Record half-year for infrastructure services company

Infrastructure services company Cardno Limited has announced a 16.4% increase in net profit after tax to $8.3 million for the half-year ending 31 December 2006. Revenue for the half-year was $111.1 million, up 23.8% over the corresponding period.

Cardno Ltd managing director, Andrew Buckley said the strong result was due to revenues flowing from solid performance across Cardno's operations and acquisitions. Buckley added that he expected less seasonality in the company's second half results than in previous years.

Cardno's strategy is to identify and acquire businesses which are located in new geographic locations or which deliver professional services disciplines which complement Cardno's existing business. Cardno has now completed 11 acquisitions since listing in May 2004.

"All acquisitions have made a positive contribution to profit. Group staff numbers are now around 1600 people," said Buckley.

"This strategic approach has diversified the revenue base, created cross-selling opportunities, and minimised duplication in newly-acquired businesses," said Buckley.

Cardno has opened offices in Ballina, New South Wales in September 2006; Springfield in Brisbane's burgeoning western corridor in October 2006; and in Bundaberg, Queensland in January 2007 to better deliver services in regional areas with high population growth.