Engineering and construction contractor Calibre Group says it is poised to maintain its earnings in financial year 2014 after reporting a 34 per cent fall in net profit in FY2013.
Calibre today reported a 27 per cent increase in revenue for the year to June 30, but its net profit fell to $22.2 million, down from $33.8 million the previous financial year.
Underlying earnings before interest, taxation depreciation and amortisation was down 20 per cent, to $59.8 million.
Calibre will pay a final dividend of 1.8 cents per share, fully franked, taking its total full year dividend to 7.6 cents per share.
Chairman Ray Horsburgh said the company had implemented a suite of cost-cutting measures over the financial year, which would place it in good stead to record future earnings growth.
The company said its cost cutting efforts would result in savings of around $25 million in FY2014.
Calibre’s work in hand for FY2014 is in excess of $432 million.
“We have stabilised the business in a challenging market and taken steps to position the business to maintain earnings and competitiveness in FY2014,” Mr Horsburgh said.
“While achieving a result above guidance and market expectations, it was obviously disappointing not to be able to deliver on the original prospectus forecasts after a strong first half performance.”
Calibre shares jumped following the announcement, rising 17.4 per cent to 50.5 cents at 12:23PM, WST.
