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Serica Energy PLC on Tuesday reported a decline in profit in the first half and lowered its dividend, ahead of its transfer to the Main Market from AIM. The London-based oil and gas mining company operates in the North Sea. For the six months that ended June 30, Serica posted 6.5% lower pretax profit of $101 million, compared to $108 million a year prior. Revenue was down 34% at $305 million from $462 million, as production slowed significantly to 24,700 barrels of oil equivalent per day from 43,700 on-year. Earnings were hit by a lower realised crude oil price, for which Serica said the average was $70 per barrel, down from $78 per barrel in the first half of 2024. The firm cut its interim dividend per share to 6 pence from 9p a year ago. Serica reiterated a decrease in full-year production guidance which was first announced in July. The company expects 2025 production to range from 33,000 to 35,000 barrels of oil equivalent per day, compared with the previous target of 33,000 to 37,000. Capital expenditure, which climbed to $138 million in the first half from $124 million, is forecast to be at the top end of the $220 to $250 million guide range. The outlook for operating expenditure is unchanged at $330 million, Serica said. The firm on Tuesday said it expects a second-half uptick, with increased production at its Triton offshore rig and Bruce mining area, where production facilities were recently refitted. Serica added that efforts to switch its listing to London’s Main Market from the junior market were ‘progressing well’ with the move expected early in the fourth quarter of 2025. Back in May, the firm shared plans to transfer to the Main Market from AIM, suggesting the swap will ‘broaden the company’s access to a wider pool of UK and global investors’. Serica shares were 5.3% higher at 165.60p on Tuesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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