Lycopodium profits up 17% to $8.9m

East Perth-based engineering consulting company Lycopodium Ltd has reported a net profit of $8.9 million, up 17 per cent from the previous period, the company has announced.

The full text of a company announcement is pasted below

Revenue : : $105 million
Profit before Tax : $12.4 million
Profit After Tax : $8.9 million
Earnings per Share : 23.6 cents
Final Dividend : 12.5 cents

Consulting engineering company Lycopodium has exceeded its mid year forecast in reporting an after tax profit of $8.9 million for the 12 month period to June 30 2007, an increase of 17% over the previous corresponding period. This was achieved on revenue of $105 million.

The Board has declared a final dividend of 12.5 cents per share taking the total dividend to 17.5 cents per share fully franked.

"2006/2007 has been a dynamic year for Lycopodium as the deferral of the Akyem Project announced in October 2006 lead to a major reallocation of staff. The management is to be commended for the result which saw an improvement in the second half in spite of the deferral", Mick Caratti, Chairman of Lycopodium said.

Recent project developments include the full approval in July by the board of Barrick Gold Corporation of the US$400 million Buzwagi Gold Project in Tanzania and in August the approval by the Rio Tinto Investment Committee of the Hope Downs South Project. The award of these projects to Lycopodium had been announced previously subject to board approval.

The demand for Lycopodium's services remains strong and growth is constrained principally by the worldwide shortage of skilled engineers. However, Lycopodium staff numbers have grown to 530 from 450 during the period and recruiting is a constant focus.

Dividend Entitlements

The final dividend of 12.5 cents per share fully franked will be paid to shareholders on 15 October 2007 with a record date of 2 October 2007.