Programmed Maintenance Services Ltd (ASX:PRG) has booked a 58 per cent fall in full year net profit, but expects improved earnings in the following financial year.
The staffing and maintenance services company reported a net profit of $10.4 million in the 2011 financial year, including an $11.8 million loss incurred from exiting its UK business.
Managing director Chris Sutherland says that the restructuring resulted in improved second half earnings.
In the second half profit from continuing operations rose to $17.5 million, from $14 million the year before.
Group earnings are forecast to increase in the 2012 financial year due to stronger demand and a lower cost base across all divisions.
A fully franked dividend of six cents has been declared.
In the six months to 30 September 2010, Programmed Maintenance Services recorded a net loss of $3 million.
