Kentz contracts worth $2.5bn

Engineering group Kentz Corporation revealed in a trading update to the London Stock Exchange that it has more than $2.5bn (€1.8bn) of contracts on its books.

Kentz CEO Christian Brown said that 2012 had been another successful year for the Clonmel company.

“The outlook for 2013 continues to be positive, with backlog growing to $2.57bn and over 65% of target 2013 revenues under contract,” he said.

The company has also seen its prospects increase by nearly a third, with a pipeline of prospects valued at $13.2bn in December last year up from $10bn at the end of 2011.

“Our success in growing our backlog and sales pipeline is underpinned by our ability to successfully execute projects and secure repeat business from our major clients. Against this backdrop we have also added further opportunities to our pipeline of prospects, all of which gives us excellent earnings’ visibility and confidence that we will deliver double digit earnings growth in 2013,” he said.

The Kentz release also included an update on its worldwide operations, where its construction and technical support services business units have performed well.

The company said that despite the prevailing economic conditions it continues to win international contracts.

Kentz has already secured 65% of its expected revenue for the coming year and is maintaining solid margin levels.

The company said the cash provides a sound financial base from which to support continued growth.

The company said it expects its earnings per share to be in line with analyst estimates, reflecting the strong performance last year.