Infrastructure services company Cardno Limited (CDD) today announced a 53 percent increase in net profit after tax to a record $18.26 million for the half-year ending 31 December 2008. Revenue for the half year was up 35 percent to $265.6 million over the corresponding period in 2007. Earnings per share have increased by 20.8% to 24.17 cents.
Cardno has increased its fully franked interim dividend to 14.0 cents per share. This represents a 7.7 percent increase per share over the previous corresponding period, and maintains the level of the final dividend paid for 2008.
Cardno Limited Managing Director, Mr Andrew Buckley, said Cardno delivered a solid performance despite the challenging global environment.
Much of the growth was attributed to the contribution from new businesses acquired during 2008. One of these contributions TBE Group in the US is well positioned to benefit from the US government’s commitment to infrastructure projects. Also in Australia the Federal Government’s stimulus package is positive news for Cardno.
Cardno will undertake a capital raising via a Share Purchase Plan (SPP). Cardno aims to raise up to $20 million under the SPP to fund further growth. The SPP will be priced at the lower of $2.80, or a 7.5% discount to the 5 day VWAP prior to the close of the Offer.
Tags: acquisition, Cardno, CDD, divdend increase, engineering, growth, profit increase, SPP
