UPDATE 3.10pm: Monadelphous has bucked the trend of sagging fortunes among contractors to book a 13.8 per cent growth in full-year net profit to a record $156.3 million.
However the engineering contractor warned of a period of consolidation in the year ahead as the mining boom slowed with revenue levels moderating and not expected to reach those of the previous year.
The company's 2012-13 profit result was achieved on revenue of $2.6 billion, also a record, and up 37.8 per cent on the previous year.
Mondalphous noted its full-year profit was up 24.1 per cent on an underlying basis, which stripped out the one-off gain from the sale of Norfolk Group shares.
The company declared a fully franked final dividend of 75 cents a share in line with the previous year. Its full-year dividend was $1.37, up 9.6 per cent on the previous year, owing to a higher interim dividend this year.
Monadelphous said it held cash reserves of $140 million at the end of the period.
Its order book stood at $1.3 billion.
Monadelphous managing director Rob Velletri described the latest financial year as a period of abnormal growth, which reflected an unprecedented volume of construction contracts from a record level of resources and energy developments in execution phase.
However Monadelphous noted market conditions in the mining sector had progressively and significantly tightened over the past year as customers pulled back and reassessed their capital expenditure plans and focused on optimising asset performance and reducing costs.
"Customer sentiment has changed from an aggressive growth focus to an efficiency focus as commodity prices have normalised in a rising cost environment," the company said.
"With market conditions softening and after an abnormal surge in revenue in the past two years, the 2013/14 financial year will be a year of consolidation with revenue levels moderating and not expected to reach those achieved in the previous year."
On the positive side, the company expected solid growth from the oil and gas sector as several projects in the State's North West ramped up.
"The large volume of committed LNG projects moving into the mechanical and electrical phase of construction will provide significant construction prospects over the next few years," Monadelphous said.Monadelphous shares closed down $1.29, or 6.85 per cent, at $17.54.