INFRASTRUCTURE services company Cardno Limited (CDD) has announced a 10 per cent profit increase for FY10, despite the cost of four acquisitions and a fall in revenue.
Managing director Andrew Buckley (pictured) says the result reflects an improved second half, with better market conditions and benefits from the acquisitions of ITC Group, Australian Underground Services, ENTRIX and Environmental Resolutions Inc.
“Cardno traditionally achieved organic growth of 7 per cent to 9 per cent before the global financial crisis,” he says.
“With the strong performance of recent major acquisitions and a return to organic growth, the company is well positioned for 2011.”
Chairman John Massey says the record profit result of $37.6 million came during a period of adverse economic conditions, but Cardno has adapted well by diversifying its operations.
“This is the sixth consecutive year of record profit and earnings per share growth since listing in 2004 with total shareholder return in this period of over 400 per cent,” he says.
“The company’s strategy of diversifying its operations through acquisitions and growth across multiple geographic regions and disciplines has proven successful.”
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