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Bumper first half for Coffey

The NPAT attributable to members was $13.5 million, up $5.4 million on the same period in 2007.For the six months to December, revenue from continuing operations was almost $418 million, a 76% increase on the previous year’s $238 million.The company has also increased the fully franked interim dividend to 8.5c per share, up 1.5c on the previous corresponding period.“We have had substantial organic and acquisition growth and we have been able to take advantage of governments around the world increasing spending on infrastructure and aid programs,” Olds said.“We have continued to focus on cash management and managed to offset the $8 million rise in the value of our foreign net debt from exchange rate movements together with the working capital absorbed by the increase in revenue, to keep net debt similar to June 30, 2008,” Olds said.“This means we have approximately $100 million of cash and debt available.”He said the company’s current credit facility runs until February 2012.“There is no doubt that the outlook for the world is challenging and we do expect conditions to worsen before they show signs of recovery.“However, we are investing in our business to increase our market share and efficiency, with the aim of generating continued growth through the next two to three years.” He said the company would continue to benefit from the increased infrastructure spending of various governments.“We still believe growth is possible and that will continue to be a key part of our focus during the coming years,” Olds said.“We expect it will be more modest than past years, but any growth would be a good outcome given the current global economic events.”

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