The post-tax result after amortisation of intangible assets was $5.6 million, representing earnings per share of 7.3 cents. Earnings per share prior to amortisation was 10.1 cents.
The directors have declared an increased fully franked final dividend of 7 cents per share, up from 5 cents for the corresponding period, and representing 69% of earnings per share before amortisation. This dividend is consistent with the company’s policy of 60 - 80% payouts.
Managing director Roger Olds said, “The 58% profit growth reflects both organic growth in our consulting and project management businesses and a strong performance from the six businesses we have acquired this financial year.”
“The markets for our multi-specialist services continue to be buoyant. As well as growing domestically, in the past year we have established a significant presence in several international markets which offer substantial growth prospects, including the UK, New Zealand and South Africa,” he added.
The company completed an $80 million 2 for 7 non-renounceable rights issue in December 2006, thereby creating an excellent financial platform to fund its future growth strategy.
Outlook
Roger said the outlook for continuing growth in Coffey’s consulting and project management divisions remained strong, with investment in the physical infrastructure, resources and development markets expected to be strong for the foreseeable future.
Several good project wins by Coffey International Development in the past six months reflect the good strategic work that has been done in this business, and it is now well placed to deliver good profit growth as well as becoming a global player in this market
Coffey continues to have several acquisition opportunities at either the advanced negotiation or due diligence stage.
Results summary
|
$’000
|
31 December 2006
|
31 December 2005
|
Change
|
|
Revenue from continuing operations
|
159,498
|
110,764
|
+44%
|
|
EBITA
|
13,940
|
8,807
|
+58%
|
|
Amortisation of intangibles
|
(2,194)
|
(411)
|
|
|
EBIT
|
11,746
|
8,396
|
+40%
|
|
Interest expense
|
(3,437)
|
(1,067)
|
|
|
Profit before income tax
|
8,309
|
7,329
|
+13%
|
|
Income tax expense
|
(2,321)
|
(2,260)
|
|
|
Minority interests
|
(350)
|
-
|
|
|
Profit after tax
|
5,638
|
5,069
|
+11%
|
|
Profit after tax before amortisation
|
7,832
|
5,480
|
+43%
|
|
EPS before amortisation (cps)
|
10.1
|
8.1
|
+25%
|
|
Basic EPS (cps)
|
7.3
|
7.5
|
-3%
|
|
Diluted EPS (cps)
|
7.2
|
7.2
|
+0%
|
|
Interim dividend per share (cps)
|
7.0
|
5.0
|
+40%
|
|
Interim dividend amount
|
7,532
|
3,600
|
+109%
|
|
Net Borrowings
|
(47,023)
|
(46,063)
|
|
|
Net Borrowings as % of Total Capital
|
21%
|
42%
|
|
|
Interest Cover (times)
|
4.1
|
8.3
|
|
|
Net Assets
|
177,757
|
63,179
|
|
Segment results
|
|
Segment Revenue
A$’000
|
EBITA
A$’000
|
|
|
2006/07
|
2005/06
|
% Change
|
2006/07
|
2005/06
|
% Change
|
|
Consulting Business
|
97,372
|
61,454
|
+58%
|
15,071
|
11,584
|
+30%
|
|
International Development Business
|
41,103
|
40,807
|
+1%
|
1,664
|
1,753
|
-5%
|
|
Project Management Business
|
21,332
|
8,634
|
|
3,777
|
503
|
+651%
|
|
Unallocated Expenses
|
-
|
-
|
|
(6,572)
|
(5,033)
|
|
|
Total Group
|
158,807
|
110,895
|
+44%
|
13,940
|
8,807
|
+58%
|
About Coffey International Limited
Coffey International Limited has a vision to improve the lives of world communities by providing both physical and social infrastructure solutions to business, government and development assistance agencies.
Coffey employs around 2,300 people and is one of Australia's largest international service providers.
Coffey International Limited is listed on the Australian Stock Exchange and is part of the S&P ASX 300 and small companies’ indices.
Visit www.coffey.com for more information about Coffey.
ENDS
For further information or to arrange an interview with Roger Olds, please contact
Brigitte Claney at Mendleson Communication on
03 9827 0422 or brigitte@mendleson.com.au
