CARDNO ANNOUNCES INCREASE IN PROFIT

Written on the 18 February 2014

CARDNO ANNOUNCES INCREASE IN PROFIT

 CARDNO Limited (ASX:CDD) has attributed its solid performance to diversification, after announcing a net profit after tax (NPAT) of $43.1 million.

The December 2013 half year NPAT has increased 7.4 per cent over the previous corresponding period, with one off contributions injecting an estimated $4 million.

Managing director Andrew Buckley (pictured) says the consultancy’s diversification strategy and acquisitions pushed growth.

“The profit for the period reflected merger and acquisition driven growth, with performance in the underlying business tempered by a significant slowdown in Gulf of Mexico oil spill work and in the mining sector.

“Our results also included one-off accounting adjustments associated with past acquisitions, in part offset by redundancy and merger and acquisition costs,” he says.

CDD’s gross revenue was up 5.5 per cent to $633 million, while fee revenue increased 4.4 per cent to $466.2 million.

It follows the successful acquisition of Cardno Haynes Whaley, boosting the structural engineering sector in Texas.

Incoming managing director Michael Renshaw says the resources sector is growing steadily, with improved infrastructure in parts of Australia and the US.

“Most of Cardno’s markets remain challenging and adverse winter weather conditions in the USA will have a short-term impact.

“However, the business is well placed to capitalise on opportunities that may arise when broader economic growth is realised in our core markets,” he says.

A fully franked interim dividend of 19 cents per share will be paid on April 7, to shareholders registered by March 21.

Long-time boss Buckley announced his retirement earlier this year, to be succeeded by executive general manager international Renshaw in March.

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