KBC Advanced Technologies plc Pre-close Trading Update (2508W)
January 24 2013 - 2:00AM
UK Regulatory
TIDMKBC
RNS Number : 2508W
KBC Advanced Technologies plc
24 January 2013
Embargoed until 0700 hrs 24 January 2013
KBC Advanced Technologies plc
("KBC" or "the Group")
Pre-close Trading Update
The last quarter of 2012 was very strong for KBC, culminating in
the award of the US$100m consulting and software contract with EP
PETROECUADOR (EPP). Software applications and training materials
comprising the technology transfer package were delivered to EPP in
December 2012 and delivery of consulting services milestones will
take place over the next four years. As a result, the Board is
pleased to announce that the results for the year to 31 December
2012 are expected to be slightly ahead of current market
expectations, prior to an exceptional provision of GBP0.5m, which
reflects the committed costs of implementing a restructuring
initiative during 2013.
The cash balances at the year-end are expected to be in excess
of GBP9m, excluding an advance payment received from EPP, showing a
strong recovery during the final quarter. Net cash at the year end
is expected to be approximately GBP1m.
Restructuring of the consulting business is progressing well
under the new leadership team and a further update will be provided
in the results announcement during March 2013.
The year to December 2012 saw a strong performance from the
software business, including Infochem which was acquired in June
2012. Significant progress has been made in developing an enhanced
range of products for the downstream, upstream and gas production
markets. During the fourth quarter Petro-SIM Production(TM) was
launched which incorporates Infochem's intellectual property into
the Petro-SIM(TM) platform and enables its use in the upstream
market. Several trials are currently underway with major
independents, national oil companies and engineering
contractors.
We enter 2013 with a strong order book, new products and a
business that is better able to deliver profitable growth from both
its consulting and software operations.
-Ends-
KBC Advanced Technologies plc
Ian Godden, Chairman +44 (0)1932 236314
Caroline Brown, Chief Financial Officer +44 (0)1932 236314
Cenkos Securities plc
Bobbie Hilliam/Max Hartley/Callum Davidson +44 (0)20 7397 8900
Weber Shandwick Financial
Nick Oborne/Stephanie Badjonat/Robert Cook +44 (0)20 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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