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(POGL.L) Plant Offshore Group Ltd Buy/Sell
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| Date/Time | Headline | Source |
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| 15-09-09 | RNS |
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RNS Number : 0224Z Plant Offshore Group Ltd 15 September 2009 15 September 2009 Plant Offshore Group Limited Unaudited Interim Results for the Six Months Ended 30 June 2009 Plant Offshore Group Limited ("POGL" or "the Company"), an AIM quoted company that provides Engineering, Procurement and Construction Management ("EPCM") services to the oil and gas, renewable energy and related industries, today announces its unaudited interim results for the six months ended 30 June 2009. Financial Highlights
Note: The highlighted financial information for the six months ended 30 June 2009, other than balance sheet items, has been translated using RM5.4662:£1 (the average month-end exchange rate from January to June 2009). The balance sheet items have been translated using the closing date exchange rate of RM5.9300:£1. The comparable financial information for the six months ended 30 June 2008 has been translated using RM6.3735:£1 ((the average month-end exchange rate from January to June 2008). Mr Cho Nam Sang, Non-Executive Chairman of POGL, commented: "Despite a challenging business environment given the current weakness in the global economy, the group managed to report a small profit for the six month period. "Although reports on the global economy are mixed, we remain cautiously optimistic in securing further contracts, particularly in Malaysia." Plant Offshore Group Limited Hang Chin Juan, CEO Tel: +603 7805 5001 hang_cj@plantoffshore.com Kenneth Chai, Head of Corporate kenneth_cct@plantoffshore.com www.plantoffshore.com Allenby Capital Limited Imran Ahmad/Nick Athanas Tel: +44(0)20 7510 8600 Threadneedle Communications Josh Royston / Graham Herring Tel: +44(0)20 7653 9850 About POGL: POGL is the holding company of an established and profitable group of companies engaged in the business of providing integrated, multi-discipline EPCM services to the oil and gas (onshore and offshore), petrochemical, biodiesel, energy and other related industries. The group operates primarily in the ASEAN region but this focus is expanding, with the group having won contracts in the Middle East. The services of POGL are focused on EPCM services. This is broken down and incorporates the following features:
POGL listed on AIM, a market of the London Stock Exchange, in July 2007. For more information on the company, please visit www.plantoffshore.com.
Chairman's Statement I am pleased to present the interim results of POGL for the period ended 30 June 2009. This period has been a difficult and highly challenging one, not just for us, but also for numerous other companies worldwide as a result of the global recession. Our turnover and profit margins have been adversely affected by these challenges and we are behind management expectations for the full year. Nevertheless, I am pleased to be able to report that we are still profitable for the six month period to 30 June 2009 despite the present market conditions. Also, we believe there is a good possibility of securing new contracts from Malaysian clients in the second half of this financial year for EPCM contracts. With oil prices recovering to $72.69 a barrel in June 2009 compared to the lowest price of $33.87 a barrel this year, we expect long-term investment in oil and gas infrastructure to continue and to remain strong. Also, given the high demand for oil and gas products in most industries throughout the world, there is a positive effect on the provision of oil and gas services. Notwithstanding the near-term adverse industry conditions, the Board believes the long term outlook remains favourable. We believe demand for POGL's EPCM services should, over time, increase as overall energy demand and use over the long-term is expected to continue to increase steadily, particularly in developing countries. Besides this, we will continue to tender and negotiate with clients for new contracts to replenish our order book. We remain cautiously optimistic that these tenders and negotiations will turn into contracts in the second half of this financial year. Our current major client is Oilfab Sdn Bhd and we expect new oil and gas contracts from them. We also have tenders in place for an oil and gas contract with RBS International Sdn Bhd and are in negotiations with a Malaysian healthcare and nutraceutical company for an EPCM contract. However, we acknowledge that, given the general weak market sentiment, the timing of awarding of new contracts from clients is uncertain. Financial