1st Jul 2008 07:00
Embargoed until 0700 1 July 2008
KBC Advanced Technologies plc
("KBC" or the "Group")
Trading Update
KBC is pleased to announce the following trading update in relation to the interim results for the six months ended 30 June 2008 that will be released in early September.
During this period demand has been strong for all of our services and particularly in the areas of capital project support, energy optimization and human performance improvement. A notable contract award has come from a US refiner for our participation in a "Learning and Development" programme across all of their refining sites in North America, Western Europe, Southern Africa and the Asia-Pacific Rim that could generate revenue of up to US$9m during 2008.
This strong performance during the period has led to contract awards in the first half of 2008 of more than £27m, an increase of over 40% on the prior year period. We expect workload backlog of around £36m on 30 June 2008, up from £30m at 31 December 2007.
We have continued to increase our capacity through the ongoing recruitment programme that started last year and through increased use of associates and sub-contractors. Utilisation of all manpower resources has been high this year and we expect this to continue through the second half. In our AGM statement in May this year we indicated that revenue and profits were also growing strongly and this has continued throughout the period. As a result we expect that the profit before tax for the first half to 30 June 2008 will approach the total of £2.9m delivered for the whole of 2007.
Whilst the oil and gas market as a whole is very buoyant, the Group's particularly strong performance is a direct result of realigning the product and service portfolio to meet the market's changing requirements. The Board recognises the commitment and hard work of all employees in enabling KBC to deliver its true potential.
As indicated by this update the market for our services remains strong and we have seen no signs of weakening despite the general economic slowdown. We therefore look forward to continued growth throughout 2008 and into 2009.
- Ends -
|
For further information please contact: |
|
|
KBC Advanced Technologies plc |
01932 236314 |
|
George Bright, Chief Executive |
|
|
Nicholas Stone, Operations and Finance Director |
|
|
Arden Partners plc |
020 7398 1600 |
|
Richard Day |
|
|
Weber Shandwick Financial |
020 7067 0700 |
|
Richard Hews / Rachel Martin / Hannah Marwood |
Notes to Editors:
KBC Advanced Technologies plc, a leading independent consulting, process engineering and software group, delivers improved operating performance to the oil refining, petrochemical, and other process industries worldwide. We provide process consulting, strategic planning advice, energy price forecasting and market analysis, economic studies, capital project services, and training to help clients achieve their business objectives and improve their competitive position. The KBC human performance improvement division provides organisational effectiveness services, training programmes, operations manuals, and personnel development services. Our consultants recommend changes for material and measurable improvements in profitability. To assist clients in realising such improvements, KBC provides implementation services and software solutions, including the KBC SIM models and Petro-SIM™ for process optimisation, and energy optimisation software packages. Formed in 1979, KBC has offices in the UK, USA, Canada, Singapore, the Netherlands, Russia, China, and Japan. For more information, visit www.kbcat.com.
Related Shares:
KBC.L