CARDNO FORECASTS RECORD FY11 PROFIT

CARDNO FORECASTS RECORD FY11 PROFIT

INTEGRATED professional services provider Cardno Limited (ASX:CDD) expects to report NPAT of between $57 million and $59 million for the year ending June 2011 – a $37.6 million spike from the last FY.

Managing director Andrew Buckley (pictured) attributes the performance to strategic growth markets such as environmental consulting services.

“This strong performance was delivered in a climate which included the significant appreciation of the Australian dollar. Cardno’s strategy of aligning the currencies in which it earns its revenue with costs has diminished the impact of this foreign exchange movement,” he says.

“Our low gearing and strong balance sheet provide the company with a solid base for launching future acquisitions.”

The market responded positively with CDD shares jumping 18 per cent to $5.67.

Cardo came it at No. 18 in Brisbane Business News 2011 Top Companies edition and employs around 4000 staff.

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