Coffey on track: chief

CONSULTING group Coffey International says it is on track to achieve 5-10% earnings growth in the current fiscal year after posting a $2 million net profit for the six months to December 31, 2003.

Staff Reporter

The Australian Stock Exchange-listed firm said it had expanded organically and through acquisitions to achieve 50% growth over the three financial years from 2004 to 2006.

Turnover reached $55.2 million for the latest half year period. Coffey expects to record a $5.5 million net profit for the full year.

“Future economic forecasts point to good activity levels in the physical infrastructure market for some time yet, and directors believe the company is well placed to continue to deliver strong results even if the sector begins to soften,” Coffey said.

“The company has also continued to progress in acquisitions and is very close to signing two deals of strategic significance.”

A “buoyant market” had helped Coffey's consulting business deliver record results, including a 54% lift in profit for the latest half year compared with the previous corresponding period, and this was expected to continue in the second half of the year, said the company's managing director Roger Olds.

He said Coffey's international development business had experienced tighter trading conditions, but results were in line with projections at the start of the year.