SEDGMAN UNEARTHS $26M PROFIT

Written on the 24 August 2011

SEDGMAN UNEARTHS $26M PROFIT

FLOODING and a Cyclone Yasi may have interrupted Sedgman’s (ASX:SDM) coal operations, but it has not stopped the mining services group from reporting a net profit of $26 million for FY11.

Representing a 4.2 per cent jump on FY10, the figure is at the upper end of market guidance provided earlier this year. The group also declared 65 per cent growth in revenue to $555 million for the year to June 30.

Sedgman MD and CEO Nick Jukes credited his employer’s Australian and international resources projects for driving growth in annual revenue, earnings and dividends.

“The year’s second half was strong and Sedgman’s order book stood at $606 million with a record three-year project pipeline of $7.6 billion as at June 30, 2011,” says Jukes.

Sedgman’s Engineering Services and Operations benefitted from robust resource industry conditions, growing annual revenue by 95.6 per cent.

“The solid results we have achieved show our strategy to diversify into global coal and metals projects – and is creating value for our shareholders,” says Jukes.

However, the group carried out a $4.1 million asset write-down at its metals operations and faced $2.9 million in amortisation charges for intangible assets from previous acquisitions.

Share prices increased slightly today to $2 per unit.


Latest News

WOOLWORTHS CLAIMS LEGAL VICTORY IN STOUSH WITH LOWE'S

SUPERMARKET giant Woolworths (ASX: WOW) has been given the go-ahead to sell its Masters property assets after winn...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

PRICELINE STORE ROLLOUT BOOSTS API'S FULL YEAR PROFIT FORECAST

Australian Pharmaceutical Industries (ASX: API) has booked a rise in half year net profit of $29.1 million on the bac...

CITY DWELLERS SETTING EYES ON REDCLIFFE AS PROPERTY SEACHANGE BECKONS

IT MAY be cool by the sea at Redcliffe, however strong sales at Kyko Group's Mon Komo development prove that t...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter