Q2 2021 Petrofac Ltd Trading Statement Call Transcript
Good day, and welcome to the trading update call. At this time, I would like to turn the conference over to CFO, Alastair Cochran. Please go ahead, sir.
Good morning, everyone, and thank you for joining our regular preclose trading update. I'll make some brief comments on our statement before opening the line for questions. Overall, the group is trading in line with expectations as we approach the end of the first half of this financial year. Challenging market conditions and COVID-19 continue to impact new order intake and project schedules in E&C. However, our EPS business has demonstrated its resilience by growing both revenue and margins in the period.
Furthermore, we are making good progress on our strategic objectives to rebalance, reshape and rebuild our business. We are driving technical and functional excellence to improve execution quality for our clients, and we remain on track to reduce costs by $250 million this year relative to pre-pandemic levels. Collectively, these
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