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Kentz profit up 12 percent, says expects further growth

Reuters - UK Focus

LONDON, March 24 (Reuters) - British energy services firm Kentz (Frankfurt: 3UJ.F - news) said on Monday it achieved double digit earnings growth, in line with expectations, bucking the trend of rival firms in the sector hit by falling profits as oil companies cut spending.

Kentz reported full year profit before tax for 2013 of $118 million, up 12.6 percent on the previous year, from revenue of $1.66 billion.

The company said in a statement it expected its performance in 2014 to exceed previous management expectations and that growth was forecast across all business divisions.

Kentz was one of the sectors best performing stocks last year, with its share price rising over 60 percent while rivals like Saipem (Other OTC: SAPMY - news) , Subsea 7 (Other OTC: ACGYF - news) and Aker Solutions (Other OTC: AKKVF - news) were struck by project delays and profit warnings. (Reporting by Stephen Eisenhammer; Editing by Silvia Antonioli)