The impact of the collapsing oil price has been more significant than originally anticipated on the Group’s Offshore Oil division. Customers are deferring essential expenditure and conserving cash as a number one priority. The timing of a change in this situation is difficult to gauge. However, the rest of the Group is performing well and significant contract awards are anticipated in the short term, whilst margins have remained strong, confirming the niche, non-commoditised nature of the Group’s services. These are challenging times, but the Group’s key attractions remain strong, with share price weakness giving an opportunity for long term investment.
