Kentz Corporation, the holding company of the Kentz engineering and construction group, said its revenue rose 6% to US$1.66bn in 2013 compared to the year before.
- Diluted EPS increased by 17.3% to 68.07US¢ (2012: 58.05 US¢);
- Profit before tax up 12.6% to US$118.0m (2012: US$104.8m);
- Profit before tax margin increased to 7.1% (2012: 6.7%);
- Gross cash balance up 7.3% to US$246.5m at 31 December 2013 (2012: US$229.8m);
- Proposed final dividend of 10.9 US¢ per share; total 2013 dividend payment of 17.5 US¢ per share, up 21% on 2012;
- Capital structure revised to incorporate a tranche of debt to fund expansion and enhance shareholder returns.
Commenting on the results Christian Brown, Chief Executive Officer of Kentz said: “2013 was another period of major success for Kentz and represents a key milestone in our growth strategy. We delivered on our target for double digit earnings growth and completed the acquisition of Valerus Field Solutions on 3 January 2014, which significantly enhances both our service offering and geographical footprint.
“We have secured an even stronger future for our business with the current backlog of US$4.1bln. Our pipeline of prospects continues to grow, increasing 18% during 2013, highlighting the opportunities that exist for our services in our core markets of the Middle East, Africa and Australasia. We forecast that 2014 performance will be ahead of our previous expectations with all three business units expected to perform strongly.”
Press Release, March 24, 2014; Image: Kentz