Trading update28 Jun 2022 08:23
There is little of surprise in the trading update with optimism for next trading period seemingly high.
One statement in the update is causing me concern
"Net debt (4) was US$345 million at 23 June 2022 (31 December 2021: US$144 million) reflecting the payment of the US$104 million SFO penalty and a working capital outflow largely driven by slower payments from clients,"
Excuse me Petrofac, but didn't the shareholders dig into their pockets to pay this SFO fine (I know I did). So how come you are attributing increased net debt on the SFO penalty?
Am I the only one thinking this statement is a bit misleading?