Norfolk Group Limited (NFK) reported a net profit after tax of $5.7 million for the six months to 30 September 2009, up 29.5% from the previous corresponding period (“pcp”). The company’s result was on the back of a 3.1% rise in 1HFY10 revenue to $388.4 million.
Operating cash flow increased 101% to $7.5 million.
Norfolk said EBIT climbed 10% to $11.5 million, while half of gross profit derived from Service and Maintenance.
Looking at the divisions, Electrical and Communications reported record first half sales of $200m, up 13% on the pcp. Mechanical, Australian first half sales rose 7% to $120 million and Fire and Property Services won $500 million of new contracts and contract extensions, up from $420 million in the first half of FY09.
In relation to its outlook, Norfolk said uncertain conditions remain in some markets with project deferral still being seen.
The company said the NZ economy was recovering slowly and that a record order book of $820 million positioned the company well for the future.
Norfolk said its had $740 million of FY10 revenue underpinned by current contracts, work orders and ongoing service commitments.
As at 1126 AEDT, Norfolk shares were down 1c to 79c.
