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22 Jan 2015 07:00
Embargoed until 0700 hrs 22 January 2015
KBC Advanced Technologies plc
("KBC", the "Group" or the "Company")
Trading Update
KBC is pleased to announce the following trading update in relation to the full year results for the 12 months ended 31 December 2014 which will be announced during March.
As expected, KBC had a strong second half year and the Board anticipates that results for the year to 31 December 2014 will therefore be in line with management expectations.
Technology revenues grew significantly to record levels for the year, assisted by the acquisition of FEESA in July 2014 which has been successfully integrated into the Group. Major achievements in the year included the seven-year contract with a major oilfield services company for the licensing of KBC's upstream simulation portfolio as well as several significant software contracts in Asia.
Consulting continued to deliver successfully in South America, winning a $48.6 million contract extension with a South American oil and gas company. This was complemented by a strong performance in the Middle East as well as further growth in Asia and Europe.
Cash and cash equivalents are broadly in line with management expectations, albeit certain cash payments were received in January.
The transition to a new leadership team, with Andrew Howell taking over as Chief Executive Officer and Ian Godden returning to his previous role as Non-Executive Chairman, has gone smoothly. A new company strategy and leadership team has been launched for the next phase of the Company's expansion.
Whilst the significant recent oil and gas price pressures are inevitably causing uncertainty across the hydrocarbon industry, KBC is well positioned as it enters 2015 with a significantly stronger order book. Its main business focus and expertise is the provision of profit improvement for clients at a time when they need to operate their assets more cost-effectively.
-Ends-
For further information, please contact:
KBC Advanced Technologies plc | +44 1932 236314 |
Ian Godden, Chairman | |
Andrew Howell, Chief Executive Officer | |
Cenkos Securities plc | +44 20 7397 8900 |
Bobbie Hilliam/Harry Pardoe | |
Weber Shandwick Financial | +44 20 7067 0000 |
Nick Oborne/Tom Jenkins |
About KBC
KBC is a leading consultancy and software provider to the global hydrocarbon processing industry. With over 30 years of experience, KBC combines industry leading technology with experienced engineers and operations personnel using robust methodologies to create personalised, sustainable solutions for its clients. For more information, visit www.kbcat.com.
To contact any of KBC's offices, please visit http://www.kbcat.com/locations.
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