11/02/2009 - 09:24

Fleetwood posts record interim result

11/02/2009 - 09:24

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East Perth-based Fleetwood Corporation has delivered a record interim result for the first half of fiscal 2009, with net profit up 16 per cent to $18.4 million.

East Perth-based Fleetwood Corporation has delivered a record interim result for the first half of fiscal 2009, with net profit up 16 per cent to $18.4 million.

Revenue for the six months to the end of December reached $196.7 million, up 23 per cent on the previous corresponding period.

Earnings before interest and tax (EBIT) was up 16 per cent to $27.7 million.

EBIT for the manufactured accommodation division increased by 78.6 per cent to $23.4 million, which more than offset the earnings decline experienced in the recreational vehicles division, Fleetwood said.

EBIT for the recreational vehicles division fell 54.5 per cent to $5 million.

The company has declared a fully franked interim dividend of 30 cents per share, to be paid at the end of March.

Looking forward, the company anticipates its recreational vehicles division to continue to operate at lower than normal production levels.

"The position will become clearer as caravan dealers begin restocking and as indications of demand are obtained from the upcoming caravan show season," Fleetwood said.

However any earnings shortfall in the vehicle division is likely to be offset again by the manufactured accommodation division.

"Proposed government infrastructure spending as part of the economic stimulus package may provide further opportunities for our Manufactured Accommodation business," the company said.

At the end of the reporting period, Fleetwood had $17.92 million in cash and cash equivalents.

Shares in Fleetwood surged as much as 22 per cent to a high of $4.20 before easing to $4.10 at 12:43 AEDT, a gain of 66 cents from yesterday's close.

 

 


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