Kentz conditions right for double digit growth
Engineering services group Kentz has said it remains on track to deliver double-digit earnings growth this year.
The positive outlook — communicated yesterday as part of the London-listed group’s latest trading update — follows the recent award of new contracts in key target grow regions such as the Middle East, Russia and the Americas.
The Clonmel-founded company, which specialises in providing infrastructural support services for major oil and gas exploration companies, said that as of the end of October it had a record project backlog level valued at $3bn (€2.22bn) with a prospect pipeline valued at over $15bn.
It added that a strong order intake of $1.8bn worth of projects in the first 10 months of the year was driven by the company’s increased bidding activity in the first half of the year.
Management said that existing operations continue to trade in line with expectations, while the group’s strong financial position is continuing to underpin future growth.
“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 expects that this growth will continue into the future,” chief executive Christian Brown said. Source: The Irish Examiner