28/08/2014 - 11:53

Diversification pays off for Calibre Group

28/08/2014 - 11:53

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Engineering firm Calibre Group has reported a net profit after tax of $24.4 million for the year ended June 30 2014.

Calibre Group chief executive Peter Reichler.

Engineering firm Calibre Group has reported a net profit after tax of $24.4 million for the year ended June 30 2014.

The profit is a 10.1 per cent increase on the previous financial year.

The results were boosted by R&D tax benefits and successes in its growth and diversification strategy.

In a statement, Calibre chief executive and managing director Peter Reichler said the results were pleasing during the company’s transition into new sectors and regions.

Its infrastructure and consulting services improved 98.1 per cent and 22.9 per cent respectively, offset slightly by a 36.7 per cent decrease in its resources division.

“Calibre’s strong client relationships, increasingly diversified revenue profile and flexibility sharpens our responsiveness to the tight trading conditions,” Mr Reichler aid.

“We have a clear strategy to diversify our revenue base by entering new markets and regions and by broadening our commodity exposure and client base.”

Calibre acquired two consultancy companies recently, Perth based E-Tec Consultants in July 2013 and New Zealand based Spiire in February, as well as Perth based mining services company Ark Maintenance in July this year.

Calibre also reported revenue of $709.3 million, in line with last financial year, $45.2 million EBITDA, down 14.1 per cent, and $63 million operating cash flow, an increase of 50 per cent.

The company said it would continue to look for appropriate opportunities to diversify and grow in new markets and regions.

Calibre, which provided a 2.5 cent per share fully franked dividend, will provide a market update at its annual general meeting on November 27 in Perth.

At 11.39am WST today it’s shares were down 2.08 per cent at 47 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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