Engineering contractor Clough has lifted its first-half profit by 139 per cent to $43.2 million.
Engineering contractor Clough has lifted its first-half profit by 139 per cent to $43.2 million.

Engineering contractor Clough has lifted its first-half profit by 139 per cent to $43.2 million.

The result was achieved on revenue of $660.3 million, up 42 per cent on the previous corresponding period. The revenue figure does not include revenues from its holding in Forge Group.

Clough said its order book was up 34 per cent at record levels of $2.5 billion.

Chief executive and managing director Kevin Gallagher said initiatives focused on delivering excellence in project execution, cost efficiency and enhanced productivity had started to improve the business, providing a strong foundation for growth in the coming year.

The company said it had secured revenue of $1.37 billion for the full-year with $1 billion already locked in for the 2014 financial year.

Mr Gallagher said the outlook for Clough had never been stronger.

"We have a record order book and a strong tender pipeline which features a number of good-quality, near-term opportunities across all of our businesses," he said.

"Our strong balance sheet and cash position provides the flexibility to pursue growth options in the coming year."

Clough had net assets $373.9 million with cash holdings of $177.4 million at the end of the period.

The company will not pay an interim dividend.

Shares in Clough were up two cents, or 1.72 per cent, to $1.18 at 8.10am.

The West Australian

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