PROFITS at engineering and instrumentation group Kentz, increased 18 per cent to almost $80 million (€60 million) last year, according to figures released by the company.
Irish-based Kentz, which is listed in London, said yesterday revenues in 2011 increased by 29 per cent to $1.37 billion (€1.03 billion) from $1.06 billion (€800 million) the previous year.
Profits before tax grew 18 per cent to $79.4 million (€60 million) from $67.5 million (€50 million) in 2010. The group’s pre-tax margins were 5.8 per cent, down on the 6.4 per cent.
Kentz provides specialist engineering, construction and instrumentation services to the oil and gas, pharmaceutical and mining industries and has operations in Africa, Australasia, the Middle East and North America.
Recently-appointed chief executive Chris Brown said yesterday around 25 per cent of the group’s revenues came from the metals mining sector last year. He predicted the group would continue to diversify operations and clients in 2012.
In a formal statement, Mr Brown said the group’s global spread of operations meant it was in a position to benefit from continued investment in both the resources and energy industries.
He added Kentz was trading in line with market expectations.
Mr Brown succeeded Hugh O’Donnell as chief executive last month. Dr O’Donnell worked for Kentz for 12 years and will act as an advisor for the next three years.
