KBC Advanced Technologies unveils drop in annual profits

KBC Advanced Technologies, a consultancy and software provider to the hydrocarbon sector, reported a fall in annual profits as a result of reorganisation costs.

KBC Advanced Technologies, a consultancy and software provider to the hydrocarbon sector, reported a fall in annual profits as a result of reorganisation costs.

The company posted pre-tax profit of £3.7m for 2012, down from £4.9m the prior year, as the group underwent a significant year of change including new leadership and restructuring.

During the year, the firm welcomed Caroline Brown as its new Chief Financial Officer following the resignation of Chief Executive Officer George Bright and Finance Director Nicholas Stone.

KBC was hit by redundancy and reorganisation costs of £1.7m, which included enhancing the technology management team, improving the direct sales channel and developing new products.

In June, the firm acquired Infochem Computer Services, a software and services provider to the upstream sector, for £9.5m.

"[Last year] was a year of significant change for KBC," said Chairman Ian Godden.

"After a slow start in the first half, the group responded decisively and, under the new leadership team, ended the year with a very strong final quarter, culminating in the award of a major multi-year consulting and software contract. This helped us generate an underlying profit before tax slightly ahead of revised expectations."

He said KBC has started to benefit from the reorganisation of the company this year and he expects the group to deliver on plans to grow the business profitably.

Shares fell 4.91% to 63.00p at 14:30 Tuesday.

RD

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023