LogiCamms posts 59% profit increase

Engineering services provider, LogiCamms has announced a 59 per cent increase in after tax profit, reaching $4.6 million on the back of a strong second half performance.

Positive results were also seen with revenue jumping up 64 per cent to $51.2 million (from $31.3 million the previous year).

Full announcement below:

LogiCamms Limited produces strong full year result and lifts dividend

LogiCamms Limited ("LogiCamms") is delighted to announce its results for the full year ended 30 June 2009 with a reported after tax profit of $4.6 million.

The result was driven by a strong second half performance of $3 million after tax.

A summary of the statutory financial results, compared to the previous year, are as follows:

- Revenues of $51.2 million, up 64% from $31.3m
- EBITDA of $6.8 million, up 55% from $4.4m
- NPAT of $4.6 million up 59% from $2.9m

The company recorded strong operating results across all regions and activities during the period.

Adam Keats, Managing Director commented as follows, .We are very pleased with our robust full year result driven by a very strong second half result despite the global financial crisis and the volatility it has created in our markets.

We do however remain very cognisant of continued volatility and weakening in demand created by the global financial crisis on our markets and we work proactively to mitigate its impacts on the company.

The company has a strong balance sheet at 30 June 2009 with cash of $7m.

As a result of the company's strong position the Board is pleased to announce a final dividend of 3.5 cents per share, taking the full year dividend to 5.5 cents. The dividend will have a record date of 7 September and will be paid on 21 September 2009.

Adam Keats commented, "In the 18 months since listing in December 2007 the company has paid a total of 9 cents in dividends being consistent with the prospectus projections of 6 cents per year. This has been achieved despite the unexpected negative impacts of the global financial crisis and is a credit to the quality, capability and experience of LogiCamms people."