Modular construction group Fleetwood Corporation has reported a record net profit for the year ended June 30, despite a 13 per cent drop in full-year revenue.
Fleetwood announced today its net profit hit $53 million in financial year 2012, up 4 per cent on the previous year, despite revenue falling to $407.4 million.
Fleetwood paid a final dividend of 43 cents, taking its total dividend for the year to 76 cents.
The company said the record result was driven by a strong performance by its Searipple Village workers camp in Karratha, which offset lower demand from the education sector and soft conditions in recreational and commercial vehicles.
Revenue in Fleetwood’s manufactured accommodation division dropped by 14.7 per cent to $249.4 million, but earnings before interest and tax was up 24.6 per cent to $76.2 million.
Fleetwood’s recreational vehicles division, which owns the Coromal, Windsor and Camec caravans trademarks, reported a 9.3 per cent fall in revenue to $157.7 million, with EBIT slipping 77.6 per cent to $4.1 million.
For the year ahead, Fleetwood said it expected activity in the resources sector to continue at a high level, while demand for park and transportable homes was also showing signs of increasing.
The company said demand for its recreational vehicle offerings would continue to be strongly influenced by consumer sentiment.
At 11:30AM, Fleetwood stocks were down 2.5 per cent, trading at $12.67.