Bid target Kentz remains confident on oil sector
The firm, which began life as an Irish electrical contractor, last week rebuffed bids from larger London-listed rival Amec and Germany’s M+W Group, saying the offers undervalued the company. Amec’s approach valued Kentz at about £680 million.
Kentz chairman Tan Sri Razali said today: “Despite a more cautious outlook from many companies in the oil services sector, the board of Kentz remain confident that we can continue to deliver strong growth and returns for our shareholders.”
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Hide AdHe was speaking as the firm reported a 3 per cent rise in pre-tax profits to $52.7m (£34m) for the six months to the end of June, on revenues 2 per cent higher at $775.2m.
The interim dividend was hiked 20 per cent to 6.6c a share.