Clough clings to the black
Oil and gas-focused engineering company Clough has largely held on to profit levels despite enduring a fall in revenue of almost 30 per cent.
South African owner Murray & Roberts said the Perth-based firm had improved its margins through a transition from construction to engineering and commissioning work.
Clough's operating profit of 446 million rand ($50 million) for the first half was down 5 per cent. Revenue plunged to 6.8 billion rand from 9.6 billion rand a year earlier.
The operating margin increased to 7 per cent from 5 per cent. "Clough has adapted well to the changing business environment and recorded an acceptable financial result," Murray & Roberts said.
The subsidiary's order book had fallen by 40 per cent to $12.2 billion rand. Murray & Roberts said Clough remained well-positioned in the LNG and coal seam gas sectors.
"Clough will continue to implement its global expansion strategy to diversify earnings regionally and create a global network of specialised engineering and operating centres, underpinned by Murray & Roberts' global presence," it said.
