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KBC Advanced Technologies

  • BY: Andrew Hore |
  • POSTED: 13/01/2010 |

Oil refinery consultancy and software provider KBC Advanced Technologies says that its order book is worth more than £40m.

Software sales were strong in the fourth quarter helped by a deal with Brazilian oil company Petrobras. The order book was £39m at the end of 2008.

Consultant utilisation is improving helped by a large contract in Abu Dhabi. More refining capacity is being developed in Asia and other developing areas of the world. There remains excess capacity in North America and Europe. Competition for work has been increasing and the timing of contracts is hard to predict. The cost base has been reduced.

KBC had net cash of around £4m at the end of 2009.

At 40p a share, down 1.5p on the day, KBC is valued at £22.9m. FinnCap expects profits of around £5m, which puts the shares on seven times 2009 earnings. 

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