In its nine month results to 31 December, 2009, total revenue was AUD180.1m (USD162m), down from AUD256.4m (USD230.7m) in the nine months to 31 December, 2008; EBIT from trading fell from AUD30.2m to AUD12.3m; and net profit after tax was down 48.9% from AUD13.1m to AUD6.7m.
For the full 2010 financial year, Tutt Bryant expects to achieve total revenue between AUD240m and AUD250m, with net profit after tax between AUD7.5m and AUD9m.
“Our nine month earnings outcomes and prospective FY2010 results, whilst disappointing, reflect the market conditions that prevailed during the period,” said managing director David Haynes.
“However, our operational outlook for FY2011 shows signs of some recovery in customer demand with order books filling, especially in the crane hire division.”
Tutt Bryant’s crane hire division saw utilisation levels stay low due to the poor level of economic activity and project starts being delayed during the first nine months of FY2010. But, as Haynes alluded to, the crane division is providing reason for future optimism.
“We have been advised that some projects like the desalination plant in Victoria may require up to 40 cranes over the next 12 months which provides us with some optimism. In addition, earlier quotes are now increasingly being converted to work contracts.”
Haynes added: “Tutt Bryant’s market share generally remains strong across all divisions and we have carefully adjusted our cost structure to our lower revenues while aggressively pursuing new business.
“All of our divisions are now optimally positioned in terms of deployment of equipment and personnel and the group is ready for the rolling start dates for key resource projects and several desalination plants.”
