EVT Eurovestech

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

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