East Perth-based engineering company VDM Group Ltd has reported a net profit of $25.5 million for the 2008 financial year, up 145 per cent on the previous corresponding period.
The company said the jump in earnings was boosted by several acquisition made over the reporting period and the sale of its interest in the venture to develop a technology park in Osborne Park.
Revenue over the year was up 78 per cent from $231 million to $411 million while basic earnings per share were up from 15.69 cents to 22.59c.
The directors have declared a fully franked dividend of 5c per share, bringing the total pay out to 10c for the year.
Chief executive John Farrell said the company is off to a good start to the 2009 financial year with its order book at levels equivalent to last year's turnover.
"VDM Group businesses are experiencing strong demand in almost all sectors they operate in, in particular, in the resources and infrastructure sector," he said.
"VDM Group is still in the early stage of its development. We are in markets that are experiencing high levels of growth, and bidding activity is at record levels in both the infrastructure and resources sectors.
"We are also assessing other opportunities that offer sustainable long term growth such as the oil and gas sector. The high growth markets of the Middle East and India remain a focus for us".