22/08/2008 - 15:21

Coventry posts $7m FY profit

22/08/2008 - 15:21

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Redcliffe-based Coventry Group Ltd has posted a full-year net profit of $7 million, up from last year's loss of $1.2 million.

Redcliffe-based Coventry Group Ltd has posted a full-year net profit of $6.9 million, up from last year's loss of $1.2 million.

The profit turnaround was on the back of a eight per cent decline in overall revenue of $486 million, while earnings per interest and tax was down 60 per cent to $10 million.

The company's gasket manufacturing business was the best performer out of the three divisions, with profit before interest and tax up by 64 per cent to $2 million.

"A favourable trading environment coupled with strong cost control contributed to the solid trading result," Coventry said.

Meanwhile the automotive parts division recorded a loss before interest and tax of $19.6 million, down from the previous year's $8.2million.

Over the course of the year, Coventry sold its Queensland and Northern Territory automotive businesses while in WA, operations were impacted by the changeover of IT systems, the relocation of the distribution centre and high labour turnoever.

The industrial products division recorded a profit before interest and tax of $20.9 million, down 8.5 per cent.

The directors have decided not to pay a final dividend for the year, citing poor trading results.

"It is intended to return to paying dividends as soon as operating performance improves," Coventry said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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