Cardno lifts profit guidance, shares up 53 per cent

Cardno lifts profit guidance, shares up 53 per cent

Infrastructure and environmental services company Cardno (ASX: CDD) has outshone previous expectations despite the COVID-19 pandemic, announcing an EBITDA guidance for FY20 of $41-43 million today.

In March the Brisbane-based company was one of many that withdrew its guidance with uncertainty over its project delivery schedule.

Cardno CEO and managing director Susan Reisbord (pictured) says the company is fortunate that its clients are business-to-business (B2B) and business-to-government (B2G).

"While not yet final, this preliminary EBITDA result is ahead of both our FY2019 pro-forma EBITDA of $38 million and our previous FY2020 guidance of circa $38 million," she says.

Reisbord explains this performance is a testimony to the hard work, ingenuity and adaptability of around 4,400 Cardno staff around the world.

"While uncertainty remains around how the COVID-19 pandemic may impact Cardno's business and thus FY2021 financial performance, the company begins FY2021 with a strong balance sheet and backlog," she says.

"As previously advised, a number of Cardno's businesses are uniquely positioned to and are working with clients as they both deal with, and eventually exit, the COVID-19 challenges."

Updated at 12:27pm AEST on 24 July 2020.

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