Coventry group records net profit of $7.3m

Morley-based Coventry Group Ltd has recorded a net profit after tax of $7.3 million and revenue of $245.2 million for the half year ended 31 December 2005.

This compares to the previous corresponding period's NPAT of $10 million, which the company said included the sale of company owned property of $3.7 million. The exclusion of this item represents a 16 per cent increase in NPAT on the half year 2004.

Coventry said increases in allocated costs associated with the introduction of a new IT platform for the group and head office occupancy costs following the sale of the company's head office in the prior period impacted on the company's profit to the tune of $0.9 million before tax.

The full announcement is located on the ASX website.