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.

For further reading, click here.


Latest News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

ADELAIDE APARTMENT BREAKS OFF-THE-PLAN RECORD WITH $3M SALE

AN apartment in 'The Adelaidean' residential development in Adelaide has sold for more than $3 million, which...

CABCHARGE GIVEN GREEN LIGHT TO BUY YELLOW CABS IN QUEENSLAND FOR $20M

THE consumer watchdog will not oppose the proposed acquisition of Yellow Cabs in Queensland by taxi payment service C...

SLEEPING ROUGH IN THE NAME OF CHARITY: 170 BRISBANE BUSINESS LEADERS TAKE PART IN THE CEO SLEEPOUT

OVER 170 Brisbane CEOs and business leaders will brave the cold tonight to fight homelessness in what will be the big...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter