Bradken Ltd
(ASX:BKN) has posted a 10% increase in annual net profit to $70.4 million, up from $64.3 million the year before, and says the company continues to grow.
The mining, engineering and rail products provider says profit performance rebounded in the second half, to a record six months of earnings before interest, tax, depreciation and amortisation of $93.3 million.
Meanwhile sales revenue dropped 17.6% to $1.01 billion for the year ended 30 June 2010.
Managing Director Brian Hodges advises Bradken will continue to take advantage of growth in its core resources and energy markets and look for complementary acquisitions.
The company forecasts group EBITDA growth of 15-20% for its current businesses in the following fiscal year.
Bradken reported a profit of $64.27 million for the year to 30 June 2009.
