Bumper year for Kentz

Revenue and profit at Kentz, the Clonmel-based global engineering services group rose by 50% during 2010, according to its full-year results.

Revenue and profit at Kentz, the Clonmel-based global engineering services group rose by 50% during 2010, according to its full-year results.

Pre-tax profit rose by 52% to €47.7 m, while revenue climbed by 50% to almost €752 m.

Chief executive Hugh O’Donnell has stated that management had delivered on all of its promises to investors. He said that a robust order book - which had a total of $1.63 billion at the end of January - underpinned the group’s positive outlook.

Kentz employs amost 12,000 people across the world. It delivers construction and engineering services to the oil, chemical and petrochemical sectors, which last year accounted for 74.3% of its revenue.

Other clients include those in the mining and power industries.

It currently operates in 27 countries and almost 42% of the company’s revenue was generated in the Middle East last year, while Australasia should account for 25% of group revenue this year.

Basic earnings per share rose nearly 54% to 40.66 cent at Kentz last year, while the company also proposed a final dividend of 7 US cents per share. That brings its total dividend payment for 2010 to 10 cents per share, up 67% year-on-year.

Mr. O’Donnell has stated that the company’s activities hadn’t so far been materially affected by civil unrest in the Middle East or North Africa.

However between 150 and 170 staff in Yemen, including Kentz employees and those of a partner firm, were temporarily repatriated to other locations recently due to instability in the country.