Nomad exceeds prospectus forecast with $7.1m profit

Henderson-based modular building supplier Nomad Building Solutions Ltd has exceeded the forecasts in its 2006 float prospects, reporting a net profit of $7.1 million for the half-year to December 2006.

Nomad has also upgraded its 2007 profit forecasts based on its strong trading performance, which reflects strong demand from the resources sector in WA and Queensland.

The company's September 2006 prospectus had forecast a net profit of $5.4 million for the half-year just ended, making the end-result a gain of 32 per cent.

The higher profit flowed from sales revenue of $94.9 million, which was 22 per cent above the prospectus forecast.

Highlights for the half-year included a $78.3 milion initial public offering and the acquisition of McGrath Homes.

The board said it expects full-year sales to be 15-20 per cent above the prospectus forecast and net profit to be 30-35 per cent above the forecast.