Clough Half Year Results Announced
16 February 2011
Engineering and construction company Clough Limited (ASX: CLO) today announced total revenue of $524m for the half year and underlying earnings before interest and tax (EBIT) of $20.1m. Clough anticipates full year 2010/11 underlying EBIT to be in the range of $50 - $60m with net profit after tax (NPAT) from continuing operations of $40 - $50m.
Half Year Salients:
- Continuing Operations:
– Total revenue $524m
– Underlying EBIT $20.1m
– NPAT from continuing operations $19.5m
- Statutory NPAT (net of minorities) $15.3m
- Cash holdings $68.5m
- Order book $1.6bn
Commenting on performance, CEO John Smith said “Results were in line with expectations with our short term profit affected by a low level of activity in the Marine Construction sector and by the investments in organic growth in Clough Seam Gas and our engineering capability.
“However in the half we have continued to build order book, in particular in the Marine Construction sector, which will underpin activity through 2011/12 and beyond. Pleasingly we are experiencing a high level of tender activity with $1bn of tenders outstanding and a further $2.4bn of opportunities identified for tendering in the next 12 months.
“With the combination of the record level of work under contract and the tender pipeline we expect growth in 2011/12.”
Ends
To view the whole ASX Release, including Appendix 4D, click here
For further information, please contact:
John Smith, Chief Executive Officer +61 8 9281 9407
Kristy McGrath, Manager Marketing +61 8 9281 9344/ 0417 451 724