Analyst views | What do you make of Petrofac’s trading update?

 
Suzie Neuwirth
CHRIS BEAUCHAMP | IG
It’s a very cautious statement, but given the way the economy is shaping up, things should improve in the second half of the year and that will be reflected in Petrofac’s profits. There were concerns about where the firm would find its next growth from but East Asia will clearly be very important for Petrofac going forward.

SANJEEV BAHL | NUMIS
As things stand, any further re-phasing or project delays would have a negative impact on our full year earnings forecast, which is currently five per cent growth. Those taking a long term view will take comfort in the fact that management have reiterated a medium term target of doubling 2010 earnings by 2015.

JONATHAN JACKSON | KILLIK & CO
The group has made good progress in the year to date and demand for the group’s services remains strong. This, together with its competitive positioning, should see the group grow its onshore engineering and construction backlog over the course of the year.