KBC Advanced Technologies plc Trading Statement (8168C)
January 22 2015 - 2:00AM
UK Regulatory
TIDMKBC
RNS Number : 8168C
KBC Advanced Technologies plc
22 January 2015
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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