Monadelphous powers on with profit hike
Monadelphous powers on with profit hike

UPDATE 2.30pm: Shares in engineering company Monadelphous surged after it posted another record full year profit and said its earnings would continue to grow because of the long list of resources projects on its books.

Despite recent market commentary about potential delays and uncertainty surrounding commitments to new projects, there would be strong demand for engineering services for the next few years, Monadelphous said.

"The pipeline of engineering construction opportunities is expected to continue with numerous committed large-scale LNG, iron ore and coal projects in the early phases of execution," the company said in a statement.

"The current volume of approved projects, particularly in the LNG sector, will drive strong demand for the next few years."

Monadelphous' net profit rose by 44.5 per cent to $137.3 million in the year to June 30, from $95.1 million in the previous year.

Revenue of $1.9 billion in the year to June was up 31 per cent from $1.4 billion in the previous year.

The company declared a fully-franked final dividend of 75 cents a share, up from 55 cents in the previous corresponding period.

Monadelphous shares closed up $1.56, or 7.19 per cent, to $23.26.

The West Australian

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