Redcliffe-based Coventry Group has posted a dip in first half profit from continuing operations, impacted by provisions and restructuring costs.
In its financial report for the first half of the 2010 financial year, Coventry said profit before tax from continuing operations reached $3.5 million, compared to $4.1 million in the previous corresponding period.
Impacting the profit was $1.5 million in provisions and $500,000 restructure costs, which resulted in a number of redundancies brought about by the global financial crisis.
Coventry said the result was positively impacted by a net profit of $1.1 million from the sale of property.
Profit after tax for the six months to the end of December 2009 reached $2.4 million, up from $700,000. Revenue was down 13.1 per cent to $195.6 million.
Group net debt dropped 84 per cent to $6 million.
The directors have declared a dividend of six cents per share.
