Sydney - Monday - September 11: (RWE Aust Business News) - Neptune Marine Services Ltd (ASX:NMS) has more than doubled revenue for the year to June 30 2006, taking it to $2.14 million from $950,000 in FY05. It recorded a net loss of $2.74m against $1.56m previously. This reflects an increase in research and development. "2006 has been a year of significant progress for Neptune," managing director Christian Lange said. He said the company was now well placed to purse growth in broad-based sub-sea inspection, repair and maintenance. "Our focus in the immediate future is to ensure Neptune has the right capital structure to facilitate its growth, and investor interest thus far has been encouraging," he said. "We expect to make an announcement on the capital structure in the near future. "...There is significant scope for growth, based on the level of anticipated project investment currently earmarked for the domestic energy markets. "The oil and gas sector is expected to remain strong for a number of years. "Regardless of cyclicality, the oil and gas infrastructure market presents us with an opportunity to establish long-term, recurring revenue streams for the group as repair and maintenance of existing (upstream) infrastructure become a priority for producers. "Revenue and earnings in the coming year are likely to reflect the increased range of services we will offer and contributions from acquisitions."
NMS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held