UGL Limited reported mid-August a net profit after tax (NPAT) of $158.5 million (FY10: $144.5 million) with underlying NPAT for the full year ended 30 June 2011 of $164.4 million (FY2010: $151.1 million), a 9% increase on the prior year.
Operating revenue increased 5% to $4.6 billion (FY2011: $4.4 billion), and underlying earnings before interest and tax (EBIT) was $249.4 million (FY2010: $229.3 million). Earnings per share (EPS) increased 8% to 99.0 cents (FY2010: 91.7 cents), and the board declared a final dividend of 38 cents per share fully franked, taking total dividends for the year to 70 cents per share, a record payout for the company.
While revenue increased 5% to $4.6 billion, UGL had a deliberate strategy of securing and executing projects on commercial and balanced trading terms, the outcome of which is reflected in the continued growth in earnings – the 10th consecutive increase for UGL.
UGL Services’ EBIT increased to $76.5 million while revenue was steady at $1.3 billion. EBIT increased 7% and, excluding the impact of a strong Australian dollar against the US dollar, services revenue increased 6%. The improved business performance was driven by a continued recovery in corporate real estate services; strong contributions from the Asia Pacific region; and a ramp up of activities in the Middle East.
During the year, the division won a record $1.5 billion of new work across all key markets and sectors. UGL Services is said to be ‘well placed to continue its long term business expansion supported by strong customer relationships and a healthy tendering environment. ‘