AGM Statement

    RNS Number : 8081W
  Velosi Limited
  17 June 2008
   

                           




     


    Velosi Limited ("Velosi" or "the Group")


    AGM STATEMENT BY THE CHAIRMAN


    John Hogan, Chairman of Velosi, the provider of asset integrity and HSE services to a number of major national and multinational oil and
gas companies, will make the following statement at the Company's Annual General Meeting being held today at 11.00am:
    "2007 was a year of expansion for the Group and revenue growth was experienced across all areas of the globe. Group revenue increased
67% and profit before tax was up 43% on 2006. We continued to pursue our strategy as outlined at the time of our IPO in August 2006 -
increasing our market share in existing markets, entering new geographic regions and expanding our service offerings.
    "The acquisitions of Steel Test (PTY) Ltd ("Steel Test") and Plant Design Engineers Sdn Bhd ("Plant Design Engineer"), which were
announced at the end of 2006, were completed in March 2007. We also made a further two acquisitions during the year - K2 Specialist Services
Pte Ltd ("K2"), an inspection, testing and engineering support services company, based in Asia, and Intec UK Limited ("Intec"), a UK-based
company that provides contract and permanent personnel. Both these acquisitions were immediately earnings enhancing and strengthened the
Group's service offerings.
    "Our service offerings were also enhanced in the latter half of 2007 with the introduction of our new Asset Integrity Management
Services Division. The success of this new division was apparent at a very early stage of its incorporation, with notable contracts already
secured by the year end, in the Emirates and Indonesia, totalling more than US$5.7 million.
    "During 2007, seven new offices were established and these, combined with our acquisitions of Steel Test, Plant Design Engineers, K2 and
Intec, have continued to broaden the Group's geographical reach.
    "A significant number of contracts were won globally during 2007, both with existing and new major oil and gas clients. I am pleased to
report that this trend has continued into 2008 as we continue to strengthen our market position and invest in new ways to make our service
more cost effective. 
    "Our new Asset Integrity Management Services Division is continuing to perform well and clearly demonstrates our clients confidence in
our high-end service capabilities and performance. In the current environment of rising oil prices and high levels of oil and gas activity
and investment, we continue to experience strong demand for our core services. We are also looking to diversify into other areas such as
nuclear power and mining industries, in order to ensure continued longer term growth, in tandem with broadening our technical competence in
related areas such as engineering design and sub sea services.
    "The Group has had a good start to 2008 and is currently trading in line with market expectations. Demand for our services continues to
grow, and there is no sign of a slowdown. This, combined with our ever expanding global network, means the Board remains confident that
Velosi will continue to grow and generate excellent returns for shareholders during the remainder of 2008 and beyond". 
    -END-

     For further information, please contact:

 Velosi                      Dr Nabil Abdul Jalil  020 7930 0777
                             Joe Vincent
 Strand Partners             James Harris          020 7409 3494
                             Warren Pearce
 Charles Stanley Securities  Mark Taylor           020 7149 6000
                             Freddy Crossley
 Cardew Group                Tim Robertson         020 7930 0777 
                             Emma Consett



This information is provided by RNS
The company news service from the London Stock Exchange
 
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