23rd Sep 2013 10:16
LONDON (Alliance News) - KBC Advanced Technologies PLC Monday said that it more than quadrupled its profits in the first half of the year on a 15% jump in revenues, boosted by a large number of contracts awards.
The consulting and software solutions company, engaged in the hydrocarbon-processing industry, said that as a result of a strong pipeline of contracted work, and a good start to the second half of the year, it expects full-year results to be slightly ahead of market expectations.
The company also said that while it has not declared an interim divided, it intends to return to a progressive dividend policy in respect of the current financial year.
KBC said that its pretax profit rose by 314% to GBP3.0 million in the first six months of the year, compared with GBP0.7 million a year earlier, boosted by contract awards which it said have a total value of GBP32.4 million.
It reported a net profit of GBP2.9 million, compared with a net loss of GBP0.9 million a year earlier.
The company said that is has a strong pipeline of contracted work totalling GBP84.7 million, and that it has been awarded consulting and software contracts worth over GBP8 million since the start of the second half.
KBC also said that it has made investments in the Middle East, the Former Soviet Union, Latin America and Asia to secure growth in the medium term.
Revenues rose to GBP31.7 million from GBP27.5 million a year earlier, boosted by technology revenues. These were up 77% on the year, to GBP9.6 million, due to new customer wins, renewals from existing customers, and sales of newly acquired upstream software products.
It said that revenues from its consulting division were broadly flat during the period at GBP22.2 million.
KBC Advanced Technologies shares were trading at 84.20 pence per share Monday morning, up 0.20 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
KBC.L