Clough performance solid

Profit before interest and tax was $56 million for the full year. Net profit after tax was $52.4 million compared to $66.6 million in the previous financial year.Total revenue increased 22% to $637.7 million. Clough chief executive officer John Smith said the results were excellent given the challenges thrown up by the economic environment.“Eliminating the 2007-08 one-off gain on the sale of the Shedden Uhde and Clough Engineering & Maintenance businesses, the net profit after tax is significantly improved, which puts us in a position both to pay an increased dividend and to reinvest in the business,” he said.Clough declared a dividend of 2c per share. Smith said the outlook for the company was mixed, with the economic downturn having caused a lag in customer’s commitments.“The order book does not yet include a number of significant prospects where Clough is positioned to secure substantial order value in the short term,” he said.Clough is waiting on final investment decisions for ExxonMobil’s PNG Upstream Infrastructure and the engineering, procurement and construction management phase of the Gorgon Project in Western Australia.

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