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Kentz Corporation's 2012 results benefit from contract wins

Kentz Corporation reported a 32 per cent rise in annual pre-tax profits as the engineering and construction group scored new contracts and expanded its operations.

Kentz Corporation reported a 32 per cent rise in annual pre-tax profits as the engineering and construction group scored new contracts and expanded its operations.

Profit before tax for the year to the end of December 2012 came to $104.8m, up from $79.4m in 2011.

Revenues jumped 6.0% year-on-year to $1.56bn, driven by the award of three technical support services contacts in Iraq.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 22% to $118.5m.

"We have ended 2012 with confidence that our future outlook continues to be positive," said Chief Executive Officer Christian Brown.

"The past 12 months has been another successful period for Kentz where we have continued to expand our operations, develop new client relationships and provide services for some of the world's largest and most prestigious projects."

The company ended the year with an enhanced backlog of $2.57bn, compared to $2.40bn the prior year, along with a significant pipeline of prospects worth $13.2bn.

Kentz expanded its operations with the acquisition of the assets of GCDE's engineering office in Chennai, India.

A final dividend of $0.09 per share was proposed, bringing the total 2012 dividend payment to $0.14 per share, up 18% on the previous year.

This year the group is implementing its Kentz 2013 and Beyond strategy to sustain the growth seen over the past five years.

Earlier this year, Kentz won two new contracts in Canada which include telecommunications work with Suncor for the Fort Hills Oil Sands project and a commissioning agreement with Imperial Oil Resources Ventures for services in the Athabasca oil sands until 2016.

RD

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