KBC Advanced Technologies advanced over six per cent Thursday after the consultancy and software company forecast strong annual results.

The group expects a cash balance above £9.0m for the year to December 31st, exceeding market expectations. Net cash at the year-end was pegged at £1.0m.

The last quarter of 2012 showed recovery culminating the award of the $100m consulting and software contract with EP Petroecuador (EPP).

Software applications and training materials were delivered to EPP last month. A delivery of consulting services milestones will take place over the next four years.

The company performed particularly well in its software business, including Infochem which was acquired in June.

"Significant progress has been made in developing an enhanced range of products for the downstream, upstream and gas production markets," the company said.

During the fourth quarter, Petro-SIM Production was launched. It incorporates Infochem's intellectual property in its platform which is to be used in the upstream market.

Several trials are underway with major independents, national oil companies and engineering contractors.

"We enter 2013 with a strong order book, new products and a business that is better able to deliver profitable growth from both its consulting and software operations," the firm added.

KBC is currently restructuring its consultancy business and will release an update in the full results when released in March.

RD

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