ASX-listed engineering firm Clough has reported significant rise in net profit for the year ended June 30, while flagging an increased focus on mining and minerals over the next year to meet its growth targets.
Perth-based Clough announced today that its total revenue was up 28 per cent to $1.005 billion, driving a 29 per cent rise in net profit including discontinued operations to $42.8 million.
Profit after income tax from continuing operations was up 2 per cent to $50.7 million, Clough said.
The company paid a fully franked finaal dividend of 2.6 cents per share, up 18 per ecnt on the previous year.
Clough said it had made strong progress in the second half of the financial year after resolving contractual issues which dogged its first half result.
“An organisational restructure to drive a focus on excellence in project delivery and cost efficiency was completed during the year and will support earnings improvement in FY13,” the company said in a statement.
As of June 30, Clough had an order book of $2.3 billion, with more than $1.5 billion in new deals secured during the current year.
The company flagged a stronger performance over FY13, with $1.1 billion in revenue already secured.
“Together with organic growth of the businesses to meet market demand, Clough will seek to increase its exposure to the mining and materials sector and assess strategic acquisitions to extend its project management and engineering capabilities,” the company said.
At 11:40AM, WST, Clough stocks were largely steady at 72 cents.
