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Petrofac beats profit forecast, repeats cautious outlook

Reuters - UK Focus

LONDON, Feb 26 (Reuters) - British energy services firm Petrofac (Frankfurt: A0HF9Y - news) posted full-year profit ahead of forecasts on Wednesday and repeated a cautious outlook for the year ahead, expecting little or no growth as oil companies cut investment.

Petrofac reported full-year net profit of $650 million, up 3 percent on 2012 from revenue of $6.3 billion - up 1 percent on the previous year.

A Thomson Reuters I/B/E/S poll of analysts estimated full- year net profit of $644 million and revenues of $6.5 billion.

The company repeated that despite the weak forecast for 2014, it expected to return to strong growth in 2015.