Business
Full Year Results
Full Year Results.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \nRNS Number : 8198S Gulf Marine Services PLC 22 March 2016 \n\n22 March 2016\n \nGulf Marine Services PLC\n(\"Gulf Marine Services\", \"GMS\", \"the Company\" or \"the Group\")\n \nPreliminary Results for the year ended 31 December 2015\n \n \n \nGulf Marine Services (LSE: GMS), the leading provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, today announces its results for the year ended 31 December 2015.\n \nFinancial Summary \n \n\n\n\n\nUS$ million\n\n\n2015 \n\n\n2014\n\n\nChange\n\n\n\n\nRevenue \n\n\n219.7\n\n\n196.6\n\n\n12%\n\n\n\n\nGross profit\n\n\n132.2\n\n\n126.5\n\n\n5%\n\n\n\n\nEBITDA1 (2014 adjusted) \n\n\n138.5\n\n\n124.8\n\n\n11%\n\n\n\n\nNet profit \n\n\n75.0\n\n\n75.6\n\n\n-1%\n\n\n\n\nAdjusted net profit2\n\n\n84.9\n\n\n81.3\n\n\n4%\n\n\n\n\nAdjusted diluted earnings per share (US cents) 2\n\n\n24.05\n\n\n23.71\n\n\n1%\n\n\n\n\nProposed Final Dividend per share (pence) \n\n\n1.20\n\n\n1.06\n\n\n13%\n\n\n\n\n \n1 EBITDA represents operating profit after adding back depreciation, amortisation (and in 2014 non-operational IPO costs).\n2 After adding back non-operational refinancing costs in 2015 and non-operational IPO costs in 2014.\n \n \nFinancial Highlights\n \n\n\n\n\n· \n\n\nRevenue increased by 12% to US$ 219.7 million (15% increase on a constant currency* basis) (2014: US$ 196.6 million).\n\n\n\n\n· \n\n\nHealthy cash flows generated from operations, EBITDA up 11% to US$ 138.5 million (16% increase on a constant currency* basis) (2014 EBITDA: US$ 124.8 million). Good EBITDA margin of 63% (2014: 64%).\n\n\n\n\n· \n\n\nAdjusted* net profit after taxation for the year increased by 4% to US$ 84.9 million (2014: US$ 81.3 million excluding IPO costs), 11% increase on a constant currency* basis. \n\n\n\n\n· \n\n\nAdjusted* diluted earnings per share in the year was broadly flat at 24.05 cents (2014: 23.71 cents), on a constant currency* basis growth was 7%.\n\n\n\n\n· \n\n\nFinal dividend for the year proposed of 1.20 pence (1.74 cents) per share taking total 2015 dividend payments to 1.61 pence (2.43 cents).\n\n\n\n\n· &nb...