Engineering Firm Reports Large Backlog of Work

An Irish engineering firm has reported a rise in backlogged work and a "very strong" pipeline of business in place for the future.

Kentz Corporation has said its backlog of work increased by 39% during the first quarter of 2008.

Providing a market update yesterday, the company said the backlog increased to $827 million (€534m) at the end of April from $596.4m at the end of 2007.

The company's share prices have risen by around 3.2%.


The group confirmed it won orders worth $208m in a contract to supply electrical systems for a teaching hospital in Qatar.

"The group has a very strong pipeline of additional prospects which we expect to convert to backlog during 2008," it said.

Kentz was founded in Clonmel, Co Tipperary in 1919.

In 2007 the firm reported high turnover and a significant growth in profit. The largest growth came from Middle East business, with significant capital investments in upstream and downstream projects.

The firm works with many major oil companies in this part of the world and is expected to complete a $100m acquisition this year, to move the group up the supply chain in the oil sector.

Kentz's two leading executives hold 10% equity stakes in the business, with the rest mainly owned by Malaysian investors.

(PR/JM)