Kentz profit boosted by oil and gas services demand

ENGINEER Kentz this morning posted a 32 per cent rise in annual pre-tax profit as it was boosted by increased oil and gas demand.

The FTSE 250 company, which provides engineering, construction and technical support services to the oil and gas and mining industries, said pre-tax profit rose to $104.8m (£68.8m) over the year to December from $79.4m in 2011.

Revenue jumped six per cent to $1.56bn.

Chief executive Christian Brown said today that Kentz had enjoyed a positive start to the year, with the backlog increasing six per cent to $2.73bn at the end of February.

Kentz, which won a commissioning contract earlier this month in Canada, said it had a number of contracts it was bidding for and was “confident of being awarded in the near future”.