Caverton Offshore Support Group Plc has announced its audited 2014 FY results. The result shows a 33 per cent increase in revenue to N24 billion over the previous year’s (2013) with improved operating performance.
Net income however was impacted as a result of the weak Naira due to the devaluation. Commenting on the year end results, Caverton’s Chief Executive Officer, Bode Makanjuola said: “The year has been of a mixed fortune! whilst steady implementation of our strategic plans translated to strong top-line growth – with group revenue soaring 33per cent year-on-year to N24Billion-, an exchange translation loss of N2Billion resulting from the official devaluation of the Naira resulted in a drop in net income. “In the current challenging business environment, we continue to focus on reducing cost and increasing efficiency for all sectors of our business in 2015.
Our drive to diversify and grow our revenue base is on track with the planned development of our aviation training center; and maintenance, repair and overhaul facility.” In addition to our existing contracts, for FY 2014, we witnessed increased activity in the helicopter charter segment, which resulted in increased revenue for the end year. We signed new agreements to provide aviation and marine logistics services to indigenous oil and gas companies as we continue to take full advantage of the opportunities offered by NOC’s as more multinationals unbundle and divest assets to Nigerian oil companies.”
Operational Highlights showed that growth in group revenue was driven by increased activity in helicopter charter segment – segment revenue up from N267.6 million in FY 2013 to N4.6 billion in FY 2014. Also, gross margins improved to 44per cent in 2014 as the group pressed on with cost cutting initiatives, which led to efficiency gains.