Kentz profits surge 52%

INTERNATIONAL engineering company Kentz Corporation, which listed on London’s secondary market in February achieved strong results in its first six months as a quoted company.

The Clonmel based group reported that pre-tax profits for the six months to the end June rose 52% to $16.8m (€11.8m) from $11.1m.

In a buoyant market sales rose by over 34% to $328.6m (€231.4m) from $244.5m. At the end of June the group’s order backlog at the half way point increased by 17.1% to $698.6m (€492.4m) from $596.4m.

Its cash position grew substantially and was up 78.8% to US$195.5m (€137.8m) from $109.3m in the first half of last year. Basic Earnings Per Share rose over 20% to 10.99 cents up from 9.15 cents.

“We maintain a watchful eye on the US market. With its vast coal reserves, untapped offshore oil and gas reserves, and nuclear technology, the US could, in the not too distant future, become a significant market for Kentz’ services”, Chief executive Hugh O’Donnell said.

To gear up for that market the group is planning a $50m acquisition in the US before the year end.