2013 Results2 Apr 2014 09:00
Look good, particulary regarding ;-
i. R2S ....." We are very pleased that R2S accelerated its sales growth during its first full year within the SeaEnergy Group. R2S sales, which are dominated by photographic capture and model building, contributed GBP4.7 million to SeaEnergy's turnover in 2013.This growth in sales and R2S profitability, which is continuing into 2014, has resulted in the former owners earning the maximum payment under the earn-out terms of the acquisition. ..........There is an increasing international demand for the R2S photographic capture and model building services. During 2013, SeaEnergy opened an office in Houston, Texas, to service the Gulf of Mexico market. This office delivered projects in Mexico and the US, including R2S's largest project to date on the BP-operated Thunder Horse Production, Drilling and Quarters facility - the largest facility of its kind in the world. We expect to see growing activity levels in the Gulf of Mexico during 2014, as well as potential for additional international expansion in response to client requirements. "
ii. Consulting ...... "The Consulting division has continued to grow during 2013, adding new clients and extending existing relationships. In addition, it has added capacity by recruiting a new Director of Consulting, Mark Stagg .and additional staff and associates from the UK, the US and Greece.The division is focussed on high-level strategic work. For example, our assignment with a world leader in offshore wind, involves helping them to develop an integrated approach to asset integrity management across its fleet of wind farms. This involves strategic support, technical input, implementation of international standards and management of change. SeaEnergy is delivering a high quality service across the client and this has resulted in the contract being renewed and extended in scope.The Consulting division also secured a project from the Carbon Trust Offshore Wind Accelerator ("OWA") - a group which comprises nine international energy companies including DONG, Eon, Mainstream, RWE, Scottish Power Renewables, SSE, Statoil, Statkraft and Vattenfall - under which we are developing standardised measures for assessing the performance of offshore wind support vessels and will be evaluating OWA-supported wind farm support vessels according to these measures. "
iii. Reduced costs ... Financial highlights:
-- Loss for the year of GBP0.8 million (2012: loss of GBP2.4 million,).
-- Progress towards breakeven shown by half year analysis: first half loss of GBP0.6 million, second half loss GBP0.2 million
-- Operating expenses further reduced from GBP3.1 million to GBP2.2 million.
-- Loss per share 1.45 pence (2012: loss per share 3.82 pence).
-- Net assets at 31 December 2013 GBP17.9 million (2012: GBP18.7 million).
-- Cash position at the end of 2013 of GBP4.7 million (2012: GBP5.5 million). "