October 1, 2007
The CEC Group proudly announced a 2007 financial year profit of $13 million, up 64% on the 2006 financial year profit of $7.9 million.
Some of the key figures included:
- Total revenue increased to $143.4 million, up 32% on the previous year.
- Full year dividend of 12 cents per share.
- EBIT and EBITDA increased by 55% to $20.4 million and $23.5 million on previous year respectively.
- Total assets increased from $126.6 million to $232.2 million.
The strong result has been attributed to high levels of performance across all of the key business sectors of the CEC Group including construction, property and waste management.
CEC Group CEO, Mr Roy Lavis stated “we are extremely pleased with the result achieved. We are constantly reinvesting in the future of the company and often this can have a short term impact on our profitability. In 2007 we managed to do both very well – deliver a strong profit and invest in future projects and acquisitions”.
The CEC Group land bank has continued to grow with the acquisition of new and strategic parcels of land in Cairns and Townsville. This combined with the development and success of the RapidBuild housing product and a very strong property market particularly where CEC Group estates are located, will ensure continued strong revenue growth from this division.
In the 2007 financial year the CEC Group entered into a highly successful joint venture with SITA Environmental Solutions to form SITA CEC Environmental Solutions. This company is charged with managing the Cairns Bedminster plant which has been completely turned around and not only runs efficiently but is also now a profitable joint venture operation.
CEC Constructions has likewise had a very strong year with dramatic growth in revenue from $53 million in 2006 to $103 million in 2007. CEC Constructions was heavily involved in the Airport Redevelopment which included the construction of a business park, construction of five apron parking bays and taxiways worth $12 million.