Infrastructure services company, UGL Ltd, has reported a strong result, with ten per cent growth in profit after tax to $158.5 million on operating revenues of $4,583.6 million. It is the  tenth consecutive year of profit growth for the company, although at the lower end of the company’s guidance projections.

 

During the year, UGL secured more than $4.0 billion of new projects and contract extensions. Growth in the Infrastructure division was driven by transport, communications, power and water, while revenues generated by UGL Rail increased by 10% to $1.2 billion. EBIT grew 53 per cent to $84.8 million driven by a full year contribution from the MTM franchise in Melbourne, the ongoing success of the Oscar 3 passenger rail build program, and excellent project delivery in both manufacturing and maintenance contracts.

 

UGL Resources generated EBIT of $44.0 million on revenue of $959.0 million, while EBIT increased 7%to $76.5 million with revenue steady at $1.3 billion.

 

UGL Chairman, Richard Leupen, said that while the company was expecting another year of profit growth, it was suspending its guidance while it assessed its US property services businesses  in the current economic slowdown.