Heating and air conditioning company Norfolk Group Ltd
(ASX:NFK) has posted a massive 300% rise in earnings for the year and says it expects to grow this by a further 10% in fiscal 2011.
For the 12 months to March 31, 2010 the company reported net profit after tax of $17.3 million compared to $4.3 million the year before.
The company announced record revenue of $791.8 million for the financial year, and net profit after tax from continuing operations of $18.1 million.
Managing director Glenn Wallace says the group has favourable long-term growth opportunities, particularly in the infrastructure and resource sectors.
Norfolk says as at March 31, 2010, its order book stood at a record $828 million and $625 million of fiscal 2011 revenue underpinned by contracts, work orders and ongoing service commitments.
The company says it expects to achieve 10% growth in profit in the 2011 financial year.
Mr Wallace says Norfolk is in a strong position to achieve growth, whilst being mindful of the current macro-economic uncertainty.
Norfolk Group paid a total of 2 cents a share in dividends to shareholders in fiscal 09.
