Velosi Cautious On Long Term As Oil Majors Cut Spending
10 Février 2009 - 9:47AM
Dow Jones News
Quality control company Velosi Ltd. (VELO.LN) Tuesday said new
contracts helped it grow revenue despite the economic gloom, but
said it is worried the sinking oil price might mean its customers
in the oil and gas sector cut back investment.
Velosi, which provides quality assurance services to oil and gas
companies, said it won contracts in Norway, Saudi Arabia, Qatar and
Italy, with clients including oil majors BP PLC (BP.LN) and Chevron
Corp. (CVX).
The company said it has firm orders for 2009. However, it added
it is more cautious about the longer term because of global
economic uncertainty, and because the decline in the oil price
means companies are coming under pressure to slash costs.
Velosi said trading for the year ended Dec. 31, 2008, was in
line with expectations. It didn't say what those expectations were,
although analysts expect Velosi to report a full-year pretax profit
of GBP7.9 million on revenue of GBP86.6 million, according to
FactSet.
Company Web site: www.velosi.com
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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