24/05/2012 - 15:54

LogiCamms growth to exceed expectations

24/05/2012 - 15:54

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Engineering, project delivery and asset management group LogiCamms says it is expecting 20 per cent revenue growth in the second half of the financial year, around 10 per cent higher than analysts expected.

LogiCamms said today its EBITDA was expected to exceed $11 million for the full financial year, with growth in the second half exceeding the first by more than 50 per cent.

The company lodged revenue of $56.1 million, EBITDA of $4.3 million and net profit after tax of $4.7 million for the half year ended December 31.

Patersons analyst Graeme Carson said LogiCamms hadn’t previously offered guidance for FY12, and its expectations were around 10 per cent above forecasts.

“Importantly, the company has performed at the margin in the second half, showing a continuation of the momentum of the clean first half result, and allaying any fears that contract specific issues from last year’s 2H11 downgrade were still lingering,” Mr Carson said.

“The LogiCamms story is very much about backing the ‘new’ management team, which is very high pedigree and is now delivering and proving they have handled the legacy issues they inherited.”

Mr Carson said Patersons’ buy recommendation remained.

At close of trade LogiCamms stocks were up 6.1 per cent, trading at $1.04.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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