Viking OffShore: Announced FY10 results, which were in-line, with Rev at $79.9m, +112%YoY, while Net profit at $12.7m, +1,169%YoY. Sterling performance was due largely to full-year contributions frm grp’s wholly owned Viking Airtech, a Heating, Ventilation, Air-Conditioning & Refrigeration systems specialist, which was acquired in Jan10, while Gross profit margin rose to 32% vs 19% YoY....
In addition, Grp consolidated 4.5 mths and 1 mth of earnings, respectively, from two newly acquired businesses, Promoter Hydraulics Distributor and Marshal Systems, where both were acquired in FY10, and grp notes that it now offers a fairly comprehensive suite of O&M products and services to customers....
Going forward, grp’s nxt stage of growth will be centred on the integration of its various business units to achieve economies of scale and enhance opportunities to cross-market to customers and expand into new markets. Grp remains confident on its unique value proposition as a one-stop solutions provider and is confident in standing out against competition to capture additional market share in FY11....
Current orderbook stands at approximately $39m vs $27m YoY, with management tipping sustainability on back of higher crude oil prices, growing demand in the O&M sector in general and the results of aggressive expansion in recent months to new markets such as Vietnam. At current price, valuations appear compelling, with grp trading at 9x FY10 PE vs its historical average of 18x
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