BRISBANE’S CARDNO POSTS RECORD HALF YEAR PROFIT
3 March 2011,
INFRASTRUCTURE services consultancy Cardno Limited (CDD) has posted NPAT of $31.7 million for the December 2010 half year, an increase of 98 per cent over the previous corresponding period.
Managing director Andrew Buckley (pictured) says revenue was $436 million, up 91 per cent and operating cash flow was $39.8 million, up 134 per cent.
The company’s balance sheet remains strong, with a low debt equity ratio of 35 per cent and cash of $80 million as at December 31.
“Performance by Cardno ENTRIX and Cardno ERI in the Americas region was particularly strong, endorsing the company’s focus on high growth market sectors and integration of strategic acquisitions,” says Buckley.
“I expect second half profit performance to be robust, but weaker than the first half and that the impact of lower workload on the Gulf of Mexico oil spill will be offset by improving conditions across the business and recent project wins.
“The impact of recent floods and wet weather on the East Coast of Australia is expected to be neutral in the half with any loss of revenue in the first quarter offset by increased work in the second quarter.”
In December, Cardno gained exposure to the environmental and natural resources management market in the Americas through its acquisition of JF New – an environmental consulting firm.
The Board has declared an increased interim dividend of 17 cents per share franked to 70 per cent, to be paid on March 25.
CDD shares are up 5.2 per cent today, trading at $6.17.