The home building boom seems to have helped cement maker Adelaide Brighton (ABC) to new record profits and revenue figures for the 2014 financial year, which wrapped up on December 31.
The company reported a 9% rise in revenue to $1.34 billion, and a solid 14% plus improvement in net earnings to $172.7 million for the year.
After stripping out one-off items underlying profit rose 8.5% from 2013, to $166.5 million, much better than market forecasts
This was well up on previous guidance from the company for the “upper end” of the $153 million to $163 million net profit after tax range.
Adelaide Brighton increased its final dividend by half a cent to 9.5 cents a share. That took the total for the year to 17 cents a share, down 2.5 cents on the 2013 figure which included a 3 cents a share special payment.
The shares closed at $3.89 on Wednesday and are up from a low last October of $3.18, although they are now well below the 12 month high of $4.375 a share.
ABC 1Y – Record profit for Adelaide Brighton