Revenue: $186,753,000 Up 86.5%Net Profit: $12,663,000 up...

Revenue: $186,753,000 Up 86.5%
Net Profit: $12,663,000 up 82.4%

Cardno achieved a net profit after tax of $12.66 million for the financial year ended June 2006 which is an 82.4% increase on the net profit after tax of $6.94 million recorded in the 2005 financial year.
Revenue was $186.75 million which is 86.5% more than the previous year of $100.11 million.

Basic earnings per share increased by 62.6% over the same period, from 19.29 cents to 31.37 cents in the current financial year.

The Board has declared a final dividend of 10.0 cents per share, increasing the full year dividend to 19.0 cents from 14.0 cents per share in 2004/05.

The significant improvement in financial performance over the previous year reflects continuing strong market conditions for consulting engineering in the Australian market as well as the first full year contribution from Cardno Acil’s international development assistance activities. Demand for Cardno’s services in the domestic market were particularly strong in Queensland and Western Australia.

Cardno completed a further five acquisitions during the year that have made strong contributions to the results and strengthened the services provided by the Group. The Cardno Eppell Olsen acquisition added specialist skills in traffic and transport planning, engineering and modelling.

The acquisition of Cardno Ullman & Nolan, Cardno Forbes Rigby and Cardno Gilbert Rose enhanced access to regional markets in Mackay, Wollongong and Perth respectively, along with additional specialist skills in each case.

The acquisition of UK based Cardno Agrisystems provide Cardno with access to the development assistance market funded by the UK and European Union.

Internationally, Cardno’s development assistance businesses in both physical (consulting engineering) and social infrastructure continued to perform well with
major project wins in most markets and especially the post-tsunami affected areas of Indonesia, Sri Lanka and the Maldives.

Cardno’s North American operations, predominantly XP Software, continued to operate profitably, and the development and release of an upgraded version of XP’s
flagship product, XPSWMM Version 10, was a highlight.
Cardno’s outlook remains favourable for 2006/2007 with continuing strong market conditions.