KBC Advanced Technologies (AIM:KBC) – results in line, plenty of cash and record contracts
The leading consultancy and software provider to the global hydrocarbon processing industry announced results for the year to 31 December 2014 broadly in-line with estimates, although with the fund raise and acquisition in the period there are plenty of adjustments to the numbers!
Revenues were up 17% to £76.0m and adjusted profit before tax up 13% to £9.5m (2013: £8.4m). Results were materially impacted by the equity fund raising of £23.1m, to fund acquisitions and provide working capital for larger contracts and the acquisition and integration of FEESA Limited. The net result of the fund raising, coupled with prior period one-off tax credits, meant that basic earnings per share reduced to 5.7p (2013: 9.5p) and earnings per share calculated on an adjusted basis were broadly flat at 9.3p per share (2013:9.5p). The cash flow looks a bit puzzling at first glance. Net cash…