- Infrastructure and environmental service company Cardno (CDD) is up 57 per cent as it expects to beat its previous FY20 guidance by $38 million
- The company expects to report operating earnings before interest, tax, depreciation and amortisation (EBITDA) of between $41 million to $43 million
- Cardno expects it's net cash from operating activities before interest and tax, to be around $52 million and net debt of approximately $1 million
- CEO and Managing Director Susan Reisbord said the company has been able to continue to deliver, despite the COVID-19 pandemic
- Company shares are up 57.8 per cent and are trading for 35.5 cents per share
Cardno (CDD) is up 57 per cent on the market as it is expecting to report a positive 2020 financial year (FY20) result.
The company is expecting to report operating earnings before interest, tax, depreciation and amortization (EBITDA) of between $41 million to $43 million.
This result is higher than both its 2019 Pro-forma EBITDA and its previous FY20 guidance by $38 million.
Cardno is expecting net cash from operating activities before interest and tax, is to be around $52 million and net debt of approximately $1 million.
CEO and Managing Director Susan Reisbord said the company has been able to continue to deliver, despite the COVID-19 pandemic.
"Cardno is fortunate in that our clients are B2B (business to business) and B2G (business to government), and we support our governmental clients at all levels (federal, state, municipal). More so than ever this past half, we thank all our clients for their ongoing support," Susan said.
While there is still uncertainty surrounding the COVID-19 pandemic, the company begins the 2021 financial year with a strong balance sheet and backlog.
"As previously advised, a number of Cardno’s businesses are uniquely positioned to and are working with clients as they both deal with, and eventually exit, the COVID-19 challenges," Susan said.
Cardno will provide its full-year results, with its outlook for 2021, on Wednesday, August 26.
Company shares are up 57.8 per cent and are trading for 35.5 cents per share at 1:31 pm AEST.
