KBC Advanced Technologies (AIM:KBC) – reassuring update from oil and gas world
The leading consultancy and software provider to the global hydrocarbon processing industry has issued a reassuring trading update, which will no doubt come as a surprise to many given all the bad news emanating from the oil and gas sector. This one looks better placed than many to weather the storm and the rating isn't that demanding...if one has faith in the estimates!
The statement commented how KBC has adjusted successfully to the changing and difficult energy sector market conditions by concentrating on key regions where they believe growth will continue or emerge and by proactively restructuring the Company’s cost base. One of the growth regions for KBC is the Middle East and North Africa (MENA) where investment in 2014 has resulted in over £9m of contract awards during the first five months of 2015. This includes several major contracts to support national oil and gas companies in Saudi Arabia, Kuwait, the United Arab Emirates, Oman and Jordan. The headcount has…