Gulf Marine Services boosted by positive outlook for second half

GULF Marine Services (GMS) yesterday revealed increased revenues and slightly decreased earnings for the first half of the year.

The UAE-based firm, which operates a global fleet of support vessels for the off-shore gas industry, reported that revenue for the year to the end of June was $98.2m (£62.6m), up from $90.7m.

The company’s adjusted net profit was down slightly, from $38.1m to $35m this year.

The firm’s report said it expected a “significant increase in earnings” for the second half of the year as it will undertake fewer special projects.

GMS chief executive Duncan Anderson said: “The group has delivered a solid performance in the first half of the year.”

Shares in GMS rose by 8.11 per cent to 110p yesterday.