SEYMOUR WHYTE ACQUISITION DRIVES RESULTS

Written on the 28 February 2014

SEYMOUR WHYTE ACQUISITION DRIVES RESULTS

SEYMOUR Whyte Limited (ASX:SWL) has reported strong first half year results, including a 42.1 per cent increase in net profit after tax to $4.9 million and revenue of $150.7 million up 15.3 per cent.


Managing director David McAdam (pictured) says it’s a reflection of strong operational performance and stringent cost control.


“A number of new project wins and growth in existing contracts has provided a degree of consistency in profitable delivery of our works.


“Half year trading conditions, including weather and supply chain availability, were generally favourable for construction and assisted operational momentum and associated efficiencies and productivities,” he says.


The announcement follows the construction company’s acquisition of Rob Carr Pty Ltd and a slew of new project contracts.


“The market outlook for Rob Carr Pty Ltd is also strong and the acquisition provides a platform for growth in the water and power utilities market.


“The acquisition opens significant new opportunities, increases quality of earnings, and increases technical expertise in the growing micro-tunneling industry, with a contestable market of more than $4 billion in the next four years.


“The combined contestable market for the Seymour Whyte Group is now more than $12 billion with two-thirds coming from the transport infrastructure sector,” McAdam says.


Forthcoming projects include the $12 million North Coast slope stabilisation, Warrego Highway and Flinders Highway works.


SWL will pay a fully franked interim dividend of 2.5 cents per share on April 4.


Shares are trading at $1.63 each.


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