CARDNO BUILD PROFITS FOR FY10

CARDNO BUILD PROFITS FOR FY10

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.”

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

QLD to launch Star Entertainment review in July as former judge appointed to probe casino operator

Casino operations that account for more than half of The Star Enter...

Collection House calls in administrators: Was Volt collapse the spark?

Collection House calls in administrators: Was Volt collapse the spark?

A recapitalisation plan has failed to save debt collector Collectio...