INTERIM MANAGEMENT AND AGM STATEMENT
Petrofac, the international oil & gas facilities service provider, is publishing its Interim Management Statement for the period from 1 January 2012 to 11 May 2012, as required by the UK Listing Authority's Disclosure and Transparency Rules, ahead of its Annual General Meeting today.
· Continuing operations performing in-line with expectations
· Expect to deliver net profit growth in 2012 of at least 15%
· Group backlog of US$9.6 billion at 30 April 2012 (31 December 2011: US$10.8 billion)
· Net cash balances of US$1.0 billion at 30 April 2012 (31 December 2011: US$1.5 billion)
Ayman Asfari, group chief executive, commented:
"We have started the year well and are making good operational progress across our portfolio of projects. We continue to bid actively in our core markets and believe that our differentiated and competitive offering positions us well to capitalise on the large number of opportunities we see.
"We remain confident that we will deliver net profit growth in 2012 of at least 15%, in line with our previous guidance, and remain on course to achieve our medium-term target of more than doubling our recurring 2010 Group earnings by 2015."