2018 Financial Results Give Second Successive Year of Record Profitability
It is now almost a year since we launched our Engine for Growth (EfG) programme, the delivery mechanism to grow to a $500m business by 2021 and set us on a trajectory to achieve $1b by 2025. Since the announcement of our EfG, we have evolved the business into three best in class services of specialist projects, commissioning and maintenance services to the energy industry. We pride ourselves on our trusted relationships, excellence in delivery and global agility, all delivered through the power of our exceptional people and personal touch.
We are now delighted to announce that our year end results for 2018 have given us a second successive year of record profitability. Reported revenue for the year ended 31 December 2018 is $212 million (2017: $234 million). The Group recorded a net profit of $9.3 million (2017: $3.9 million) and adjusted EBITDA, a key metric for the performance of the business, of $17.8 million (2017: $17.6 million).
With our strong balance sheet, no net debt and a record pipeline of opportunities, we are beginning to see the results of our strategic intent through the delivery of our EfG. With the proven operational capability and strength in safety performance that we have built through our people and systems, our focus has taken a fundamental shift to be much more externally focused and aligned with our clients, who come to Kentech for the quality of service we provide. Shifting to our service line structure comes with a commitment to our key clients to deliver our best in class services, wherever in the world they need us the most.