Business
Financial Results - 2019
Financial Results - 2019.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \n \n RNS Number : 5839L\n Gulf Marine Services PLC\n 01 May 2020\n \n \n \n \n This announcement contains inside information and is provided in accordance with the requirements of Article 17 of the EU Market Abuse Regulation.\n \n \n \n \n \n 1 May 2020\n \n \n Gulf Marine Services PLC\n \n \n ('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\n \n \n 2019 Financial Results\n \n \n \n \n \n \n Financial Overview\n \n \n \n \n \n \n \n \n \n \n 2019\n \n \n \n \n 2018\n \n \n \n \n \n \n \n \n \n US$m\n \n \n \n \n US$m\n \n \n \n \n \n \n Revenue \n \n \n \n \n 108.7\n \n \n \n \n 123.3\n \n \n \n \n \n \n Gross (loss)/profit\n \n \n \n \n (25.0)\n \n \n \n \n 47.0\n \n \n \n \n \n \n Adjusted gross profit[1]\n \n \n \n \n 34.2\n \n \n \n \n 47.0\n \n \n \n \n \n \n Adjusted EBITDA1\n \n \n \n \n 51.4\n \n \n \n \n 58.0\n \n \n \n \n \n \n Asset Impairment\n \n \n \n \n (59.1)\n \n \n \n \n -\n \n \n \n \n \n \n Loss for the year\n \n \n \n \n (85.5)\n \n \n \n \n (5.1)\n \n \n \n \n \n \n Adjusted loss for the year1\n \n \n \n \n (20.0)\n \n \n \n \n (5.1)\n \n \n \n \n \n \n Net cash flow before debt service\n 3\n \n \n \n \n 41.9\n \n \n \n \n 5.9\n \n \n \n \n \n \n \n \n \n \n 2019 Financial Highlights\n \n \n · \n Adjusted EBITDA at US$ 51.4 million was ahead of the August Guidance of US$ 45-48 million[2]. While 11% lower than in 2018, this reflects lower revenues, partially offset by the impact of cost savings.\n \n \n · \n Net cash flow before debt service[3] rose to US$ 41.9 million (US$ 2018: US$ 5.9 million) due to disciplined management of capex and working capital, in the second half of the year.\n \n \n · \n Significant progress was made in reducing costs. The 2019 cost saving programme delivered US$ 13.0 million on an annualised basis during the period, significantly exceeding the original target of $6m set in March 2019. 2019 results reflect a saving of US$ 5.6 million, split between opex, capex and administrative expenses. The remaining savings will flow into the 2020 results.\n \n \n · \n Revenue fell by 12% to US$ 108.7 million (2018: US$ 123.3 million) reflecting lower rates and shifts in the utilisation mix.\n \n \n · \n Loss for the year before adjustment was US$ 85.5 million, mainly arising from the impact of impairment charges totalling US$ 59....