Adjusted net profit, without the $20 million goodwill write-down for Intermet, was almost 4% above last year at $29.8 million as higher margins offset lower revenues due to the economic downturn and run-off of larger engineering services contracts.

Managing director Mark Read was positive on the company’s future, pointing to an order book and one-year pipeline of $1.4 billion.

Sedgman won several major coal contracts over the year as part of its international expansion, including projects in Mozambique, Chile, Colombia and China, as well as at home.

“These included the $50 million Bocamina contract in Chile, the $20 million UHG contract in Mongolia and extension to operations contracts with Macarthur Coal in Australia worth $80 million,” Read said.

While coal has remained strong for Sedgman with a pipeline of coal opportunities growing to $500 million, the company’s metals segment has struggled under current market conditions. A new general manager has been appointed to the division, which is being rebranded.

Sedgman estimates 2010 financial year earnings per share, excluding amortisation of intangible assets, of 15c post its capital raising.

Sedgman today entered a trading halt ahead of raising $30 million via a placement and share purchase plan.