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PSN revenue up 10%, company “immune” to crisis

Production Services Network Pty Limited (PSN) has announced global revenues have grown 10 per cent during 2008 compared to the same period last year, which the company says was due to a 21 per cent increase in work under contract during 2007 from which the company is now reaping the benefits.

The company made AUD$1.3 billion in revenue globally during 2008, and an EBITDA of AUD$80.37 million, which PSN chief financial officer, Duncan Skinner, said puts PSN in a positive position amid economic crisis.

“Against deteriorating macroeconomic conditions in the second half of the year, I am pleased to report that we have continued steady growth in all aspects of the business for a third consecutive year. Revenue, adjusted for exchange fluctuations, grew over 10 per cent to £663.5 million and EBITDA increased by over 17 per cent to £40.4 million,” he said.

“We enjoyed a 21 per cent increase in work under contract over year end 2007. With new work in Romania, Tunisia and India and a significant second acquisition in Western Canada. While the UK remains a vital component of PSN’s portfolio, we expect our international expansion to continue and to be operating in more than 30 countries by the end of this year.”

PSN’s business is mainly focused on the operational expenditure market, which Skinner says “insulates” the company to a large degree from any reduced activity expected in the capital expenditure market.

“The new economic climate provides continuing opportunity for us to help our customers increase efficiencies and decrease their costs by optimising their performance and extending the life of their energy assets,” he said.

“With over £1.653 billion of future work already secured and staff retention of over 99 per cent per month, we remain confident in the fundamentals of the business and optimistic that we will continue our growth through 2009.”

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