KBC Advanced Technologies Plc has released its results for 1H15. The company’s highlights include:
- Revenue y/y increase 5% to £36.2 million with consulting up 5% and technology up 6%.
- Adjusted profit before tax increased y/y by 3% to £4.2 million.
- Cost base reduced by around £3.5 million per annum with full benefit expected in 2H15.
- Healthy pipeline of contracted work, up 17% y/y to £74 million at period end.
- Demand for KBC’s operational excellence and profit improvement services is increasing in refining.
- Senior leadership team enhanced, with appointment of CEO and recruitment of new CFO.
Ian Godden, Chairman of KBC, commented: "Early management action in 2015 to respond to the oil price fall, combined with an improving downstream refining market, resulted in a solid first half performance. These actions, together with the modernisation of KBC over recent years, led to a strong finish to the first half and good momentum into the second half, with early contract wins, higher consulting utilisation and good technology opportunities. Long-term client relationships in the downstream market are now delivering material contracts to the Group as that market segment looks to profit improvement initiatives.”
Edited from press release by Angharad Lock