29/08/2008 - 15:19

Coote FY earnings soar 191%

29/08/2008 - 15:19

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Earnings in Maddington-based engineering company Coote Industrial Ltd has skyrocketed 191 per cent to $23.8 million on the back of stronger revenues for the 2008 financial year.

Earnings in Maddington-based engineering company Coote Industrial Ltd has skyrocketed 191 per cent to $23.8million on the back of stronger revenues for the 2008 financial year.

The result is an increase from the previous year's net profit of $8.1 million.

Revenue for the year jumped from the previous year's $69.4 million to $347.9 million while earnings per share was up 20 per cent to 21 cents per share.

The boost was driven by four acquisitions over the year of Gemco Rail, FCD Logistics, Industrial Powertrain and Drivetrain.

"We are pleased with the final result, especially given the significant growth achieved in the short period of time," managing director Mike Coote said.

"The business is starting to integrate well with further organic growth expected from projects and expanded operational footprints."

"The rail growth has been particularly encouraging; building on the well recognised wagon capability with Gemco Rail to include an equally strong locomotive capability, combined with rail maintenance services is already starting to deliver considerable reward."

The company has forecast net profit after tax of $25 million and revenue of $358 million for the 2009 financial year.

The company currently has existing orders of over $200 million.

The directors have declared a final fully franked dividend of five cents, taking the total for the year to 8.5c.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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