Global engineering group Kentz says it is starting the year in a very strong position following its acquisition of Valerus Field Soltuions for £262million.
In its pre-close update for the year ending December 31, 2013, the firm said it had ended the year with an order book worth £2.1billion.
Kentz said its order intake in 2013 was up 29% to £1.3billion, while its pipeline of prospects at December 2013 was up 18% to £9.3billion.
“2013 has been a very busy year for bidding activity, with record levels of bidding undertaken adding to the strong growth in our order intake and year-end backlog,” said Kentz chief executive Christian Brown.
“Additionally there are a number of bids outstanding that will be awarded in the first half of 2014.”
He said the firm was confident the acquisition of Valerus would enhance the group’s earnings and create future value for its shareholders.
The firm said its cash position remained strong – a gross cash balance of £148million at the end of December 2013 – which will provide a sound financial base to support growth.
In September last year, engineering giant AMEC ditched its plans to launch a takeover of Kentz after the Irish firm rejected its £680million offer.
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