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Plant Offshore Group

  • BY: Andrew Hore |
  • POSTED: 08/08/2008 |

Plant Offshore Group says its interim profits will be below expectations.

Malaysia-based Plant Offshore provides services to the oil and gas, petrochemicals and biodiesel sectors. The services include engineering design, procurement and construction management.

Turnover has been weaker than expected in the six months to June 2007 but higher materials costs will hit gross profits. The company will still report a profit for the six month period.

Projects have been delayed and customers are less willing to commit to new contracts.

Plant Offshore joined Aim on 9 July 2007, when it raised £2m at 12p a share.

The shares slumped 2.5p to 4.5p each following the profit warning. That values the company at £7.5m. 

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