Engage Xr Regulatory News (EXR)

24 Jan 2008 07:01

Expro International Group PLC24 January 2008 24 January 2008 EXPRO INTERNATIONAL GROUP PLC Interim Management Statement Expro International Group PLC ("Expro" or "the Group"), the oil field servicescompany, today issues an Interim Management Statement covering the period 1stOctober 2007 to 23 January 2008 under the UK Listing Authority's Disclosure andTransparency requirements. Period Performance The performance in the period since the half year has continued in line with ourexpectations across all areas of operations. As expected, the underlying operating margin has continued to increase, following the trend of sequential margin improvements that has been a feature of recent results. This margin expansion is the product of operational gearing andthe growing margin benefit of our technologically differentiated products andservices. There have been no significant changes to the balance sheet, though continuedprogress in debt repayments continues to be a feature. The period under review saw the announcement on 15th November 2007 of thesigning of a contract with BP Exploration Operating Company Ltd, a wholly-ownedsubsidiary of BP plc, concerning the development and commercialisation of theAX-S lightweight subsea wireline intervention system. Outlook The outlook remains unchanged from that highlighted in our half year report. Inthe short to medium term, underlying international demand for upstream servicesremains strong driven by our customers need to invest in new green field developments as well as brown field rehabilitation. Recently published customercapital expenditure plans for 2008 suggest a continuation of their double digitcapital investment growth throughout the period. The Board, therefore, is confident that the Group will meet expectations for thecurrent year and believes that the outlook for continued growth in futureperiods remains positive. - Ends - For further information please contact:Expro International Group PLC 0118 959 1341Michael Speakman, Finance DirectorEdward Cutts, Investor Relations Weber Shandwick Financial 020 7067 0700Nick Oborne / Rachel Martin / Stephanie Badjonat Notes to EditorsExpro's business is well flow management. Expro is a leading provider ofproducts and services that measure, improve, control and process flow fromhigh-value oil and gas wells. Key niche businesses must be able to command andsustain market share leadership through a combination of technologicalpre-eminence and/or operational economies of scale. They will have a highknowledge and service content and will be able to anticipate, meet and exceedcustomers' expectations. With its head office in the UK, Expro employs more than4,000 highly-trained staff in 50 countries. For more information, please visitthe Expro website www.exprogroup.com. This information is provided by RNS The company news service from the London Stock Exchange