11 June 2010 – AGM statement
Kentz, the specialist engineering group which mainly serves blue chip clients in the oil and gas and mining sectors, has reported that trading in the year to date is in line with expectations, with its order backlog increasing in all three business units. In addition, there is a very strong pipeline of additional prospects many of which should be converted into firm orders in the second half. The events in the Gulf of Mexico highlight how important safety is in the industry and the group has recently completed 10 million man-hours of work at a plant in Qatar without a lost-time incident. This excellent record will serve the group well in winning more contracts going forward and with little debt on the balance sheet the group has a solid base to support its operations. BUY.