Cardno announces record profit of $77.6 million

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INFRASTRUCTURE and environmental services company Cardno today announced a record profit of $77.6 million for the year ending 30 June 2013.

The Board has declared a final dividend of 18 cents per share (100% franked) to be paid on 11 October 2013 to all shareholders on the register on Friday, 13 September 2013.

"Cardno's profit of $77.6 million represents the ninth consecutive year of record profit growth achieved in difficult global circumstances," said Cardno Chairman John Marlay, .

A release by Cardno today said that a review of Cardno's dividend policy has led to the board determining in future to prudently distribute the company's available Franking Credit balance with each dividend recognising that, as the proportion of international earnings increase, the franking percentage may reduce."

Managing Director, Mr Andrew Buckley said:

"Our FY2013 revenue increased 23.8 percent from last financial year to $1,195 million, largely due to the positive contributions of new merger partners," said Managing Director Andre Buckley.

"After several years of delivering strong organic growth, lack of confidence in the Australian market place, a slower than expected US economy and reduced activity on the Gulf Oil Spill Project resulted in an organic growth for the year of around 1 percent down from 7 percent at the half year. "

Reflecting on the outlook for Cardno in the coming year Mr Buckley continued:

"We are cautiously optimistic about the potential offered by a recovering United States economy, and recognise that a more favourable exchange rate will be positive for profit performance. However we are also aware that the Australian economy faces considerable challenges and Cardno is not immune to shocks and difficulties across our core markets."

Topics:  asx cardno stock market

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