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KBC Announces 2009 Results
Date: 3/16/2010
KBC Advanced Technologies plc ("KBC" or "the Group")
Preliminary results for the year ended 31 December 2009
Highlights
"KBC delivered a resilient performance in 2009 with the year ending strongly despite the challenging economic environment. Revenue was essentially flat compared to 2008, but despite a significant impact from unfavourable foreign exchange movements, underlying profits were maintained at similar levels to 2008.
The cost savings delivered last year totalled around £2.8m on an annualised basis and we will see the full benefit of this in 2010. Predicting the timing of new project awards is still difficult and pricing pressure remains. However, with continued cost control and a continuation of the improvement in trading we saw in the second half of 2009, we expect to see a resumption of growth during 2010."
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Preliminary results for the year ended 31 December 2009
KBC Advanced Technologies plc, a leading consultant to the energy industry, today announces its preliminary results for the year to 31 December 2009.
| 12 months to 31 December 2009 | 12 months to 31 December 2008 | |
| Revenue | £52.6m | £52.8m |
| Statutory basis | ||
| Profit before tax | £4.6m | £5.4m |
| Basic earnings per share | 5.4p | 6.4p |
| Underlying basis* | ||
| Profit before tax | £5.7m | £5.7m |
| Earnings per share | 6.8p | 6.9p |
| Full year dividend per share | 1.55p | 1.35p |
Highlights
- Resilient performance in challenging economic circumstances
- Flat revenue and underlying profits
- Growth in contract awards and order book
- 88% growth in software revenue
- Full benefit of £2.8m annualised cost savings in 2010
- Dividend up 15%
- Strong balance sheet with net cash of £4m
- Resumption of growth expected in 2010
Note * Underlying profit before tax and earnings per share exclude the impact of the carry forward of software development costs, their amortisation, the amortisation of acquired intangible assets and one-off redundancy costs. See note 3 to this statement.
Ian Miller, Chairman of KBC, commented:"KBC delivered a resilient performance in 2009 with the year ending strongly despite the challenging economic environment. Revenue was essentially flat compared to 2008, but despite a significant impact from unfavourable foreign exchange movements, underlying profits were maintained at similar levels to 2008.
The cost savings delivered last year totalled around £2.8m on an annualised basis and we will see the full benefit of this in 2010. Predicting the timing of new project awards is still difficult and pricing pressure remains. However, with continued cost control and a continuation of the improvement in trading we saw in the second half of 2009, we expect to see a resumption of growth during 2010."
CLICK HERE TO DOWNLOAD A PDF