Lycopodium revises FY profit guidance

Engineering firm Lycopodium has revised down its full year net profit to $12.4 million as continuing delays and cancellation of studies impact its bottom line.

The East Perth-based company had previously forecast earnings of $14.7 million for the 2009 financial year in its interim report released earlier this year.

The revised guidance includes $2.1 million from the sale of its Belmont properties.

Lycopodium expects its full-year revenue to be marginally higher at $141 million, up from previous estimates of $139 million.

"The effects of the global financial crisis continue to adversely impact Lycopodium's business by way of continuing delays and cancellation of studies and projects, a reduced level of activity in the minerals and industrial sectors, and market pressures that continue to reduce margins," the company said.

"Lycopodium continues to focus on business development, marketing, and cost reduction during this challenging period but the Board foresees that these difficult trading conditions will continue at least for the next 12 months."

Shares in Lycopodium were down six cents to $1.72 at 11:48 AEST.