brierty posts 3.76m pro forma net profit

BRIERTY POSTS $3.76M PRO FORMA NET PROFIT:
EXPECTS IMPROVED YEAR AHEAD

"Civil contractor Brierty Limited (BYL) today announced a pro forma full year net profit after tax of $3.76 million for the year ended 30 June 2008".

"Revenue for the period was $217.8 million and pro forma EBITDA was $13.4 million".

"Pro Forma earnings per share for the full year was 3.85 cents. The Directors have not declared a final dividend".

"The Profit is in line with the guidance announced to the market in May 2008".

"Brierty Chairman Dalton Gooding said it was pleaseing that Brierty had met its revised profit forecast after a difficult year for the company".

"However we are encouraged to have exceeded our prospectus revenue forcast by almost 10%, re-affirming the scale and reach of the Brierty business and the opportunity for future growth".

"It is also pleasing that the issues that led to the revised profit guidence were fully contained and accounted for in the 2008 financial year giving Brierty a clear run at profit growth in 2009".

"Brierty CFO Tony Bevan said while the overall profit result was disappointing our operating performance since late May indicates a turnaround".

"In May, Brierty revised its proforma profit guidence to $3.6m (after tax) for the financial year to 30 June 2008 as a result of higher than expected costs and margin erosion on a small number of significant contracts".

"Mr Bevan said that the contracts had now been completed and would not impact the Brierty's FY09 financial result".

"We are now well positioned for future profit growth." He said.

"The contract (the new $33million Fortescue contract) raised Brierty's level of contracted revenue for FY09 to over $140 million".

"Mr Bevan said the company felt confident it would secure additional work in the coming months".

"Brierty's Mining and Infastructure divisions, in particular, are well placed to capitalise on favourable market conditions".

"The company's network of blue chup corporate and Government customers, built over the last 27 years, will be an added advantage in securing new work".