UK: Kentz Posts Strong Order Intake
Kentz reported a strong order intake of US$1.8bn in the first ten months of the year driven by increased bidding activity in H1.
- Awarded new contracts in key target growth regions; including the Middle East, Russia and Americas
- Record backlog of US$3.0bn at the end of October 2013 (Dec 2012: US$2.57bn, October 2012: US$2.57bn)
- Prospect pipeline increased to US$15.2bn at end of October 2013 (Dec 2012: US$13.2bn)
- Strong financial position underpinning future growth
- Operations continue to trade in line with management expectations
- Reiterate guidance to deliver double digit earnings growth in 2013
Christian Brown, Chief Executive of Kentz, said: “Kentz has continued to perform very strongly since we released our interim results at the end of August. It has been a very busy year for the Group with record levels of bidding activity. We have already seen successes with new awards in the past few months and we anticipate a number of exciting awards before year-end.
“Kentz is very well positioned to continue our success story. The diversification of our business has been crucial to the growth achieved in recent years, and with the recent contract awards in new markets combined with working for a strong client base, the Board of Kentz expects that this growth will continue into the future.”
LNG World News Staff, November 18, 2013