ASX Announcement - Australian engineering and project delivery company, LogiCamms Limited has announced an adjusted after tax profit of $6.5m, an increase of 41% for the full year ending 30 June 2010. The adjustment relates to acquisition costs associated with the two acquisitions completed during the year. The statutory net profit after tax result was $5.6m.
Key contract wins and the successful acquisition of MPA Consulting Engineers in January 2010 helped LogiCamms post record revenue of $71m, an increase of 38% on the 2009 results.
The company's results also posted adjusted EBITDA of $8m, up 18% from $6.8m in 2009.
LogiCamms Managing Director Adam Keats said the company was pleased with the full year results which were achieved despite challenges associated with lag impacts of the GFC and the proposed Mining Super Profits Tax.
"The successful MPA acquisition helped to drive our results as it extended our range of multidiscipline engineering and project services, and our ability to support larger, complex projects for a range of industries."
"Our robust full year performance is a testament to our team of highly capable people and our pursuit of strategic opportunities in key markets," he said.
The company's Board announced a final dividend of 3.5 cents per share, taking the full year dividend to 6.25 cents up 14% from last year. The record date is 17 September, with a payment date of 30 September 2010.
"We are confident of the sales outlook for FY11 based on improving market conditions and the strategic development initiatives we are undertaking," Mr Keats said.
LogiCamms was recently awarded over $20m in contracts to deliver engineering projects for various water assets across Australia including the Control Systems contract work associated with the $3.5bn Victorian Desalination Plant. The company also secured contracts for optimisation work at BHP Billiton's Port Hedland operations.
