Revenue for the first six months of 2007 amounts to EUR 826.3 million (first half year of 2006: EUR 652.4 million), an increase of 26.7%. The increase is comprised of 24.4% through organic growth and 6.0% through acquisitions. The effects of exchange rates are 3.7% negative. All three divisions contributed to the strong revenue growth.
The net result for the first six months of 2007 is EUR 85.9 million, an increase of 58.8% compared with the first half year of 2006 (first half year of 2006: EUR 54.1 million). The tax charge for the first six months is 26.2% (first half year of 2006: 26.4%). The results in an increased net profit margin of 10.4% (first half year of 2006: 8.3%).
The very strong global demand for oil and gas related services remains high, especially for those offshore. The fleet expansion and additional capacity are in line with the strategy to be able to meet the continuing high demand for our services.
The trend for the infrastructure related activities is also upwards. The number of large projects is increasing in both the United States and the Middle East. Several other regions, such as Central Europe, India, and China, offer good possibilities for further growth. Mining related services are also in high demand.
Developments in the first half of 2007
The additional 2006 investments are now contributing to revenue and result. Investment in capacity expansion will continue in 2007. In addition to maintenance capex of around EUR 100 million, the expansion of the capacity of all business lines, will involve an extra investment of around EUR 215 million in 2007. This is about EUR 65 million more than was estimated for 2007, in response to the further growth possibilities. A major part of the investments was already initiated in 2006.
Due to the later than originally scheduled launch of the Geo Barents, the work for this vessel is now moving into the second half of the year. The re-scheduled work for the Geo Barents has been more than compensated by the high utilisation of the available seismic capacity. Also the activities in the other business lines have contributed well, supported by the additional assets that have become available from the in 2006 initiated investments.