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

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter