Shares in Forge Group have surged as much as 21 per cent after it reported record revenue of $60 million for the first quarter and forecast a 135 per cent increase in its first-half net profit.
The group today said it expects to report a net profit of $12 million for the six months to the end of December 2009, up from $5.1 million recorded in the same period last year.
The net profit will be on the back of an expected $120 million in revenue, up from $96 million.
Forge said the profit upgrade was on the back of $61 million worth of projects that were completed or will be completed in the first-half of 2009/10.
These include the $20 million HWE Mining contract, an $11 million contract for Chirano Gold Mines and a $10 million contract for NewGen's Neerabup gas-fired power station.
Meantime, Forge said $112 million worth of contracts are expected to be completed in the second half of the 2010 financial year, which coupled with more than $100 million worth of work awarded in the past two months, should ensure a record revenue year for the company.
Shares in Forge, which had been in a trading halt, jumped 32 cents to a high of $1.905 before closing at $1.89 today.
