Orders at Kentz surpass £1bn to keep construction firm on track

 
Suzie Neuwirth
FTSE 250-listed construction firm Kentz yesterday said it is trading in line with expectations and reiterated its guidance of double-digit earnings growth this year.

The company – which rejected two takeover approaches this summer, including one from larger peer Amec – reported an order intake of $1.8bn (£1.1bn) for the first ten months of the year, with new contracts in key target growth regions including the Middle East, Russia and the Americas.

As previously stated, Kentz expects its results to be weighted towards the second half of the year.

“It has been a very busy year for the group with record levels of bidding activity,” said chief executive Christian Brown.

“We have already seen successes with new awards in the past few months and we anticipate a number of exciting awards before year-end.”

Kentz reported a two per cent rise in revenue to $775.2m (£498.8m) and a 2.9 per cent increase in pre-tax profit to $52.7m in its first-half results in August.