Clough Delivers Strong Financial Performance | Rigzone
Thursday, August 20, 2009
Perth-based Engineering and construction company Clough has reported that its Total Revenue has increased to $637.7 million, up 22%, with Profit before Interest and Tax of $56 million, an increase of 74%.
Net Profit after Tax stands at $52.4 million, lower than $66.6 million last year, which included a contribution from the sale of Shedden Uhde and Clough Engineering & Maintenance (CEM) businesses of $32.1 million.
Net Profit after Tax from continuing operations consisted of $45.1 million, and order intake was up 39% to $714 million.
Commenting on the performance, CEO John Smith noted, "These are an excellent set of results given the challenges thrown up by the economic environment. Eliminating the 2007/08 one-off gain on the sale of the Shedden Uhde and Clough Engineering & Maintenance businesses, the Net Profit after Tax is significantly improved which puts us in a position both to pay an increased dividend and to reinvest in the business."
Smith continued, "Looking forward the outlook is mixed with the economic downturn having caused a lag in customer's commitments; however, in this region, we have a number of major projects which we expect to proceed.
"The Order Book does not yet include a number of significant prospects where Clough is positioned to secure a substantial order value in the short term. These include the PNG Upstream Infrastructure for Exxon, the EPCM phase of Gorgon where the final investme....