Kentz Corporation Limited Full Year Financial Results 2010

 
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Kentz Corporation Limited Full Year Financial Results 2010 - 28 March 2011

London 28 March 2011 – Kentz Corporation Limited (LSE: KENZ), the holding company of the Kentz engineering and construction group, today announces its unaudited group results for the year ending 31 December 2010.

Financial Highlights

  • Revenue in 2010 increased by 50% to US$1, 057.4m (2009:US$704.7m)*
  • Profit before tax in 2010 increased by 52% to US$67.5m (2009:US$44.5m)
  • Profit before tax margin 6.4% (2009: 6.3%)
  • Gross cash balance** at the end of 2010 increased by 28.3% to US$231.3m (2009: US$180.3m)
  • EPS (basic) 40.66 US cents up 53.7% (2009: 26.46 US cents). EPS (diluted) 39.91 US cents up 51.5% (2009: 26.35 US cents)
  • Backlog at the end of 2010 increased by 7.0% to US$1,602.6m (2009: US$1,497.4m)
  • Proposed final dividend of 7.0 US cents per share; total 2010 dividend payment   10.0 US cents per share, an increase of 67% over the prior year

*  Excluding JV Operations

** Gross cash represents total cash held at bank and in hand at year end

Operational Highlights

  • Creation of a new Asset Enhancement Services offering for clients. The brownfield engineering, maintenance and turnaround, and operations support of the Technical Support Services Business Unit have been realigned to provide an improved offering to clients.
  • Significant growth in revenues in the Australasian market with participation in three major LNG developments; Gorgon, Pluto and PNG LNG.
  • The award of a US$36 million contract by Qatar Petroleum at its Halul Island facility in Qatar to provide the engineering, procurement, installation and commissioning of the new Internet Protocol based integrated security and telecom systems. 
  • Establishment of our operation in Iraq through the acquisition of a 49% stake in Dome General Contracting Company Ltd Iraq and the receipt of our first contract with a leading International Oil Company.

Commenting on the results Hugh O’Donnell, Chief Executive Officer of Kentz said:

“We are very pleased with the significant growth that has been achieved during 2010 across all of our Global Business Units. Our business model continues to deliver organic expansion as well as future growth through potential acquisitions. Our global spread of operations positions us well to capitalise on the continued investment in natural resource and energy sectors where we have substantial past experience and existing capacity to deliver projects for our clients in the future. Our current trading is in line with expectations.”

 

Note: View full statement under Investor Relations: Reports and Presentations

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