Brierty returns to profit

Civil and mining contractor Brierty has returned to the black with an annual net profit of $6.7 million, compared with its $1.3 million net loss in the 2008 financial year.

The company announcement is pasted below:

Civil and mining contractor Brierty Limited today announced a preliminary, unaudited net profit after tax of $6.7 million for the year ended 30 June 2009.

The result represents an 80% increase on the previous pro forma net profit of $3.7 million in FY08 and confirms the strong profit rebound after a challenging FY08.

EBITDA was $18.6 million - a rise of 39% on the pro forma FY08 level - and EBITDA margin was up strongly at 10.2% compared to 6.1% previously (pro forma).

Revenue was down 17% on the previous year as a result of changing market conditions.

Earnings per share were 6.15 cents and the Directors have declared a second half dividend of 1 cent bringing the full year dividend to 1.5 cents per share, fully franked.

Brierty Managing Director Stuart Crofts said the result reflected a strong performance from all four business divisions, which reinforced the value of Brierty's business model.

"This preliminary result is very pleasing, particularly given the challenging economic environment during the past six months," said Mr Crofts.

"The fact we have grown underlying profitability so well on a lower revenue base is a very satisfying outcome.

"This is the direct result of our focus on building strong project management and customer management systems that will protect operating margins even in difficult market conditions."