Brierty upgrades profit guidance
UPDATE 2.35pm: Shares in Brierty closed up sharply after the contractor upgraded full-year profit guidance and gave a strong outlook for the year ahead.
Defying the trend of earnings downgrades for contractors in recent months, Brierty announced it expected to post full-year net profit of $9-$10 million on the back of revenue of about $250 million.
The profit figure is in line with last year's result but was ahead of market consensus.
Brierty said it had an order book of $570 million and expected to post revenue of about $320 million for the 2015 full-year.
The company also said it carried negligible debt, giving it strong balance sheet capacity.
Managing director Peter McBain said the company's ability to win contracts in a competitive environment was a reflection of the consistent development of Brierty's strengths - the delivery of projects safely and cost effectively for clients.
"Our diversified service offering ensured we remained well placed in FY2014 while contracted work remained flat," he said.
The company expects to report its final full-year results on August 19.
Brierty shares closed up eight cents, or 18.18 per cent, at 52 cents.
