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

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022