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UK North Sea oil and gas producer operating the Bruce, Keith and Rhum fields.
UK North Sea oil and gas producer operating the Bruce, Keith and Rhum fields.
Sells North Sea gas, mainly into the UK market, and oil at market prices, so earnings follow gas and oil prices and UK taxes on North Sea producers. The Bruce, Keith and Rhum fields supply its production. On 27 October 2026 it moved from AIM, London's junior market, to the main market, keeping its shares but changing the code from SQZ to SER.
In one line: A small offshore independent, like Talos Energy.
Moat: none (installed base). Operates its own offshore hub and pipelines, but is a price-taker with limited scale.
Headquarters: Edinburgh, UK · Founded: 2003 · Employees: 242
Size Serica Energy (SER.L) is a United Kingdom Energy company (Oil & Gas Production) with a market value of $1.20B, the 205th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £227.00 on 6 Nov 2026.
Performance Over six months the shares fell 16.9%, against -18.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 64.4% over the last twelve months (peer median +8.9%); the operating margin is 22.7% (peer median 20.6%).
Valuation It trades at 12.6× forward earnings against a peer median of 7.6× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -42 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.5 points above its cost of capital (8.2% WACC).
Credit Serica Energy has 1 bond outstanding ($300M) and trading like B+ at a weighted spread of 314 bp.
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £725M | £456M | £569M | £633M | £812M |
| Revenue growth | — | -20% | -10% | -22% | — |
| Gross profit | £186M | £42.5M | £168M | £303M | £594M |
| EBITDA | £347M | £149M | £301M | £390M | £658M |
| Net income | -£1.96M | -£39.3M | £72.3M | £103M | £178M |
| Free cash flow | £101M | -£15.8M | £6.21M | £24.1M | £548M |
| Capital expenditure | £140M | £189M | £204M | £78.3M | £97.1M |
| Total debt | n/a | £169M | £179M | £213M | £0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Serica Energy SER.L | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% |
| Harbour Energy HBR.L | $6.17B | -8% | +17% | 40% | 5.1× | n/a |
| EnQuest ENQ.L | $671M | +40% | +3% | 17% | 8.9× | -9.1% |
| Ithaca Energy ITH.L | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SER.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.9% | -9.9% | 6th lowest of 21 |
| 6-month return | -16.9% | -18.7% | 9th highest of 20 |
| Distance from 52-week high | -24.9% | -32.7% | 5th highest of 21 |
| Revenue growth (TTM) | +64.4% | +8.9% | 5th highest of 18 |
| Operating margin | 22.7% | 20.6% | 8th highest of 18 |
| Forward P/E | 12.6× | 7.6× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -13.0% | -10.4% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +29.4% | +20.2% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -42.5 pp | -30.0 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +19.5 pp | +1.2 pp | 2nd highest of 21 |
| EV / EBITDA | 2.5× | 4.1× | cheapest of 17 |
| Net debt / EBITDA | -0.1× | 1.1× | 3rd least indebted of 17 |
| Bond spread | 314 bp | 362 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Karoon Energy KAR.AX | Australia | $763M | -23% | -20% | 28% | 4.6× | -10.4% | +22.5% |
Serica Energy has 1 bond outstanding with $300M face value. Weighted yield 7.77%, a spread of 314 bp over government bonds.