PETROFAC - RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018

[idpickering]

· Strong operational performance in all our businesses

· Business performance net profit (1)(2) up 20% to US$190 million

· Reported net loss (2) of US$17 million post impairments and exceptional items of US$207 million

· New order intake (3) of US$3.3 billion year to date; backlog (4) of US$9.7 billion at 30 June 2018

· Net debt of US$0.9 billion in line with expectations

· Signed US$0.8 billion of divestments year to date

· Interim dividend of 12.7 cents per share in line with dividend policy

And later;

DIVIDEND

In August 2017, the Board approved a sustainable dividend policy that targets a dividend cover of between 2.0x and 3.0x business performance net profit as the Group transitions back towards a low capital intensity business model. This new policy also targets paying an interim dividend each year of approximately 33% of the prior year total dividend.

In line with this policy, the Board has declared an interim dividend of 12.7 cents per share (2017: 12.7 cents). The interim dividend will be paid on 19 October 2018 to eligible shareholders on the register at 21 September 2018 (the 'record date'). Shareholders who have not elected to receive dividends in US dollars will receive a sterling equivalent. Shareholders can elect by close of business on the record date to change their dividend currency election.

https://www.investegate.co.uk/petrofac- ... 00300982Z/

[minerjoe]

PFC has been a good buy for me - but I picked them up when the SFO probe was announced (blood on the streets and all that). So far they haven't disappointing with 50% capital appreciation and still a yield over 4%

[kempiejon]

I bought Petrofac either side of the dividend cut. The older holding is HYP; the newer definitely not, a value trade, I'd be looking to sell at some point but with a 4% yield and so far good capital gains I'll probably sit on my holding until March.

[monabri]

PFC need to improve their net margins : +7% is not very good.

I just looked at the closing SP and I was a little surprised T.B.H. , after gains this morning I didn't expect to see "red", taking into account the new contract announcement.

[monabri]

https://www.londonstockexchange.com/exc ... 64000.html

"Petrofac Ltd said Non-Executive Director David Davies purchased 15,651 shares at a price of 638.85 pence per share on Tuesday."

Good to see a NED buying shares...(not as many as Mr Asfari ( £10m worth ) but a fair chunk).

XD on 20th September.