KBC Advanced Technologies' maiden results in line despite difficult energy sector market conditions

24th Jul 2015 14:50

(ShareCast News) - KBC Advanced Technologies said its first half of the year performed in line with expectations thanks to order backlog.Despite difficult energy sector market conditions, the consultancy and software provider remains confident with the rest of the year.KBC said its order backlog and a good visibility on the future pipeline of contracted work and software sales during the six months to 30 June 2015 is giving confidence for its full-year expectations to be met.Furthermore, it said the slowdowns and costs reductions felt in some segments of the industry are being balanced by a shift in sector spending to operational efficiency and production optimisation initiatives.The company also enjoyed a stronger performance in parts of the refining segment due to improving refining margins."With its strengths in these areas, KBC is well placed to take advantage of this shift in investment," it added.N+1 Singer analysts said: "The downstream environment is obviously a lot better than upstream."Shares were down 0.66% to 119.7p on Friday at 14:01.