Programmed Maintenance Services Limited (PRG) announced a net profit after tax of $12 million for the six months to 30 September 2009, down 4.8% from the $12.6 million reported in the first half of FY09. The maintenance and project services group said EBITA was $27.3 million compared to prior corresponding half year EBITA of $32.7 million.

However, Programmed Maintenance Services reported a drop in revenue from $625 million in 1H FY09 to $583 million.

Managing director, Chris Sutherland, said the small declines of group revenue and profit were a good result.

“We have completed a successful rights issue with $53.5 million raised from the institutional component to fund the proposed acquisition of KLM and other potential acquisitions that fit our group strategy,” Mr Sutherland said.

”Programmed is in a strong position to further expand the services it can offer and the industry sectors it serves.”

The company said net debt/equity ratio was 64% at 30 September 2009 compared to 62% at end of March 2009.

Programmed Maintenance Services declared an interim dividend of 3c per share fully franked.

At the close of trade Tuesday, Programmed Maintenance Services shares were trading at $3.98.