Performance Group revenue, profit from operations, profit before tax and basic earnings per share for the six months ended 30 June 2009 declined compared with the six months ended 30 June 2008. This was largely due to our clients' request to delay some existing projects and thinning profit margins attributed to stiff competition from our competitors. In addition, the current weak market sentiment has led to a lower level of investment, resulting in fewer available contracts in the marketplace. Group revenue was down 26% to RM24.5m (£4.5m), profit from operations down 43% to RM1,099,000 (£201,000), profit before tax down 47% to RM956,000 (£175,000), basic earnings per share was also down 58% to RM0.004 (£0.0007) and group cash flow from operating activities decreased by 85% to RM394,000 (£72,000). Current trading and outlook During the period under review, we have completed two engineering contracts in Malaysia. We have seven ongoing EPCM contracts in hand that are expected to complete by the end of 2009. However, some of the group's existing projects have been delayed due to changes in the clients' design specifications and requirements. One project in particular, the EPCM of a biodiesel production plant in Indonesia, has been temporarily put on hold due to the weak local economy. However, we expect this project to kick-start again, at the latest, by the second quarter of 2010. Besides this, a few contracts that we expect to secure this year have been delayed. We have also experienced a delay in the receipt of payments from our clients. As a result, we anticipate results for the full year will be below management expectations. Notwithstanding this, and despite the various challenges faced by the group, we are able to manage our cash flow position. The group currently has ongoing contracts and work in progress in excess of RM151 million, covering the next 18 months. In addition, the group has tendered for onshore and offshore oil and gas contracts in Malaysia and overseas amounting to RM426 million. However, given the general weak market sentiment, the timing of awarding of new contracts from clients is uncertain. Finally, on behalf of the Board of Directors, I would like to thank all our management and staff for their continued dedication, hard work and commitment during the period under review. Your patience and dedication in this trying period is greatly appreciated. Mr. Cho Nam Sang Non-Executive Chairman 15 September 2009
Consolidated Statement of Comprehensive Income for the six months ended 30 June 2009
RM000 RM000 RM000
Other comprehensive income
translating foreign operations
Profit attributable to:
Total comprehensive income
attributable to:
Earnings per share - from continuing operations
Consolidated Statement of Changes in Equity
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 January 2009
At 30 June 2009
RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 January 2008
At 30 June 2008
RM000 RM000 RM000
Assets
Non-current assets
Property, plant and equipment
Total non-current assets
Current assets
Trade receivables
Property development cost 187 216 170
Amount due from contract
Cash and bank balances
Current liabilities
Amount due to contract
Amount due to director (69) (5) (54)
Total current liabilities
Non-current liabilities
Total non-current liabilities
Equity
Foreign currency translation
Reverse acquisition reserve
Total equity attributable to equity holders of the Company
RM000 RM000 RM000 Cash flow from operating activities
Adjustments for: Profit on disposal of property, plant and equipment
- - (2)
Amortization of development
Unrealised loss/(gain) on
Amortization of intangible
Operating profit before
(Increase)/Decrease in
Increase/(Decrease) in
(Increase)/Decrease in
(Increase)/Decrease in amount due from contract customers
due to directors Increase/(Decrease) in amount due to contract customers
Cash flows generated from
Net cash generated from
Cash flows from investing
activities
(68) (103) Purchase of intangible assets
(125)
activities
Cash flows from financing
activities
due to director
term borrowings
296
equivalents
(291)
beginning
of period/year
end of period/year 767
The financial information contained in the Interim Results has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. It has been prepared in accordance with IAS 34 "Interim Financial Reporting" and does not include all of the information required for full annual financial statements. Full details of the accounting policies adopted which are consistent with those disclosed in the consolidated financial statements for the year ending 31 December 2008.
The consolidated income statement and balance sheet include financial statements of the company and its subsidiaries made up to 30 June 2009.
