Preliminary results for the year ended 30th June 2006
A year of outstanding growth
Amsterdam, The Netherlands, 20 September: Bateman Litwin N.V. (“Bateman Litwin”, “The Company” or “the Group”), is an engineering, contracting and project management company, which provides comprehensive solutions, principally to the oil & gas, power and chemical sectors through a wide variety of service packages. The Group operates internationally through two Divisions, Energy and Advanced Technologies, using two industry-recognised brands: “Bateman”, with a focus on markets in the CIS and Eastern Europe, and “Litwin”, which targets markets in the Middle East, North Africa and Western Europe. Operating in 7 countries, Bateman Litwin employs over 950 people.
This announcement contains the first results to be published since the flotation of Bateman Litwin N.V. in May 2006.
Financial Highlights
- Revenues of $270.3M (2005: $116.2M), up 133 per cent
- Adjusted operating profit of $16.45M (2005: $5.2M), up 216 per cent
- Profit before tax of $15.9M (2005: $4.5M), up 253 per cent
- Profit after tax of $14.2M (2005: $3.3M), up 330 per cent
- Cash and equivalents at year end of $115.9M (2005: $46.4M), up 150 per cent
- EPS (basic) $0.202 (2005: $0.048), up 321 per cent
- EPS (diluted) $0.177 (2005: $0.045), up 293 per cent
Operational Highlights
- 24 Lump Sum Turnkey/Lump Sum (“LSTK/LS”) projects in 13 countries
- Backlog of $639M up 15 per cent (additional signed projects of c. $400M)
- Acquisition of Litwin Romania
- Strong demand in key markets driving business development and strong financial performance, resulting in significant increases in Divisional revenue:
- Energy Division up 145 per cent to $252.6M
- Advanced Technologies Division up 22 per cent to $24.0M
Note: Group external revenue of $270.3M, excludes inter-divisional sales of $6.2 M
Energy Division:
- New contract wins have underlined strong market position in North Africa and Europe, including:
- Rhourde Nouss, Algeria – convertible EPC contract for a crude production facility
- OCP, Morocco – 2 LSTK contracts for a co-generation power plant
- Noel Pons, France – LSTK contract for a combined heat and power plant
- Major projects performed ahead of the Group's previous expectations, including:
- Kashagan, Kazakhstan – power and utilities projects
- Sarcelles, France – waste to energy plant
- Massy, France – waste to energy plant
Advanced Technologies Division:
- Recent contract wins have penetrated new markets/sectors, including:
- Codelco, Chile – copper market
- Aflease Dominion, South Africa – uranium market
- Ma’aden, Saudi Arabia – wet phosphoric acid plant (signed July 2006)
- Major projects performed ahead of the Group's previous expectations, including:
- Goro Nickel, New Caledonia – solvent extraction
- WengFu, China – purified phosphoric acid plant
Commenting on the results, Shuki Raz, Chief Executive Officer of Bateman Litwin said:
“2006 was an outstanding year for Bateman Litwin. We have delivered strong growth in revenues, profits and record levels of new business. We also achieved a successful flotation on the AIM market of the London Stock Exchange.
Bateman Litwin's presence in North Africa, the Middle East and CIS, together with its distinct specialism in mid- and down-stream process engineering, positions the Group to take best advantage of the energy industry up-cycle in the next decade. Furthermore, our niche proprietary services in the phosphate and solvent extraction industries, which share Bateman Litwin’s core process skills, position the Group to capitalise on the sustained demand in the food, chemicals and commodities industries."
Enquiries:
Brunswick Group LLP:
Patrick Handley Tel: +44 (0)20 7404 5959
Deborah Spencer
Azadeh Varzi
Bateman Litwin
Shuki Raz, Chief Executive Officer
Tel: +31 (0)20 564 0480
Cell: +44 (0)7920 29 2807
Eyal Cohen, Chief Financial Officer
Tel: +31 (0)20 564 0480
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