Business
Annual Financial Report
Annual Financial Report.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \n \n \n \n \n 13 May 2022\n \n \n \n \n \n \n \n \n Gulf Marine Services PLC\n \n \n \n ('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\n \n \n \n 2021 Financial Results\n \n \n \n \n \n \n \n \n Gulf Marine Services PLC (\"GMS\" or the \"Company\"), a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce its full year financial results for the year to 31 December 2021.\n \n \n \n \n \n \n Financial Overview\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2021\n \n \n \n \n US$m\n \n \n \n \n \n \n 2020\n \n \n \n \n US$m\n \n \n \n \n \n 2019\n \n \n US$m\n \n \n \n \n \n \n Revenue\n \n \n \n \n \n 115.1\n \n \n \n \n \n \n 102.5\n \n \n \n \n \n 108.7\n \n \n \n \n \n \n Gross profit/(loss)\n \n \n \n \n \n 60.6\n \n \n \n \n \n \n (55.5)\n \n \n \n \n \n (25.0)\n \n \n \n \n \n \n Adjusted EBITDA[1]\n \n \n \n \n \n 64.1\n \n \n \n \n \n \n 50.4\n \n \n \n \n \n 51.4\n \n \n \n \n \n \n Impairment reversal/(impairment)\n \n \n \n \n \n 15.0\n \n \n \n \n \n \n (87.2)\n \n \n \n \n \n (59.1)\n \n \n \n \n \n \n Net profit/(loss) for the year\n \n \n \n \n \n 31.2\n \n \n \n \n \n \n (124.3)\n \n \n \n \n \n (85.5)\n \n \n \n \n \n \n Adjusted net profit/(loss)[2]\n \n \n \n \n \n 18.0\n \n \n \n \n \n \n (15.3)\n \n \n \n \n \n (20.0)\n \n \n \n \n \n \n \n \n \n 2021 Financial Highlights\n \n \n \n \n \n ·\n Revenue increased by 12.3% to US$ 115.1 million (2020: US$ 102.5 million) driven by increased utilisation in higher earning E- and S-Class vessels.\n \n \n ·\n Adjusted EBITDA1 increased to US$ 64.1 million (2020: US$ 50.4 million) and adjusted EBITDA margin improved to 56% (2020: 49%).\n \n \n ·\n Cost of sales excluding depreciation, amortisation and the reversal of impairment/impairment charge was US$ 41.2 million (2020: US$ 42.3 million) reflecting higher vessel utilisation and saving initiatives.\n \n \n ·\n General and administrative expenses decreased to US$ 12.3 million (2020: US$ 18.2 million) as a result of US$ 5.6 million of non-recurring costs incurred in the prior year (2021: nil).\n \n \n ·\n US$ 15.0 million reversal of prior years impairment compared to an impairment charge of US$ 87.2 million in 2020, reflecting Group's improved long-term outlook....