Business
Interim results
Interim results.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\nAugust 31, 2023\nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', 'the Company' or 'the Group')\nListed on the London Stock Exchange\n \nAnnouncement of Interim results for the six months ended 30 June 2023\n \nGMS, a leading provider of advanced self-propelled, self-elevating support vessels serving the offshore oil, gas and renewables industries, is pleased to announce its Interim results for the six months ended 30 June 2023 (H1 2023).\n \nOverview\n\n\n\n\n\n\n\nH1 2023\n\n\nH1 2022\n\n\n\n\n\n\n\n\n\n\nUS$ m\n\n\nUS$ m\n\n\nChange\n\n\n\n\nRevenue\n\n\n74.3\n\n\n66.4\n\n\n+12%\n\n\n\n\nGross profit\n\n\n34.8\n\n\n27.4\n\n\n+27%\n\n\n\n\nEBITDA1\n\n\n44.3\n\n\n37.3\n\n\n+19%\n\n\n\n\nProfit for the period after tax\n\n\n8.7\n\n\n13.1\n\n\n-34%\n\n\n\n\nNet Leverage Ratio2\n\n\n3.75:1\n\n\n4.56:1\n\n\n-18%\n\n\n\n\n \nH1 Financial and Operational Highlights:\n· Net leverage ratio on June 30, 2023 at 3.75:1 (31 December 2022: 4.42:1).\n· The company achieved revenue of US$ 74.3 million for the first half of 2023, reflecting an increase of 12% compared to the same period last year (H1 2022: US$ 66.4 million). The increase in revenue is driven by:\no An increased utilisation for H1 2023 to 93% (H1 2022: 89%) with notable improvements in K-Class vessels at 95% (H1 2022: 85%).\no An increased H1 2023 average day rates to $30.3k (H1 2022: US$ 27.2k) driven mainly by our E-Class vessels.\n· Gross profit margin improved to 47% (H1 2022: 41%) as cost of sales and G&A remained relatively flat.\n· H1 2023 EBITDA increased 19% to US$ 44.3 million (H1 2022: US$ 37.3 million) driven by the increase in revenue.\n· Net profit attributable to shareholders for the first half of 2023 amounted to US$ 8.7 million, reflecting a reduction of 34% year-on-year, (H1 2022 US$ 13.1 million), as increase in financing costs of US$ 10.9 million more than offset the results obtained from operations.\n· Basic Earnings Per Share (EPS): The Basic earnings per share for the period stood at US$ 0.82, as compared to US$ 1.29 in the first half of 2022.\n· Net debt1 lowered by US$ 21.5 million to US$ 294.3 million (31 December 2022: US$ 315.8 million) as the Group continues its focus on deleveraging.\n1 ...