Construction equipment distributor Tutt Bryant Group Ltd
(ASX:TBG) has posted a 37% slump in profit for fiscal 2010 but is upbeat about its future.
The company achieved a profit of $8.86 million in the 12 months to March 31, while revenue for the period fell 25% to just over $240 million.
Managing director David Haynes says the decline in revenue reflects the impact of depressed construction and resources markets.
Mr Haynes says the outlook for fiscal 2011 is positive with encouraging indications that revenues and operating margins will improve across the group.
Delayed projects such as the Gorgon Project are now coming on line and the group looks set to benefit from crane and equipment orders related to these projects.
The board has declared a fully franked dividend for the financial year of 2 cents per share.
Tutt Bryant Group reported a profit of $14.2 million for the 12 months to March 30, 2009.
