SeaEnergy – (AIM:SEA) Lots of waffle and questionable progress – they surely need to focus
The "innovative energy services group" issued interim results for the six months ended 30 June, 2014.
From these, it's hard to gauge how much actual significant progress is being made
management comments on strong revenue growth across all businesses but turnover was only £3.6m and there was still a loss from continuing operations of £0.2m for the first six months of 2014 (H1 2013: loss of £0.6m). Gross margins were a paltry 27% compared with 47% in the comparable period, although the Marine start-up is to blame for that. Management reports of the strong revenue growth but key business R2S only saw revenue grow 11% over the comparable period. However, R2S has already obtained client commitments for significantly more work in the 2nd half than in the first half. Management…