Net profit after tax was $24.4 million driven by research and development tax benefits and lower interest costs as a result of debt reduction measures taken during the year.

Revenue was stable at $709.3 million but earnings before interest, tax, depreciation and amortisation were down 14.1% to $45.2 million.

“It is pleasing to achieve a sound result at this point in our transition,” Calibre chief executive and managing director Peter Reichler said.

“Calibre’s strong client relationships, increasingly diversified revenue profile and flexibility sharpens our responsiveness to the tight trading conditions.

“We have a clear strategy to diversify our revenue base by entering new markets and regions and by broadening our commodity exposure and client base.”

The company marked a 98.1% increase in revenue for the year to $329.2 million for its infrastructure division.

The consulting business also saw revenues grow by 22.9% to $68.6 million, driven in part by business acquisitions in Western Australia and New Zealand.

Revenue from the company’s resources business, however, were down 36.7% to $312 million over the year, with the company flagging the completion of a number of large scale projects and ongoing challenges in the resources sector.

Looking forward, Calibre said it expected tight market conditions to continue, but called for growth in its consulting and infrastructure businesses, with some moderation in the resources business.

The impact of lower revenue and margin are expected to be partly offset by cost savings and expected research and development tax benefits.

The company’s cash position at the end of the year was $46.4 million, compared to $50.2 million in the prior year.