UK: JDR Reports Record Results

November 13, 2012

JDR, a leading provider of technology connecting the global offshore energy industry, has provided an update on its trading performance for the nine months ended 30 September 2012.

Highlights

Record revenue of £85.6m (an increase of 75% from the equivalent period last year)
Record EBITDA performance driven by higher revenue and productivity improvements
Significant recent events include supply deals with the German offshore wind energy company WindMW GmbH and with Swiber Offshore Construction Pte Ltd for the Brunei Shell Petroleum Champion Field, and the completion of major oil and gas projects for Santos in Australia and China National Offshore Oil Corporation (CNOOC)
Strong cash flow generation and enhanced financial flexibility following repayment of all senior bank debt in 2011
A change in financial year-end to 31 December, commencing in December 2012

Andrew Norman, Chief Executive of JDR, commented:

“JDR has delivered a strong performance in the first nine months of 2012, with revenues increasing by a record 75% to £85.6m. These results were driven by strong demand across all of our product lines, in particular demand for longer and larger subsea umbilical and power cables. We have also seen improved productivity following significant investments in our new manufacturing facility in Hartlepool and across the business in general.

“We are confident that the Group will continue to deliver strong results to 31 December 2012, and we expect market conditions to remain favourable. JDR is well positioned to deliver strong revenue and earnings growth from its diverse portfolio of products in 2013.”

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Press release, November 13, 2012; Image: jdrcables