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The latest announcement is out from Gulf Marine Services ( (GB:GMS) ).
Gulf Marine Services PLC announced its 2024 financial results, highlighting a 10% increase in revenue to $167.5 million and a 15% rise in adjusted EBITDA to $100.4 million. Despite a 9% decrease in net profit to $38.3 million, the company achieved significant operational milestones, including securing new contracts and extensions totaling 23.8 years and maintaining a high fleet utilization rate of 92%. The successful refinancing of a $300 million loan facility at favorable terms reduced net bank debt and improved the net leverage ratio, enhancing financial flexibility and positioning the company for future growth. The company also announced a future dividend policy and continued efforts to expand its presence in the offshore wind sector, reflecting its commitment to shareholder value and sustainable growth.
More about Gulf Marine Services
Gulf Marine Services PLC is a leading provider of self-propelled, self-elevating support vessels to the offshore energy industry. The company focuses on delivering services to the offshore oil, gas, and renewable energy sectors, primarily operating in the Middle East and Europe.
YTD Price Performance: 5.56%
Average Trading Volume: 3,408,435
Technical Sentiment Signal: Buy
Current Market Cap: £171.3M
See more data about GMS stock on TipRanks’ Stock Analysis page.