EVT Eurovestech

 
TIDMEVT 
 
13 December 2011 
 
                                Eurovestech plc 
 
                       ("Eurovestech" or "the Company") 
 
                    Increase in carrying value of KSS Fuels 
 
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 has a 30 June year end. In May 2011, it acquired Market Planning 
Solutions Inc. ("MPSI"), the network planning, data collection and analytics 
company. 
 
Trading for the year to date has been strong. During the first four months of 
its financial year,  new orders were signed with a total value in excess of 
$2.3 million with customers in the US, Europe, Japan and South Africa. In 
addition, several million dollars of revenue has been recognised on existing 
contracts.  As a result, KSS Fuels is now forecasting revenues for the year to 
30 June 2012 to be in excess of $20 million (GBP12.8 million). In the year to 30 
June 2011, KSS Fuels achieved revenues of GBP7.7 million. 
 
The integration of MPSI is nearly completed. Approximately $2 million in annual 
cost savings have been achieved through the integration.  KSS Fuels now serves 
over 400 customers in 80 countries and has 120 employees. The company's offices 
are in Manchester in the UK; Florham Park, New Jersey, and Tulsa, Oklahoma, in 
the US; Tokyo, Japan; and Shanghai, China. 
 
Net cash at KSS Fuels is currently $3.5 million (GBP2.3 million). 
 
At 30 June 2011, KSS Fuels had a carrying value of GBP9.5 million. Based on 
current trading, progress with the MPSI integration and the company's net cash 
position, the directors of Eurovestech have today increased the carrying value 
by 37 per cent. to GBP13 million to reflect their assessment of current fair 
value. 
 
Richard Bernstein, Chief Executive of Eurovestech, commented: "It is pleasing 
that, in spite of a very challenging macro-economic backdrop, KSS Fuels has 
enjoyed a successful first half. With the outlook for the business continuing 
to be positive for the remainder of the year, we have taken the decision to 
substantially increase the carrying value of KSS Fuels. I look forward to 
continued progress." 
 
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 
 
 
 
 
 
END 
 

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