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Guidance 2016 confirmed and all projects on track
29 Jul 16
Q2 revenues came in at €1.25bn (+28% yoy); EBIT was €50m, flat yoy, and a 4.0% margin (110bp lower than Q2 15), in line with expectations. Net profit was €36m (-3% yoy), broadly in line with our estimate but somewhat above consensus. There were no significant contracts in Q2 and the backlog stood at €10.65bn (+18% yoy). Guidance 2016 confirmed: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Backlog execution on track; guidance 2016 confirmed
13 May 16
Q1 revenues were €1.1bn (+16% yoy), in line with consensus estimates. The operating profit came in at €42m (-7% yoy), also in line with consensus, while the net profit, at €30m, was slightly below expectations (at €32m). The order intake was €1.0bn and the backlog stood at €12.0bn (+42% yoy). Guidance 2016 confirmed: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Robust backlog supports 2016, despite low EBIT margin
01 Mar 16
Q4 15 has been a negative surprise, despite revenue growth at +39% yoy, to €1.2bn, and a backlog at record levels of €12.1bn (+44% yoy), o/w >60% is in the Middle East. The disappointment comes from one-off incremental costs related to a project in Alberta (Canadian Natural Resources Limited is the client). As a result, the company in the quarter posted a €62m loss at the EBIT level (vs. €42m positive EBIT in Q4 14), and a €55m net loss (vs. €36m net profit in Q4 14), bringing the net profit 2015 down to €60m. Guidance 2016: - Sales at €4.3-4.6bn; - EBIT margin at around 4%.
Q3 positive surprise; orders keep coming while cash inflows take longer
13 Nov 15
Q3 revenues were up 37% yoy, to €1,122m, well above consensus expectations. The backlog stood at €10bn (+14% yoy). EBIT grew by 30%, to €53m (4.8% margin, as in Q2 14), above consensus estimates. Net profit was €40m (+21% yoy), 8% above consensus estimates. In Q3, the company booked the order for the Al Zour refinery in Kuwait (for KNPC). Q4 qtd order intake: 1) EPC contract for Sasol in Louisiana: €150m over 2.5 years; 2) EPC and pre-commissioning for production facilities in Abu Dhabi (ADOC): lump sum turnkey, $310m in less than two years. Net cash was €348m, 47% below last year, reflecting lower advanced payments in more recent projects and longer contract milestones in some large projects being executed.
Q2 15 results, growing Kuwait footprint
31 Jul 15
Q2 revenues were up 30% yoy, to €978m, thanks to the high backlog (at €9bn, +16% yoy) and above consensus expectations. EBIT grew by 32%, to €50m (5.1% margin, as in Q2 14). Net profit was €37m (+9% yoy), slightly above consensus estimates. The order intake in Q2 15 was €1.3bn (EPC for the execution of the fifth Gas Train (GT5) at Mina al-Ahmadi Refinery in Kuwait); the backlog stood at €9bn (+15% yoy), 95% in Oil & Gas. Net cash was €436m, 35% below last year.
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.