The financial information contained in this Interim Results for the six months ended 30 June 2009 and 30 June 2008 are unaudited. The comparative figures for the year ended 31 December 2008 do not constitute statutory financial statements of the group. Full audited accounts of the Group in respect of that financial period prepared in accordance with IFRS, which we received an unqualified audit opinion have been delivered to Registrar of Companies. (d) Restatement of comparative The comparative financial information for the period ended 30 June 2008 has been restated as a result of application of the Intangible Assets in accordance with IAS38. (e) Revenue recognised for contract is in accordance to IAS 11 - Construction Contracts. Where the outcome of a contract work can be reliably estimated, contract revenue and contract costs are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by reference to the proportion of contract costs incurred for work performed to date to the estimated total contract costs. Where the outcome of a contract work cannot be reliably estimated, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. (f) Significant accounting policies The interim condensed consolidated financial statements have been prepared applying the same accounting policies that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2008 except for the adoption of the following new and amended reporting standards, which are effective for periods commencing on or after 1 January 2009:
A new primary statement, "Consolidated Statement of Changes in Equity" is required containing information previously disclosed in the notes to the accounts. In addition, the Consolidated Statement of Recognised Income and Expense is replaced with the Consolidated Statement of Comprehensive Income, which may be shown separately or combined with the Income Statement.
This standard replaces IAS14 - "Segment Reporting" which required operating segments to be analysed into Primary (business) and Secondary (geographical) segments. IFRS8 requires that operating segments should be aligned with those reviewed by the "Chief Operating Decision Maker" which is considered to be the Board of Directors. Various other amendments to standards and interpretations of standards are effective for periods commencing on or after 1 January 2009 as detailed in the 2008 Annual Report, none of which have any impact on reported results. The consolidated financial information is presented in RM (Ringgit Malaysia) because the Group transact more of its business in RM (functional currency) than any other currency. The highlighted financial information has been translated using the following exchange rate: RM5.4662:£1 (average month-end exchange rate from January to June 2009). The balance sheet item has been translated using the closing date exchange rate of RM5.9300:£1. 2. Taxation The charge for income tax expense included in the interim results is based on the unaudited results for the six months ended 30 June 2009 and is calculated at the expected rate applicable to the group for the full year ending 31 December 2009. 3. Earnings per share Earnings per share is calculated by dividing the profit attributable to equity shareholders in the period ended 30 June 2009 by the weighted average number of shares in issue in the period. The profit attributable to equity shareholders in the period ended 30 June 2009 was RM636,000 (30 June 2008: RM1,496,000; year ended 31 December 2008: RM4,939,000). The weighted average number of shares in POGL in issue in the period ended 30 June 2009 was 166,666,667, the weighted average number of shares in the period ended 30 June 2008 was 166,666,667. 4. Contingent and other liabilities Corporate guarantees amounting to RM5,075,000 given to licensed banks for credit facilities granted to a subsidiary company. Corporate guarantees amounting to RM1,051,000 given to licensed banks in respect of property, plant and equipment acquired under hire purchase arrangement by a subsidiary company. 5. Dividends The Directors do not recommend the payment of any dividend in respect of the current interim ended 30 June 2009. 6. Segmental analysis
RM000 RM000 RM000
Revenue
TOTAL
Profit/Loss
Engineering Design Software (257) (684) 2,005
Total Assets
Total Liabilities
7. Material events subsequent to the end of the quarter There are no material events subsequent to the end of the quarter. 8. Dividends The Company has not proposed or declared an interim dividend 9. Interim report This interim statement was approved by the Board on 14 September 2009 and has not been audited by the Group's auditors Jeffreys Henry LLP. The interim results will be available from the Group's website: www.plantoffshore.com. This information is provided by RNS The company news service from the London Stock Exchange END
IR GUUUWBUPBGCC More |
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| 14-08-09 | RNS |
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RNS Number : 4010X Plant Offshore Group Ltd 14 August 2009 14 August 2009 Plant Offshore Group Limited ("Plant Offshore Group" or the "Company") Change of Name of Nominated Adviser and Broker The Company announces that HB Corporate Limited, the Company's Nominated Adviser and Broker, has changed its name to Allenby Capital Limited. For further information:
Allenby Capital Limited
www.allenbycapital.com This information is provided by RNS The company news service from the London Stock Exchange END
CANBBGDILBBGGCX More |
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| 29-06-09 | RNS |
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RNS Number : 6560U Plant Offshore Group Ltd 29 June 2009
Plant Offshore Group Ltd ("Plant Offshore Group" or "the Company") Result of Annual General Meeting Plant Offshore Group announces that, at its Annual General Meeting held on 29 June 2009, all resolutions were duly passed. For further information please contact:
Hang Chin Juan, Chief Executive Officer Kenneth Chai
Luke Cairns
Josh Royston This information is provided by RNS The company news service from the London Stock Exchange END
RAGSEESAUSUSEEM More |
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| Tue 22:07 | ||||
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NEW YORK (Dow Jones)--Global markets are now functioning normally, and stocks, particularly those in developed markets, likely offer more upside going forward, according to Barclays Wealth.
