Cardno Limited (CDD) expects to report a Net Profit After Tax (NPAT) of between $71 million and $74 million for the year ending June 2012, an increase of 21% to 26% on the previous financial year NPAT of $58.8m. The current profit estimate is based on unaudited management results and current forecasts.
Mr Buckley said that the FY12 performance reflects continuing growth of the business in variable market conditions and confirms the success of Cardno’s growth strategy which has positioned the company to take advantage of strongly growing sectors such as environmental consulting services. The growth in FY12 NPAT in excess of 20% was delivered notwithstanding the significant boost to FY11 NPAT from the emergency response phase of the oil spill work in the Gulf of Mexico.
“Cardno’s FY12 results were also boosted by the addition of new partner businesses including Cardno TEC in October 2011, Cardno HRP in November 2011 and Cardno ATC in March 2012.” said Mr Buckley. “The ongoing growth of the business and the successful capital raising to support the acquisition of Cardno ATC have resulted in increased liquidity in Cardno’s stock and entry into the S&P ASX200 index. Cardno’s market capitalisation has continued to grow and has recently exceeded $1 billion” he added.
Mr Buckley also noted that Cardno’s low gearing and strong balance sheet provide the company with a solid base for securing future acquisitions.
Tags: Cardno, CDD, Engineering Services, Profit Upgrade
