AJ Lucas Group Limited (AJL) said the current year to date had been below expectations. At today’s AGM the infrastructure technology company for the utilities industry said the results since 1 July were a legacy of the global economic downturn in the first half of 2009.

The trading environment also meant the current year would be a ‘year of two halves’ with activity expected to pick up in the second half of the year.

Having regard to the poor start, the company said it now expected its underlying EBITDA for 2009/10 in the range of $50 - $55 million, predominantly arising in the second half.

For the year to 30 June 2009, the company reported EBITDA of $44.1 million.

At today’s AGM, the group also expressed pessimism over the recovery’s strength and duration.

”While it is fair to say that confidence is returning, it is clear that this is only tentative and not necessarily sustained and in depth,” the chairman said in his report to shareholders.

”Access to capital, particularly debt, remains tight and clients appear to be deliberating long and hard before committing to significant capital expenditure programmes.”

Despite this the company said it had high hopes of benefiting from the LNG export facilities slated at Gladstone as well as from the North West Shelf.

Lucas also noted the slew of projects aimed at “drought proofing” as a potential source of revenue.

The company said that the government’s had, to date, failed to make a material impact on the company’s bottom line.

At 1129 AEDT, AJ Lucas shares were down 14c to $4.30.