Clough revenue up by 7%

CLOUGH Limited has reported record group operating revenue of $646.8 million – up 7 per cent – and a record net profit of $28.1 million – up 8 per cent – before abnormals for the year to 30 June 1999.

The company has also declared its first fully franked dividend since listing on the Australian Stock Exchange in March 1998.

The year-end dividend of 2.5 cents per share fully franked follows the payment of an unfranked dividend of 2 cents per share for the half-year.

Operating profit before tax was $42.2 million, an increase of 18 per cent.

Managing director Brian Hewitt said the group had experienced a slight drop in revenue since listing on the ASX.

“I am quietly confident of maintaining profit levels in the year ahead, although revenue could be down,” Mr Hewitt said. “It’s going to be tough but forthcoming projects are very solid.”

The company’s future growth includes capital investment of $23 million in a further upgrade for the offshore construction barge Java Con-structor, purchase of more plant by the group’s Indonesian subsidiary PT Petrosea Tbk, a move to 100 per cent ownership of the specialist building subsidiary Entact Clough and the strategic acquisition of a 50 per cent interest in underwater services company Covus.

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