Kentz continues to move ‘from strength to strength’

KENTZ chief executive Hugh O’Donnell told shareholders yesterday that trading for the first half of this year at the Irish engineering group has been in line with market expectations and the company’s performance during the same period in 2008.

Mr O’Donnell was addressing shareholders at the company’s AGM in London. The Clonmel- headquartered business has its shares listed on London’s Alternative Investment Market (AIM). It recently reported full-year figures for 2008, detailing a 19% rise in pre-tax profit to $40.7 million (€31m) and an 18% rise in revenue to $643.3m.

Yesterday, Mr O’Donnell updated shareholders by saying following the strong performance in 2008, the company has continued to go “from strength to strength this year”.

“Our balance sheet, global footprint and diversity of sectors position us well to capitalise on the opportunities that exist in our areas of operation for the remainder of 2009 and into 2010,” he added.

Kentz’s main focus is the provision of electrical and engineering services to the global oil and gas exploration industry.

It recently won a $35m development contract in Saudi Arabia concerning the Red Sea port cities of Jubail and Yanbu.

While the Middle East is its core geographical area of interest, it is also active in Africa, Australasia, the Caribbean, the Arctic region and parts of Europe – it hasn’t ruled out further work in the Irish market.

Mr O’Donnell told shareholders that the Abu Dhabi area of the UAE would form a pivotal part of the company’s operational activity this year and next.