UGL Ltd
(ASX:UGL) says it has achieved its ninth consecutive increase in full year profit, with net profit after tax up 1% to $144.5 million for the year to 30 June.
The engineering and construction company says the result was reached following record contributions from three of UGL’s four business units including infrastructure, resources and services.
Underlying net profit after tax also rose by 1% to $151 million, while revenue fell 10% to $4.4 billion in the 12 months to June 30.
A final dividend of 35 cents fully franked has been declared, which brings the total full dividends for the year to 64 cents per share.
Managing Director and CEO Richard Leupen says the years result reflects strong and stable performance, adding that operating cash flow performance was a key highlight in the period, expanding 25% to a record $229.4 million.
Looking ahead Mr Leupen says although uncertainty remains, UGL is encouraged by healthy trading conditions and a record pipeline of opportunities.
As a result the company expects to resume growth and is targeting 10 to 15% growth in underlying net profit after tax in fiscal 2011.
UGL reported a profit of $142.5 million for the year to 30 June 2009.
