Trading update for KSS Fuels (9048W)
February 07 2012 - 2:00AM
UK Regulatory
TIDMEVT
RNS Number : 9048W
Eurovestech PLC
07 February 2012
7 February 2012
Eurovestech plc
("Eurovestech" or "the Company")
Trading update for KSS Fuels
Further to the announcement dated 13 December 2011, Eurovestech
is pleased to provide an update on trading at KSS Fuels, a global
leader of fuels pricing and retail network planning solutions,
which is a company wholly owned by Eurovestech.
KSS Fuels announced today that the acceleration of new business
wins and the successful integration of a major acquisition had
delivered record revenues and earnings for the first half of its
fiscal year.
The record performance in the six months ended 31 December 2011
reflected strong sales performance in each of the company's core
markets - North America, Europe, Japan, Australia and South Africa.
The results were further enhanced by extended product offerings
from the recently acquired MPSI (Market Planning Solutions
Inc).
Revenues for the six months to 31 December 2011 were $11.3m as
against $5.8m in the equivalent period last year. Underlying EBITDA
was $1.5m in the period, an increase of 91% from the equivalent
period last year. Net cash at 31 December 2011 was $2.5m.
KSS Fuels now has over 400 customers in 80 countries. In
addition to its core markets, the company is pursuing growth
opportunities in India, Southeast Asia, China and Brazil.
Richard Bernstein, Chief Executive of Eurovestech,
commented:
"Last April, when we announced the proposed acquisition of MPSI,
we said that it was expected to be earnings enhancing. These
outstanding results demonstrate the scale of the growth that KSS
Fuels is now delivering. Moreover, its prospects continue to
improve."
Enquiries:
Eurovestech plc
Richard Bernstein Tel: 020 7478 9070
Chief Executive www.eurovestech.com
Merchant Securities Limited (NOMAD)
David Worlidge/Simon Clements Tel: 020 7628 2200
About KSS Fuels
KSS Fuels is the leading global provider of fuels pricing and
retail network planning software, analytics and consulting services
to companies in the oil & gas, convenience store, grocery and
retail industries. KSS Fuels helps fuel retailers, distributors and
marketers implement effective pricing solutions to increase
profitability and analyze retail networks to pinpoint growth
opportunities and optimize capital investment to enhance
operational performance. The company has North American
headquarters in Florham Park, NJ as well as regional offices in
Florida, Illinois, Ohio, Oklahoma, Texas and Canada and
international operations in Brazil, China, India, Japan, Korea and
Africa, with headquarters in Manchester, United Kingdom. For more
information about KSS Fuels, please visit www.kssfuels.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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