
management focus throughout the second half of our financial year. This exercise
has been highly successful and the regional businesses are now balanced into our
new Eastern and Western Hemisphere operating structures, and fully focused on
both growing regional opportunities and providing enhanced delivery for the
Group's Global business streams.
Expro now enjoys an increased presence with National Oil Companies in Brazil,
Saudi Arabia and Norway, which all provide cross selling opportunities. The
addition of the Powerchokes business, which like all of the acquired PWS
businesses has performed in line with expectation, has also increased our
exposure to the unconventional North American land market.
Throughout the financial year, significant progress has been made in all areas
of Expro's business. The development of new technology remains essential to our
positioning and we have invested record amounts to develop and deliver the next
generation of Expro products. Our flagship AX-S rigless intervention concept
continues to take shape. Good progress has been made towards completion of the
detailed engineering phase preceding commercial discussions with our customers.
The market for subsea well intervention is developing very quickly. Our major
international customers are looking for technically innovative, cost effective
solutions to increase the recovery factors from their expensive subsea assets.
Expro remains on track to meet their future needs through investment made within
the period.
Graeme Coutts, Group CEO said: "I am delighted with the smooth integration of
PWS which has delivered everything that we had hoped for. The enlarged group is
now positioned to grow and attract new business from both International and
National Oil Companies. We have a technology portfolio well-suited to all
markets and an outstanding talent pool of national staff in key markets to
progress our strategies. In the flagship subsea markets operating costs remain
very high. As a result, our customers are focused on innovation and service
quality, core strengths of Expro which lie at the heart of its focused strategy.
The integration of PWS has given Expro a new platform to progress our strategies
and we remain confident in our positive outlook for the coming period and
beyond."
- Ends -
For further information, please contact:
Expro International Group PLC 0118 959 1341
Graeme Coutts, Chief Executive
Michael Speakman, Finance Director
Ed Cutts, Investor Relations
Weber Shandwick Financial 020 7067 0700
Kirsty Raper / Rachel Taylor / Stephanie Badjonat
This information is provided by RNS
The company news service from the London Stock Exchange
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