The global wealth-management business of London-based Barclays PLC (BCS, BARC.LN) is encouraging its clients to move past the crisis; seek exposure to economic growth in Asia; and prepare for short-term interest rates in core countries to remain low for "a very, very long time," Aaron Gurwitz, managing director and head of global investment strategy at Barclays Wealth, said Tuesday at a "year-in-review" briefing. The asset manager, which caters to high-net-worth, affluent and intermediary clients around the world, has $221 billion under management. "The crisis is over," said Gurwitz, yet many investors have been "doubly traumatized" and have yet to move past the crisis psychology. They first suffered losses last year, then reduced risk in their portfolios and were traumatized again when they missed out on the rebound, he said. They need to begin to move forward, albeit taking into consideration the lessons learned in the past year, which include a much greater respect for the importance of liquidity and cash and a higher standard of due diligence in dealing with any opaque investment, Gurwitz said. As investors position their portfolios, they must take into consideration the unique features of this recovery, he said. For example, it was led by emerging-markets growth, which is atypical of most global recoveries. Asia will remain the most economically dynamic region of the world for a long time, and Barclays Wealth is encouraging its clients to ask themselves, "Does this investment give me exposure to economic growth in Asia?" Gurwitz said. However, Kevin Gardiner, Barclay Wealth's head of investment strategy for Europe, the Middle East and Asia, said that, going into the fourth quarter, Barclays Wealth has been adding to its weightings in stocks, focusing on developed markets because emerging markets have already rallied tremendously. It isn't too late for stocks in developed markets, which "have been digging themselves out of a very, very deep hole," he said. They should trend upward, driven by earnings, interest rates and valuations, Gardiner said. Gurwitz said Barclays Wealth expects short-term interest rates in the U.S., U.K., Europe and Japan to stay low "for a very, very long time." Central banks in those countries aren't likely to raise rates sooner than the third quarter of 2010, though long-term rates will likely to start rising before the central banks act, he said. In the U.S., the Federal Reserve won't be confident to raise rates until unemployment is consistently declining, said Gurwitz. "We think they will avoid deflation and keep the economy growing," he said. "The Fed will err on the side of caution." Barclays Wealth was launched in the Americas in September 2008 with the acquisition of Lehman Brothers Holdings Inc.'s (LEHMQ) high-net-worth wealth-management business. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 24-10-09 | ||||
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I think POGL - Plant Offshore Group is a major winner, which has been over looked by the article below, in the FT.
