Exova Group posts H1 profit, wary on Oil & Gas, Industrials operations

Testing and advisory services company Exova Group has booked a profit of £20.1m for the first half, from £18.3m a year ago, and raised its interim dividend up to 1.05p a share, from 1p.

The company saw strong performances in its product and certification operation, along with aerospace, health sciences and the Middle East. However, it noted that oil & gas and industrials continued to weaken with forward visibility remaining poor.

"This is another satisfactory set of results in line with our expectations, demonstrating clear progress towards our medium term objectives," said chief executive Ian El-Mokadem.

"Overall growth was very strong, driven by acquisitions and broad based organic growth in all areas of the portfolio, with the exception of our Oil & Gas and Industrials cluster, which we now expect to weaken further in the second half," he added.

"The portfolio has been strengthened by the recent acquisitions and disposal, and with further cost actions taken to mitigate the poor trading conditions in oil & gas, we are on track to achieve market expectations."