Africa Oilfield Logistics Limited give Trading Update
Africa Oilfield Logistics Ltd, the AIM listed African focussed support services and logistics company, announce a positive trading update from the Company’s primary investment, Ardan Risk & Support Services (‘Ardan’).
· Revenue (unaudited) of approximately $9.5 million for the four month period ended April 2014 representing an annualised run rate of $38 million and a 65% increase on the unaudited 2013 revenue of $23 million.
· Operational restructuring of Ardan (as overseen by Africa Oilfield) completed, resulting in significantly enhanced key performance indicators and financial performance.
· The focus on operational professionalism and maximising efficiencies for clients has resulted in:
o an expansion in the scope of current contracts with existing clients, including international oil and gas companies.
o numerous new business opportunities becoming available.
· Strong trading environment in the East African region provides Ardan with opportunities to significantly increase its position in Kenya and Ethiopia as well as contemplate future expansion into Madagascar and Djibouti.
Carl Esprey, Chief Executive Officer of Africa Oilfield, said: “Increasing year on year revenue run rate by 65% is a tremendous achievement, which can be attributed to the important structural changes made within Ardan and the key management appointments at Africa Oilfield in recent months. We are now ideally positioned to capitalise on the rapidly expanding energy and natural resource industry in East Africa. Ardan offers a highly professional, international standard and end-to-end solution to clients, which differentiates it from its competitors. I look forward to providing further updates regarding Ardan and our growth strategy in due course and remain confident that the strong structural foundations which have now been implemented at Ardan will continue to translate into strong financial performance.”