Kordia profit beats forecasts

Reports net profit after tax of $12.3m

Kordia Group has reported a 2016 net profit after tax of $12.3 million, a 33 percent increase on FY15 and 85 percent ($5.6m) above its target. Revenue for the year was $240.7m, down three percent.

The company said that Australian revenue was down eight percent on the prior year but this decline had been partially offset by a three percent revenue rise in New Zealand.

The company said a number of large projects during the year had contributed to the result. “While the project pipeline for FY2017 looks positive, the conclusion of several large projects in the Australian business unit means that overall the Group is expecting the coming year to be slightly leaner,” it said.

Kordia Group CEO, Scott Bartlett, said Kordia was well positioned for the coming year. “We have made a significant investment during the year with the purchase of Aura InfoSec, New Zealand’s leading cyber security firm and we have the flexibility to both return money to the shareholder and invest in strategic initiatives.”

He added: “Our telecommunications business has seen positive growth in service offerings and customers. It’s the diversity of our services offering - which spans radio, IP networks, infrastructure, design and engineering, consulting, and cyber security – that provides resilience and positions the company well for the future.”

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