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11 May 2011 07:00
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11 May 2011
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KBC Advanced Technologies plc
("KBC" or "the Group")
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AGM statement
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At KBC's AGM to be held at 3.00 pm today Ian Godden, Chairman, will make the following statement.
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"We are pleased to confirm that the stronger trading seen in the last quarter of 2010 has continued in the first four months of 2011 and progress has been in line with the Board's expectations.
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Consulting activityΒ has beenΒ solidΒ in most areas,Β with particular demand for energy management work where we are experiencing some shortage of resource. The second tranche ofΒ PemexΒ projects, one of our major recent wins, started on schedule in April and the third tranche of projects is contracted to start in the fourth quarter of 2011.
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Sales activity has been encouraging in several markets for both consulting and software. This includes Russia whereΒ we have been awarded two significant contracts in the last few months and are currently negotiating several others.Β The pipeline remains strong in all regions, despite the political changes in theΒ Middle EastΒ and North Africa where there have inevitably been some delays and project cancellations.
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The timetable for the arbitration process commenced by a competitor alleging infringement of its rights in certain software code continues as expected and we continue to refute all of the allegations made.
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We look forward to continued success during the remainder of 2011 and anticipate that the Group's performance will continue to meet our expectations.
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-Ends-
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KBC Advanced Technologies plc | |
George Bright, Chief Executive Nicholas Stone, Operations and Finance Director | 01932 236314 Β |
Weber Shandwick Financial | |
Nick Oborne/Stephanie Badjonat | 020 7067 0727 |
Cenkos Securities plc | |
Jon Fitzpatrick Beth McKiernan | 020 7397 8900 0131 220 6939 |
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About KBC:
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For 30 years KBC's consultants have provided independent strategic and engineering expertise to enable leading companies in the global energy business and other process industries to manage risk while maximising value from their assets.
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In times of economic uncertainty and increasing environmental pressure, KBC's proprietary methodologies and innovative tools guide its clients' key strategic decisions, enabling them to prioritise and implement initiatives that maximise return on investment, and improve operational performance. KBC offers Strategic and Market, Capital Investment, Operating, Organisational and Environmental Solutions.
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For more information, visit www.kbcat.com
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