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3rd Jul, 2019  |  General News

2018 Financial Results Give Second Successive Year of Record Profitability

It is now almost a year since we launched our Engine for Growth (EfG) programme, the delivery mechanism to grow to a $500m business by 2021 and set us on a trajectory to achieve $1b by 2025. Since the announcement of our EfG, we have evolved the business into three best in class services of specialist projects, commissioning and maintenance services to the energy industry. We pride ourselves on our trusted relationships, excellence in delivery and global agility, all delivered through the power of our exceptional people and personal touch. We are now delighted to announce that our year end results for 2018 have given us a second successive year of record profitability. Reported revenue for the year ended 31 December 2018 is $212 million (2017: $234 million). The Group recorded a net profit of $9.3 million (2017: $3.9 million) and adjusted EBITDA, a key metric for the performance of the business, of $17.8 million (2017: $17.6 million). With our strong balance sheet, no net debt and a record pipeline of opportunities, we are beginning to see the results of our strategic intent through the delivery of our EfG. With the proven operational capability and strength in safety performance that we have built through our people and systems, our focus has taken a fundamental shift to be much more externally focused and aligned with our clients, who come to Kentech for the quality of service we provide. Shifting to our service line structure comes with a commitment to our key clients to deliver our best in class services, wherever in the world they need us the most.

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TAGS: #Engine for Growth  #Financials  #Strong Performance  

1st Aug, 2018  |  General News

BWE and Kentech - Building on their Partnership

Blue Water Energy (BWE) has been partnering with Kentech since 2015 and due to the success of Kentech’s performance in challenging global conditions, we are delighted to announce that the planned conversion of BWE’s investment from a loan basis to part ownership through the holding of equity has now become a reality.  This is fantastic news for Kentech as it positions us very well to accelerate growth with a robust, strong balance sheet, continued strong performance and a healthy backlog for the coming years. Sarah Kent, Kentech CEO, commented: "It is great that BWE have decided to convert their loan in Kentech to equity. The decision from BWE to convert shows what we have managed to achieve over the past 3 years since BWE became involved.  Thanks to the support from BWE, we have been able to go on demonstrating that Kentech is a great company with the potential and ability to further grow and expand over the coming years. This is a really exciting time for Kentech, with more confidence in the stability of oil prices, the IOC’s and NOC’S are beginning to make decisions on new investments; so we will be seeing our pipeline of opportunities growing.  Being one of a few companies that managed to grow in the downturn, we plan to take the best advantage of this upturn in the market". Mark Dickinson of Blue Water Energy, and Non-Executive Director of Kentech commented: “Since BWE partnered with Kentech back in the middle of 2015, we have seen the company grow and strengthen all aspects of the business. This growth strategy has been planned and well executed by the team and this has all been achieved in a time where the market conditions were the poorest experienced for many years. Kentech has delivered strong performance on numerous large-scale projects across the world, all underpinned by their ethos of going above and beyond for their key clients.  The company has expanded it's service offering through the establishment of STS (Specialist Technical Solutions) and it has also grown its’ TMM (Turnaround, Maintenance & Modifications) service line by over 100%, whilst still maintaining its core strength of safely delivering large scale E&I contracts through its CHU (Construction, Hook Up and Commissioning) services. Sarah and the team at Kentech have built a business with very solid foundations which now has enormous growth potential. Much of this has been achieved by the very solid family values that underpins the Kentech business. We are delighted to have partnered with the Kentech team and look forward to sitting side by side with them for the next phase of this journey”.

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TAGS: #Corporate  #Financials  #Performance  #Shareholders  

8th Apr, 2018  |  General News

Kentech Celebrate Positive Year End 2017 Results

The Directors of Kentech are delighted to announce strong operating results for 2017.  For the year ended December 2017, Kentech recorded revenue of USD 234.1 million and EBITDA of USD 18.1 million. Kentech’s Total Recordable Incident Rate (TRIR) for 2017 was 0.131 (2016: 0.328), a 60% year-on-year reduction. Total man-hours executed during 2017 were 9.1 million, 1.2 million hours more than in 2016. Kentech’s sales pipeline continues to be robust with a value in excess of USD $3bn.  During 2017, the Group was awarded incremental works and contract extensions from its clients on many projects as a result of strong performance, this included works on Wheatstone LNG in Australia and Odoptu Stage 2 in Sakhalin plus further works from Shell in the Netherlands and on a number of projects in Kuwait.  New awards also included capital project works in Kazakhstan plus a further Master Service Agreement (MSA) with a leading International Oil Company.  The Group was also awarded a series of yard related awards in the Middle East.  Kentech also commenced commissioning planning services for a major North African gas facility. Key focus areas for the service lines are: STS: The Group continuing to build its commissioning services with key global accounts and in particular utilising its master service agreements with the major IOCs.  STS will continue to provide commissioning services on a number of large scale projects in Australia, the Caspian, North Africa and the Middle East into 2018.  Growth is also expected in North America. CHU: The Group will be completing a number of large scale CHU projects in 2018 including Odoptu Stage 2, the Clean Fuels Program in Kuwait, plus a number of projects in Kazakhstan and the Middle East.  Growth is expected to be experienced in Kazakhstan, select markets in the Middle East plus North America.  TMM: The Group has received extensions on existing TMM works in the Middle East and is negotiating extensions on other Middle Eastern contracts and European based projects.  Works also continue to flow from long term field engineering MSA’s, utilisation of such agreements is expected to pick up in line with the stabilisation and increase of oil prices.    The Company thanks all stakeholders for a positive 2017 and looks forward to a positive and safe 2018.      Kentech overview:   Kentech is a speciality service provider to the Energy and Industrial sectors.  The Group’s three service lines offer clients a range of solutions for large scale capital expenditures through to the steady state operational phase of industrial asset development and ongoing upgrades, modifications and expansions.   The Group’s three service lines are:   CHU (Construction & Hook Up): Electrical, instrumentation & telecommunication (EI&T) construction and hook up services on large scale green and brownfield capital developments which include both onshore and offshore assets, be they modular or stick build. TMM (Turnaround, Maintenance & Modifications): Providing long term multi-discipline turnaround, maintenance and modification services during the operational phase of industrial assets. STS (Specialist Technical Solutions): Provision of highly specialised personnel to clients including completions, commissioning and start up support services as assets transition from the development to operational phase. Additionally, intervention/ recovery contracting during peak project demand periods; and preservation works and other critical technical skills that are required for short durations on projects. Kentech’s revenue stream is equally balanced between the three service lines and the client base comprises of leading International Oil Companies (IOCs), large scale National Oil Companies (NOCs), plus a select number of Engineering Procurement and Construction companies (EPCs) and Other Equipment Manufacturers (OEMs). Kentech is a culturally diverse company with 32 nationalities forming its employee base of approximately 4,000. The Group’s permanent geographical footprint includes Australia, Azerbaijan, Georgia, Ireland, Kazakhstan, the Kingdom of Saudi Arabia, Kuwait, the Netherlands, Oman, Qatar, Russia & the Sakhalin Island and the United Arab Emirates (UAE). In addition Kentech provides STS services to its core clients for specialty projects wherever they may be required. 

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TAGS: #Year End Results  #Operating Results  #Financials