+++++++++++++++++++++++++ Clough Limited today reported that its 2001-2002 year-end results remain on target to be a record in terms of both revenue and profit.
Revenue is expected to be over A$750 million. Currently, Clough is forecasting the net profit to be in the range of A$29 million to A$34 million, subject to projects runningas currently expected. Clough will finish the financial year with a strong balance sheet.
Profit before tax is forecast to be in the -range of A$43-48 million and approximately 25% of this amount is derived from asset sales.
Work on the two problem contracts, which were mentioned with the half-year result, has now been essentially completed. Financial negotiations are proceeding and no recoveries are included in the year-end forecast.
The sale of the offshore constructionvessel "Maxita" was concluded in May, as per the timetable laid out in the ASX release of May 2001. Work progresses well on the sourcing of a replacement construction vessel to be based in Asian/Sub-Continent waters.
The Clough Group also reports that its order book and work in hand have grown considerably in the last few months. The order book now stands at A$2.23 billion, up 69%, and work in hand at A$1.38 billion, double this time last year.
Clough is forecasting substantial growth in financial year 2002-03 with revenue forecast to exceed the billion-dollar mark for the first time in the Company's history.
Clough Limited's full-year results are due to be released September 4, 2002, as scheduled.
Further information;
Dr Brian Hewitt MANAGING DIRECTOR Tel: (618) 9281 9281
Peter Collins General Manager Corporate Affairs Tel: (618) 9281 9281, 0412 002 625 E-mail: [email protected] Website: www.clough.com.au
CLO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
