Racec earnings up by 84%

Posted On Friday, 12 December 2008 02:00 Published by eProp Commercial Property News
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Racec Group Ltd, the AltX-listed rail and electrification infrastructure solution company, on Thursday reported an 84% rise to 16 cents.

Infrastructure IndustryRacec Group Limited, the AltX-listed rail and electrification infrastructure solution company, on Thursday reported an 84% rise to 16 cents in headline EPS for the year to September, benefiting from the increased pace of infrastructure investments in its markets.

Racec declared a final dividend of 3.0 cents per share.

Revenue grew 78% to R388.9 million and operating profit jumped 67% to R26.6 million.

"We maintained our long-term track record of organic growth during the period, while our AltX listing also facilitated strategic acquisitions which contributed to increased profits," said Charles Harrod, chief executive officer of Racec.

"Two strategic acquisitions concluded during the financial year also provided diversification benefits within our core activities," he added.

Greenbro CC, which manufactures generators and electrical equipment, extended the firm's product offering, while Northern Electric, a commercial and industrial contracting company, widened its customer base.

"We are confident that, in spite of the financial uncertainty, Racec is in a strong position to deliver on the commitments we made when we listed on the AltX in October 2007.

The pipeline of opportunities remains promising," said Harrod.


Last modified on Friday, 01 November 2013 07:20

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