It is a E & S Oil and Gas Company, working in the Emerging Markets, the shares are tightly held and only a few available to PI, which makes them volatile. http://www.ft.com/cms/s/0/ab732876-c001-11de-aed2-00144feab49a.html?nclick_check=1 Small energy groups ride crest of oil price wave By Neil Hume (FT) Published: October 23 2009 19:53 | Last updated: October 23 2009 19:53 To some its further evidence of a liquidity bubble, to others a sign of renewed investor confidence and rising risk appetite. Whichever view you subscribe to, theres little doubt that small-cap oil and gas exploration, where share prices have risen by five or six times in a couple of months, is one of the most exciting and dangerous areas of the London market. And no stock is more exciting or volatile at the moment than Gulf Keystone Petroleum. Shares in the Kurdistan explorer have risen from 13p to 105p in the past two months following a big discovery in northern Iraq. The company is now worth just over £500m, and is one of the most popular stocks among retail investors, even though it does not know how much of the 1bn-5.3bn barrels of oil it has found can be recovered. It also needs to raise $80m-$90m to develop its oil field. So what is driving the renewed interest in this most risky of sectors and can it continue? One factor is the rising oil price. This is important because it makes projects viable and attracts investors to the sector. Indeed, it is doubtful Desire Petroleum, which is looking for oil in the Falkland Islands, would have been able to launch a £62m equity fundraising this week if the oil price had not been about $80 a barrel. The same goes for Rockhopper, another Falklands explorer putting the finishing touches to a cash call of up to £50m. Another is what might be called the Gulf Keystone factor. Theres real excitement in the sector again. Pick the right stock and you can make 10 times your money, explains one analyst, who adds that the attractions of investing in BP and Shell are not what they were. This is because many analysts think BP and Shell will eventually be forced to cut their dividends because they are finding it more difficult to replenish their reserves. This may explain why a company such as Afren has strong institutional support. Its shares have risen by 600 per cent since April on the back of positive drilling updates from its prospects in Nigeria. The company is now planning to move from Aim to the main index and with a market value of nearly £700m it will be big enough to claim a place in the FTSE 250. But the most important factor behind the explosive share price movements in the sector has been the return of risk appetite. Fund managers and retail investors are prepared to put some money into these risky plays, in a way they were not in March. Given the brighter economic outlook (and in turn the higher oil price) that is understandable, all the more so when one considers the recent success stories from the UK exploration and production companies (E&P). Cairn Energy and Tullow Oil have grown from humble beginnings to become members of the FTSE 100, while Emerald Energy recently agreed a £532m takeover from Chinas Sinochem and Heritage Oil could become a blue-chip company if it completes its merger with Turkeys Genel. However, there are reasons to think that the share prices of small E&P stocks are starting to become a bit frothy and in some cases the exploration upside is already reflected in share prices. In fact, backing for this view comes from Hardy Oil & Gas. Its shares (which had risen 60 per cent in the past three months) slumped 41 per cent on Friday on news that the first exploration well on the D9 block in India had been abandoned. This was a real surprise to investors because Reliance Industries, Indias largest private company, had made a sig . . . Read Full Message More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 22-10-09 | ||||
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Plant Offshore Group (POGL) is well placed to take advantage, in the new Emerging Oil and Gas Development, as surging oil prices; kick-starting a Global Production Network. Read below for more details:
Surging oil has petro companies drilling again By CHRIS KAHN (AP) 16 hours ago http://www.google.com/hostednews/ap/article/ALeqM5hRniajwu-meJjQEhFH859NshOhcgD9BFNLPG2 NEW YORK With oil prices surging, petroleum drillers have dusted off idled rigs and kick-started a global production network that thrives on high energy prices. Some oil executives have declared the yearlong slump in petroleum over, pointing to an uptick in exploration and drilling operations around the world. At $82 per barrel and growing, oil prices are finally at a level that gets drillers excited. "We are in an extraordinarily good position to prosper by the recovery," said Gene Isenberg, chairman and CEO of Nabors Industries. Nabors operates oil rigs in the U.S., among the hardest hit regions in the world as far as energy goes. As the oil industry begins reporting third-quarter earnings, the rebound in oil may lead to more jobs in the oil patch as companies spread out in search of more petroleum, especially shale gas deposits around the world... More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 22-10-09 |
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Intoorbit, of the shares in issue, only 6.4% are in free float, which is circa 6m. I am a long term holder of this share, and believe many other PI's are too. Small buys or sells seem to have a significant impact on the share price, therefore, unless you have a medium to long term strategy, it may be best to wait until new contracts are confirmed.
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