KBC Advanced Technologies: contract award saves the day?

News of a material contract award and trading update

News of a new software contract award from Petrobras, the state national oil company of Brazil, for the licensing of the group’s refinery simulation software, Petro-SIM™ has helped support full year guidance. The value of the contract is more than US$4m and the licences are granted for a period of three years.

Management commented that ‘Following receipt of this contract we are also pleased to confirm that we expect to meet current market expectations for the year to 31 December 2009.’

It’s somewhat ambiguous whether guidance would have been different in the absence of the award!