News blog
Chieftain Group
- BY: Andrew Hore |
- POSTED: 07/09/2008 |
Engineering services provider Chieftain Group improved its first half underlying profits.
It reported flat profits after exceptional items - that was an exceptional gain of £237,000 in the first half of 2007.
However, underlying profits increased from £810,000 to £1.07m in the six months to June 2008. Revenues increased from £21.6m to £22.8m.
The improvement was helped by a swing from loss to profit in the environmental services business. During the period Chieftain won a major contract for the fabrication and fitting of pipework for an oil and gas project.
Net cash is £4.33m. Chieftain has increased its interim dividend from 2.5p to 3.3p a share.
Demand remains strong. The order book of £69m stretches well into next year.
At 186.5p a share, Chieftain is valued at £16.3m.
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