Lycopodium H1 profit slumps

Engineering company Lycopodium says its full-year profit guidance remains unchanged after it today booked a 48 per cent slump in its first-half net profit.

The East Perth-based company today reported an interim net profit after tax of $4.2 million, down on the $8 million net profit reported in the previous corresponding period.

Revenue for the period was down from $84.8 million to $52.2 million.

The directors have declared an interim dividend of five cents for each share.

The company is forecasting revenue for the 2010 financial year to reach $110 million and net profit to hit $8 million. Lycopodium reported a net profit of $14.1 million for the 2009 financial year.

Shares in Lycopodium shed eight cents to $3.10 at 12:57 AEDT.