AGM Statement (9287C)

TIDMKBC

RNS Number : 9287C

KBC Advanced Technologies plc

09 May 2012

9 May 2012

KBC Advanced Technologies plc

("KBC" or "the Group")

AGM Statement

At KBC's AGM to be held at 3.00 pm today Ian Godden, Chairman, will make the following statement.

"KBC has continued to see solid progress during 2012 and is pleased to announce developments in two major contracts since the 2011 results announcement in March as follows:

-- A major Latin American software user has committed to a renewal of its Petro-SIM(TM) licenses for a further three years and has at the same time increased materially the number of seats of Petro-SIM Express(TM). These licences total GBP1.1m per annum and are a significant endorsement of the value of KBC's software solutions to clients in the energy industry.

   --          An Australian gas producer has confirmed a third phase of work for KBC to support their organisational development for the upstream coal seam gas operations that will feed a new LNG plant. Although the ultimate value of the project is not fixed, it is estimated to be as much GBP3.2m for work to be executed in 2012.

Other contracts awarded in the first quarter of 2012 include another Petro-SIM renewal in South-East Asia worth GBP0.8m, a strategic energy review in Russia worth GBP1.3m, a 12 month refinery optimisation project in Southern Europe worth GBP0.6m and a strategic refinery expansion study in South East Asia worth GBP0.6m.

With these and other awards won since the beginning of the year, the overall landscape for future project work and software sales remains buoyant and our pipeline healthy. We therefore remain confident of meeting management's expectations for the year, with the Group's performance weighted to the second half.

Board changes

Having worked with the business since 2001 as Finance Director and as Operations and Finance Director since 2006, Nick Stone has indicated that he would like to seek fresh challenges. The board will be working with Nick to manage the transition at a mutually convenient date. Nick has been a key contributor to the development of KBC and will remain on the board as Finance Director, with George Bright, Chief Executive, assuming the operations role. The search for a new Finance Director is now under way and we will provide an update in due course."

-Ends-

 
 KBC Advanced Technologies plc 
 George Bright, Chief Executive 
 Nicholas Stone, Finance Director               01932 236314 
 
 Cenkos Securities plc 
 Jon Fitzpatrick                               020 7397 8900 
 Neil McDonald                                 0131 220 9771 
 
 Weber Shandwick Financial 
 Nick Oborne/Stephanie Badjonat/Robert Cook    020 7067 0700

Notes to Editors:

KBC is a leading consultancy and software provider to the global energy, process and natural resources sectors. With over 30 years of experience, operating out of 14 global locations, KBC combines best-in-class software with experienced engineers and operations personnel using robust methodologies to create world class solutions for its clients.

For more information, visit www.kbcat.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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