December 30, 2019 / 8:34 AM / a month ago

Tecnicas Reunidas' shares jump on its revenue growth forecast

(Reuters) - Shares in Spain’s Tecnicas Reunidas (TRE.MC) jumped 5.5% on Monday after the oil servicing firm said it expects overall revenues in 2020 to rise to between 5.2 billion and 5.5 billion euros (£4.4 billion-£4.7 billion) thanks to an expanding order book.

That would mark an increase of as much as a quarter from its revenue guidance for this year.

The company said it expects an operating margin above 3% in 2020 and its shares were up 5.5% by 0821 GMT at 23.66 euros.

Tecnicas Reunidas on Monday announced major new contracts, including that it has been hired by Algeria’s state-owned oil firm Sonatrach to build a $3.7 billion refinery in partnership with Samsung Engineering. The Spanish company also said it had won contracts in Colombia and Belgium worth $200 million.

Tecnicas Reunidas also said on Tuesday that it expects to book a 50 million euro profit on the sale of non-core assets, but did not give details.

It generated sales revenues of 4.4 billion euros in 2018 and said last month it expected its 2019 sales would be “stable” in 2019.

Reporting by Katarzyna Zajaczkowska in Gdansk, editing by Inti Landauro and Susan Fenton

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