Brierty falls on profit dip
UPDATE 2.20pm: Contractor Brierty has disappointed investors with a 3 per cent dip in full-year profit to $9.9 million.
The result was achieved on a 14 per cent slide in revenue to $251 million.
The company declared a final, fully-franked dividend of 1.75 cents a share, bringing its full-year payout to three cents a share, in line with last year.
The company attributed the lower result to competitive conditions within the mining and civil contracting sectors.
Brierty said it carried a record order book of $570 million going into the new financial year and expected to deliver 2015 full-year revenue of at least $300 million.
Brierty managing director Peter McBain said the company had more than doubled its cash on hand to $27.2 million, while gross debt was cut by more than $8 million over the year.
He said Brierty had the resources and financial flexibility to deliver on its record order book as well as win additional work.
"Our priorities for the coming 12 months remain unchanged - we will focus on consistently delivering quality projects safely and cost efficiently for clients across our diverse range of services," Mr McBain said.
Shares in Brierty fell eight cents, or 12.7 per cent, to close at 55 cents.
