Monadelphous Group reports 12.1% after tax profit increase

Monadelphous Group yesterday announced an after tax profit of $74.2 million for the full year ended 30 June 2009.

Monadelphous Group yesterday announced an after tax profit of $74.2 million for the full year ended 30 June 2009.

The 12.1% increase met the company’s forecast for double digit-growth in underlying profit after tax, predicted at the 2008 Annual General Meeting.

The record net profit was achieved after all operating divisions achieved solid organic growth, with total sales revenue increasing 17.7% to a record $1.12 billion, the company said in a statement.

The company was awarded approximately $700 million in new contracts and contract extensions during the 2008/09 reporting period across all key markets.

Earnings before interest, tax, depreciation and amortisation were up 11.1% to $116.1 million. Earnings per share rose 10.6% to 87.5 cents.

According to the company, the board has declared a final dividend of 44 cents per share fully franked.

This takes the total full year dividend payout to 74 cents per share fully franked, a 2.8% increase on the previous corresponding period.

Monadelphous managing director Rob Velletri said the current demand for tenders for was providing increasing confidence for healthy business activity levels in 2009/10.

“Our competitive market advantage in terms of capacity, track record and client relationships means we are well placed to be able to take on the major projects ahead,” he said.

“While our traditional minerals markets have softened, opportunities were still reasonably strong, particularly in the iron ore sector.

“At the same time, Monadelphous has made considerable progress towards diversifying our business model away from traditional mining and minerals.

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