June 26, 2012 [Proactive Investors] - Baltic Oil Terminals surged in early trade after reporting a strong set of full year results, which showed significantly higher revenues and profits than in 2010.
The group said the increase in turnover reflected a full year of operations from the group’s Dutch subsidiary PBI, where profits reached £2.3 million, as well as higher sales at Baltic Top.
The Dan Balt subsidiary terminal, which was acquired in November, has had little impact on the group;s full year results.
“The improved 2011 results confirm that the Board’s strategy to create a diversified European terminals operation that is stand-alone, but also offers a one-stop shop to both traders and oil companies, is a sound one and based on strong market requirements,” said chairman of BTC Richard Healey.
“In summary, continuing the hard work of 2010, that was mainly concentrated on addressing the issues in Russia, the group has shown in 2011 that growth outside Russia is viable and that with the acquisition of Dan Balt, we can expect significant growth in 2012.”
In addition, BTC has proposed a name change to Pan European Terminals to reflect the strategy to expand its non-Russian assets.
The group’s pre-tax profits and earnings per share topped Westhouse’s forecasts by 17 percent and 10 percent respectively the contribution of £3.9 million from its Rosbunker transhipment terminal in Baltysk being a key area of outperformance.
