Royal Boskalis Westminster increases sales

The Netherland's Royal Boskalis Westminster reported first half sales of € 989 million, up +5,4% on the € 938 million recorded 12 months ago. Pre-tax profits for the first half decreased -7,8% to € 120 million, down from € 130 million in 2008.

The order book at the end of the first half stood at € 2,9 billion, down -11% on the € 3,3 billion at the end of the 2008 reporting period.

"Despite difficult economic times we turned in a strong performance," said Peter Berdowski, CEO. "Our margins are healthy, largely thanks to the selective contracting policy we have pursued, which allowed us to start the year with a healthy order book that was broadly spread.

"It is because of this order book that we continue to have a positive outlook for 2009," he said.

The outlook beyond 2009 is less clear however and Mr Berdowski anticipates there will be a decline in volumes in the global dredging market.

"To prepare the company for a future decline in activity we have initiated a fleet rationalization programme," he said.