Oil refinery consultancy and software provider KBC Advanced Technologies has confirmed that 2009 interim figures will be lower than the first half of 2008 but says that there is evidence of improved trading.
KBC is also benefiting from the cost savings it has made. Annualised savings of £2.6mhave been made and £1.8m of them will show through in 2009. There is a restructuring costs of £800,000 in the first half.
KBC won £24m of contracts in the first half of 2009, including £9m in June. The order book is worth £37m, against £39m at the end of 2008. There are more contracts which should be closed in the third quarter and make a contribution in 2009.
The recovery in the oil price appears to have had a positive knock-on effect on demand.
Shares in KBC rose 0.5p to 35p each, which values the company at £20m.
Full year profits should be in line with current forecasts of around £5m, which is slightly down on last year. The shares are trading on six times 2009 prospective earnings.
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