14/03/2001
Oil and energy services group Abbot is seeing increasing demand from oil companies which are taking advantage of high oil prices by increasing capital expenditure. As a result, the company expects more work at higher margins this year. For 2000, Abbot's profit before tax and goodwill amortisation was up 5% to £12.2m, though an increased tax charge meant that earnings per share fell 18% to 4.7p. Turnover for the year was up 6% to £168m. Framing the Abbot board's optimism for the coming years is an increase in its wind power operations and the success of drilling division KCA in expanding into the Middle East. KCA has just won a contract with a subsidiary of the National Iranian Oil Company for the provision of a couple of drilling rigs. Meanwhile Abbot's wind power joint venture PowerGen Renewables brought three wind farms on stream during the year, bringing installed capacity to 79MW. Government support gives reason for optimism, with a further 54MW capacity planned for this year.
| Market cap: | £210.8m |
| PE Average: | n/a |
| PE Forecast: | 20.4 |
| PE Historic: | n/a |
| Share price: | 145.5p |
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