27/02/2009 - 10:44

Lycopodium profit up on project services

27/02/2009 - 10:44

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A strong six months for the project services division has helped to lift engineering firm Lycopodium's half year net profit up 66 per cent to $8 million.

Lycopodium profit up on project services

A strong six months for the project services division has helped to lift engineering firm Lycopodium's half year net profit up 66 per cent to $8 million.

In its interim report, Lycopodium said earnings for the project division jumped from the previous corresponding period's $818,271 to $2.8 million, on the back of an almost 300 per cent jump in revenue to $15.7 million.

Earnings for study services rose 20 per cent to $2.75 million, EPCM services increased from $6.8 million to $9 million while earnings for the design and construct division dropped from $872,556 to $132,106.

Overall revenue increased 51.7 per cent to $84.8 million.

The directors declared a fully franked, interim dividend of five cents per share.

Lycopodium has forecast full year revenue for fiscal 2009 of $139 million and net profit after tax of $14.7 million including $2.1 million of abnormal profit.

"This abnormal profit is expected to accrue during the second half of the financial year from the sale of the Belmont, Perth properties for which Lycopodium has received a conditional offer," the company said.

Shares in Lycopodium were up three cents to $1.38 at 12:53 AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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