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Forge lifts full-year profit by 27pc
Forge lifts full-year profit by 27pc

UPDATE 2.30pm Engineering group Forge has lifted its full-year net profit by 24 per cent to 70.1 million and will issue a final fully franked dividend of eight cents a share, up from 7.5 cents previously.

The result is in line with upgrade guidance issued earlier this month of a 24 per cent jump in net profit before tax of $70.1 million.

The figures were achieved on revenue of 780.6 million, up 84 per cent.

Forge said its recent management transition arrangements were now complete and it was well positioned for further growth with an order book of about $900 million, assets of $478.4 million and cash reserves of $137.8 million.

Managing director and chief executive David Simpson said Forge's integrated nature and multidisciplinary approach continued to provide the business with a key market advantage, driving a strong order book during 2012.

Forge comprises of three engineering businesses, Cimeco, Abesque Engineering and the Ghana-based Webb Construction. In January, the company bought engineering, procurement and construction firm CTEC for $38.6 million, giving it more exposure to the energy sector.

Clough holds a 36 per cent stake in the company.

Forge shares closed up 11 cents, or 2.42 per cent, to $4.65.