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Kentz raises expectations as contract numbers continue to grow

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Engineering giant Kentz (LON:KENZ) said its full year performance will be slightly ahead of expectations as it continued to grow revenue and backlog in the four months to 30 April.

Current prospects consist of projects with values up to US$100 million while the overall pipeline for prospects stands at US$ 10.8 billion at the end of April 2012.

It added it expects to continue achieving an average natural growth on contracts of 25 per cent in 2012.

Backlog grew to US$2.46 billion in the period from US$2.4 billion in the four months to 31 December 2011.

Chief executive Christian Brown said: "Kentz is pleased to report that the group has experienced good growth in the first four months of the year and anticipates that the full year performance will be marginally ahead of expectations.” 

The company said it expects continued strong demand in Africa, which was the largest region in revenue terms for construction in 2011. 

“We have experienced considerable growth in the metals and mining sector in Africa in 2011 through our work with Sherritt on the Ambatovy project in Madagascar and with Vale on the Moatize project in Mozambique.”

It added its enginering, procurement and construction (EPC) arm is currently bidding on a number of liquefied natural gas (LNG) projects in the Western Australian region.

In its EPC business it said Iraq is the largest opportunity in the strategic pipeline but it remains ‘cautious’ on timing due to political and security factors.

Brown added: “We continue to evaluate possible acquisition targets but will retain a prudent approach to evaluating any such strategic prospects to ensure any investment is value-adding for our shareholders.”

The share price was up 1.33 per cent to 3.82 pence at 10.57 on the back of the news.


 

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LSE:KENZ
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