Kentz seeks LSE switch

IRISH engineering services group, Kentz — which earlier this week reported a 52% increase in annual profits — is seeking to switch its primary share listing from the Alternative Investment Market (AIM) to the main list of the London Stock Exchange (LSE).

The Clonmel-headquartered group’s management said that since listing on London’s secondary exchange, just over three years ago the company has grown its business considerably.

“Against this backdrop the board believes it is appropriate for Kentz to seek a listing on the main market of the London Stock Exchange during 2011,” management added.

A spokesperson said it is hoped that by the end of this year Kentz will have changed its listing.

They added, however, that the company still has no intention of seeking a dual listing in Dublin.

On the back of Kentz’s strong performance last year, this week’s financial results also featured its announcement of upping its annual dividend payment to shareholders by just under 70% to (US) 10c.

Kentz is seeing strong returns from its operations in both Australia and the Middle East and views Iraq (where it entered, via acquisition, last year) as a prime investment opportunity going forward.

Management also said, this week, that the outlook for the business remains “very positive”.