Mermaid Marine forecasts further growth

Marine services contractor, Mermaid Marine posted a 48 per cent jump in full year profit to $26.5 million and forecasted further growth due to its involvement with the booming oil and gas industry.

The company increased revenue by 10 per cent to $163.9 million, up from $149.4 miilion the previous year.

Earnings per share were up 23 per cent to 14.5 cents a share and it declared a final dividend of four cents, bringing its full-year dividend to six cents a share.

Mermaid Marine chairman Tony Howarth said the result was a clear endorsement of the company's strategy.

Managing director Jeffrey Weber said the result demonstrated the ongoing resilience of the offshore oil and gas industry, particularly in the LNG sector.

"The outlook for Mermaid Marine remains positive and we expect to generate further improvement in earnings for shareholders in full year 2010," he said.

Mermaid shares were up six cents, or 5.4 per cent, to $2.51 at AEST1340.