News blog
Chieftain
- BY: Andrew Hore |
- POSTED: 13/08/2007 |
Pipework and engineering services supplier Chieftain reported further progress at the interim stage and a £60m order book.
Interim profits were flattered by a non-cash, exceptional gain of £237,000 relating to the acquisition of steel fabrication and engineering services provider Kevin Lloyd Ltd. The underlying profit rose from £732,000 to £810,000 on turnover 28% ahead at £21.6m.
Growth is coming from the engineering services business. This is contracted work so margins are not as high as for the other parts of the group. It has benefited from additional work relating to major overhauls during process plant shut-downs.
There was poor demand for environmental services, and it slumped into loss, but Chieftain is keen to retain the business. The marine outfitting business is working on the Astute class of submarines.
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