Hastie delivers solid first half underlying profit of $23.5 million

24.02.10

• Challenging market conditions result in 5.2%* decline in underlying profit
• Operating cash flow $35 million (H1 2009: $16 million)
• Net gearing 32%
• 100% of FY 2010 revenue in hand
• Strong pipeline of prospects for FY 2011

Hastie Group Limited, the leading international provider of technical services to the building and infrastructure sectors, today reported an underlying profit after tax of $23.5 million* for the half year to 31 December 2009 (1H 2009: $24.8 million). Reported profit after tax was $21.6 million (1H 2009: $31.8 million). Revenue was $809 million (1H 2009: $923 million).

The directors have declared a fully franked interim dividend of 5.0 cents per share (1H 2009: 7.0 cents), payable on 16 April 2010 to shareholders on the register at 9 March 2010. This represents a 55 per cent pay out ratio and is within the target range of 40-60 per cent of after-tax profit. The dividend reinvestment plan will apply to the interim dividend, with a 2.5% discount.

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